The 44th National Conference of Chartered Accountants organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) was launched on Tuesday.
The inauguration, graced by Ms. Asmâa Resmouki, President of the International Federation of Accountants (IFAC) and Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka attracted a distinguished assembly of the country’s corporate elite, including business leaders, c-suite executives, as well as prominent accounting figures from Sri Lanka and Asia Pacific.
Governor of Central Bank being presented with a token of appreciation by President of CA Sri Lanka, Sanjaya Bandara
This year’s conference, themed ‘Beyond the Perfect Storm: Seizing the Opportunity,’ promises to be a platform for insightful discussions, collaboration, and vision for the future.
The conference which is dubbed the biggest annual business summit also saw the participation of Sanjaya Bandara, President of CA Sri Lanka, Heshana Kuruppu, Vice President of CA Sri Lanka, Ms. Anoji de Silva, Chairperson of the National Conference Committee, Anura Perera, Chairman of the Technical Committee; and Ms. Lakmali Priyangika, acting Chief Executive Officer of CA Sri Lanka.
Over 2,000 people were present.
President of CA Sri Lanka, Sanjaya Bandara said that in times of turbulence, it is crucial to remember that storms don’t last forever. “They may bring challenges, but they also present opportunities for innovation and transformation. As such, our goal is to explore the path beyond these storms and highlight the importance of overcoming the economic crisis and the interconnect issues that came with the crisis,” he said.
Chair of the National Conference Technical Committee addressing the event
In his keynote, Central Bank Governor Dr. Weerasinghe outlined the challenges facing the country’s economy and the ongoing debt restructuring efforts. The Governor emphasized the importance of prudent financial management, the need for reforms, and the role of professional bodies in addressing these issues.
He also called upon members of professional bodies such as CA Sri Lanka to play an increasingly important role. He urged them to continue learning and enhancing their technical knowledge capacity while upholding a commitment to ethics, professionalism, and social responsibility.
“Accountants, in collaboration with other professionals, must take a proactive stance in combatting corruption, improving resource management, enhancing transparency, facilitating investment mobilization, creating a robust investment climate, and instilling investor confidence. In doing so, they can contribute significantly to promoting economic stability.”
Dr. Weerasinghe also emphasised the crucial role accountants can play in the Financial Intelligence Unit’s efforts related to an upcoming country assessment on anti-money laundering and combating financing terrorism (AML/CFT). He stressed the necessity for Sri Lanka to address identified gaps in its AML/CFT framework to avoid potential riskswhich will adversely impactthe country’s economic progress.
Governor of the Central Bank Dr. Nandalal Weerasinghe delivering the keynote speech
Chief guest, Ms. Resmouki spoke on the four challenges that the accountancy profession faces in its journey towards advancing in sustainability reporting. According to her, the first challenge was the importance of recognising that sustainability starts from within companies, while the second challenge centers on the unified global approach to adopt sustainability reporting standards.
She said that the third challenge recognises the need for capacity building, particularly in developing skills and competencies related to reporting and assuring sustainability information, and the fourth challenge identified by IFAC is the crucial need to prepare high-quality assurance, as assurance is essential; or else the quality of ESG information may not match that of financial information, potentially threatening trust.
Ms. Resmouki said that embracing sustainability within organisations, fostering global alignment in standards, enhancing capacity building, and preparing for high-quality assurance are pivotal steps towards integrating sustainability into the core of corporate decision-making and reporting practices.
“As we look forward to mandatory assurance, we must be careful against fragmentation, which creates unnecessary complexities. We should push for the adoption of the ISSA 5000 as the global baseline for broad-scope sustainability assurance engagements, and we also need a level playing field,” she said.
Ms. Anoji de Silva said that the conference which has a history of over four decades serves as an important catalyst for professional growth, enabling participants to expand their knowledge, build valuable connections, and inspire out-of-the box thinking in its continuing quest to help members, the business community, policy makers and non-accountants to be better at what they do.
Anura Perera said, “As we conceptualised the theme for this conference, we realised the significance of envisioning our future and taking decisive action to prevent a recurrence of the worst crisis our nation has endured.”
The conference which concluded on October 5 is set to be a platform for thought-provoking dialogues, and exploring innovative solutions, while exploring ways to not only weather the storms of uncertainty but also harness them as opportunities for growth and transformation.
