Institute of Chartered Accountants of the Maldives

Under the Maldives Chartered Accountants Act 2020 and the Regulation for Statutory Audit and Assurance Services in the Maldives, the Institute of Chartered Accountants of the Maldives (CA Maldives) is responsible for establishing and conducting the quality assurance (QA) review function for licensed auditors and audit firms. CA Maldives published its QA Review Framework in March 2024, which sets out firm-level and engagement-level reviews, risk-based selection, written reporting, corrective actions, and appeal procedures. The framework states that all firms performing audits of financial statements are subject to QA review at least once every four years.

CA Maldives has also continued awareness raising and professional development activities for auditors. In 2025, it hosted the Auditors Forum as a dedicated platform for auditors to exchange insights, address common challenges, and remain informed of emerging developments. The Maldives Accountants Forum 2025 also emphasized the need for rigorous audit quality reviews to strengthen public confidence and financial reporting integrity.

CA Maldives has established the framework and is undertaking activities to support implementation; however, further evidence is needed to confirm that the QA review system is fully operational in practice across all mandatory audits.

CA Maldives is encouraged to continue operationalizing the QA review system, document completed reviews and outcomes, and use review findings to inform member guidance, training, and disciplinary processes where relevant.

Current Status: Execute

Under the Maldives Chartered Accountants Act 2020, the Institute of Chartered Accountants of the Maldives (CA Maldives) is responsible for establishing initial professional development and continuing professional development requirements for the accountancy profession. A national professional accountancy qualification has not yet been established, and membership continues to rely primarily on recognition of members in good standing of International Federation of Accountants member bodies recognized by CA Maldives.

CA Maldives has established continuing professional development requirements for members. Members are required to complete 40 hours of relevant continuing professional development annually, including 21 verifiable hours, with at least six hours obtained through events organized by CA Maldives or in collaboration with the institute. CA Maldives also maintains a continuing professional development calendar, organizes technical sessions and forums, and has expanded its training capacity through a trainers’ pool.

CA Maldives continues to support education and professional development through technical forums, public practice training, qualification awareness sessions, and engagement with regional and international professional bodies. It has collaborated with Association of Chartered Certified Accountants Sri Lanka on qualification and entry route awareness, supported scholarship initiatives linked to international qualifications, and previously entered into cooperation arrangements with international professional bodies, including the Chartered Institute of Management Accountants.

CA Maldives’ recent Strategic Plan 2025–2027 continues to prioritize member value, professional development, training, and capacity building, including improved access to continuing professional development programs. The institute has also held discussions with the Maldives Qualification Authority and opened consultations on regulations affecting the broader accountancy profession, indicating continued progress toward strengthening the national education and regulatory framework.

CA Maldives is encouraged to continue progressing the development of a national qualification and competency framework, document how education, practical experience, assessment, and continuing professional development requirements align with the International Education Standards, and formalize cooperation with recognized professional accountancy organizations where relevant.

Current Status: Execute

Under the Maldives Chartered Accountants Act 2020, the Institute of Chartered Accountants of the Maldives (CA Maldives) is responsible for establishing auditing standards in the Maldives. CA Maldives initially adopted the International Standards on Auditing (ISA) and other pronouncements issued by the International Auditing and Assurance Standards Board for use in the private sector through Council Resolution RES/2021/028. In 2025, CA Maldives adopted subsequent amendments issued after the initial adoption date and established a process to adopt future revisions unless the Council formally decides to defer or not adopt them.

CA Maldives supports implementation through continuing professional development, technical events, audit-related guidance, and standard-setting updates for members. Its website includes dedicated sections for auditing standards, guidelines, continuing professional development, and events, including the Auditors Forum and the IFRS and ISAs Forum. CA Maldives has also issued guidance for auditors of electoral candidates and publishes professional representations on exposure drafts, including ISA for Less Complex Entities and ISA 500, Audit Evidence.

CA Maldives continues to participate in the international standard-setting process by submitting comments on exposure drafts and representing the profession on auditing matters. In 2023, CA Maldives hosted the South Asian Federation of Accountants IFRS and ISAs Forum, which included sessions on International Financial Reporting Standards, ISA, and audit quality management, and signed a memorandum of understanding with the Institute of Chartered Accountants of India to support cooperation in accounting knowledge, professional development, and the development of the profession.

CA Maldives continues to demonstrate ongoing fulfillment of SMO 3 through adoption of current auditing standards, member support, technical guidance, professional development, and engagement with international standard-setting developments.

Current Status: Sustain

Under the Maldives Chartered Accountants Act 2020, the Institute of Chartered Accountants of the Maldives (CA Maldives) is responsible for establishing ethical requirements for the accountancy profession. CA Maldives adopts the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) as the applicable ethical framework for members and licensed auditors. The CA Maldives Membership Regulation 2020 requires members to comply with the Code of Professional Conduct and Ethics of the institute.

