The President of Maldives Ibrahim Mohamed Solih on Sunday, 13 September has officially formed The Institute of Chartered Accountants of the Maldives.
Earlier, President made ratification of the Chartered Accountants Act on 8 September.
Moreover, the act specifies structuring of all aspects of the Maldivian accountancy profession.
As such, the act aims to move the profession towards international procedures and guidelines.
The act establishes the Institute of Chartered Accountants under its statutory provisions, mandated under regulations of the accounting profession in Maldives.
Furthermore, the act specifies requirements and standards of the profession.
Meanwhile, the parliament act allows ICAM to engage in legal proceedings if and when necessary.
The institution will aim to improve the accountancy standards and the profession itself in Maldives.