President Ibrahim Mohamed Solih has stated the Maldives is now in a situation where it must invest in training local auditors and accountants. He delivered the remarks during the opening ceremony of the Maldives Accountants Forum 2021, which was organised by the Institute of Chartered Accountants of the Maldives.
Speaking at the event, President Solih said the country's growth rate is on the right track and that the national financial sector advancements have revived hope. The president emphasised 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 said the government will 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, President Solih provided insight into the government's efforts to expand the accounting profession and said 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, the president highlighted the development of the profession ensures democratic accountability, enabling more transparency in public and private sector businesses. The president said it will narrow down loopholes within the system that allows corruption and 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 the professional competence of accountants and auditors and said it was to assure the professional competency, legitimacy, and acceptability of the profession.
Furthermore, President Solih also emphasised the significance of upholding ethics and professionalism in the sector.