Maldives Chartered Accountants Bill Submitted to the Parliament

In the 7th sitting of the 19th People’s Majlis, the Maldives Chartered Accountants bill was presented to the members of the parliament. The bill was presented by the Dhaandhoo Constituency Member, Mr Yaugoob Abdulla. While the bill is largely procedural, it is set out to establish and incorporate a separate and independent legal entity in the name of the Institute of Chartered Accountants of the Maldives (ICAM), granting it the statutory responsibility and power of regulating the accountancy profession in the Maldives. Once enacted, the bill is expected to regulate and ensure the accountants are competent and independent.

Some of the notable objectives of the ICAM includes the facilitation and provision of necessary education to the members of the institute with the purpose of increasing their knowledge, skill and proficiency, regulating the discipline and professional conduct of the members, making provisions for qualified training and education to employees in the accountancy field (both in the private and public sector), safeguarding the independence of the accountancy profession and taking any other action necessary to develop and improve the chartered accountancy profession in the country.

Further to this, the bill also proposes the constitution of a council comprising nine members as the governing body of ICAM. The council will be responsible for the management of ICAM’s affairs and determining its administrative policies. According to the bill a transitional council will be formed upon ratification of the Act, whereby the council will be chaired by the Auditor General of the Maldives for a tenure of 4 years. The remaining appointees are as follows; states’ financial controller; a member from the Maldives Inland Revenue Authority appointed by the Commissioner General of Taxation; two members from the Auditor General’s Office appointed by the Auditor General; and four members from the private sector appointed by the Auditor General.

The bill is currently in its first reading.