Memorandum of Understanding Between CPA Ireland and CPA Sri Lanka

Memorandum of Understanding Between CPA Ireland and CPA Sri Lanka

1. Introduction

1.1 This Memorandum of Understanding (MOU) is made and entered into on this 01st day of February 2013 between: The Institute of Certified Public Accountants in Ireland (CPA Ireland), 17 Harcourt Street, Dublin 2, Ireland;
The Institute of Certified Public Accountants – Sri Lanka (CPA Sri Lanka) 108A, H. Sri Nisshanka Mawatha, Colombo 06, Sri Lanka
hereinafter called “the Parties”.

1.2 The bodies

1.2.1 The Institute of Certified Public Accountants in Ireland (CPA Ireland), founded in 1943, is one of the main Irish accountancy bodies with in excess of 5,000 members and students. Its current Membership operates in Public Practice, Industry, Financial Services and the Public Sector and CPAs work in over 32 countries around the world. Members of the Institute of Certified Public Accountants in Ireland, irrespective of jurisdiction in which they operate, are expected to adhere to the highest standards of professional ethics. As an IFAC member body, the CPA Code of Ethics is consistent with the IFAC Code in every material respect.CPA oversight extends to members in every jurisdiction and it is an implicit condition of membership of CPA Ireland that all members comply with the Institute’s Memorandum, Articles of Association, Bye Laws, Codes of Professional Conduct, Mandatory CPE Requirements and all other requirements compliance with which distinguishes CPAs as members of a self regulatory body which is itself fully compliant with the Statements of membership Obligations (SMOs) of IFAC.
The Institute is active in the profession at national and international level participating in the Consultative Committee of Accountancy Bodies – Ireland – CCAB (I) and together with other leading accountancy bodies the Institute was a founding member of the International Federation of Accountants (IFAC) – the worldwide body. The Institute is also a member of the Federation des Experts Comptables Europeens (FEE), the representative body for the main accountancy bodies in 25 European countries.
The Institute fulfils its statutory role as a recognised body by overseeing the professional activities of its members in practice, and ensuring that education and training standards are maintained. As the first accountancy body, in Ireland or the United Kingdom, to introduce a mandatory regime of Continuing Professional Education the Institute ensures that all CPAs remain at the leading edge throughout their careers. The Institute provides a quality service to its members and students, which has been recognised through the award and maintenance of ISO 9001:2000.

1.2.2 The Institute of Certified Public Accountants of Sri Lanka (CPA Sri Lanka) is an independent, national institute with international perspectives, dedicated to the promotion of the highest accounting, finance, auditing, taxation and ethical standards. It is committed to promote the art and science of accounting and to provide quality education and training for students to advance their knowledge, skills and capabilities to meet the changing needs of modern society.
CPA Sri Lanka was incorporated under the Companies Act, Number 17 of 1982, pursuant to section 21, and the Companies Act, Number 7 of 2007 as a company limited by guarantee and not having a share capital. It commenced its operation in June 2010 and has members and students working in many parts of the world. Its current membership operates in Public Practice, Industry, Commerce and Public Sector.
Members of CPA Sri Lanka are required to observe proper standards of professional conduct and fundamental principles of professional ethics. CPA Sri Lanka is committed to becoming an IFAC member body and the CPA Sri Lanka Code of Ethics has been developed in accordance with the IFAC Code. Members of CPA Sri Lanka are bound by the requirements of CPA Sri Lanka’s Memorandum, Articles of Association, Bye Laws, Code of Ethical Professional Conduct, CPD Requirements and all other requirements. CPA Sri Lanka provides an infrastructure which supports the profession and enables members to meet the needs of the evolving global environment and safeguard the public interest.

1.2.3 CPA Ireland and CPA Sri Lanka share common and strong interests in the advancement of the profession of accountancy, especially in relation to the maintenance and strengthening of professional and educational standards. As an established member body of the International Federation of Accountants (IFAC), CPA Ireland shares the IFAC vision of strengthening the global profession and is committed to supporting the long term development of CPA Sri Lanka. CPA Sri Lanka shares the IFAC objective to serve the public interest by strengthening the profession and contributing to the development of strong international economies. CPA Sri Lanka is committed to working towards IFAC membership and compliance with the IFAC SMOs. This Memorandum is developed at the request of CPA Sri Lanka which expressly invited CPA Ireland to provide the CPA Ireland qualification in Sri Lanka and to work towards a Mutual Recognition Agreement between the two bodies.

2. Scope

2.1 Under the terms of this Memorandum, the parties agree, in principle, to cooperate and assist each other, on a case by case basis and subject to agreement by the Parties in advance, in the fields of education, training, examination, accounting, auditing and related areas, ethics and member body development.

2.2 In order to complete the provisions of this Memorandum the Parties accept the obligation to:

2.2.1 Undertake activities of common interest and exchange information about current domestic developments verbally and/or in writing.

2.2.2 Observe confidentiality with respect to the information disclosed in the course of performance of this Memorandum as well as any data shared between the parties.

2.2.3 Bind themselves not to perform any action that may directly or indirectly cause damage to the other Party’s reputation or interests.