With the objective of bringing together the accounting professionals of the Commonwealth countries under one common platform, Sri Lanka last week took the lead in launching the first-ever Commonwealth Association of Accountants (CAA).

According to the convener of the CAA, Professor Lakshman R. Watawala, unlike other professions, accounting did not have a regional representative body to this date and therefore, the CAA will function as the apex body for accountants in the Commonwealth region.

 “I am confident that the CAA will turn out to be a strong body for accountants in this region, which will enable networking, knowledge sharing through conducting conferences and other workshops and promoting good governance and ethics among the accounting fraternity,” he said.

Currently, the discussions are underway with the Commonwealth Secretariat on the guidelines of the future functions of the association but the head office of the CAA will be located in Colombo.

Meanwhile, External Affairs Minister Professor G.L. Peiris gracing the occasion as the chief guest told the accounting fraternity that they were no longer the bean counters they used to be but must play a central and a creative role going forward.

“Thought has already been given to change the company law, protect the rights of the minority shareholders and many aspects relating to the corporate governance.

Further, there will be a myriad of opportunities for professional accountants with the expansion of business and corporate activities due to the development activities such as ports, harbours, highways, etc. which are happening all around the country,” he said.

At last week’s launch, there were heads of accounting bodies and professionals representing India, the Maldives, Canada, Pakistan and Sri Lanka. There are 54 Commonwealth member countries. (DK)