Triple Chartered Accountant and Western Musician Jonathan J. Arnold, employed by KPMG in the Cayman Islands, completes an impressive decade of experience in the industry with globally recognized qualifications from multiple jurisdictions. Holding the distinction of being a Fellow Chartered Accountant (FCA) and a Fellow of Music (FLCM), Arnold reflects on his life journey thus far and the future.
Can you take us through your academic, musical and career journeys?
I discovered my passion for Accounting and Audit during my education at a respected International School in Colombo 7. This led me to pursue a career in Internal Audit, driven by curiosity and a fascination for detective-like work.
My educational journey included achieving the Fellowship of the Association of Chartered Certified Accountants (ACCA), U.K., which laid a strong foundation in accounting. Subsequently, I earned the prestigious Fellowship of the Institute of Chartered Accountants of Sri Lanka (ICASL). I also completed a BSc. (Hons) in Applied Accounting from Oxford Brookes University, U.K., and obtained a Master of Business Administration from the University of West London, U.K. These educational milestones have greatly supported my career growth.
I am honoured to be a member of the Chartered Professional Accountants of British Columbia, Canada, which granted me the designation of a Triple Chartered Accountant. Notably, my qualifications span four different countries: the United Kingdom, Australia, Canada, and Sri Lanka.
As a proud Sri Lankan, I have chosen to contribute to my nation’s economic progress by working for an offshore branch of KPMG, thereby facilitating the inflow of essential foreign currency.
My professional journey began at PricewaterhouseCoopers (PwC), Sri Lanka (now Deloitte), where I audited leading organizations in the country. My focus has primarily been on Internal Audit (IA), where I have had the privilege of addressing various challenges while maintaining a commitment to continuous learning and growth.
In 2021, I was honoured to receive the Union Assurance (UA) Team-Up Award for my contributions towards modernizing the Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT) systems and procedures at Union Assurance PLC, a subsidiary of John Keells Holdings PLC.
I am humbled by the recognition of my work, including being featured on the ACCA Global (International) website.
Beyond my professional life, music has always been a personal passion and a source of balance. I am fortunate to have received a Fellowship from the University of West London, U.K., a distinction that is relatively rare among Sri Lankans. I genuinely emphasize the importance of maintaining a work-life balance and aspire to continue contributing to the industry while guiding aspiring professionals in the years ahead.
Many people find it hard to discipline themselves, or cannot find time, or don’t have the luxury of the right circumstances to excel at different things. How did you manage this?
I firmly believe that success is achieved by ordinary people with extraordinary determination and the virtue of gratitude. Sri Lanka being a land of endless opportunity, afforded me all the right circumstances to excel in every aspect of my life, including education, career and music. I have performed at Music Charity Concerts from the age of 13 years. All my academic and personal achievements on the world stage were attained whilst being in Sri Lanka, the prime reason why I decided to remain in the Country and help with its growth trajectory.
Let’s talk about how technology is impacting your profession. How is artificial intelligence (AI) shaping the Internal Audit (IA) profession?
The emergence of AI will not pose a danger to the accounting IA profession. Human intervention will always be required. The AI technology would be beneficial, in terms of enhancing the efficiency and speed of data analytics which are fundamental to IA.
IA will adapt to provide quicker, more insightful insights into rapidly changing risks so that boards may take immediate remedial action, thus increasing the demand for IA services.
Computers cannot exhibit emotional intelligence, offer a sophisticated control design perspective, or “think outside the box,” which are crucial abilities inherent to IA. Human engagement will still be necessary to make decisions and investigate real outliers, as AI cannot assume the role of a human in the dynamic field of IA.
What is the role of accountants in Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT) and why is it important to the Sri Lankan economy?
To safeguard the nation’s financial and economic system against misuse by nefarious individuals, a robust AML/CFT framework is imperative. Money laundering is a financial crime involving the concealment of the origins of illegally acquired funds (“dirty money”) to make them appear legitimate.
Compliance with AML/CFT screening not only ensures regulatory adherence but also bolsters the credibility of financial organizations in the eyes of regulators, employees, and clients. This trust fosters increased financial investment in Sri Lanka. Accountants are well-positioned to play a pivotal role in combating money laundering in the country.
Even with stringent laws and regulations in place, there is a pressing need to establish a comprehensive and accessible database of sanctioned individuals and Politically Exposed Persons (PEPs) for screening purposes. Having worked at prominent financial services institutions in the country, I recognize that this is the need of the hour.
What is a pressing issue faced by the accounting and finance sector in Sri Lanka and how can this be resolved?
Accounting and finance professional bodies worldwide are signing various agreements such as Memorandum of Understanding (MoUs), Member Pathway Agreements (MPAs), and Mutual Recognition Agreements (MRAs). These agreements facilitate the seamless transition of members from one professional body to another in different jurisdictions, leading to increased cross-border mobility of finance professionals. However, this has resulted in a significant brain drain issue, with many financial experts leaving the country.
Addressing this concern requires recognizing and valuing the accomplishments of highly trained individuals and providing them with opportunities for career advancement within the nation. Resolving the brain drain problem is crucial for Sri Lanka’s long-term growth and success.