CMA conducts orientation program for passed finalists 2017

The Institute of Certified Management Accountants of Sri Lanka (CMA), the national professional management accounting institution incorporated by Parliament Act No.23 of 2009, held the orientation program for CMA passed finalists 2017 on 18 March at CMA Auditorium, Colombo 4.

The President and Governing Council with Chief Executive Officer and staff of CMA warmly welcomed all passed finalists of the November 2016 examination and congratulated them on their success.

The keynote address was made by CMA President Prof. Lakshman R. Watawala. Thereafter the panel discussion was commenced with panel members chaired by the CMA President which was moderated by ACCA Sri Lanka President and Council (CMA) Member Adrian Perera.

D.S.W. Andradi – retired Partner (SJMS Associates) spoke on ‘Ethics, Corporate Governance and Disciplinary Code’; Dr. Swineetha De Livera, Director – Education and Examinations (CMA) then addressed the meeting explaining the methodology of ‘Applying for membership and submission of practical training’; Dr. W.G. Senaka Kelum, Member of the Council (CMA), addressed the gathering on ‘Digital Technology for Future Accountants’.

Some of the main areas discussed were ‘Role of CMA, Membership of IFAC, SAFA and CAPA and the applicability of Ethics, Governance and CPD for new members’. 

CMA is a member of the South Asian Federation of Accountants (SAFA), Confederation of Asian & Pacific Accountants (CAPA) and International Federation of Accountants (IFAC) the world body for professional Accountants. 

In today’s global and local context both in government and private sector more focus has been given to management accounting and the role of management accountant in decision making to improve productivity and efficiency in business activities. CMA passed finalists who have completed CMA practical experience can apply for CMA Associate Membership which enables them to use the designation “ACMA”. 

The combination of completion of CMA exams with requisite practical experience component enables passed finalists to apply for membership. Passed finalists and members should adhere to ‘CMA Code of Ethics for Professional Accountants’ based on the IFAC Code of Ethics.

CMA promotes the highest level of ethical and business standards and encourages members and registered students to maintain best standard of professionalism and integrity of their employment they hold. CMA has adopted Code of Ethics based on IFAC Code of Ethics and it is mandatory for all members of CMA to observe in respect of the performance of professional services in Sri Lanka.

The panel discussed the importance of maintaining the Continuing Professional Development (CPD) to be up-to-date on knowledge, competencies and skills required to perform the duties of the business activities with high quality in the public interest. It also explained Integrated Reporting and its process.

This was followed by the prize distribution to passed finalists of November 2016 examination by CMA President Professor Lakshman R. Watawala, together with the other Council members.

Dr. V. Sivalogathasan, Head of the Department of the Management Studies (Open University of Sri Lanka), stated that OUSL offers exemptions up to level 5 of the BMS Degree for the CMA Diploma Level Students and also encouraged CMA passed finalists to do the BMS Degree Programme and the Masters Programmes offered by OUSL. 

L.B. Wattegedara, Consultant – Examinations (CMA), spoke on ‘CMA Recognition’ and stated that CMA members could now apply for secretarial practice and that recognition to Government and State corporation jobs was assured by Cabinet approval of 2014.

Ruchira Perera spoke on ‘Importance of the Toastmaster Club and the Speech Craft Programme’ in detail. The Speech Craft programme is mandatory for all passed finalists, students doing case study and strategic level. Other levels could join based on the number of vacancies.  

The orientation programme concluded after the vote of thanks given by Kanishka Jayasinghe, Chief Executive Officer (CMA), thanking all the passed finalists, council members and staff of CMA and offered gratitude to Prof. Watawala for his task as Founder President of CMA Sri Lanka.