Finance Minister Ravi Karunanayake tells CA Sri Lanka CPFA qualification launch ‘Sri Lanka should not be an exception to reforms in public financial management’

Minister of Finance Mr. Ravi Karunanayake recently underscored the importance of bringing about reforms which will help enhance the country’s public financial management.

Addressing accounting professionals at the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) Mr. Karunanayake said “Today, financial management is evolving into a complex and demanding process, it is crucial for growth and sustainability. Financial management in the public sector has been somewhat weak, maybe due to capacity limitations. Countries all over the world have been attempting to reform public financial management on their own and Sri Lanka cannot be an exception.”

He made these remarks at the launch of the new Chartered Public Finance Accountant (CPFA) qualification exclusively for the public sector jointly offered by CA Sri Lanka and the Chartered Institute of Public Finance and Accountancy (CIPFA) in London.

Speaking further, the minister said that it was important to commence with the legislative framework and formulate user friendly rules, regulations, systems and procedure, if Sri Lanka is to enjoy enhanced transparency, accountability and good governance.

“I seek your support to work closely with the government to manage public resources economically, efficiently, and effectively for the benefit of the people. It is through effective financial management that we could discharge our public accountability,” he told the audience comprising of Chartered Accountants and other financial professionals representing the public and private sectors.

“I congratulate the Institute of Chartered Accountants of Sri Lanka’s endeavor to improve the management of public finance. The enterprise shown by you will be recorded in glowing terms as a national service,” he added.

Guest of Honour, Secretary to the Treasury, Dr. R. H. S. Samarathunga emphasized that the launch of the qualification was a very important initiative at the present juncture, and it will definitely be a new beginning tostrengthen the public finance management in the country.

President of CA Sri Lanka Mr. Arjuna Herath in his speech termed the launch of the CPFA qualification for the public sector as an important milestone in the journey of the institute.

“We also believe that this is timely in consideration of the present political and public sector environment as an opportune moment for the introduction of a qualification of this nature, and we believe it is important to have an environment that is conducive to safeguard public interest without fear and favour,” he said.

Mr. Herath added that the introduction of the new CPFA qualification as a specialized professional accounting qualification for the public sector was a significant step in CA Sri Lanka’s efforts to professionalizethe public sector accounting and finance discipline.

CIPFA International Chair, Mr. Ian Ball addressing the audience said that Sri Lanka is one of the first countries to work and share the information and expertise that CIPFA has to improve public sector accounting and financial management in Sri Lanka.

Mr. V. Kanagasabapathy, Association of Public Finance Accountants of Sri Lanka (APFASL), the Public Sector Wing of CA Sri Lanka in his speech said that the launch of the qualification was a leap for the public finance management in the country.

“It has been a long felt need to raise the professional status of the public finance managers by introducing a qualification that will meet the challengesthey face in the public sector,” he said.

CIPFA Development Chair, Mr. Alan Edwards said that CA Sri Lanka is leading the world in focusing its attention on the public sector.

Vice President of CA Sri Lanka Mr. Lasantha Wickremasinghe said that given the important role that the public sector plays in the development of Sri Lanka, the agreement with CIPFA and the qualification will undoubtedly help strengthen the future of public sector accountants and finance professionals in the country.

The Memorandum of Understanding signed between President of CA Sri Lanka, Mr. Arjuna Herath and Mr. Ian Ball, Chair of CIPFA International offers a clear route for public sector accountants to obtain a locally and globally recognized specialist qualification.

The MoU also outlined a framework for future co-operation between the two institutes to improve the governance of public finance within the country and help improve the training and development in the accountancy profession. The collaboration also opened doors for CA Sri Lanka members to obtain CIPFA membership and professional development opportunities.