Maldives must invest in training local auditors and accountants – President Ibrahim Mohamed Solih

Press Release by President’s Office, Ref: 2021-536 :  Source

President Ibrahim Mohamed Solih has stated that the Maldives’ growth rate is on the right track and that the national financial sector advancements have revived hope, and that the country is now in a situation where we must invest in training local auditors and accountants. He delivered these remarks during the opening ceremony of the Maldives Accountants Forum 2021, which was organized by the Institute of Chartered Accountants of the Maldives.

At the event held at Crossroads Maldives this evening, the President emphasized the growing need to further broaden the role of local accountants and auditors with the emerging financial needs and taxation upkeep from private and government institutions. In this regard, he stated that the government would provide any assistance required by the Institute of Chartered Accountants of the Maldives in developing the accounting profession, particularly in exploring opportunities to train more accountants.

Furthermore, the President provided insight into the government’s efforts to expand the accounting profession, stating that the Chartered Accountants Act was ratified and brought into effect last year with the essential objective of facilitating required professional training and tools.

Speaking about the importance of the accounting profession, President Solih highlighted that the development of the profession ensures democratic accountability, enabling more transparency in public and private sector businesses, hence narrowing down loopholes within the system that allows corruption. He stated that it would assist in increasing credibility as well as promoting the values of good governance.

He also encouraged the Maldives Institute of Chartered Accountants to work promptly to ensure professional competence of accountants and auditors, stating that it was to assure the professional competency, legitimacy and acceptability of the profession. Furthermore, he emphasized the significance of upholding ethics and professionalism in the sector.

During the ceremony, representatives from the Institute of Chartered Accountants of the Maldives presented the President with a commemorative plaque.