Governance Structure

The Council is charged with  the Administration and Management of the Institute as well as makes decisions on the overall strategy, policy and direction as well as handling matters stipulated in the Act.

The Council Members of The Institute are elected by a secret ballot of the Members of the Institute and serves for a total of three years from the date of Election.

The Council is supported with various committees of the Institute. Under the Act, The Transitional Council of the Institute includes:

  • Auditor General
  • State Financial Controller
  • Commissioner General of Taxation
  • Two members appointed by the Auditor General, from the Auditor General’s Office
  • Four members appointed by the Auditor General, working in the Accounting Profession representing the Private Sector

Under the Council, there are six governance-related committees which cover various aspects of the Institute.

  1. Management and Finance Committee: Advises the Council on matters relating to finance and managing finance of the Institute.
  2. Academic Committee: Approves courses requiring recognition by the Institute and to facilitate the issuance of academic certificates awarded by the Institute.
  3. Ethics Committee: Advises recommendations to the Council on appropriate courses of actions to be taken against members in respect of cases investigated by the Institute on its own initiative or the cases investigated by the Institute on  the receipt of a complaint against a member from another member regarding alleged violation of the Act, Regulations made under the Act, and the Code of Professional Conduct and Ethics.
  4. Appeal Committee: Looks into the appeals lodged by members not satisfied with the decisions of the Council or Committee of the Institute.
  5. Admission and Licencing Committee: Determines the eligibility criteria for membership of the Institute and to plan and carry out the process of issuing Licences for conducting Statutory Audit in the Maldives and to carry out any other work conducive to issuing such Licences.
  6. Technical and Standards Committee: Addresses the technical issues relating to the enforcement of the Act and determine and enforce Private Sector Accounting and Auditing Standards.
  7. Member Advisory Committee: To discuss, deliberate and advise the Council on all matters of interest to the members from amongst the work of the Institute, including comments and feedback to new regulations, policies and procedures, etc. of the Institute
  8. Tax & Public Policy Committee: To discuss, review, and advise the Council on public policy related matters, including legislations and policies of the State on tax, public finances, business, etc. and ESG
  9. Valuation Committee: To research, develop and advise the Council on valuation guidelines appropriate for valuation practices for financial reporting in the Maldives