ICASL holds Annual Convocation

By Devin Jayasundera

The Institute of Chartered Accountants Sri Lanka (ICASL) held its Annual Convocation on 16 September. At this year’s conference 233 graduates who had completed the Final Examination joined the profession as Chartered Accountants and 29 senior members of the Institute were elevated to fellowship status.

ICASL President Sujeewa Mudalige emphasised the significant role that accountants have to play in modern business. “Organisations are becoming more complex day by day. Corporate CEOs and entrepreneurs therefore increasingly seek guidance from professional accountants in decision-making. As financial outcomes are becoming more paramount to the success of the business,” he said.

The Guest of Honour of the convocation Lion Brewery (Ceylon) PLC Director/Chief Executive Officer Suresh K. Shah stressed that skills and competencies alone do not make a chartered accountant, a professional. The transition from accountant to a professional will be only once expertise is underpinned by experience, strong values and ethical conduct.

The following members were inducted to fellowship status: F.S.N. Marikkar, T.C. D. Kumarasiri, H.M.U.B. Abeykoon, S.A.S.K. Sooriyaarachchi, D.R.N. Perera, A.N.G.J. Ariyathilake, J.M.S. Brito,                        M. Thayabaran, P.P. Edirisinghe, K.N.T. Kamalchandra, H.D.A.I. Kuruppu, D.A.M. Rajaratna, Jerome Chanmugam, R.A.S.S.  Ranasinghe, S. Annathurai, W.D.U. Perera, S.L.R. Piyal, D.A De Vas Gunasekara, D.S.C. Mallawaarachchi, H.W.A. Priyadarshana, M.A.M. Isfahan, N.G.D.C.K. De Silva Jayawardene, S.S. Kumara, G.N. Somanader, K.P.P.H. Mihiripenna, W.A.J. Peiris, N. Ekanayake, K.D.N. Buddhipala.

This year 13 students received their awards for performing exceptionally well in the 2010/2011 examinations at the convocation.

In strategic Level 1 Examination December 2010, M.M.M. Omer Ali won the prize for Strategic management accounting, W.M.P.P. Wijayasingha for Advanced Taxation and Strategic Tax Planning, O.H.M. Madushanka for Strategic Management Process and M.F.F. Fahama for Commercial law and Corporate law and in Strategic Level 1 Examination in June 2011 W.A.D. Asiri awarded the prize for Strategic Management and Accounting, G.L.S.D. Karunarathna for Strategic Management Process  and M.E.L.P. Nilmini for Financial Reporting Framework.

In Strategic Level 2 Examination December 2010, K.I.M. Silva won the prize for Business Strategy and Knowledge Management.

M.S. Sisil Chandra was awarded the prize for best performance in Case Study May 2011.

ICASL is the national accounting body in the country and is one of the largest professional bodies with over 4300 members and is also the largest tertiary education establishment outside the University system of Sri Lanka with a student base of 36,000.