Signing of MOU between the Institute of Certified Public Accountants in Sri Lanka (CPASL)and the International Institute for Professional Development in the Republic of the Maldives (IIPD).
1.1 This Memorandum of Understanding (MOU) is made and entered into on this 22 day of May 2013 between:
The Institute of Certified Public Accountants – Sri Lanka (CPA Sri Lanka) 108A, Maya Avenue, Colombo 06, Sri Lanka;
The International Institute for Professional Development – Republic of the Maldives (IIPD), Sakeena Manzil (3rd Floor) Meduziyaaraiyh Magu, Male, Republic of the Maldives
hereinafter called “the Parties”.
1.2 The bodies
1.2.1 The Institute of Certified Public Accountants of Sri Lanka (CPA Sri Lanka) is a national institute with international perspectives, dedicated to the promotion of the highest accounting, finance, auditing, taxation and ethical standards. It is committed to promote the art and science of accounting and to provide quality education and training for students to advance their knowledge, skills and capabilities to meet the changing needs of modern society.
Members of CPA Sri Lanka are bound by the requirements of CPA Sri Lanka’s Rules, Articles of Association, Bye Laws, Code of Ethical Professional Conduct, CPD Requirements and all other relevant conditions specified by national and international regulatory bodies.
CPA Sri Lanka members are educated and trained to meet the needs of the evolving global environment and safeguard the public interest. It has members and students working in many parts of the world. Its current membership operates in Public Practice, Industry, Commerce and Public Sector.
1.2.2 On 1 February 2013 the Institute of Certified Public Accountants in Ireland (CPA Ireland) and the Institute of Certified Public Accountants in Sri Lanka (CPA Sri Lanka) entered into a Memorandum of Understanding (MOU), which will see both bodies offer service and support to each others’ members and collaborate on joint research, education, member body development and on other areas of mutual interest.
1.2.3 After carrying out due diligence, including an independent validation of the facilities at the CPA Academy, together with an assessment of the qualifications and experience of the lecturing staff, CPA Ireland granted CPA Sri Lanka (The CPA Academy) the status of Approved Educator.
CPA Sri Lanka will assist CPA Ireland in the administration of CPA Ireland examinations in both Sri Lanka and the Republic of the Maldives. In addition, CPA Sri Lanka will adopt, with suitable modification for local requirements, the Formation levels of the CPA Ireland syllabus and examinations for use as the CPA Sri Lanka and the Republic of the Maldives Formation level syllabus
1.2.4 The Institute of Certified Public Accountants in Ireland (CPA Ireland) is one of the main Irish accountancy bodies in the Republic of Ireland. CPA Ireland is a founding member of the International Federation of Accountants (IFAC) and shares the IFAC vision of strengthening the global profession. It is part of an international community, with its members working in over 40 countries around the world. CPAs may be found in working in a wide range of business sectors, multinationals, finance, government, public practice and more.
The CPA designation is the most widely used designation worldwide for professional accountants and the Institute’s qualification enjoys wide international recognition and has strategic partnerships (MRAs) with peer bodies in CGA Canada, CPA Australia, CA India, CA Bangladesh, IPA South Africa, audit recognition in New Zealand. It is a member of FEE, the representative body of the main accountancy bodies in 25 European countries and its qualification is recognised as equivalent to those of other statutory bodies in the EU and is included in the EC Directive on the recognition of professional qualifications.
1.2.5 IIPD is an approved Higher Education and training provider in the Republic of the Maldives. It has campuses at Henveiru and Galolhu. It intends to open 7 (seven) more campuses this year. Presently, it has more than 700 students (seven hundred) and over 30 (thirty) members of academic staff in various professional development courses. It provides professional teaching, Management, Accounting for professionals, business and IT courses.
IIPD’s motto is “Inspiring Excellence” and it is committed to providing comprehensive, market-driven, accessible, quality programs of education that respond to the needs of students, businesses, and communities. IIPD’s vision is to become a first choice college, inspiring excellence and transforming lives, through organization and innovation. IIPD plans to become the Institute of choice and a model for technical, career, and transfer education by fostering student success, transforming lives, and strengthening the diverse community.
1.2.6 CPA Sri Lanka and IIPD share common and strong interests in relation to the maintenance and strengthening of professional and educational standards. This relationship provides our organisations with a unique opportunity to explore how we can advance these common interests.
This Memorandum is developed at the request of IIPD which, having assessed the market potential in the Republic of the Maldives for the CPA (Ireland) qualification, in terms of education entry point and training opportunities, and its own capacity to deliver professional education, expressly invited CPA Sri Lanka to form a collaboration enabling IIPD to offer the CPA Ireland qualification in the Republic of the Maldives.
