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Posted by / 20-Dec-2019 14:12

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Jagath Perera was ceremonially inducted as the 24th President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), Click here to read more: ft.lk/hr/Jagath-Pere…

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A Memorandum of Understanding (Mo U) was entered into between CA Sri Lanka and SLASSCOM recently for 'Financial and Accounting Outsourcing Pathways for Start-ups' which will pave the way for both organisations to work in collaboration to focus on creating a facilitated programme that helps recognize and enable audit firms and local providers of finance and accounting services that have high potential to leverage their current infrastructure, capabilities and networks to do global outsourcing.

This initiative aims to build on Sri Lanka's capability as a finance and accounting outsourcing (FAO) service provider where the country was recognised as a global centre of excellence for FAO by the Global Services Magazine ranking Colombo 5th in the world in 2012.

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. Omar Fatha Rally – General Council Member, SLASSCOM; Mr.

The agreement was signed by President of CA Sri Lanka Mr. In the second phase, based on the lessons learnt and the success in the pilot programme, the programme will be replicated on an annual basis with a broader number of audit firms and small and medium scale finance and accounting service providers throughout the country included to carry out the global outsourcing activities.

The new Audit Report by the International Auditing and Assurance Standards Board (IAASB) of International Federation of Accountants (IFAC) has been designed to enhance auditor’s reports for investors and other users of financial statements. Lasantha Wickremasinghe said that the new and Improved Auditor’s Report will enhance transparency in the field of financial reporting.

He said that the changes will substantively change the auditors’ reporting and there would be anticipated benefits.

This change adds more transparency in the auditor’s report about the auditor’s work.

With the new and revised auditing standards coming into effect, CA Sri Lanka, in its capacity as the sole promulgator of accounting and auditing standards in the country has been conducting a series of awareness programmes amidst stakeholders, to help educate them on the latest changes, and ensure they are aware of the new standards that is coming into effect both at a local and global level.

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