The Institute of Chartered Accountants of Sri Lanka (''CA Sri Lanka'') is a
professional accountancy body
A professional accounting body is an organization or association of accountants in a particular jurisdiction. Usually a person needs to be a member of such professional body to hold out to the public of the jurisdiction as an accountant. The desi ...
in
Sri Lanka
Sri Lanka (, ; si, ශ්රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...
. The Institute was established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to awarding the
Chartered Accountant designation. The Institute is responsible for setting
Accounting and Auditing Standards in Sri Lanka, and is considered the ''National Body of Accountants' in the country.
Membership
In Sri Lanka, only members of CA Sri Lanka can practice as "Chartered Accountant". There are two grades of members;
* Associate (ACA)
* Fellow (FCA)
Associate membership is gained after completing three levels of examinations and serving as a clerk serving under articles with a member of the Institute in practice or with a member of the Institute who is a salaried employee in the service of a firm of accountants for a minimum three-year practical training period. They are known as
articled clerks during this period. Fellowship is awarded to senior Chartered accountants.
Chartered accountants holding practicing certificates may also become "Registered
Auditor
An auditor is a person or a firm appointed by a company to execute an audit.Practical Auditing, Kul Narsingh Shrestha, 2012, Nabin Prakashan, Nepal To act as an auditor, a person should be certified by the regulatory authority of accounting and a ...
s", who are able to perform statutory
financial audit
A financial audit is conducted to provide an opinion whether " financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are interna ...
s in accordance with the ''Companies Act, No. 07 of 2007''. Chartered Accountants can also register as
Company Secretaries.
Affiliations
The Institute of Chartered Accountants of Sri Lanka enjoys agreements with the
Institute of Chartered Accountants in England and Wales
The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of July 2022, it has over 198,000 members ...
,
CPA Australia, and several other leading international accountancy bodies.
CA Sri Lanka is a member of the
International Federation of Accountants
The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates i ...
,
Confederation of Asian and Pacific Accountants
The Confederation of Asian and Pacific Accountants (CAPA) is a regional organization representing 33 national professional accountancy organizations (PAOs) operating in Asia and the Pacific. These PAOs, referred to as CAPA’s members, represent ...
and a founder member of the
South Asian Federation of Accountants. CA Sri Lanka is also a member of the Chartered Accountants Worldside
Criticisms
CA Sri Lanka has been criticized for allowing audit firms (especially firms which carry the name as Big Four) to take undue advantage of articled clerks (interns) who would have to work in these firms for low wages to cover the practical training period required by the institute, which intern is headed by partners of these firms. Yet, institute hasn't taken any action towards this.
CA Sri Lanka, Audit Firms & Their Slaves
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See also
*Accounting in Sri Lanka
The Accounting in Sri Lanka is regulated under the several legal regulations. There are several professional accountancy body in the country. The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) is the audit oversight entity, ...
*Association of Accounting Technicians of Sri Lanka
The Association of Accounting Technicians of Sri Lanka, or AATSL, is a Sri Lankan qualification and professional body for vocational accountants which was launched as an initiative that came through the Institute of Chartered Accountants of Sri ...
*Institute of Certified Management Accountants of Sri Lanka
The Institute of Certified Management Accountants of Sri Lanka, (CMA Sri Lanka) is a professional body offering qualification in management accountancy in Sri Lanka.
It mainly focuses of development and promoting the study of Management Accou ...
References
External links
Official website
{{Authority control
Sri Lanka
Sri Lanka (, ; si, ශ්රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...
Organizations established in 1959
Professional accounting bodies in Sri Lanka
Universities and colleges in Colombo District
Member bodies of the International Federation of Accountants
Accounting in Sri Lanka
Universities in Sri Lanka