‘Increasing financial literacy powerful tool’
Increasing financial literacy is a powerful tool for positive change in Sri Lanka, which could replace unproductive or even destructive tendencies of the past with something better, Acting High commissioner for Canada in Sri Lanka Daniel Bood said.
Noting that financial literacy among the population is important on several levels not only for household financial well-being but also for people to make informed responsible decisions as participants in a democracy, Bood said accountants are particularly well placed to fight against corruption and can contribute to preventing it.
“Accountants cannot do it all alone; it has to be a concerted effort by various stakeholders.However, you can do your part by making a significant contribution to the promotion of transparency and accountability in Sri Lanka or calling out corruption as Sri Lanka faces an unprecedented economic crisis.”
Bood opined these views at the inauguration of CMA National Management Accounting Conference 2022 held recently.
“Professional accountants are essentially storytellers among other things and it is this ability to understand and interpret the meaning behind the numbers that puts them among those on the front.”
Bood said Sri Lankan needs its management accounts, both women and men who are broad-minded and forward thinking ,guided by integrity and professionalism and dedicated not only to serving their organization but their country as well thereby protecting the public interest of Sri Lankans.
“Because of your profession, accountants have valuable insight into issues around management quality, economic trends, and their effects upon an organization’s, society’s issues and around sustainability, integrated thinking and fraud and corruption.Fraud and corruption are a major challenge all over the globe and are prevalent in public, private sectors, even in small and big organizations and businesses alike.
“It takes on so many forms some of which may even seem innocuous or unavoidable preferential treatment, bribe but corruption is never innocuous. If an act of corruption goes unnoticed or is concealed even just once; it means that the checks and balances have failed. If they fail once they will likely fail again and again and no country is immune and we all grapple with corruption and while a few benefit, the rest of us pay a significant price.”
In 2018, the UN estimated that the annual cost of global corruption was 3.6 trillion dollars, way more than the annual GDP of Canada or GDP of four of the G7 members individually. According to Bood , corruption leads to reduced growth, low competitiveness, reduced inward investment which in turn impacts job creation and salaries; subsequently it leads to poor Service delivery.
“It perpetuates unsustainable practices, it impacts our quality of life, widens inequalities and the poor and the most vulnerable among us bear the highest cost.”