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President inaugurates Maldives Accountants Forum

Lamya Abdulla
16 November 2021, MVT 20:23
President Ibrahim Mohamed Solih at the Maldives Accounting Forum on Monday -- Photo: Fayaz Moosa/ Mihaaru
Lamya Abdulla
16 November 2021, MVT 20:23

President Ibrahim Mohamed Solih inaugurated Maldives Accountants Forum on Monday evening.

Auditor General and President of Chartered Accountants of Maldives (CA Maldives) Hussain Niyazi and other government officials attended the opening ceremony of the forum in Crossroads Maldives.

This annual forum was first held in 2017 with the aim of promoting accounting industry in Maldives. The theme for this year is "Readiness Mindset: Striving for Excellence."

This is the first time this forum is hosted by the Institute of Chartered Accountant in Maldives since it was formulated. This forum was previously held by Audit Office.

While giving his address at the opening ceremony, President Ibrahim Mohamed Solih said the government will aid CA Maldives with developing accountants for Maldives. As accounting is interconnected with all aspects of the government, it is important to ascertain the problems that exist within the industry so that a suitable solution can be reached.

"Maldives is developing at a good rate. We are currently in need of developing Maldivian accountants and auditors. It is important to introduce as many young people to the industry as we can," he said.

President requested the forum discuss the obstacles they face in attracting young people to accounting industry. He noted the importance in gaining the faith and trust of the public in them.

Auditor General and President of CA Maldives Niyazi said 15 percent of income tax payers in the Maldives are accountants. He additionally said that they need to develop this sector further and that he was working with the government and relevant authorities to do so.

"A study conducted by this institute showed that approximately 4,500 foreigners work in the private sector of Maldives. Around 15 percent of income tax payers work in accounting, out of which 80 percent are foreign workers," Niyazi said.

"These numbers show the importance of building Maldivian accountants."

Niyazi noted the need for professional accountants as Maldives is opened for foreign investments.

Various professionals in the industry and students will attend this forum. It will be held until November 17.

As in other years, technical sessions and panel discussions will be held at this year's forum with the participation of senior officials from the Maldivian accounting industry.