The Institute
Nishan Fernando |
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The Institute of Chartered Accountants of Sri Lanka, which is the sole authority in setting up Accounting and Auditing Standards in Sri Lanka, was constituted by the Act No. 23 of Parliament in 1959. The vital aspect of this authority is that application of such Standards is mandatory for all the Specified Business Enterprises categorized under the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995 which incorporates most of the entities with larger Public Interest akin to Listed Companies, Licensed Commercial Banks, Finance and Leasing Companies, and Insurance Companies etc.
It also provides professional services, membership support, sharing information and collaborates in important local and international issues. Education, training, technical support and advocacy are provided as core services for members who are regulated by a Code of Professional Conduct and Ethics prescribed by the Council. Presently, the membership strength is more than 3500 of which, approximately 750 are based overseas and they are engaged in diverse sectors across commerce and industry, academia, government, and public practice.
Aruna Alwis |
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One of the key tasks of the ICASL is implementation of the Sri Lanka Accounting and Auditing Standards to be in par with the international trends. The relevant International Standards are being adopted after carrying out a thorough Due Review Process. The Institute works closely with national and international and stakeholders. Its global presence continues to grow in terms of representation of international bodies. The Institute is a member of the global organization for the accountancy profession, the International Federation of Accountants (IFAC), where two ICASL members serve as committee members in two Committees. It holds the membership at the Confederation of Asian and Pacific Accountants (CAPA). ICASL is also a founder member of the South Asian Federation of Accountants (SAFA) and also bestowed with the honour of nominating the chairman of the Accounting & Auditing Standard committee of SAFA.
As the premier national accounting body, the ICASL leads the profession by delivering visionary leadership projects, setting the benchmark for the highest ethical, professional and educational standards. Building on the corporate plan, the ICASL focuses on ensuring a higher level of professional competence among the membership and those aspiring to become members while maintaining integrity among the membership, thus contributing to the national development in a significant manner.
The Qualification
The designation of a Chartered Accountant is a hallmark of a professional with high competence. It specifies accuracy in depth and quality of accountancy knowledge, developing life-long learning experience for members and meeting their needs in a changing world. The students face the core examinations comprising the levels of Foundation, Intermediate, Final I and Final II. These exams are conducted at four national exam centers in Kandy, Galle, Anuradhapura and Colombo.
Currently the strength of the student-base is 29500 and there has been a significant growth in registrations in the year 2008. Special scholarships are awarded for the top 10 island rankers at the GCE A/L examination in each of the 4 streams and also based on merit and income levels of the students. Exemptions are also offered for CIMA, ACCA, AAT, CMA, HNDA and degree holders of Management, Commerce and Accounting at different levels. The students also are benefitted by the consultancy and counseling services of the Institute through which they could seek guidance and assistance for the issues concerned.
The Academic Board of Studies of the Institute comprises of 7 distinguished subject specialists, holding the positions of the Heads of the Departments in the local universities. The syllabus of the Chartered Accountancy program is revised in every five years and the students are exposed to many exam oriented seminars thus supporting them to pass the exams successfully.
ICASL Training
Practical training plays a vital role in providing the students enormous exposure throughout their period of study. The combination of structured training at-work would pave way for greater deeds in employment. While studying the Chartered Accountancy Program it is mandatory for them to work in an organization approved by the Institute and they would be mentored by a qualified Chartered Accountant at the respective organization. During this period the students will be provided with the necessary assistance and guidance in applying the concepts and theories that have been learnt to real life business situations. At present more than 800 companies are approved by the Institute for training which comprises of renowned audit firms and leading companies in the country.
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