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Monday Nov 25, 2024
Monday, 11 November 2013 00:00 - - {{hitsCtrl.values.hits}}
With just days for the series of Commonwealth events to kickoff, the Institute of Certified Management Accountant (CMA) launched the Commonwealth Accountants Association (CAA), on Friday in Colombo.
The launch, which is the first-of-its-kind, featured Minister of External Affairs Professor G. L. Peiris as chief guest.
The CAA is an organisation set up to promote the accountancy profession including chartered, cost and management and public sector accounting, auditing and financial management throughout the Commonwealth by ensuring highest standards of independence, ethics, governance and integrity in discharging their duties and objectives.
Headquartered in Colombo, the CAA has onboard 75 members representing six countries ahead of its launch. In addition to Sri Lanka, other countries include India, Maldives, Pakistan, Nigeria, and Canada.
The association will be a not-for-profit organisation incorporated in Sri Lanka, in its capacity as a Commonwealth member country with the intention of serving all the Commonwealth countries.
Objective of the CAA
The objective of the CAA is to promote the profession of accounting, management accounting, finance and auditing, to adhere to the international standards applicable for the accounting and auditing profession, to assist and promote the economic growth and development through financial discipline, and to promote inclusive growth and development through the spread of accounting education.
The CAA will also aim at providing membership to recognised professional accounting bodies in the Commonwealth region, and individual members of such professional accounting bodies.
Launching pad
CMA President Lakshman R. Watawala addressing the gathering said he was confident the number of member countries will increase as the initiative is a launching pad that many nations have agreed to embark upon.
“I am sure in Sri Lanka we can do this. There are many other benefits for the nations by coming on board. We aim at making the CAA an apex body and are hopeful of the numbers,” he said.
Meanwhile Minister Peiris commended Prof. Watawala for his efforts to help uplift the profession and stressed that accountants have a “leading” role to play in the country’s ongoing development.
“Accountants are no longer book keepers. They have a creative role to play in contributing their insights and perception of the commercial activities at this particular time where the country is making history. They have a central role to play and Sri Lanka’s leadership in the Commonwealth will create more opportunities to play that role more actively,” Prof. Peiris said.