2.1 Under the terms of this Memorandum, the Parties agree, in principle, to cooperate and assist each other in relation to conducting and holding examinations that will lead to obtaining the professional qualification of CPA (Ireland) and, on a case by case basis and subject to agreement by the Parties in advance, in the fields of education, training, examination, accounting, auditing, taxation, ethics and related areas.
2.2 In order to complete the provisions of this Memorandum the Parties accept the obligation to:
2.2.1 Undertake activities of common interest and exchange information about current domestic developments verbally and/or in writing.
2.2.2 Observe confidentiality with respect to the information disclosed in the course of performance of this Memorandum as well as any data shared between the Parties.
2.2.3 Bind themselves not to perform any action that may directly or indirectly cause damage to the other Party’s reputation or interests.
2.2.4 Bind themselves not to perform any action that may directly or indirectly cause damage to CPA Ireland’s reputation or interests.
3.1 CPA Sri Lanka, in order to complete the undertakings of this Memorandum, accepts the obligation to:
3.1.1 Accept student registrations for CPA Ireland (P1 & P2) and CPA Sri Lanka (F1 & F2) from students who are based in the Republic of the Maldives, subject to satisfying the student registration criteria of CPA Ireland.
3.1.2 Approve, subject to satisfying CPA Ireland criteria, suitable educators to offer education on the CPA syllabus in the Republic of the Maldives.
3.1.3 Approve, subject to satisfying CPA Ireland criteria, suitable training partners to train CPA trainees in the Republic of the Maldives.
3.1.4 Adopt, with suitable modification for local requirements, the Formation levels of the CPA Ireland syllabus and examinations for use as the CPA Sri Lanka Formation level syllabus, whilst maintaining standards of examination equivalent to CPA Ireland.
3.1.5 Offer CPA Sri Lanka formation level (F1 & F2) examinations subject to demand, at a centre in the Republic of the Maldives, (the determination of all matters relating to CPA Sri Lanka examinations rests with CPA Sri Lanka and CPA Ireland), such examinations to be offered at a time simultaneous with other CPA Sri Lanka examinations being held elsewhere.
3.1.6 Offer CPA Ireland professional level examinations subject to demand, at a centre in the Republic of the Maldives, (the determination of all matters relating to CPA Ireland examinations rests with CPA Ireland), such examinations to be offered at a time simultaneous with other CPA Ireland examinations being held elsewhere.
3.1.7 Provide marketing advice to IIPD to allow IIPD market the CPA Ireland qualification in accordance with CPA Ireland guidelines, in the Republic of the Maldives.
3.1.8 Assist IIPD in its development as a professional accountancy teaching and training body and share governance and other materials with IIPD. The agreement does not convey any rights or entitlements to IIPD with regards to the use of any intellectual property of CPA Ireland.
3.1.9 Support IIPD in working towards becoming a leading educator and trainer in professional accountancy coursed leading to CPA (Ireland) in the Republic of the Maldives.
3.2 IIPD, in order to complete the undertakings of this Memorandum, accepts the obligation to:
3.2.1 Promote the CPA Ireland qualification in the Republic of the Maldives to prospective students of CPA Ireland.
3.2.2 Support CPA Sri Lanka and CPA Ireland in the registration process of CPA Ireland students to an agreed protocol which is determined by CPA Ireland.
3.2.3 Assist CPA Sri Lanka in the administration of examinations leading to CPA Ireland at a centre in the Republic of the Maldives.
3.2.4 Apply to become an approved educator for courses leading to CPA Ireland under CPA Ireland’s Quality Approval process. Such application to become an approved educator is to be submitted through CPA Sri Lanka.
3.2.6 Accept the CPA Ireland training requirements as the training requirements for all students and members.
4.1 As in other jurisdictions, CPA Ireland members who are based in the Republic of the Maldives will be encouraged and facilitated by CPA Ireland to collaborate and network to their mutual advantage. Such networking can be facilitated by CPA Ireland through access to exclusive internet based networking forums for CPAs. CPA Ireland is committed to providing Institute to member, member to Institute and member to member communication at every opportunity to facilitate the sharing of professional knowledge.
4.2 CPA Sri Lanka with the assistance of CPA Ireland may appoint any third party or agent, whether a member of CPA Ireland or otherwise, to review the operation of any aspect of this Memorandum or to act on behalf of CPA Ireland, in the Republic of the Maldives.
4.3 All fees payable to CPA Ireland are designated in Euro.