CMA holds CPD seminar on NOCLAR

The Institute of Certified Management Accountants of Sri Lanka (CMA) conducted a CPD seminar on ‘Setting the tone in a changing landscape’ recently, at the CMA auditorium.

The objective of this seminar was to discuss the impact of the ethical standard on non-compliance with rules and regulations (NOCLAR) to professional accountants in public practice and business and to those charged with governance.  

CMA President Prof. Lakshman R. Watawala inaugurated the seminar and delivered the welcome address. He emphasized on the importance of NOCLAR and said that CPD seminars of this nature would be conducted on a regular basis to widen and update the knowledge of members.

The resource person at this seminar, Ernst & Young Partner Anoji De Silva in her presentation addressed the following key aspects of NOCLAR: Why NOCLAR?, process to be followed by professional accountants faced with NOCLAR, impact of NOCLAR to those charged with governance in companies and next steps to be considered for the effective implementation of NOCLAR.

De Silva’s presentation was followed by a panel discussion, which was moderated by Prof. Lakshman R. Watawala. The panellists, Ernst & Young Partner Manil Jayesinghe and South Asia Gateway Terminals (Pvt.) Ltd Chief Finance Officer Channa Gunasekera expressed the viewpoints from the accountants in public practice and professional accountants in business and also shared the different perspectives of management. 

Further, the need for an enabling environment to protect the professional accountants from the possible implications of reporting non-compliance was discussed. 

Prof. Watawala informed that CMA Sri Lanka will adopt the standard as a best practice for one year and thereafter decide on either full adoption or continuation as a best practice. 

CMA Vice President H.M. Hennayake Bandara thanked everyone for their participation and support.