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By Channa Kasturisinghe

Following representations made by the main professional body of accountants in Sri Lanka against the setting up of a Chartered Institute of Public Finance and Accountancy the Minister of Commerce and Consumer Affairs, Ravi Karunanayake will recommend to the government to defer the implementation of the proposal.

Ministry sources told the Daily News that the Minister has expressed his reservations on the setting up of this institute before developing a proper scheme of education, training and examinations and formulating a code of professional conduct and discipline.

The Institute of Chartered Accountants of Sri Lanka has already expressed its opposition over the proposed Institute. The objectives of the proposed Institute were to conduct professional examinations, to continue professional education to formulate Public Sector Accounting and Auditing Standards and to assist the Government in modernising the public sector.

"However, the Institute of Chartered Accountants which comes under the purview of the Commerce and Consumer Affairs Ministry covers in its course content most aspects of public finance, public accounting and auditing and it possesses technical capacity to commence separate specialised courses for public financial management professionals to attain the highest standards of professional competence in their field," a Ministry official said.

He said among the Minister's considerations are that the proposed Institute would not help enhancing public sector accounting and financial management as the personnel involved will be the same as at present with only a different designation.

"The use of the title `Chartered' for this Institute will not be in keeping with the international benchmark for such institutes and will adversely affect the Chartered accountancy profession in Sri Lanka by giving a status equivalent to the Institute of Chartered Accountants to a body consisting of members whose professional training and qualifications are of a level below that of the members of the institute.

Another concern is that the International of Federation of Accountants (IFAC) reviews accounting bodies of countries and may downgrade Sri Lanka when they undertake their regular compliance review," the Ministry official said.

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