CA Sri Lanka, SLASSCOM to encourage and engage audit firms to leverage from global outsourcing

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka)and theSri Lanka Association of Software and Service Companies (SLASSCOM) will kickoff a pilot project which will engage and encourage audit firms to takeleverage from global outsourcing.

SLASSCOM acts as a catalyst of growth of the Sri Lankan IT and BPM industryby facilitating trade and business, propagation of education and employment,encouragement of research and innovation, and by supporting the creation ofa progressive national policy framework. Sri Lanka’s IT/BPM industry has setits vision to achieve USD 5 billion in exports by 2022 while generating200,000 jobs and facilitating 1000 startups in the country.

A Memorandum of Understanding (MoU) was entered into between CA Sri Lankaand SLASSCOM recently for ‘Financial and Accounting Outsourcing Pathways forStart-ups’ which will pave the way for both organisations to work incollaboration to focus on creating a facilitated programme that helpsrecognize and enable audit firms and local providers of finance andaccounting services that have high potential to leverage their current
infrastructure, capabilities and networks to do global outsourcing. Thisinitiative aims to build on

Sri Lanka’s capability as a finance andaccounting outsourcing (FAO) service provider where the country wasrecognised as a global centre of excellence for FAO by the Global ServicesMagazine ranking Colombo 5th in the world in 2012. Being ranked as 7th amongthe 15 emerging cities for FAO by Tholons  and  leading global companies setting up their FAO centers inSri Lanka further the re-iterates Sri Lanka’s prowess in the industry(SLASSCOM-PWC Sri Lankan IT/BPM industry review, 2014).

The agreement was signed by President of CA Sri Lanka Mr.Arjuna Herath andVice Chairman of SLASSCOM Dr.Arul Sivagananathan.

In the initial phase of the project, 10 to 15 firms that possess highpotential to leverage their current infrastructure, outsourcing capabilitiesand networks will be selected for the pilot phase where they will beexpected to carry out global outsourcing.

In the second phase, based on the lessons learnt and the success in thepilot programme, the programme will be replicated on an annual basis with abroader number of audit firms and small and medium scale finance andaccounting service providers throughout the country included to carry outthe global outsourcing activities.

The programme is expected to assist audit firms to grow and becoming moreglobal in their outlook. The programme will also provide global recognitionfor the BPM/FAO/KPO brand and help create more employment opportunities inSri Lanka with larger growth in the sector.

CA Sri Lanka is one of the country’s largest tertiary education providers with a significant student base of over 44,000 who are aspiring chartered accountants. The initiative between CA Sri Lanka and SLASSCOM will be an important platform which can benefit these students.