The Institute of Chartered Accountants of the Maldives (CA Maldives) has stated that the field of chartered accounting and auditing in the Maldives is strengthening. CA Maldives was established under the Chartered Accountants ratified in 2020, to establish and promote the accountancy profession in the Maldives by regulating matters relating to the accountancy profession in accordance with international norms and rules.
Auditors and chartered accountants play a leading role in strengthening the financial sector of the country. However, only a few qualifies Maldivians are seen in the field. As such, speaking to PSM News, President-elect of CA Maldives and council member Mohamed Haleem disclosed that there are currently more than 4,000 foreign accountants working in the Maldives.
Noting that the statistics of the Maldives Inland Revenue Authority (MIRA) shows 75% to 85% foreign accountants eligible for income support allowance, Haleem stated that this is an economic loss for the state. He stated that the number of qualified Maldivians in this field should be increased.
FUrthermore, Haleem added that the agency, in collaboration with the Ministry of Higher Education, has provided more than 350 scholarship opportunities in the past four years. He disclosed that an additional 100 scholarships in the field of accounting have been opened this year. Application process for the scholarships is now open, and the window closes by the end of July.
CA Maldives aims to shape Maldivian financial system to international standards and maintain the interest and confidence of foreign investors. The agency is tirelessly working to produce Maldivian auditors and chartered accountants, and currently only offers the opportunity to work in the field to Maldivians only.