President Ibrahim Mohamed Solih has on today ratified the Maldives Chartered Accountants Act.
The Act was approved by the Parliament on Wednesday, 26 August 2020, at the 32nd sitting of the second session of the People’s Majlis.
President's Office said that the Maldives Chartered Accountants Act specifies structuring all aspects of the Maldives' accountancy profession in accordance with international procedures and guidelines.
It said that the Act further establishes the ‘Institute of Chartered Accountants of the Maldives’ (ICAM) - a legal body mandated with the regulation of the Accounting profession in the Maldives. The Act also outlines the composition of the institute, the code of conduct for its members, as well as standard procedures and other aspects.
President's Office said that the Act stipulates that ICAM is authorized to engage legal proceedings to undertake its responsibilities and will be established as an independent institution with an official seal. It further enables ICAM to register Associate Members who hold a membership at the International Federation of Accountants (IFAC).
The Act specifies that Associate Members of IFAC who have worked in the profession for longer than 5 years will have the opportunity to become 'Fellow' Members of ICAM.
President's Office assured that following ratification, the Act has been published in the Government Gazette.
With the ratification of the Act, ICAM is mandated to take over the work being conducted by the Government in registering and licensing parties for audit and assurance services, as well as registering members and providing the necessary guidelines.
