SAFA inducts Hennayake Bandara as President for 2022

CMA Sri Lanka Founder President Prof. Lakshman R. Watawala, SAFA Advisor A.K.M. Delwer Hussain and SAFA President H.M. Hennayaka Bandara 

The 70th South Asian Federation of Accountants (SAFA) Board Meeting and Induction of the SAFA President for the year 2022 was held recently, hosted by the Institute of Certified Management Accountants of Sri Lanka (CMA), supported by the SAFA Secretariat, at Taj Samudra, Colombo.

SAFA outgoing President A.K.M. Delwer Hussain inducted H.M. Hennayaka Bandara, from CMA Sri Lanka, as President SAFA for the year 2022. 

The SAFA was formed in the year 1984 to serve the accountancy profession in the South Asian region and Prof. Lakshman R. Watawala was a founder signatory to the formation of the SAFA as the then President CA Sri Lanka. This is a historic occasion for the CMA Sri Lanka to be elected to the high office of the Presidency of the SAFA for the first time since admission to membership in 2010.

Some of the members present physically included CMA Sri Lanka President and SAFA Past President Prof. Lakshman R. Watawala, presidents and representatives from CA Sri Lanka, ICMA Bangladesh, CA Nepal, Past SAFA Presidents, along with CMA Council Members.   

Central Bank Governor Ajith Nivard Cabraal, a Past President of the SAFA, delivered his congratulatory remarks on behalf of the Sri Lankan Past Presidents of the SAFA. 

Institute of Chartered Accountants of India President Nihar N. Jambusaria was elected as Vice President of the SAFA. The board members and presidents from the SAFA Chartered and Management Accounting member bodies gave their congratulatory remarks. 

Bandara’s contribution to the field of professional education counts more than two decades in various capacities. He is a fellow (FCMA) and Founder Member of CMA Sri Lanka and joined the council in 2012. He has been associated with the SAFA since 2005. He also had the opportunity of working very closely with all Sri Lankan past presidents of the SAFA. 

Bandara is a Past President of the Association of Accounting Technicians of Sri Lanka (AATSL), Past President of Association of Professional Bankers Sri Lanka (APBSL), Treasurer, Organisation of Professional Associations of Sri Lanka and Council Member of Sri Lanka Institute of Advance Technological Education. He was a General Manager/CEO of National Savings Bank.

Bandara in his presidential address stated the SAFA as an IFAC Network Partner has been playing a very important role for the harmonisation of professional standards in the areas of accounting, auditing, ethics and education and is committed to raise the level of the accountancy profession in the South Asian region and could play a productive role in the development of the accountancy profession. 

He also stated that as influential professional bodies in the South Asian region, they are in the unique position to add value to businesses and the economy by assisting our nations in this task by creating agile SME entrepreneurs, who can scale up and be globally recognised businesses.  

He also thanked all past presidents, who participated and all the presidents and board members of the SAFA for their valuable contribution made for the development of the accounting profession in the region during the last 38 years. 

It was decided to hold the next SAFA Board Meeting in Nepal in January fourth week when the Institute of Chartered Accountants of Nepal will be celebrating its silver jubilee and was one of the first projects undertaken by the SAFA in 1984 to assist in the setting up of the professional accounting body in Nepal. Thereafter, the SAFA assisted in the setting up of the professional accounting bodies in the Maldives and Afghanistan.