Page 34 - 2596-CA SR Lanka- Annual Report 2022

STRATEGY REPORT

CORPORATES

Corporates comprise several Engagement Mechanisms Frequency
stakeholder groups, from public
practicing firms & the non public Press releases, emails, social media and newsletters As required
practicing sector including Special events As required
listed and unlisted entities, Interactions with chambers of commerce and other Continuous and Ongoing
multinational corporations to bodies
the small and medium sector Industry collaborations on specific projects Continuous and Ongoing
entities who seek to employ Networking events As required
CA members and students Seminars, webinars and other awareness programmes Continuous and Ongoing
as a means of building their
knowledge bank. These entities
also rely heavily on the CA Sri y Accountability and upholding y Expertise and insights
Lanka expertise and guidance on ethics y Strong relationships and
global best practices for financial y Tertiary education networks
reporting, auditing and good Key opportunities y Sound governance
governance. Concerns y Develop skilled talent pools in y Improve the quality of
the country Financial Reporting
y A reliable partner for
collaborative projects

CA Sri Lanka’s Commitment and Interpretation Committee (FRSIIC) By creating a cohesive framework
CA Sri Lanka responds to corporate functions as a key channel for corporates to promote accountability and good
needs in various ways. For the past 63 to obtain interpretations of SLFRSs governance principles among corporates,
years, the Institute has been producing and resolve issues concerning financial CA Sri Lanka plays an important
quality professionals who are highly reporting. Additionally, CA Sri Lanka’s role in preserving the integrity and
sought-after by local corporates and training partner accreditation programme reputation of the local corporate sector,
multinational organisations. Moreover as serves as a crucial platform for corporates which ultimately contributes towards
the sole authority for setting accounting to strengthen their credentials as safeguarding the probity of Sri Lanka’s
and auditing standards in Sri Lanka, employers of choice. financial system, enhancing investor
the Institute takes responsibility for confidence and strengthening the
encouraging the widespread adoption Equally importantly, CA Sri Lanka country’s competitive position in the
of Accounting and Auditing Standards undertakes to promote sound corporate global market.
among local corporates. The CA Sri governance among the local corporate
Lanka’s Accounting and Auditing sector. The Corporate Governance Faculty CA Sri Lanka’s SME Task Force is
Standards Committees work closely appointed by CA Sri Lanka, is tasked with dedicated to support the growth and
with the Governing Council to ensure reviewing and recommending proposed development of the Country’s SME
accounting and auditing standards remain revisions to the corporate governance sector, which in recent years has been
up-to-date on par with the latest global rules applicable for listed entities acknowledged as the backbone of the
developments in the field. The Financial issued by the Securities and Exchange country’s economy.
Reporting Standards Implementation Commission of Sri Lanka (SEC).

Setting Accounting and Maintaining Independence Promoting Sound Supporting Sustainable
Auditing Standards of the Profession Corporate Governance Business Growth

Value to
Corporates

32 CA SRI LANKA | Integrated Annual Report 2022