CMA signs MOU with HDFC Bank as an Accredited Practical Training Partner

Wednesday, 17 December 2014 00:00 - - {{hitsCtrl.values.hits}}

The Institute of Certified Management Accountants of Sri Lanka (CMA) and HDFC Bank have signed an MOU certifying HDFC Bank to act as an accredited practical training organisation for CMA students. This MOU will provide CMA students an opportunity to obtain practical training in the management accounting and finance field from a recognised business organisation which will give them a foundation to progress in their career, and obtain their membership.

CMA Sri Lanka President Prof. Lakshman R. Watawala presents the Accredited Training Partner certificate to HDFC Bank Chief Financial Officer D.V. Pathirana as CMA Director – Operations Sumudu Pagoda, CMA Vice President M.B. Ismail, Chief Manager (BD&M) Himali Gunathilake and HDFC Bank Senior Manager Finance H.A. Anura look on The CMA practical experience component is an essential part of the CMA program and has been developed in accordance with the international standards of the International Federation of Accountants (IFAC), the world body for professional accountants operating to meet the growing demands of competitive organisations at both national and international levels. CMA was set up in 2000, with the technical assistance of CMA – Canada and was based on the guidelines of the international accounting bodies the Institute of Management Accountants of USA, the International Federation of Accountants (IFAC), which is the world body for Accountants and the Management Accountants of the South Asian Federation of Accountants (SAFA). CMA was incorporated by the Act of Parliament No. 23 of 2009 and this created history in the accounting world, when after 50 years since the incorporation of the Chartered Institute; a new professional Management Accounting Body was incorporated and given government recognition. CMA is now a member of the South Asian Federation of Accountants (SAFA) and a Member of International Federation of Accountants (IFAC). CMA has over 18,600 students and 2,300 members. HDFC Bank is a prominent housing and development finance institution in providing Housing finance and related banking products and other development finance needs. It is a fast-growing licensed specialised bank with 33 branches covering all districts of the country. Its mobile banking operation serves over 150 townships in the country. HDFC was established as a bank in 2003, by HDFC Act. No. 15 of 2003 and it is listed in the Colombo Stock Exchange in 2005. HDFC Bank of Sri Lanka is to comply directly with the constitutional boundaries under the provision of the HDFC Act and Finance Act and also regulatory boundaries of the Central Bank of Sri Lanka and listing rules of the Colombo Stock Exchange. Further HDFC Bank is under the purview of the Ministry of Finance and Planning. The bank also adopts the code of best practices of corporate governance issued jointly by the Institute of Chartered Accountants of Sri Lanka and CSE. Over the years HDFC Bank has won a strong social license as the premier housing finance provider in Sri Lanka. HDFC Bank has been honoured with several social awards in recognition of overall excellence in business, economic, environmental and social performances and annual reporting.