23 of 1959 as the sole organisation in Sri Lanka with the right to awarding the Chartered Accountant designation.

The Institute is responsible for setting Accounting and Auditing Standards in Sri Lanka, and is considered the National Body of Accountants' in the country.

There are two grades of members; Associate membership is gained after completing three levels of examinations and serving as a clerk serving under articles with a member of the Institute in practice or with a member of the Institute who is a salaried employee in the service of a firm of accountants for a minimum three-year practical training period.

Chartered accountants holding practicing certificates may also become "Registered Auditors", who are able to perform statutory financial audits in accordance with the Companies Act, No.

CA Sri Lanka is also a member of the Chartered Accountants Worldside CA Sri Lanka has been criticized for allowing audit firms (especially firms which carry the name as Big Four) to take undue advantage of articled clerks (interns) who would have to work in these firms for low wages to cover the practical training period required by the institute, which intern is headed by partners of these firms.