CMA Sri Lanka Convocation 2013
Seated : LR Mr. M.H. HennayakaBandara (Council Member-CMA Sri Lanka), Prof. K.B. Mangala Fonseka (Council Member-CMA Sri Lanka), Mr. Dinesh Weerakkody (Chairman, Commercial Bank of Ceylon Ltd) Guest of Honour, Hon. D.E.W. Gunasekera (Senior Minister and Chairman-Committee of Public Enterprises) Chief Guest, Prof. Lakshman R Watawala (President CMA Sri Lanka), Mr. D. Jeevanadan (Additional Secretary (Marketing Development - Ministry of Co-operatives and Internal Trade), Mr. M.R.A. Perera (Council Member-CMA Sri Lanka), Mr. L.B. Wattegedara (Executive Director-CMA Sri Lanka)
The Institute of Certified Management Accountants of Sri Lanka (CMA) celebrated the success of over 950 students including 108 passed finalists and 107 Associate & Fellow Members at the 10th Graduation Ceremony held at Hotel Galadari on 9th December 2013.
This occasion was graced by chief guest Hon. D.E.W. Gunasekera Senior Minster for Human Resources and Chairman of COPE, Guest of Honour Mr. Dinesh Weerakkody Chairman of Commercial Bank PLC.
Prof. Lakshman R. Watawala President of CMA in his welcome speech said CMA Sri Lanka commenced its operations in June 2000, incorporated by an Act of Parliament in the year 2009 is given the due recognition as the National Professional Management Accounting Body in Sri Lanka.
With the ever increasing demand for professional accountants and the government’s decision to give pride of place to local Professional Accounting bodies and the incorporation of CMA and making it the National Professional Management Accounting body in Sri Lanka a large number of students in Colombo and the outstations who did not have an opportunity to become Management Accountants and left out has provided CMA a strategic window of opportunity to contribute to the development of the accountancy profession in Sri Lanka. CMA has therefore taken the lead role in the development of inclusive professional education in Sri Lanka and is an eye opener for the private and public sector to consider and recognize CMA professionals for jobs in Sri Lanka without still relying on the pre colonial mentality of the foreign qualifications.
We are currently working closely with our stakeholders the private and public sector and have signed many MOU’s to provide training for our students and also to recruit Sri Lankan Management Accountants. The Management Accountants role is a key to help sustain the growth of Sri Lanka’s economy and its status to be a leading global financial hub.
A key role for the institute will be to prepare its role as the administrator of the CMA qualification programme and to ensure that the students are given the best education and training and to make our qualification recognized globally.
The institute is also involved in the assisting of the development of its members to be high caliber account- ing professionals across diversified business segments and automatic choice to head business and work in a multidisciplinary work environment.
Tomorrows’ accountants need to have a global mind set and are ready to serve the public or private sector and play a major role in the economic development of our country.
Therefore professional management accountants passing out today and those who are still continuing their studies are the future leaders of our country amply equipped with skills, integrity, high values and standards and ready to serve both the private and public sectors.
Hon. D.E.W. Gunasekera Senior Minster for Human Resource and Chairman of COPE in his speech said The CMA which came into being 15 years ago has made giant strides, widening its spheres of activity and expressed deep appreciation and sincere thanks for the contribution made by the Governing Council and its President Prof. Lakshman R. Watawala towards making Professional Management Accounting Profession recognized and developed in keeping with international standards.
He further added profound appreciation for the dynamic role played by Prof. Lakshman R. Watawala, who has been a Past President of the Institute of Chartered Accountants of Sri Lanka, was also a live wire of SAFA – the Regional Body of South Asia and AAT of Sri Lanka.
The steps that have been taken to promote co-operation with Management Accounting bodies of India, Pakistan, and Bangladesh. The recent signing of MOU with the Malaysian Institute of Accountants and the Sri Lankan Universities is a positive and an encouraging step forward in the enhancement of their values.
The importance of the Management Accounting Profession is that they specialize in Management Accounting, Financial Accounting and Strategic Management to become Business Professionals suitable to fit-in to any industry, or commercial both in the private and public sectors. They are trained to focus on future business rather than the past businesses.
Hon. Minister further said that COPE Report he has recommended to the Government that some of the key Commercial Institutions should shift to Cost Accounting as speedily as possible and The CMA being the National Professional Management Accounting body in Sri Lanka should be given due recognition and also legal backing to implement systems and procedures.
He commended for the decision to conduct the examinations in English, Sinhala and Tamil mediums up to Intermediate Level which provides opportunities to the students of the outstations.
Guest of Honour Mr. Dinesh Weerakkody in his speech highlighted the importance of Management Accounting for the Economic Development & the role of CMA as the national professional management accounting institute.
Mr. L.R.Nuwan Gunasekara President Award Winner for best overall performance Nov’12 was given the opportunity to address gathering and in his speech he men- tioned the CMA Study Programme helped him to climb step by step in the corporate ladder and uplifted his professional life having solid knowledge in the subjects of Management Accounting, Financial Accounting & Business Management streams. Confidence & knowledge gained through completing CMA exams helped him to apply concepts in the practical working environment in a systematic manner. He further said, with his busy tight schedules in office environment, he could perform to receive gold medal award for the best overall performance purely trust in on CMA comprehensive study text materials along with past papers & answers and attending to the Integrative Case Study (ICS) classes at the final level conducted by CMA Institute.
The Executive Director Mr. L.B. Wattegedara delivered the final speech thanking Chief Guest Hon. D.E.W. Gunasekera, for his continuous support for the recognition of CMA and for the recent COPE Report initiated by him mentioning the need for shifting to a cost accounting system for cost efficiency and capability of the government sector and the necessity of cost accountant to the public sector organizations. He requested Hon. Minister to take some action to force Management Division of the Treasury to incorporate CMA qualification to the recruitment procedure of the public sector.
He also thanked Guest of Honour Mr. Dinesh Weerakkody, Mr. D. Jeevanadan, recipients of awards, certificates, memberships, parents & all stakeholders who graced this occasion.