The Institute of Chartered Accountants of Sri Lanka (''CA Sri Lanka'') is a professional accountancy body in

Sri Lanka Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, also known historically as Ceylon, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, separated from the Indian subcontinent, ...

. The Institute was established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to awarding the Chartered Accountant designation. The Institute is responsible for setting Accounting and Auditing Standards in Sri Lanka, and is considered the ''National Body of Accountants' in the country.

Membership

In Sri Lanka, only members of CA Sri Lanka can practice as "Chartered Accountant". There are two grades of members; * Associate (ACA) * Fellow (FCA) Associate membership is gained after completing three levels of examinations and serving as a clerk serving under articles with a member of the Institute in practice or with a member of the Institute who is a salaried employee in the service of a firm of accountants for a minimum three-year practical training period. They are known as

articled clerk Articled clerk is a title used in Commonwealth countries for one who is studying to be an accountant or a lawyer. In doing so, they are put under the supervision of someone already in the profession, now usually for two years, but previously three ...

s during this period. Fellowship is awarded to senior Chartered accountants. Chartered accountants holding practicing certificates may also become "Registered

Auditor An auditor is a person or a firm appointed by a company to execute an audit.Practical Auditing, Kul Narsingh Shrestha, 2012, Nabin Prakashan, Nepal To act as an auditor, a person should be certified by the regulatory authority of accounting an ...

s", who are able to perform statutory

financial audit A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are interna ...

s in accordance with the ''Companies Act, No. 07 of 2007''. Chartered Accountants can also register as Company Secretaries.

Affiliations

The Institute of Chartered Accountants of Sri Lanka enjoys agreements with the

Institute of Chartered Accountants in England and Wales The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of December 2024, it has over 210,000 memb ...

CPA Australia CPA Australia ("Certified Practising Accountant") is a professional accounting body in Australia, originally founded as the "Incorporated Institute of Accountants" in 1886. As of 31 December 2020, it has 168,736 members in 150 countries and regio ...

, and several other leading international accountancy bodies. CA Sri Lanka is a member of the

International Federation of Accountants The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. Founded in 1977, IFAC has 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public prac ...

Confederation of Asian and Pacific Accountants The Confederation of Asian and Pacific Accountants (CAPA) is a regional organization representing 33 national professional accountancy organizations (PAOs) operating in Asia and the Pacific. These PAOs, referred to as CAPA’s members, represent ...

and a founder member of the South Asian Federation of Accountants. CA Sri Lanka is also a member of the Chartered Accountants Worldside

Criticisms

CA Sri Lanka has been criticized for allowing audit firms (especially firms which carry the name as Big Four) to take undue advantage of articled clerks (interns) who would have to work in these firms for low wages to cover the practical training period required by the institute, which intern is headed by partners of these firms. Yet, institute hasn't taken any action towards this.CA Sri Lanka, Audit Firms & Their Slaves
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References

External links

Official website
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Organizations established in 1959 Professional accounting bodies in Sri Lanka Universities and colleges in Colombo District Member bodies of the International Federation of Accountants Accounting in Sri Lanka Universities in Sri Lanka

Membership

Affiliations

Criticisms

See also

References

External links