Institute of Chartered Accountants of Sri Lanka
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The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is a professional accountancy body in Sri Lanka. The Institute was established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to award the Chartered Accountant designation. The Institute is responsible for setting Accounting and Auditing Standards in Sri Lanka.
|ශ්රී ලංකා වරලත් ගණකාධිකාරී ආයතනය|
Emblem of ICASL
|Abbreviation||CA Sri Lanka|
|Formation||January 30, 1959|
|Legal status||Body corporate established by a special act of the Parliament of Sri Lanka|
|Objective||Regulate the auditing and accounting profession in Sri Lanka|
|Headquarters||Colombo, Sri Lanka|
|Region served||Sri Lanka|
|Member's designations||ACA & FCA|
|Official languages||English, Sinhala and Tamil|
|IFAC member since||October 7, 1977|
In Sri Lanka, only members of the CA Sri Lanka can practice as "Chartered Accountant". There are two grades members;
- Associate (ACA)
- Fellow (FCA)
Associate membership is gained after completing three levels of examinations and serving as a clerk serving under articles with a member of the Institute in practice or with a member of the Institute who is a salaried employee in the service of a firm of accountants for a minimum three-year practical training period. They are known as articled clerks during this period. Fellowship is awarded to senior Chartered accountants.
Chartered accountants holding practicing certificates may also become "Registered Auditors", who are able to perform statutory financial audits in accordance with the Companies Act, No. 07 of 2007. Chartered Accountants can also register as Company Secretaries.
The Institute of Chartered Accountants of Sri Lanka enjoys agreements with the Institute of Chartered Accountants of England and Wales, CPA Australia, and several other leading international accountancy bodies.
CA Sri Lanka has been criticized for allowing audit firms to take undue advantage of articled clerks who would have to work in these firms for low wages to cover the practical training period required by the institute, which intern is headed by partners of these firms.