INDUCTION OF THE NEW SAFA PRESIDENT

Fermín del Valle, President

International Federation of Accountants

South Asian Federation of Accountants President’s Induction Ceremony

Colombo, Sri Lanka – January 15, 2007

Good afternoon ladies and gentlemen. It is a pleasure to be here with you today for the induction of the twenty-third President of the South Asian Federation of Accountants. I would like to congratulate Mr. Indrajith Fernando on his appointment as your new President, and I look forward to working with him in the coming year.

As a regional grouping acknowledged by IFAC, SAFA shares IFAC’s objective to develop and advance the accountancy profession both here in South Asia and globally. South Asia is currently undergoing a remarkable economic expansion fueled by new technologies, bright and educated minds, and a desire to see the region take a leading role on the world stage. This growth in the region’s economy cannot, however, be sustained and expanded without the continued hard work and dedication of professional accountants working in all sectors of society.

From professional auditors providing assurance for listed companies, to professional accountants working in business and industry “keeping the books” and supporting governance and strategic management within their organizations, to profession accountants working in government ensuring the efficient use of public money and resources, professional accountants throughout South Asia – and throughout the world –play a central role in the economic growth and development of their societies.

I commend SAFA for its leadership of the South Asian profession as it encourages and supports professional accountants in fulfilling these important roles.

This region’s spirit of enterprise and engagement is embodied in SAFA, and it is exemplified by your leadership.

I would like to take a moment to recognize and thank your outgoing President, Mr. Sunil Goyal, for his contributions and dedication to the accountancy profession. Sunil is currently a member of IFAC’s Small and Medium Practices Committee. He isa past member of the IFAC Board and a past President of the Institute of Chartered Accountants of India. Through his service to the profession both here in South Asia and internationally, Sunil has exemplified the commitment to the development of a strong accountancy profession that puts the public interest first.

Your new President, Indrajith Fernando, will, I believe, continue to provide strong leadership for SAFA. He,too, exemplifies the commitment to service at a national, regional and international level. Indrajith has been active in the development of the accountancy profession here in Sri Lankaand is a past President of the Institute of Chartered Accountants of Sri Lanka.His term as President of the Sri Lankan Institute came during a very challenging time for this country, following the December 2004 tsunami. His leadership was vital in the Institute’s efforts to support the rebuilding effort and to promote the effective use of reconstruction funds – proving clearly that, especially in difficult times, professional accountants have a central role to play in the societies in which they live. His efforts in this regard are to be commended.

At an international level, Indrajith has contributed to IFAC’s work to develop the accountancy profession in emerging countries through his membership over the past two years on our Developing Nations Committee. This committee is focused on providing guidance and resources to developing and emerging countries, so that they can establish a professional accountancy body where none exists, or build and expand upon existing bodies that need a helping hand. The Developing Nations Committee is a core part of IFAC’s efforts to develop the accountancy profession worldwide, and I thank you, Indrajith, for your service.

As the leader of the accountancy profession here in South Asia, Indrajith will further contribute to a strong global profession by serving as the champion for greater regional integration, which is already strong here in South Asia, and for the continued integration of South Asia into the global profession.

Indrajith, I congratulate you on assuming the SAFA Presidency. I look forward to the continued collaboration of our two organizations as we work to develop the accountancy profession worldwide.

Thank you all very much.

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