The new President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), Lasantha Wickremasinghe, recently unveiled a four-point plan for the next two years, which according to him, will help the institute and the accounting profession remain at the helm.

“To be a great profession, all chartered accountants should be highly skilled not only technically, but also with other soft skills such as analytical, communication, and interpersonal skills to build trust and confidence among the community we serve. Our members should truly be committed to the highest standards of ethics and good social behaviour, and we will continuously upgrade our skills relevant to the developments in the environment in which we work as this is paramount,” Wickremasinghe said.

He noted that a profession needs a support structure, provided through a stable body such as CA Sri Lanka, and in this context the institute will focus on four areas.

Accordingly, point one will be to provide members with the relevant information and opportunities to develop skills in new areas which continuously impact the profession without forgetting the core competencies in accounting systems, audit and tax, followed by the second area which is to enhance the institute’s involvement as well as support the business community and the government.  The third area of focus will be to enhance CA Sri Lanka’s international prestige through a new concept called ‘cooption,’ which will signifying collaboration with respect while engaging competitively with other accounting bodies and institutions, in identified locations in Sri Lanka and the world, while the fourth area of focus will be to enhance the quality of training and education and continuous development of examination processes to ensure the basic tenets and principles are well ingrained in future chartered accountants.

To achieve the first objective of enhancing members’ knowledge and skills, Wickremasinghe detailed that the institute will develop and enhance the small- and medium-sized practices, to ensure Sri Lankan SMPs are second to none in the world.
A new scholarship scheme will also be established to attract students from different A/L streams and those who excel in extra-curricular activities.

Further, in an effort aimed at enhancing the services provided to CA Sri Lanka stakeholders, the institute will develop a core information system which will be both efficient and dynamic for the benefit of all stakeholders including the institute’s members and students.

The new CA Sri Lanka president also hopes to further engage with international accounting bodies such as the Institute of Chartered Accountants of England and Wales (ICAEW), Chartered Institute of Management Accountants (CIMA), Association of Chartered Certified Accountants (ACCA), and CPA Australia, among others to enhance its global standing in the accounting world.

“Over the next two years, the new Council, my Vice President Jagath Perera, and I, will commence a new journey towards greater partnerships with our existing stakeholders as well as new stakeholders,” he said.