AG appoints members to ICAM's transitional council

Auditor General Hassan Ziyath, on Monday, appointed members to the council of the Institute of Chartered Accountants of Maldives (ICAM).

The nine-member transitional council was appointed during a special ceremony held at the Auditor General’s Office.

Per Article 37 (A5) of the Maldives Chartered Accountants Act, the incumbent Auditor General was designated as the president of ICAM.

The following members from the auditing and accounting profession were appointed to the council.

- Hassan Mohamed: Audit Partner at Crowe Maldives

- Rifaath Jaleel: Managing Partner at MHPA

- Fareeha Shareef: Managing partner of FJS Associates

- Malik Mohamed: Complex Director of Finance at Marriott International Inc.

Furthermore, Assistant Auditor General of the Financial Audit Services Division, Hussain Niyazy, as well as Director of State-Owned Enterprises’ and Statutory Bodies’ Audits and Chief Internal Auditor, Ibrahim Fazeel, were appointed to ICAM under Article 37 (A4) of the Maldives Chartered Accountants Act.

The remaining members of the council are Commissioner General of Taxation Fathuhulla Jameel and Financial Controller Fathimath Razeena.

Throughout the duration of the four-year transitional period, the main responsibilities of the council will include developing bylaws and standard operating procedures. A key aim for the transitional period is seeking formal recognition from the International Federation of Accountants (IFAC).

Following the conclusion of the transition period, ICAM will be headed by an elected nine-member council consisting of a president, vice president and four members from ICAM, as well as the Auditor General, Commissioner General of Taxation and State Financial Controller.

President Ibrahim Mohamed Solih established ICAM on September 13, as mandated by the Maldives Chartered Accountants Act (13/2020).

ICAM's mandate will include formulating standards for auditing and accounting in the private sector, regulating and monitoring the work of private sector accountants and auditors, setting valuation guidelines and providing accounting related assistance to the public sector as well as technical services such as certification, education and training.

Over the course of the following three months, ICAM will issue new audit licenses, while those previously granted will be nullified after six months.

The accounting profession was previously regulated under the mandate of the Auditor General's Office, including the issuance of audit licenses since 2014.