The much-awaited Chartered Accountants (CA) of Maldives bill was passed from Parliament. The Auditor-General stated that with the pass of this bill, begins a new chapter for the accounting profession in the Maldives. He further stated that the role of chartered accountants in the society has grown tremendously over the years due to the growth of GDP and integrated economy of the country with the rest of the world. With the enactment of the bill, Auditor General believes it will “increase opportunities for locals in the finance and accounting sector.”
Unlike previously, when the country’s accountancy profession was close to non-existent, which drew an influx of professionals from neighbouring countries, times have changed and the local potential has grown with the increase in graduates from the accounting profession. Now more than ever, the need for a governing body to establish a structure to the industry, issue standards and guidance on accounting and auditing and streamlining the education on the field is at its highest.
The CA Institute will ensure that these needs are met and the private sector accounting and auditing is regulated and monitored. In addition, this bill is a milestone achieved in the never-ending effort by the Auditor General’s Office (AGO) to strengthen the profession in the country. AGO currently holds CPD events and delivers training for accountants and auditors through its training arm; Institute of Audit and Assurance in addition to holding the biggest yearly event in the country’s accounting profession, Maldives Accountants Forum in order to provide learning and development opportunities.
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