CMA signs MOU with Lanka Orix Leasing as accredited practical training partner

Monday, 22 September 2014 00:00 - - {{hitsCtrl.values.hits}}

Certified Management Accounts of Sri Lanka (CMA) and Lanka Orix Leasing Company PLC have signed an MOU certifying LOLC to act as an accredited practical training organisation for CMA students. 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 Sri Lanka President Prof. Lakshman R. Watawala presents the accredited training partner certificate to Lanka Orix Leasing Company PLC Manager HR Mithila Saranapala, in the presence of CMA Consultant L.B. Wattegedara, CMA Director – Operations Sumudu Pagoda and CMA Director – Education & Examination Dr. Swineetha De Livera 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 an Associate Member of International Federation of Accountants (IFAC). CMA has over 18,500 students and 2,200 members. LOLC PLC, the pioneering leasing company in the country has become not only the largest non-bank financial institution in the country but also one of the leading conglomerates that encompasses diversified businesses. In addition to being one stop shop for financial services, LOLC has ventured in to the growth sectors of the post war economy including leisure, construction, agriculture and plantation, renewable energy, trading and manufacturing. There are over 114 subsidiaries and associates in the group in addition to its rapid overseas expansion. Among many strengths of LOLC, the ORIX connection – ORIX Corporation of Japan being the single largest shareholder since inception in 1980 has been an outstanding pillar of strength to the group. A pool of bilateral and multilateral funding agencies offering not just financial support but their technical know-how has been by far the biggest competitive edge for LOLC Group. Asian Development Bank’s annual foreign training on Asset and Liability management, DEG and US Aid’s vigorous training on Micro Finance and FMO (the Netherland Development Finance Institution ) training on credit appraisal and environmental friendly businesses are to name a few. Above all, despite their complex group structure that supports all of the group companies through its centralised service functions such as group HR, treasury, legal and finance, they are determined to take part in the prestigious awards, simply by the fact that their determination and commitment for work force development coupled with their learning oriented corporate culture has persuaded us to do so. 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. 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.