|Project Name:||Strengthening the Public Sector Financial Management|
|Status of Project:||Completed|
Regional - East Asia & Pacific
Country - Sri Lanka
|Focus Area(s):||Legal and regulatory framework for the accountancy profession
Accounting education, training, and professional qualification
Institute of Chartered Accountants of Sri lanka
|When did/will the project commence?||2012-06|
|When was/will the project be completed?||2015-03|
|Project Objectives:||In recognition of the significant role that the accounting profession plays in supporting the economic advancements of Sri Lanka, the World Bank extended a grant of US $ 500,000 in April 2012 towards developing the core technical activities of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), including improving compliance with financial reporting, auditing and quality control standards in the private and public sectors
|Key Project Components:||The public sector plays a major role in Sri Lanka, and having understood this important role, CA Sri Lanka together with the World Bank embarked on a fresh initiative aimed at developing and strengthening the financial management skills and expertise of the public sector in line with international best practices and standards.
The following were introduced;
The establishment of the Public Sector Wing (The Association of Public Finance Accountants of Sri Lanka – APFASL) to serve the public sector in the same way as it serves the private sector.
A Public Sector Accounting Standards Committee was set up with the Auditor General and other senior officials from the Ministry of Finance & Planning.
Issued ten Sri Lanka Public Sector Accounting Standards in line with IPSAS, recognized by the Government of Sri Lanka. • Signed a Memorandum of Understanding with the Chartered Institute of Public Finance and Accountancy (CIPFA) - London for capacity building in the public sector.
Specialized Chartered Public Finance Accountant (CPFA) Qualification for accounting and finance professionals in the public sector with CIPFA
With the assistance of CIPFA UK, a pool of trainers was developed and training has been delivered on Sri Lanka Public Sector Accounting Standards (SLPSAS) covering a large number of public sector accountants. Rolling out of SLPSAS is currently being done on a pilot basis.
The above initiatives contributed towards the enhanced economic development of the country through effective financial management and governance.
Activities carried out under the component;
Train the Trainers in SLPSAS
Developed training material and training manuals for trainers
Developed a plan to roll out the SLPSAS in phases to Statutory Boards and Local Authorities
Created awareness of the newly issued SLPSAS among targeted Statutory Boards and Local Authorities
Launched a specialized qualification for accounting and finance professionals in the public sector
|Key Project Outputs:||Chartered Public Finance Accountant Qualification
CA Sri Lanka together with its Public Sector Wing (APFASL) and the Chartered Institute of Public Finance and Accountancy (CIPFA) launched the Chartered Public Finance Accountant (CPFA) qualification for accountancy and financial professionals in the public sector in Sri Lanka. The qualification is aimed at strengthening the financial management skills and expertise of the public sector in line with international best practices and standards.
Training of Trainers (TOT) Programme
A total of 27 members were trained under the Training of Trainers (TOT) programme on the Sri Lanka Public Sector Accounting Standards (SLPSAS) by international consultants of the Chartered Institute of Public Finance & Accountancy (CIPFA). Subsequent to the training they underwent, the local trainers conducted several awareness programmes on the SLPFAS for the benefit of members in Sri Lanka.
Awareness Training and Roll Out on Sri Lanka Public Sector Accounting Standards
A training programme was conducted on the Sri Lanka Public Sector Accounting Standards (SLPSAS) for a total of 303 members by international consultants of the Chartered Institute of Public Finance & Accountancy (CIPFA), while the local trainers trained by CIPFA conducted training programmes for a total of 193 members.
Subsequently, five statutory boards were selected to implement the roll out of SLPSAS and statutory boards have since then followed SPLSAS in preparing their 2014 accounts.
|Key Project Outcomes:||Enhance professional skills & expertise of accountants, auditors & assessors in the public sector.
Institutional capacity building.
To provide a platform for public finance accountants to develop their leadership and entrepreneurial skills
To promote public sector reform
Create competitive environment for preparation and presentation of annual reports & accounts.
Professional development of public finance management professionals.
Developed financial management practices.
Proper management of public sector assets.
Credible, transparent and timely submission of annual reports & accounts
Increased membership joining the association and enjoying benefits.
Number of training programs, seminars & workshops conducted in the field of financial management.
|How was the project initiated?||The Report on the Observance of Standards and Codes Accounting & Auditing (ROSC A&A) for Sri Lanka was prepared jointly by the Bank and the International Monetary Fund (IMF) and published in May 2004. The report involved an assessment of existing practices of corporate financial reporting and analysis of effectiveness of monitoring and enforcement mechanisms|
|Total project budget (in USD)||$500,000.00|