CIPFA London has recognised CPFA Sri Lanka qualification

The Chartered Institute of Public Finance and Accountancy, London, (CIPFA), one of the six leading bodies in the UK and the only world body of professional accountants offering public finance qualification, has recognised Sri Lanka’s CPFA qualification and granted it membership status.

This was stated by President, Public Sector Wing of the Chartered Accountants of Sri Lanka (CA Sri Lanka) V. Kanagasabapathy in making the welcome address at the Second Best Annual Report and Accountants Awards ceremony for Public Sector Organisations, held at the BMICH last week in Colombo.

He said CIPFA London is a prestigious qualification with international recognition enabling local CPFA members to have a dual qualification. “Our aim is to offer this qualification to bring international practices in managing public finance of the country. We have planned to provide Professional education through our CPFA programme to enhance values, ethics, attitudes, professional skills and expertise. The public sector wing of the CA Sri Lanka has brought together all public sector accountants, auditors, Inland Revenue officers in the country together to raise professional statues that will enable them to make a greater contribution for the economic development of the country, by managing public finance effectively.”

He said in February last year the CA Sri Lanka had conferred the CPFA qualification on 135 members who occupy senior positions in the public sector. “This year we are awarding the second batch of 89 members.” However he cautioned CPFA members that they should continuously follow CPFA programmes to retain their membership and failing to do so will result in the loss of their membership. “The renewal will depend on the compliance CPFA certificate. Therefore CPFA programmes are mandatory to retain its membership.” Referring to rapid changes taking place in the accountancy profession in the world, he said one must keep abreast of the new developing trends in the world to be on par with other countries.

Meanwhile several of Sri Lanka’s top public sector organisations including universities, ministries and departments were honoured for their high quality financial reporting at the second Best Annual Report and Accounts Awards for the public sector, organised by the Association of Public Finance Accountants of Sri Lanka (APFASL) of the public sector wing of the CA Sri Lanka. A total of 26 public institutions were honoured at the awards ceremony with nine public sector organisations winning the main awards which was categorised into nine sectors covering universities, research institutions, statutory boards, Ministries, Departments, Provincial Councils, Municipal Councils and Pradesiya Sabhas. The University of Moratuwa was adjudged the winner under the university category while the University of Peradeniya was adjudged the first runner up while the Open University of Sri Lanka, Wayamba University, Buddhist and Pali University, University of Colombo and the University of Sabaragamuwa received compliance awards. The National Engineering Research and Development Center was adjudged the winner while the Industrial Technology Institute was the runner up.

President of CA Sri Lanka Jagath Perera said the institute has always been conscious of the critical role the public sector plays in the economic development and progress of the country.