President Solih Announces Establishment of ‘Institute of Chartered Accountants of the Maldives’

As required under section 3 of Law no:20/2020 in the Maldives’ Chartered Accountants Act, President Ibrahim Mohamed Solih has announced the establishment of ‘Institute of Chartered Accountants of the Malidves’ on September 13, 2020. 

The announcement was made public through a directive issued from the President’s Office. Conforming to the directive, ICAM established September 8, 2020, is mandated to act as the legal body responsible for regulation of the accounting profession in the Maldives. It also states that under the numbering system for state agencies, all official letters addressed to ICAM should use the number 484.

ICAM is an independent institution that will have its own official seal. The Maldives Chartered Accountants Act, ratified on August 25 by President Solih, outlines the composition of the institute, the code of conduct for its members, as well as standard procedures and other aspects. 

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.

Key purposes of ICAM includes formulating standards, regulating and monitoring of auditing and accounting in private and public sector, providing assistance to the public sector related to accounting, setting valuation guidelines and administering technical services. 

Associate Members who hold a membership at the International Federation of Accountants (IFAC) may/should register with ICAM. 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. Further, affiliates, students and accountants in businesses can become members of the institute.  

Over the course of four years, ICAM’s council is tasked to develop bylaws and standard operating procedures. Initially, a transitional council will be in place consisting of the Auditor General and eight additional members. During this time, the institute will also seek formal recognition by the International Federation of Accountants.