Induction of CMA Sri Lanka’s first elected President today

The induction of the first elected President of CMA Sri Lanka and the new council will be held today at 6.30 p.m. at the Sri Lanka Foundation, Colombo 7.

The Founder President Prof. Lakshman R. Watawala has been elected uncontested as the first President of CMA Sri Lanka. The members have realised the importance of having an experienced leader in the accounting field for their institute.

CMA is as a member of South Asian Federation of Accountants (SAFA) and now serves on the Governing Board of SAFA since January 2010. In November 2011, CMA was admitted as an associate member of International Federation of Accountants (IFAC).     

With the incorporation of CMA by an Act of Parliament in 2009, the first election to the council was held in April 2013. The new Act provided for a president, vice president, three council members to be elected and three to be nominated by designated institutions. They are the Central Bank of Sri Lanka, Department of Accounting University of Sri Jayawardenapura and the Institute of Chartered Accountants of Sri Lanka.

A past president of the Institute of Chartered Accountants of Sri Lanka, past president of the South Asian federation of Accountants and a founder signatory to the formation of SAFA in 1984, as the Founder President of AAT Sri Lanka Prof. Watawala provided a middle level qualification for accounting staff and today, spread accessibility of accounting to all parts of the country.

He also held the post of president of the Organisation of Professional Association of Sri Lanka the Apex body of professionals in Sri Lanka. He has also held many posts in the public sector as the Chairman of the Ceylon Leather Products Corporation, Chairman State Mining and Mineral Development Corporation, Chairman Peoples Bank, Chairman Board of Investment of Sri Lanka, Advisor Ministry of Finance,  Chairman National Insurance Trust Fund.

In the private sector he was Chairman of Korea Ceylon Footwear Manufacturing Co. Ltd. and the first Chairman of Pan Asia Bank Ltd. He has served on the committees of the International Federation of Accountants, Confederation and Asian Pacific Accountants and the South Asian federation of Accountants.  Watawala served on the councils of the University of Kelaniya, Open University of Sri Lanka, ICT Agency of the Colombo University. He was the president of the Institute of Certified Professional Managers (CPM) a management body promoted by CMA, vice president of the Association of Management Development Institutes of South Asia (AMDISA) consisting of management bodies and institutions in the South Asian Region.    

The first elected council of CMA Sri Lanka as per the incorporation Parliament Act No. 23 of 2009 for the year 2013 to 2015 are as follows: President Prof. Lakshman R. Watawala, Vice President Bashir Ismail, Council Member Hennayake Bandara and Council Members Adrian Perera, Ruchira Perera, Sujeewa Rajapakse, Prof. Mangala Fonseka and N.W.G.R.D. Nanayakkara.

The Institute of Certified Management Accountants (CMA) of Sri Lanka was incorporated by Parliament Act No.23 of 2009 in April 2009. CMA is the National Professional Management Accounting Institution in Sri Lanka.

 Since its incorporation in 1999 and launch in June 2000, CMA has steadily progressed to an institute comprising over 12,000 students and 2,000 members.    

CMA was set up with the technical assistance of CMA Canada and received financial assistance from Canadian International Development Agency. CMA has three patron members who are eminent persons in the education, political, business, professional fields and Prof. G.L. Peiris has been a Patron Member since its inception.   

The steady progress of CMA during the past 12 years is attributed to the importance of promoting management accounting in business organisations, providing a business qualification, the affordability of the professional program and making it available to urban and rural students, its recognition by local universities and global management accounting institutes. It is 1/10th the cost of a foreign course and saves valuable foreign exchange for the country.