Sri Lanka aims for accountability, good governance in public sector

ECONOMYNEXT – Sri Lanka’s main accounting body is seeking to improve good governance and accountability in the bloated and opaque public sector with better training for accountants employed in state institutions.

“I think it is high time some effort taken to reform financial management practices in country,” V Kanagasabapathy, President of the Association of Public Finance Accountants of Sri Lanka, said.

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) said a growing number of public sector accountants were seeking a new professional qualification it had introduced exclusively for professionals in the public sector.

CA Sri Lanka launched the Chartered Public Finance Accountancy (CPFA) together with the Association of Public Finance Accountants of Sri Lanka (APFASL), the Public Sector Wing of CA Sri Lanka.

Kanagasabapathy said the qualification was aimed at strengthening public financial management practices. 

“This will help the government to enhance transparency, accountability and good governance in the public sector,” he told a news conference.

“Lack of professional accountants in the public sector has been a big issues. The government has not been giving adequate pay and perks which does not attract enough professionals to join the government service.

”We think that through the Public Sector Wing of CA Sri Lanka we can help government improve financial management practices.”

The first examination leading to the qualification, which is internationally recognized, will be conducted in December 2015.

“Student registrations for this examination has already commenced and applications for December 2015 examination have been closed,” Kanagasabapathy said.

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“The CPFA qualification will help raise the bar of the professionals from the public sector, while also enhancing their standing in the professional world.”

APFASL has also been conducting a series of training programmes to educate professionals from the public sector on the standards, and how to adopt and implement them, Kanagasabapathy said.
(Colombo/October 22 2015)

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