The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) entered into a strategic alliance with one of the world’s most respected and prestigious accounting bodies, the Institute of Chartered Accountants in England and Wales (ICAEW) in Colombo on Monday.
The agreement signed by President of CA Sri Lanka Jagath Perera, and Executive Director, Learning and Professional Development, ICAEW Mark Protherough at a ceremony in Colombo, is expected to change the landscape of the Sri Lankan accounting profession as it allows aspiring Chartered Accountants of CA Sri Lanka to simultaneously obtain membership of ICAEW on the successful completion of the professional program.
The CA Sri Lanka-ICAEW agreement will allow future Chartered Accountants to expand their horizons and not be restricted by borders while also helping them strengthen their position across the globe and enjoy better career opportunities.
“We must understand that in today’s complex yet globalised world, it is important to continuously develop the profession and its members so that they will continue to enjoy unlimited opportunities not just in our country but also overseas. A unique feature of this agreement is that it will pave the way for greater mobility of our future members without being shackled by boundaries and borders,” Perera said.
He said that the agreement with ICAEW was a historic event not just for CA Sri Lanka and its students but also for the accounting profession at large.
“The world is moving fast towards globalisation where technological and regulatory environment play a crucial role. We need to adopt to these changes and synergize our capabilities in going forward. To this end, the move to provide dual membership for our aspiring students with the opportunity of securing a degree as well will make them much in demand in the profession,” he said.
Protherough underscored the importance for members of national bodies to also strengthen their identity despite the challenges of globalisation. He said that this is the first time ICAEW has embarked on such an initiative with another national accounting body.
“It’s the first time we have done something like this, and if we can make this work, this is something we can do with other institutes as well around the world, but we are starting this unique initiative here in Sri Lanka,” he said.
Students of CA Sri Lanka will have to only complete three subjects of the ICAEW curriculum, instead of three subjects of the CA Sri Lanka Curriculum to obtain dual membership of both ICAEW and CA Sri Lanka simultaneously. The students must sit for the Corporate Reporting, Strategic Business Management and Case Study papers of ICAEW examinations. The students are also entitled to Credits for Prior Leaning (CPL) on all other papers of ICAEW without an additional fee.
To make this new initiative work, CA Sri Lanka also awarded scholarships to selected high performing students to take advantage of the new dual membership opportunity.
CA Sri Lanka also enjoys an agreement with ICAEW where existing members of the Institute can obtain Associate Membership from ICAEW by sitting for the advanced level examination.
Alternatively, CA Sri Lanka Members can also benefit from the ICAEW ‘Pathways to Membership route’ where fully qualified members of CA Sri Lanka with at least five years’ of full membership are eligible to apply for direct membership from ICAEW after completing the examination of experience.