By Vivienne Russell | 27 November 2013

Sri Lanka’s national accountancy body has launched a public sector wing in a bid to boost the professional standing of accountants and auditors working in the public sector.

Sujeewa Rajapakse, president of the Institute of Chartered Accountants of Sri Lanka, said the establishment of the Association of Public Finance Accountants of Sri Lanka was a ‘remarkable initiative’.

There are around 1,400 accountants and 200 auditors working in the Sri Lankan public sector. Rajapakse, president of the Institute of Chartered Accountants of Sri Lanka, said they needed to improve their professional capabilities and standards in order to provide an efficient public service.

‘The general perception of the public is that the public service requires enhancement of professional skills and expertise to move with international best practices,’ he said.

‘This is why we need to step in, to enhance financial management skills in the public sector.’

CA Sri Lanka has also set up a Public Sector Accounting Standards Committee to enhance financial reporting practices. It has already issued four Sri Lanka Public Sector Accounting Standards and is planning to publish six more.

In addition, the institute has signed an agreement with the World Bank and the government of Sri Lanka to strengthen public sector financial management through capacity building.

CIPFA has signed a Memorandum of Understanding with CA Sri Lanka to conduct CPFA exams and award qualifications.