Forensic auditing by Sri Lanka accountantsâ€™ body to fight fraud
ECONOMYNEXT – The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) plans to introduce forensic auditing training for members to fight fraud and corruption, the new president of the accountants’ organisation Lasantha Wickremasinghe said.
"The present international and local environment is crying for the need of ‘forensic’ thinking," he said in his induction address.
Traditionally, accountants focused on the overall view of the financial statements and the systems.
Now, Wickremasinghe said, it is time to assist the government, public and the business community to prevent fraud and corruption.
"We plan to introduce a programme in forensic auditing for our members to ensure the public expectations are met," he said.
"Not only local but international acceptance is paramount to our continued success."
CA Sri Lanka will seek the support of international accounting bodies for its forensic audit training, Wickremasinghe said.
Wickremasinghe’s comments on plans for forensic auditing come at a time the new government has launched a series of investigations into alleged fraud and corruption under the former Rajapaksa regime.
Several prominent members of the regime of former president Mahinda Rajapaksa have been arrested or face arrest.
The former president’s son Yoshitha was arrested last week by the Financial Crimes Investigation Division of the police and his brother, former minister Basil, is on bail.
Wickremasinghe said the success of the accounting profession depends on the respect that chartered accountants will have from the business community and the government.
CA Sri Lanka will "whole heartedly" support the new government’s aim of following ‘Good Governance principles,’ he said.
"We need more than just technical skills. Ethical behavior and a professional approach to all issues is crucial." (Colombo/Feb3/2016)