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Governance

The Institute is incorporated under the companies ACT of Sri Lanka as an Institute limited by guarantee with the permission of the Commercial High Court, Colombo to use the name: Institute of Certified Public Accountants.

The structure of the Institute is designed to enhance the successful functioning of the organisation and to facilitate the efficient operation of transparency, accountability, good governance and to effective communication and collaboration with members and other stakeholders. It operates in a control environment to ensure the values of integrity sound stewardship of the resources provided by members of the Institute and other funders, and for a clear decision-making and accountability framework.

Council
Ultimate governance of the Institute rests with the Council, which comprises seven (7) members. The Advisory Council, consisting of highly respected academics, well know businessmen and reputed professionals, guides the Council to achieve CPA’s policy objectives and guarantees the maintenance of the highest quality and standards of the programme.

The Council has delegated the management of the Institute to the staff headed by The Chief Executive Officer (CEO) who leads the management team in the development of the detailed operating plans to achieve the aims and objectives of the Institute's strategic goals. The CEO and team are responsible for day-to-day operations and promotion of good governance throughout the organization and submit necessary management reports to the Council for its information, necessary actions and to discuss relevant issues.

As a relatively new Institution with a limited number of staff some tasks of the management of the Institute are performed voluntarily by members of the Institute individually and through committees, some of which are as follows:

Education, Training & Examinations Committee
Ethics & Disciplinary Committee
Marketing, Publicity & Recruitment Committee

CPASL is governed by its Council, which ensures that CPASL delivers its objectives as outlined within its article, rules and regulations. It also decides on CPASL's strategic policy objectives and monitors its performance.

The Council Members of the Institute of Certified Public Accountants

(1). M V Theagarajah, CPA., FCMA., FCIAA., F.I.Mgt. (London)
Former Chairman of the Browns Group of Companies, Director Hatton National Bank.


(2). Daya Jayasinghe, DIC (London), M.Sc. (London), CPA., FCCA., ACIS., MCMI.
Former Senior Partner Chevette Global & Co., London, Chartered Certified Accountants & Auditors, Senior Lecturer in Accounting, Finance and Management both in UK & SL., Founder Chairman and Managing Director, Imperial Institute of Higher Education, Colombo, Sri Lanka, Validated Centre, University of Wales. Cardiff, Wales.

(3). Manoharan Ramanathan M.A. (Econ), CPA., ACCA, EDBA., MABE., MIMIS., FAIM., AAFC.
Chartered Certified Accountant, Senior Lecturer in Accounting, Finance and Management, Examiner.

(4). M Thiyagaraja, MBA. (Colombo), CPA., ACA., FCMA., AIB., Attorney-at-Law.
Chartered Accountant, Chartered Management Accountant, Banker, Consultant in banking, accountancy, taxation and finance, Attorney-at-Law to Supreme Court of Sri Lanka.

(5). H M Saliya Dharmawardane, MBA. (PIM), B.Sc (Bus Adm. Sp, SJ), CPA., AIPFDA., Dip Pub Fin (SL)
Director Internal Audit, Chief Ministry & Education Ministry CP., Chief Accountant, Ministry Internal Trade & Cooperatives, Director, Finance Commission.

(6). Major P S Jayantha Ratnayake, MBA. (Uni. Ruhuna), BCom. (Sp. Kelaniya), CPA., CMA., AIPFDA., Dip Pub Fin (SL), Finance Manager, BMICH.

(7). Zahid Musafer, CPA., ACMA (UK), CGMA. (UK/USA), ACCA., MBA (PIM, reading) Head of Internal Audit, MCB Bank, Colombo, senior lecturer and examiner.

The Council usually meets once in every three months.

The Advisory Council

(1). Prof. B L Panditharatne, B.A (Hons), M.Sc., PhD. (London), D.Sc., FRGS (GB) , CPA. (Founder Member), Former Vice Chancellor, University of P’deniya, Former Chairman, University Grants Commission, Former Chairman and Director General of National Institute of Business Management., Former Chairman and Managing Director, Ceylon Mineral Sands Corporation, Former Chairman and Managing Director, Lanka Mineral Sands Ltd.

(2). Professor A D V de S Indraratne, MSc., D.Sc., D.Lit., CPA (Founder Member) Former President OPA. (the Organisation of Professional Associations) Sri Lanka, President, the Sri Lanka Economic Association

(3). Rienzie T Wijetilleke, FCIB (London), FIB. (Sri Lanka), CPA. (Founder Member) Former Chairman Hatton National Bank (HNB), Former Chairman HNB Assurance PLC., HNB Stockbrokers (Pvt.) Ltd., Former Chairman and Director of the Colombo Stock Exchange, Former Chairman Cricket Board of Sri Lanka

(4). Serena Jayasinghe, B.Sc. (Hons), admitted as a Solicitor to the Supreme Court of England & Wales, CPA. (Founder Member), former Director, Imperial Institute of Higher Education, Colombo, Sri Lanka, Validated Centre, University of Wales. Cardiff, Wales, and Director of ICPASL.

Notes:

The Advisory Council guides the Council to achieve ICPA’s policy objectives and guarantees the maintenance of the highest quality and standards of the programme.

Regulating the public interest

Regulation seeks to ensure the right quality and, where appropriate, consistency in the quality of accountancy services. These include ensuring compliance with ethics, technical, and professional standards and the need to represent non-contracting users of accounting services, such as investors and creditors. While regulation helps to ensure the quality of services that professional accountants provide, ultimately it is the ability of the profession to put the public interest first that will earn the profession the respect of communities and regulators around the world.

In addition to the rules, terms and regulations stated in the Memorandum and Articles of the Association, standards, codes and Bye-Laws of the Institute members are subject to rules, standards, codes and requirements imposed by national and international regulating agencies.

The Institute has significant expertise in setting education and training requirements for professional accountants covering the following

(1). Entry and qualifying requirements, including education, training, setting and assessing professional examinations (cross reference
(2). Provide support for Continuing Professional Development (Cross reference to CPE Information pages 78 - 92)
(3). Publish and provide access to professional journals, magazines and newsletters (please make cross reference to Media Publications, Institute News & Other Publications, page 57, 104,105 & 106)
(4). Provide network for professionals to meet and discuss their fields of expertise (cross reference pages 58, 72
(5). Provide career support and opportunities for students, graduates and member already working (member resources 54 - 56

No regulation can be truly effective unless it is accompanied by ethical behaviour; and so regulatory system should be designed to promote and achieve this behaviour. It is the ethical behaviour of the professional accountant that is the ultimate guarantee of good service and quality. Global regulatory convergence of the accountancy profession, including the adoption and implementation of high quality ethical, technical and professional standards, enhances the transparency, accountability and quality of reporting across borders, and reduces the risks and uncertainties of international trade and finance.

Regulatory system should be designed to promote and achieve the ethical behaviour, personal competencies and value of the professional accountant and included the following regulatory practices:

(1). quality assurance reviews
(2). Monitoring of the behaviour and performance of professional accountants
(3). The standards, including ethical standards that professional accountants must meet
(4). disciplinary systems and procedures for those who fail to meet the requirement.
(5). enforcement of professional and ethical standards by the Institute and/or regulatory bodies
(6). comply with IFAC requirements
(7). public oversight buy external regulatory bodies

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