ICASL celebrates 50 years of professional leadership

The Institute of Chartered Accountants of Sri Lanka (ICASL) will celebrate fifty years and mark the occasion with a host of activities this year to commemorate the profession's vital role in the country.

ICASL is the premier national accounting body of Sri Lanka established by an Act of Parliament, No. 23 of 1959 and is also the sole Accounting and Auditing Standards setting authority in Sri Lanka.

The institution was inaugurated on December 15, 1959 and has not looked back since.

ICASL persistently has progressed in to becoming a professional accounting body with a clear vision to promote the accounting standards of the country.

Education and training are important aspects for the institution and ICASL takes its tutoring obligations seriously to mould the right individuals to bring out their potential.

With over 3,500 members and close upon 30,000 registered students, ICASL has over the years played an integral part in the country's financial sector as well as its public.

"We are honoured to have achieved 50 years of excellence and be the only authority to audit public limited liability companies, an exclusive privilege enjoyed by ICASL members.

It has also been gratifying that through professional education and training our membership has achieved competence to render their services to the highest professional standards," said President of ICASL Nishan Fernando.

ICASL's main objectives are to promote in general the theory and practice of accountancy, in particular auditing financial management and taxation, to enrol educate and train members who are keen to improve their skills and knowledge in the profession and finally to preserve the professional independence of accountants, ensuring the maintenance of high standards of professional work and conducts by its members.

ICASL is a full member of the International Federation of Accountants (IFAC) while also being member of the Confederation of Asian and Pacific Accountants (CAPA), and a founder member of the South Asian Federation of Accountants (SAFA). (HS)