Page 35 - 2596-CA SR Lanka- Annual Report 2022

REGULATORS

Being the foremost authority Engagement Mechanisms Frequency
in Sri Lanka’s accounting
profession, the Government Engagement with members of the Association of Public Finance As required
of Sri Lanka (GoSL) and its Accountants of Sri Lanka (APFASL) members
Regulatory bodies are key Representation of regulatory bodies As required
stakeholders of CA Sri Lanka. Collaboration on special projects and initiatives As required
Dialogue with policymakers, regulatory authorities and experts As required

y Alignment of accounting, auditing and governance y Develop skilled talent pools in the country
infrastructure to international standards to attract y Develop public sector accounting and governance
foreign capital
Key infrastructure
Concerns y Development of education infrastructure y Payment of taxes, fees, levies due to government
y Expertise to support country’s socio economic and regulatory bodies
development

CA Sri Lanka’s Commitment accounting qualification. Beyond this, a offer support in matters of national
CA Sri Lanka’s approach to regulators Memorandum of Understanding between importance, particularly in the areas of
speaks to the Institute’s core strengths CA Sri Lanka and the Chartered Institute economic policy, tax legislature, budget
in education and knowledge sharing. To of Public Finance & Accountancy (CIPFA) implications, as well as on current
promote transparency, accountability, London allows APFASL members in the topics relevant to companies, including
good governance and encourage public sector to apply for the Chartered corporate governance, auditing and
international best practice in the public Public Finance Accountant (CPFA) financial reporting. In addition senior
sector financial reporting, the Public qualification. CA members who sit on the leadership
Sector Accounting Standards were panels of the Securities and Exchange
formulated in line with the International The APFASL’s capacity building activities Commission of Sri Lanka (SEC) and
Public Sector Accounting Standards. aim to educate public sector organizations the Sri Lanka Accounting and Auditing
on SLPSAS standards to help them align Standards Monitoring Board (SLAASMB)
In an effort to further augment the their accounting and reporting practices to also frequently contribute towards policy
standard of accounting among public be on par with national standards. formulation and reforms.
sector institutions, the Association of
Public Financial Accountants (APFASL) - CA Sri Lanka too shares its knowledge
CA Sri Lanka’s public sector wing offers and expertise and frequently collaborates
a specialised degree-level public sector with the GoSL and its Regulators to

Adoption of Association of Collaboration and Ex-officio Training and Public Sector
Public Sector Public Finance recommendations positions held Capacity Building Annual
Accounting Accountants on economic by The Institute to strengthen Report
Public sector
Standards of Sri Lanka policy and matters on regulatory accounting and Awards
(APFASL) of national bodies Reporting practices
interest
Value to
Regulators
through
APFASL

CA SRI LANKA | Integrated Annual Report 2022 33