CA Maldives publishes Regulation for Registration of Public Interest Entity Auditors

CA Maldives marks the achievement of yet another historical milestone, the unveiling of its much-awaited Regulation for Registration of Public Interest Entity Auditors. It was unveiled at a ceremony held at the Auditor General’s Office graced by the Minister of Finance, Honorable Mr. Ibrahim Ameer.

This Regulation describes the objectives and the scope of the Public Interest Entity (PIE) Auditor Registration, the criteria for registration as PIE auditors, procedures for registration, quality review arrangements for PIE audit engagements and Registered PIE auditors, and cancellation of registration of Registered PIE Auditors.

The regulation applies to firms carrying out audits of financial statements prepared in accordance with any applicable legal or financial reporting framework which intend to register as PIE auditors.

Under this regulation, audit firms are required to demonstrate their compliance with quality management requirements specified in ISQM1 to maintain their Registered PIE Auditor status.