Saturday, July 22, 2017

Proof that the Institute of Chartered Accounts in Sri Lanka are rogues even today!


The Financial Times of Friday, 21st of July published an article showing the President of the Institute of Chartered Accountants of Sri Lanka, Lasantha Wickremasinghe handing out the First Copy of " A Supplement to A Preparer's Guide to Integrated Corporate Reporting" by CA Sri Lanka, IRCSL presented to IIRC CEO.

See link for the exact detail please:

It clearly states that the(Intergrated Reporting Council of Sri Lanka)  IRCSL Chairman is prominent Chartered Accountant Asite Talwatte.

Now how can Mr Talwatte be the IRCSL Chairman and ALSO be a director of DIMO which won the best Integrated Reporting Award at the CMA Award Ceremony on Monday, July 17th 2017.

Recusing himself from the judging panel is simply not enough as the whole project is NOT transparent. So it is simply a sharing of the spoils amongst interested parties, without ANY regard to basic ethics.

Have they NOT heard of RELATED PARTY TRANSACTIONS that need to be disclosed. Where is it anywhere in the DIMO accounts of Mr Talwatte's connection to the IRCSL?

This makes both DIMO's winning of the award invalid in ETHICS but also the ICASL being complicit in NOT pointing this out to the broader public.

We cannot expect our Auditors who we rely on for fairness to break every rule of fair play by themselves, and expect us to trust their audit certificate. Which Planet do these accountants live in?

This is a serious lapse of judgement by the profession and I would like the whole Council of the ICASL to resign and reconstitute themselves with other people if they are to regain this lost credibility.

I need to go into the absurdity and duplicity of the DIMO company accounts NOT highlighting one of the most material transactions in the body of the Audit Report as reported in the earlier BLOG entry. See below for link to that.

So when Sri Lankan accounting body encourages being misleading, who can we rely on?

This is the sad state of our Country yest again painfully obvious for all to see, but all in the know are completely BLIND to this clear as daylight fact.


  1. Sri Lankan accounting profession is a joke, led by jokers. No one will invest in Sri Lankan companies until the jokers are removed, and ethics returned to the fore

  2. Accountants are a law unto themselves. Look at the Institute with 40,000 students, 100 years of qualified accountants. Who is kidding whom? And what is worse they are hopeless at their game even after qualifying.

  3. Don't people in Sri Lanka understand what conflict of interest is? After all the whole problem with the Bond issue was conflict of interest and it seems that has yet not penetrated the thick minds of influential people that they are stuck seriously in the mud of conflict of interest and they just cant extricate themselves out of it, let alone even understand the concept. Very very sad