Institute of Chartered Accountants of Maldives issues Membership and Licencing Regulations

Institute of Chartered Accountants of the Maldives (CA Maldives) is pleased to announce that we have issued our Membership Regulation and Audit Licencing regulation today. This follows a rigorous stakeholder consultation process conducted over a period of three months following the enactment of the Maldives Chartered Accountants Act (the Act). The membership regulation sets out the eligibility criteria for admission to membership of ICAM, the rights and obligations of ICAM members, and admission and subscription fees for different classes of membership of CA Maldives.

The Audit Licencing regulation prescribes the eligibility criteria, the procedures for issuing and cancelling Audit Licences to conduct statutory Audit and other Assurance engagements, CPD and ethical requirements for Licenced Auditors and Audit firms, and sanctions for non-compliance with and breach of applicable laws and regulations by Licenced Auditors and Audit firms.

Prior to the enactment of the Maldives Chartered Accountants Act, Licencing of Auditors came within the purview of the Auditor General under the Audit Act 2007. CA Maldives took over from the Auditor General in September 2020 in what marked a new beginning in the Statutory Audit and Assurance Service Regulation in the Maldives. The new Licencing regime introduced by CA Maldives adopts a revolutionary approach to Licencing of auditors as it brings an end to issuing Licences to non-citizens of the Maldives to conduct statutory Audit and Assurance engagements in the Maldives starting from 1 January 2024. The International network firms and local firms operating in the country with Licenced partners who are non-nationals of the Maldives are expected to admit Maldivian nationals that meet the eligibility criteria specified in the regulation as partners by the end of 2023.

In a significant departure from the old regulatory regime which has led to the categorization of Audit Licences being abolished, CA Maldives’ Licencing regulation focuses on enhancing the quality of Audit and Assurance services provided by Licenced Auditors and Audit firms through a robust monitoring and quality assurance review programmes to gain the trust and confidence of regulatory authorities.

CA Maldives membership and Audit Licencing regulations have been designed to enable it to discharge its legal mandate under the Act. CA Maldives was incorporated under the Act to regulate and develop accountancy profession in the Maldives.

CA Maldives will continue to update its stakeholders on future developments.