The Institute of Chartered Accountants of
England and Wales (ICAEW) and the Institute of Chartered
Accountants of Sri Lanka (ICASL) have sealed an agreement to
establish closer working ties with each other.  

The Memorandum of Understanding enables
qualified members of either institute to join the other and obtain
non-auditing practising rights.

ICAEW president Gerald Russell said the
agreement removes barriers across both markets that will enhance
the accountancy profession.

The agreement means ICASL members can apply
for ICAEW membership after passing the ICAEW’s advanced stage
examinations and structured training in ethics programme. ICASL
members will be eligible for ICAEW practising certificates on the
same basis as ICAEW members.

ICAEW members who have obtained Sri Lankan
citizenship or held residency for more than three years are
entitled to ICASL membership and practising rights.

“Each institute has the capability to promote
the transfer of skills and knowledge between members of both
institutes through study tours, seminars, workshops, conferences
and other professional development activities,” ICASL president
Sujeewa Mudalige said.