A bill has been submitted to the parliament to form the “Institute of Chartered Accountants of the Maldives”.
Submitted Dhaandhoo MP Yaugoob Abdulla who is an accountant, the bill is aimed to alleviate the standards of the accounting sector, bring the Maldives up to level with international standards and establish a chartered accountancy sector to be developed, according to the MP.
The bill seeks to establish a legal body under the name of “Institute of Chartered Accountants of the Maldives”. The bill will also establish the requirements of its members, disciplinary and ethical standards of these members amongst other things.
If the bill passes, and the institute is established, it will be an independent entity which will have the power to pursue and receive cases, conduct transactions, have its own stamp. The body will regulate the accounting sector, provide education, equipment, and training for its members.
The bill would also allow the institute to take action against those not adherent to financial accounting standards, auditing standards, ethical standards in both the public and private sectors.
The institute will be run by a council of nine members, seven of whom will be elected. The remaining two members will be the Auditor General and State’s Financial Controller. Members will have a four-year term.