Institute of Chartered Accountants of the Maldives (ICAM) has stated its aim is to raise the level of local accountants and auditors with respect to international standards.
Speaking to PSM News, President of the ICAM Council, Auditor General Hassan Ziyath said accountants play a crucial role in driving the economy. Noting the reports prepared by auditors of institutions such as Maldives Inland Revenue Authority (MIRA) and banks are cited heavily in making major financial decisions, the Auditor General said it is very important to ensure the work done by accountants and auditors have a certain level of strength for confidence. Therefore, he reiterated the importance of raising the level of accountants and auditors with respect to internationally accepted standards.
ICAM was established following the ratification of the Maldives Chartered Accountants Act on September 6. The Maldives Chartered Accountants Act specifies structuring all aspects of the Maldives' accountancy profession in accordance with international procedures and guidelines. The Act also outlines the composition of the institute, the code of conduct for its members, as well as standard procedures and other aspects.
The Act stipulates that ICAM is authorized to engage legal proceedings to undertake its responsibilities and will be established as an independent institution with an official seal. It further enables ICAM to register Associate Members who hold a membership at the International Federation of Accountants (IFAC).
The Act specifies that Associate Members of IFAC who have worked in the profession for longer than 5 years will have the opportunity to become 'Fellow' Members of ICAM.