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Chartered Accountants of the Maldives draft law presented to the Parliament

12 Dec 2019

Auditor General’s Office has drafted a law on Chartered Accountants of the Maldives and, as a Government sponsored Bill, it has been presented to the Parliament by honourable Member of Parliament (MP) Yauqoob Abdulla – an ACCA member and a licensed Auditor – on 7th December 2019. This is a big milestone achieved in the history of the accounting and audit profession in the country. Auditor General’s Office greatly appreciates the Government of Maldives and MP Yauqoob, in addition to other MPs who have supported in this endeavour.

The body to be established under the law shall be called Institute of Chartered Accountants of the Maldives (CA Maldives). CA Maldives shall have the following objectives:

a)      Promote and regulate accountancy profession in the country;

b)      Facilitate and provide education and training to the members of the Institute;

c)      Work towards ensuring that the public and private sector accountants have technical knowledge and skill in accountancy;

d)      Help maintain independence of private sector auditors;

e)      Determine and enforce professional ethics and principles which those registered with the Institute shall abide by; and

f)       Carry out any other work necessary to develop accountancy profession in the country.

CA Maldives will be governed by a council that will be assisted by various technical and operational committees. It is envisaged that the Institute will become an IFAC member body within a reasonable time of its inception. And will represent itself as a unified voice of its members and the country’s accountancy and audit profession in and outside the country.