CA President wants rival institute aborted

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By 2017-09-13

By Zohara Ghaffoor

The President of CA Sri Lanka, Lasantha Wickremasinghe has urged the Government to halt plans to set up a rival governing body for the Accounting and Auditing profession in Sri Lanka.Wickremasinghe revealed that a certain 'Private member' had attempted to incorporate an institute titled 'The Institute of Certified Accountants (ICPA)'. The president added that the same issue had cropped up six to seven years ago and was put forth to a committee chaired by the now Minister of Skills Development and Vocational Training, Chandima Weerakkody and was subsequently assessed and was set aside after the understanding that already there were two institutes governing the accounting profession, namely the CA Sri Lanka and the Institute of Certified Management Accountants of Sri Lanka.

The CA president also claimed that this initiative if taken forward will impact professionalism of the Accounting and Auditing industry and emphasized that two parties cannot govern a single profession. "Please take up this issue which will be put forward to Cabinet around next week and make your valuable contribution and safeguard the interests of our profession, which comes under your
purview", he urged. Wickremasinghe was addressing a gathering at the CA annual convocation held at the BMICH yesterday.

While emphasizing that getting a Chartered Accountancy qualification requires many examinations, training and commitment, the president also noted that the institute has gained much recognition, respect over the past 60 years and advised CA members to take pride and rally round the institute's endeavour to maintain the standards.

Minister of Industry and Commerce, Rishad Bathiudeen, while congratulating the latest batch of graduates and existing members said, "The role of accountants have become increasingly important to the economy and Sri Lankan chartered accountants are respected locally and internationally." Answering the plea put forth by CA president, the Minister said he will examine the proposed body and call a meeting with the said Member of Parliament, if he foresees that there would be a considerable impact on CA members.

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