Deloitte Sri Lanka organized the CFO Conclave 2026: Leading in the Next Era on September 3, 2026, at the Courtyard by Marriott Colombo. This event gathered Chief Financial Officers, senior finance executives, Deloitte experts, and industry professionals to exchange insights on topics such as fraud risk management, advancements in financial reporting, and the integration of artificial intelligence (AI) within the finance sector.
Opening the event, Thivanka Jayasinghe, Partner and Head of Audit & Assurance at Deloitte Sri Lanka & Maldives, emphasized the importance of viewing market developments through the perspective of CFOs. He remarked, “Future finance leaders will transform insights into actions, risks into resilience, and innovations into sustainable value.”
The inaugural session, presented by Malinda Boyagoda, Partner and Assurance Leader at Deloitte Sri Lanka and Maldives, concentrated on managing corporate fraud risk through three main strategies: prevention, detection, and response. Citing the Association of Certified Fraud Examiners’ report, he revealed that businesses are projected to lose approximately 5% of their revenue to fraud each year, with 72% of cases in South Asia involving collusion. He called for enhanced control measures, including unannounced audits, management reviews, proactive data surveillance, and whistleblower systems, to improve early detection and mitigate losses.
Submit Your Press Release
Get your company news, announcements, launches, appointments and events in front of a wider audience.
Malinda stated, “Fraud is increasingly digital and sophisticated. Consequently, our defense strategies must evolve accordingly. The CFO plays a crucial role in an organization’s control and defense initiatives.”
The event transitioned to a panel discussion moderated by Thivanka Jayasinghe, featuring experts such as Punya De Silva, a former police director and current consultant; Wolantan Karunaratne, a retired chief inspector; K. V. Karthik, a partner at Deloitte India who participated virtually; and Muzawwir Manzeer, a partner at Deloitte Sri Lanka. The panel focused on effective fraud prevention and detection strategies, including thorough background checks, recognizing behavioral indicators, continuous oversight, and independent verification of sensitive transactions. They also discussed AI-related risks, such as deepfakes, synthetic identities, and compromised business emails, which pose challenges to traditional security measures.
Muzawwir Manzeer pointed out the changing dynamics of internal auditing, stating, “The Institute of Internal Auditors emphasizes shifting from hindsight to foresight. Internal auditors are no longer just expected to identify past errors; they must now anticipate potential future issues.” He stressed the growing need for specialized skills to detect warning signs proactively.
On the topic of financial reporting, Dulip Yapa, Partner at Deloitte Sri Lanka, discussed updates related to SLFRS 9, SLFRS 7, and SLFRS 17, as well as forthcoming obligations under SLFRS 18 and SLFRS 19. With both SLFRS 18 and SLFRS 19 set to take effect on January 1, 2027, he highlighted the necessity for finance teams to prepare well in advance.
The conclave concluded with a session titled The AI Powered CFO, led by Mayura Malagala, Leader of Human Capital Consulting at Deloitte Sri Lanka & Maldives. He examined the role of AI in areas like forecasting, reconciliations, procurement, and decision-making support. A live demonstration showcased how natural-language queries could empower finance leaders to quickly analyze performance and investigate discrepancies.
Mayura emphasized the importance of integrating AI into operations beyond isolated tasks: “The true advantage of AI comes not just from its application in analysis or isolated processes but from reimagining operational workflows and embedding AI at the core of those operations.”
The CFO Conclave 2026 highlighted an evolving role for finance leaders, who must enhance resilience, anticipate risks, adapt to changes in reporting, and leverage technology effectively to translate insights into actionable strategies.
