CA Maldives Issues Statutory Audit License To Individuals & Audit Firms At Special Ceremony

At a special ceremony held yesterday, the Institute of Chartered Accountants of the Maldives (CA Maldives) marked the inauguration of issuance of statutory licenses to provide audit and assurance services under the new regulations. The special function was graced by the Minister of Finance, Honorable Ibrahim Ameer. 

During the ceremony, license certificates were presented to 11 individuals and 8 firms who have full the licensing requirements. CA Maldives notes that to ensure the quality of license holders, they will be subject to regular reviews and training.

Prior to the new regulations, auditing licenses were issued by the Auditor General’s Office whereby these licenses have expired yesterday as stipulated in the new regulation. Hence, CA Maldives urges all licensed auditors to expedite the license renewal process.

The new regulations brought major changes to audit licensing such as the abolition of license categories. Speaking at the ceremony, however, the Finance Minister notes that this calls for some kind of mechanism to quality rate the licensed auditors when it comes to providing service to public interest entities such as SOEs and Financial Institutions as it would be deemed beneficial when ensuring that the auditor has the resources and capacity to undertake such audits.

(Photo: CA Maldives)