CA Sri Lanka, Wayamba University to enhance cooperation with new MoU

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently signed a Memorandum of Understanding with the Department of Accountancy (DoA) of the Wayamba University in an effort to enhance the cooperation between the two bodies which will pave way for the further development of the accounting profession in the country.

The MoU signed by CA Sri Lanka President Mr. Lasantha Wickremasinghe and Wayamba University Vice Chancellor Prof. S. J. B. A. Jayasekera will result in the institute providing exemptions to undergraduates of the DoA to sit for the CA Sri Lanka examinations and qualify as Chartered Accountants.

CA Sri Lanka will also offer scholarships to the university undergraduates to follow the CA programme, while the institute will also award a ‘gold medal’ to the most outstanding student in the accounting discipline at the annual convocation of the Wayamba University.

The agreement will also allow both the institute and the university to invite resource personnel from each body to engage in activities such seminars and workshops, while CA Sri Lanka in its capacity as the national body of accountants will assist undergraduates of the DoA to obtain practical training opportunities in business organisations, audit firms and state corporations.

Both bodies will undertake research work in relation to the accounting discipline in their joint efforts to enhance and further develop the accounting profession in the country.

The agreement will also allow the DoA students’ association, CA Student’s Society and the CA School of Accounting and Business student association to jointly organize research conferences, accounting forums, workshops for students thereby helping them enhance their knowledge on pertinent topics which will be of relevance to them as future accounting professionals.

Speaking at the event, Mr. Lasantha Wickremasinghe emphasized that as a leading professional accounting body, CA Sri Lanka has always remained proactive in ensuring the accounting standards practiced in Sri Lanka were second to none in a global context. “We adhere to the latest internationally recognized standards and every effort is taken to ensure our members are relevant and stand shoulder to shoulder with their global counterparts. In such a scenario, it is important to nurture our future generation of accounting professionals, because we firmly believe it is the quality that matters and not quantity. Therefore, our MoU with the University of Wayamba is an important initiative in ensuring Sri Lanka continues to produce exceptionally talented chartered accountants even in the future,” he added.

CA Sri Lanka Chief Executive Officer Mr. Aruna Alwis said that it is increasingly important for both professional bodies and academic bodies to come together to enhance the accounting profession further. “We have over the years signed agreements with leading universities in the country in our efforts fulfil this objective. Our agreement with the Wayamba University DoA will no doubt contribute towards the further development of the accounting profession as well as Sri Lanka’s forward journey,” he added.