Page 31 - CA Sri Lanka Integrated Annual Report 2023

CORPORATES

Corporates comprise several stakeholder groups, from public practicing firms & the non-public practicing sector including listed and
unlisted entities, multinational corporations to the small and medium sector entities who seek to employ CA members and students as
a means of building their knowledge bank. These entities also rely heavily on the CA Sri Lanka expertise and guidance on global best
practices for financial reporting, auditing and good governance.

This engagement encompasses various aspects such as accountability, ethical conduct, facilitating tertiary education opportunities,
nurturing skilled talent pools, fostering partnerships for collaborative projects, providing specialized expertise and insights, cultivating
strong relationships and networks, and promoting sound governance practices. Ultimately, these interactions contribute to the
enhancement of the quality of financial reporting and the overall development of the profession.

Corporates Value Definition/Details Contribution from CA
Proposition
Setting Accounting The main aim of this is to establish h CA Sri Lanka corresponds to the corporate needs in order to
and Auditing guidelines, regulations and principles become a quality profession which has a high demand in local
Standards that control how financial information corporates and multinational organizations.
is recorded, reported, and audited.
h As the sole authority for setting Accounting and Auditing
Standards in Sri Lanka, it promotes the adoption of these
Standards among corporates.
h The CA Sri Lanka’s Accounting and Auditing Standards
Committees work closely with the Council to have updated
Accounting and Auditing Standards on par with the latest global
developments in the field.

h The Financial Reporting Standards Implementation and
Interpretation Committee (FRSIIC) functions as a key channel for
corporates to obtain interpretations of SLFRSs and resolve issues
concerning financial reporting.
Promoting This involves advocating for and h The Corporate Governance Faculty appointed by CA Sri Lanka
Sound Corporate implementing principles, practices reviews and recommends proposed revisions to the corporate
Governance and processes that enhance governance rules for the list of entities issued by Securities and
transparency, accountability, fairness, Exchange Commission of Sri Lanka (SEC).
and responsibility in corporate
decision-making and operations.
Supporting This enhances economic development h Strengthening the country’s competitive position in the global
Sustainable and prosperity while preserving market.
Business Growth environmental and social well-being h CA Sri Lanka’s SME Task Force is dedicated to support the growth
for present and future generations.
and development of the country’s economy.
Ex-officio positions This indicates representation on h CA Sri Lanka frequently collaborates with the Government of Sri
held by the Institute regulatory bodies, allowing the Lanka and its regulators to offer support on matters of national
on regulatory bodies Institute to have a voice in decision- importance. This includes areas such as economic policy, tax
making processes related to legislation, budget implications, as well as current topics relevant
regulation, standards setting or policy to companies like corporate governance, auditing, and financial
development within a particular reporting.
industry or sector.

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