Auditor General: Future of Maldivian accounting field looks bright

The future of the accounting field in Maldives looks bright, states Auditor General Hussain Niyazy, at the opening of the Maldives Accountants Forum 2022.

The Maldives Accountants Forum 2022, organized by the Institute of Chartered Accountants of the Maldives (CA Maldives), opened Saturday.

Speaking at the opening ceremony, Niyazy said the number of applications for scholarships alone shows the interest of Maldivian youth in joining the accounting field.

“Over 150 spots were opened under the Higher Education Ministry’s scholarship scheme and over 190 spots in this field from the Economic Development Ministry. The number of applications for these scholarship opportunities are high. As such, over 500 applied for scholarships from Higher Education Ministry and over 1,000 applied for scholarships from Economic Development Ministry. This shows the future of accounting in Maldives is bright,” he said.

Niyazy said his office is working with the government to offer more scholarships in the accounting field.

Niyazy also spoke about the challenges before CA Maldives was established and the main objectives of the institution.

Maldives Accountants Forum was first held in 2017, under the guidance of then-Auditor General Hassan Ziyath. Maldives did not have a designated legal institute to regulate accountants at the time.

Back then, audit license and other permits required by accountants were issued by the Auditor General’s Office, said Niyazy.

“We faced numerous challenges. But what’s important is we all had a unified goal. We wanted to find better opportunities for accountants. We wanted to maintain confidence in this field. As such, it is this forum that has the biggest hand in the inception of CA Maldives,” he said.

Niyazy thanked the members of the 19th parliamentary assembly and President Ibrahim Mohamed Solih for enacting the Chartered Accountants Act.

He said that 10 firms have registered as PIE-registered auditors, allowing local firms to bid to audit state-owned enterprises for the first time in Maldivian history.

One-third of audits on SOE’s are now managed by local firms, said Niyazy.

“As of today, 10 audit firms have registered as PIE auditors under PIE audit regulations. The Auditor General’s Office has provided them with SOE account and audit regulations. I am happy to note audits of 10 out of 29 SOEs were awarded to local firms,” he said.

Niyazy said that one of the biggest aims of CA Maldives is to maintain international audit standards.

“It is our hope to continue to work in accordance with the international financial reporting standards and within the framework. We hope our licensed auditor will follow international auditing standards,” he said.

Maldives Accountants Forum 2022 focuses on the theme “Economic Transformation: Rethinking Growth in the New Economy”.

The two-day forum will see seven panel discussions, 10 keynote addresses, and the sharing of the opinion and experience of 40 experts in eight thematic areas.