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Thursday Nov 28, 2024
Monday, 16 February 2015 00:03 - - {{hitsCtrl.values.hits}}
By Channa Fernandopulle
The public sector wing of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) in partnership with the Chartered Institute of Public Finance and Accountancy (CIPFA) launched its Charted Public Finance Accountant (CFPA) qualification last Wednesday.
Aimed at improving the skills of accountancy and financial professionals operating in the public sector, the launch of the CFPA qualification was initiated with the signing of a memorandum of understanding (MoU) between CA Sri Lanka and CIPFA under the patronage of Minister of Finance, Ravi Karunanayake and Secretary to the Ministry of Finance and the Treasury Dr. R.H.S. Samarathunga.
CA Sri Lanka President Arjuna Herath (5th from left) exchanging the MOU with CIPFA International Chair, Ian Ball. APFASL President V. Kanagasabapathy, CIPFA International development chair, Alan Edwards, Finance Minister Ravi Karunanayake, Finance Ministry Secretary Dr. R.H.S. Samaratunga and CA Sri Lanka Vice President Lasantha Wickremasinghe look on.
The MoU outlined a framework for future cooperation between the two institutes with a view to improving the governance of public finance in Sri Lanka and also creating a pathway for public sector accountants to obtain a specialist qualification recognized both locally and internationally.
Elaborating on the significance of the qualification, CIPFA International Chair, Ian Ball noted that the absence of effective accounting practices was one of the key contributing factors that led to the last global financial crisis.
“Looking at the situation in Greece we are all focused on their debt component but the trigger for that crisis was poor accounting, not debt itself. Today we are still far from addressing and correcting the problems that resulted in the crisis however there are still some positives.
“There is an increasing adoption of accrual accounting, which uses the full suite of tools available when carrying out an audit, and international public sector standards are definitely improving and in time, with the right training, Government institutions too will be able to run tight financial operations.
“In that context I am pleased that CA Sri Lanka has been one of the first institutions to partner with CIPFA to improve public sector financial management and we look forward to a productive partnership which will genuinely enhance public financial management and improve overall outcomes for the citizens of Sri Lanka,” he noted.
As a result of the tie-up, accounting professionals in the public sector with over five years of experience will be eligible to receive full CIPFA membership while others will be entitled to affiliate membership. Members will benefit from a host of academic and practical material, including access to newsletters and journals published by CIPFA.
Speaking just prior to the signing of the MoU, CA Sri Lanka President Arjuna Herath reiterated his institute’s commitment to improving the skills of Sri Lanka’s accounting professionals.
“CA Sri Lanka is committed to being proactive in its role of transforming the public and private sector and every effort is being taken to make sure we reach this objective. We are conscious of the critical anchor role that the public sector plays in the economic development and progress of the country. We have embrace the accounting and finance professionals working in the public sector as part of CA Sri Lanka and we are very committed to add value and help them develop their skills,” he stated.
Also present at the MoU signing were senior officials from CA Sri Lanka including CA Sri Lanka President Arjuna Herath, CIPFA Development Chair Alan Edwards, CA Sri Lanka Vice President Lasantha Wickremasinghe, Association of Public Finance Accountants of Sri Lanka (APFASL) President V. Kanagasabapathy and CA Sri Lanka CEO Aruna Alwis.
– Pix by Upul Abayasekara
