CA Sri Lanka was founded in 1959 by the Act of Parliament No. 23 and is the largest professional accountancy organization in Sri Lanka. CA Sri Lanka is responsible for establishing initial professional development and continuing professional development requirements for Chartered Accountants; setting accounting, auditing, and public-sector accounting standards; setting ethical requirements for Chartered Accountants; and the operation of an investigative and disciplinary system for its students and members. CA Sri Lanka is also the licensing authority for auditors in Sri Lanka as only members of CA Sri Lanka can conduct audits. In addition to its role as the national accounting and auditing standard-setter, CA Sri Lanka provides professional and technical knowledge and guidance to its members and states that it acts in the benefit of public interest. Only licensed qualified members of the institute, who are also licensed by the Registrar of Companies, are permitted to conduct audits of Specified Business Enterprises. In addition to being a member of IFAC, CA Sri Lanka is a member of the South Asian Federation of Accountants, and the Confederation of Asian Pacific Accountants.