ICASL joins hands with 60 new training partners during 2010

The Institute of Chartered Accountants of Sri Lanka (ICASL) approved 60 new training organisations during 2010, further expanding its network of training organisations.

ICASL is the largest tertiary education service provider in the country outside the local university system with a mammoth student base of over 36,000. In the year 2010 alone, over 8,000 students enrolled for the course affirming the Institute’s predominant position in the industry.

Practical training is a distinct feature of the Chartered Accountancy qualification and it is a mandatory requirement for students to complete the qualification and obtain the Chartered Accountant status.

ICASL believes that learning in the working environment is the best way to understand what are being taught in the study program. During the course of the program, students are required to complete three to four years of practical on the job training which gives a good range and depth of technical work experience that becomes increasingly challenging as the period of training progress.

The approved training organisations represent both audit and non–audit (commercial) sectors, including all top practicing firms and reputed companies island-wide, including the North and East. The growing number of training organisations is a worthy testimony to the recognition and demand for the Chartered Accountancy qualification amongst corporates.

The training organisations are a key stakeholder group of ICASL and the Institute maintains a good working partnership with them. Many of these Institutions have arrangements to absorb these trainees to their permanent carder as they complete the qualification as Chartered Accountants.

The training organisations also benefit through this reciprocal arrangement that give them access to knowledge workers who are far superior to the clerical workers; at a significant cost advantage.

During the year, the Institute introduced a facility for trainees and supervising members to maintain training records electronically thorough ICASL website. Further, the Institute has facilitated students to apply for training opportunities directly thought its website.  ICASL revised its training allowances in line with the industry standards during 2010 which is another positive move that has been received well by its stakeholders.

ICASL is the national body of accountants incorporated by an Act of Parliament in 1959. The Institute has played a leading role in laying a firm foundation to the financial infrastructure of the country by harnessing financial knowledge and accounting best practice.