President Ibrahim Mohamed Solih has created The Institute of Chartered Accountants of the Maldives.
The President ratified the Chartered Accountants Act on September 8.
The Chartered Accountants Act specifies the structuring of all aspects of the Maldivian accountancy profession moving the profession in adherence to international procedures and guidelines.
The Act also establishes the Institute of Chartered Accountants of the Maldives (ICAM), mandated under the regulation of the Accounting profession in the Maldives.
Requirements of members, professional and ethics standards as well as other factors related to the profession are also included in the Act. The Act also stipulates that the ICAM is authorized to engage in legal proceedings to undertake its responsibilities and will be established as an independent institution with an official seal.