The accounting profession internationally and in Sri Lanka has evolved enormously over the past five decades with in order to cater to the demands of the ever increasing challenges, complexities and risks facing the profession.
It was in this context that the Institute of Chartered Accountants of Sri Lanka (ICASL) celebrated 50 years of existence last year with a Special Golden Jubilee Publication of its journal, ‘The Chartered Accountant’, a compilation of articles by eminent professionals on issues ranging from good governance and public accountability, corporate responsibilities of boards of directors, thoughts on Sri Lanka and its environment and agriculture and a brief review of the evolution of the auditing profession in Sri Lanka.
ICASL President Nishan Fernando said the Institute has grown in stature and recognition from a professional educational institute to a regulator and also conducting a business school, enabling degrees and diplomas to be awarded.
Landmark developments throughout the years have seen the Chartered Accountancy Study Programme being made accessible to students from all parts of the country, currently numbering 30,000. He added that membership has moved up to 3,800 and member bodies have come up in Australia and Doha.
ICASL has also succeeded in obtaining mutual recognition agreements with leading accountancy institutes of Australia, England and Wales.
In a brief review of the evolution of the auditing profession in Sri Lanka, Chairman of the Audit Faculty of the ICASL Tissa K. Bandaranayake writes that Sri Lanka could not keep aloof from transformations taking place in the outside world although admittedly, the country has felt their impact and fallen in line with new trends but a few years behind.
In recent times, Mr. Bandaranayake says action has been taken by regulatory bodies (led by the ICASL) to expedite the process.