CA Maldives supports implementation through continuing professional development, technical sessions, member communications, and professional guidance. Ethics and professional conduct are incorporated into member training programs, public practice sessions, and technical forums, and the institute publishes updates and notices on regulatory and professional developments through its website and member communications.

CA Maldives also supports ethical compliance through its Ethics Committee, which is responsible for reviewing ethics-related complaints and recommending action to the Council where breaches of professional conduct are identified. This supports both implementation of the Code and broader professional accountability.

In addition, CA Maldives participates in the international standard-setting process by providing comments on exposure drafts and maintaining engagement with developments issued by IESBA. Through its cooperation with regional and international professional accountancy organizations, CA Maldives also supports awareness of evolving ethical and independence requirements.

CA Maldives continues to demonstrate ongoing fulfillment SMO 4 through adoption of the International Code, member education, ethics oversight, and participation in international standard-setting developments.

Current Status: Sustain

Under the Public Finance Act 2006, the Ministry of Finance is responsible for establishing public sector accounting standards in the Maldives. The Government continues to apply cash-basis International Public Sector Accounting Standards (IPSAS) and has maintained public financial management reform efforts aimed at progressing toward accrual-based reporting. The Ministry of Finance has stated that the reform program includes development of an accounting reform action plan to support implementation of IPSAS-based modified accrual accounting for whole-of-government financial statements.

Under the Maldives Chartered Accountants Act 2020, the Institute of Chartered Accountants of the Maldives (CA Maldives) is mandated to provide technical assistance and professional support to authorities responsible for establishing public sector accounting standards. CA Maldives supports implementation through training, technical events, and professional development sessions covering accounting and auditing standards for both public and private sector stakeholders.

CA Maldives shares updates on new and amended IPSAS, promotes awareness of public sector financial reporting developments, and participates in consultations on international standard-setting developments where relevant. Its broader continuing professional development programs and public sector-focused engagement support capacity building for preparers and practitioners involved in government financial reporting.

Through its strategic engagement with regulators and public sector stakeholders, CA Maldives continues to advocate for stronger public sector financial reporting and the transition toward accrual-based accounting. CA Maldives continues to demonstrate ongoing fulfillment of SMO 5 through advocacy, technical support, and implementation assistance.

Current Status: Sustain

Under the Maldives Chartered Accountants Act 2020, the Institute of Chartered Accountants of the Maldives (CA Maldives) is responsible for establishing an investigative and disciplinary (I&D) system for members and licensed auditors. The CA Maldives Membership Regulation 2020 defines disciplinary action as action taken by the Ethics Committee or by the Council on the recommendation of the Ethics Committee when a complaint is found proven, and provides for the Appeals Committee to consider appeals from decisions of the Council or institute committees.

The Ethics Committee is responsible for investigating ethics-related complaints referred by the Council, reporting findings, and recommending actions to the Council. Its terms of reference also require the Committee to formulate procedures for handling complaints and conducting investigations.

CA Maldives has established core structures for I&D, including the Council, Ethics Committee, Appeals Committee, and related membership obligations. Members are required to comply with the Act, institute regulations, the Code of Professional Conduct and Ethics, and applicable professional standards. The framework also provides for removal from membership following a disciplinary finding.

CA Maldives continues to execute activities to support SMO 6; however, further evidence is needed to confirm that the I&D system is fully operational and fully aligned with SMO 6 requirements, including documented procedures for complaint handling, hearings, separation of investigative and disciplinary decision-making, public reporting of outcomes, and regular review of effectiveness.

CA Maldives is encouraged to finalize and publish its complaint handling and investigation procedures, provide member awareness and training on the I&D process, and document how the system aligns with SMO 6 requirements.

Current Status: Execute

Under the Maldives Chartered Accountants Act 2020, the Institute of Chartered Accountants of the Maldives (CA Maldives) is responsible for establishing accounting standards in the Maldives. CA Maldives has adopted International Financial Reporting Standards (IFRS) Accounting Standards and IFRS for Small and Medium-sized Entities (IFRS for SMEs), including subsequent amendments issued by the International Accounting Standards Board after its initial adoption date. CA Maldives has also established a process to adopt future amendments unless the Council formally decides to defer or not adopt them.

CA Maldives supports implementation through continuing professional development, technical forums, member communications, and guidance on financial reporting developments. In 2025, CA Maldives organized the IFRS Forum, covering IFRS 18, IFRS 9, IFRS for SMEs, IFRS S1 and S2, updates to IFRS Standards, and the International Accounting Standards Board’s future agenda. The forum included participation from International Accounting Standards Board representatives and technical experts, supporting member awareness and implementation capacity.

CA Maldives also participates in the international standard-setting process through professional representation and engagement with exposure drafts and consultations. Its 2025–2027 Strategic Plan continues to prioritize professional standards, member engagement, training, and capacity building.

CA Maldives continues to demonstrate ongoing fulfillment of SMO 7 through adoption of IFRS, member education, technical guidance, and engagement with international standard-setting developments.

Current Status: Sustain