World Bank boost for CA Sri Lanka

The World Bank extended a grant of $ 500,000 to the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) to enhance the technical activities of the Institute.

The grant channelled through the bank's Institutional Development Fund (IDF) will cover the implementation of an audit quality assurance program, an initiative to assist and educate Small and Medium-sized Practices (SMPs), a program to increase awareness and adoption of International Financial Reporting Standards (IFRS)and help improve the adoption of the Public Sector Accounting Standards (SLPSAS).

CA Sri Lanka President, Sujeewa Rajapakse said that the grant supports activities aimed at improving transparency and accountability by strengthening corporate and public sector governance.

“Improving transparency and accountability are critical to improving the investment climate, building investor confidence and strengthening corporate and public sector governance. The IDF provides supports activities aimed at achieving these results through strengthening financial reporting and auditing standards and practices,” he said.

While emphasising the significance of small and medium enterprises (SMEs) in the growth of the country's economy, Rajapakse said that the World Bank grant will help improve the quality of SME audits by strengthening the skills and competencies of small and medium audit practitioners who primarily carry out audits of the SMEs.

He also noted that every step will be taken to strengthen financial reporting of SMEs by improving the awareness and skills in IFRS for SMEs among SME accountants.

The grant will also support CA Sri Lanka's initiative to develop the country's public sector accounting standards aligned with the International Public Sector Accounting Standards in public sector organisations in Sri Lanka. Rajapakse said that the World Bank grant will also support the Institute's efforts to strengthen the quality of financial reporting of state owned enterprises through the adoption of IFRSs and SLPSAS.