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ICSL celebrates golden jubilee

"We are honoured to have achieved fifty years of excellence and be the only authority to audit public limited liability companies, an exclusive privilege enjoyed by ICASL members. It has also been gratifying that through professional education and training our membership has achieved competence to render their services to the highest professional standards. We were the pioneers in introducing the concept of National Conference to the country. With the establishment of AAT. The sister association of ICASL, we became the largest combined tertiary education body in the country. Through policy making, taxation, financial reporting we contribute our services to the government. Also we are very proud that right from the beginning the Auditor General has been a member of ICASL" said Nishan Fernando, President of ICASL, celebrating the fifty years of the Institute of Chartered Accountants of Sri Lanka (ICASL). It also marked the occasion by carrying forward a host of activities this year to commemorate the profession’s vital role in the country.

Further speaking to the media, Nishan Fernando said that they will be introducing the new syllabus effective from 2010 and it will be Competency Based, as at present the global education is Competency Based. He also pointed out the importance of having on the job training given byg ICASL. He requested the media to make the students in remote areas aware about this programme which is affordable and valuable. He commenced noting that ICASL has been a catalyst in education promotion in the country.

Addressing the media, Aruna De Alwis, CEO, ICASL thanked all the past presidents, vice presidents and all authorities of ICASL for their immense service rendered for its upliftment. Also he noted that they can be truly proud of their efforts.

ICASL is the premier national accounting body of Sri Lanka established by Act of Parliament, No. 23 of 1959 and is also the sole Accounting and Auditing Standards setting authority in Sri Lanka. The institution was inaugurated on 15th December 1959 and has not looked back since. ICASL persistently has progressed onto becoming a professional accounting body with a clear vision to promote the accounting standards of the country. Education and training are important aspects for the institution and ICASL takes its tutoring obligations seriously in order to mould the right individuals to bring out their potential. With over 3500 members & close upon 30,000 registered students, ICASL has over the years played an integral part in the country’s financial sector as well as its general public.

ICASL’s main objectives are to promote in general the theory and practice of accountancy, in particular auditing financial management and taxation, to enroll educate and train members who are keen to improve their skills and knowledge in the profession and finally to preserve the professional independence of accountants, ensuring the maintenance of high standards of professional work and conducts by its members.

ICASL is a full member of the International Federation of Accountants (IFAC) while also being a member of the Confederation of Asian & Pacific Accountants (CAPA), and a founder member of the South Asian Federation of Accountants (SAFA).

ICASL whilst maintaining the highest standards of competence and probity developed codes of best practice with the aim of facilitating good governance in the country’s financial sector. As early as 1997, ICASL began the formulation of corporate procedures covering the financial aspect of corporate governance, best practice on audit committees, stakeholders and other investors.

As the premier national accounting body, the ICASL leads the profession through its visionary leadership projects and by setting the benchmark for the highest ethical, professional and educational standards. Building on the corporate plan, the ICASL focuses on ensuring a higher level of professional competence among the membership and those aspiring to become members while maintaining integrity and contributing to the national economy significantly. The international recognition for ICASL’s qualification is amply demonstrated by the geographical dispersion of its membership of which at present 25% are in gainful employment in over 50 countries.

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