President Ibrahim Mohamed Solih has announced the establishment of the Institute of Chartered Accountants of the Maldives (ICAM) as required under Section 3 of the Maldives Chartered Accountants Act. The announcement was made public through a directive issued from the President’s Office.
President Ibrahim Mohamed Solih ratified the Maldives Chartered Accountants Act on September 6, mandating to form an Institute of Chartered Accountants of the Maldives (ICAM). The Maldives Chartered Accountants Act specifies structuring all aspects of the Maldives' accountancy profession in accordance with international procedures and guidelines. The Act also outlines the composition of the institute, the code of conduct for its members, as well as standard procedures and other aspects.
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.
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.