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CA Sri Lanka to assist Auditor General of Maldives to develop and strengthen accounting and auditing profession

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently signed a Memorandum of Understanding (MoU) with the Auditor General’s (AG) Office of Maldives to strengthen and develop the accounting and auditing profession in Maldives.

At a ceremony held in Malé, the Maldives Capital, President of CA Sri Lanka Mr. Arjuna Herath and the Auditor General of Maldives Mr. Hassan Ziyath signed the agreement in the presence of the Minister of Economic Development of Maldives Mr Mohamed Saeed, Government Officials of Maldives, Senior Officials of the AG’s Office, Practicing Chartered Accountants in Maldives, and Members of the Council of CA Sri Lanka.

The agreement paves the way for CA Sri Lanka and the AG Office in Maldives to work towards establishing, developing and strengthening a relationship to develop the accounting profession in both countries, while adhering to the principles of the International Federation of Accountants (IFAC) and that of the International Organization of Supreme Audit Institutions (INTOSAI).

In its capacity as one of South Asia’s foremost accounting bodies, CA Sri Lanka will offer its expertise to the Maldivian government while also providing necessary technical assistance to the Auditor General’s Office particularly in relation to International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) and to set up a Professional Accountancy Institute in Maldives.

Speaking soon after the signing of the agreement, CA Sri Lanka President Mr. Arjuna Herath noted that in a span of over 55 years, CA Sri Lanka has progressed to be a world class accounting body, giving leadership to the profession while also been among the pioneers in the region to adopt international regulations and standards. “We take great pride in our standing today at a local and international level, and CA Sri Lanka is also working tirelessly to enhance the accounting and auditing profession in the region, which is important in the current context as Asia has been identified as the engine of growth in the world, and we all have a responsibility in supporting this growth,” he said.

The Auditor General of Maldives Mr. Hassan Ziyath said that the agreement marks the building of a strong foundation for the development of accounting and audit profession in the Maldives.

“As the Auditor General, it is my conviction that the Auditor General Office is integral to the development of accounting and auditing profession in the Maldives. The demand for both public sector and private sector accounting and audit professionals is on the rise, and compromising on quality should not be acceptable by any means. Quality is achieved through adherence to professional and ethical values, and standards. Therefore, upholding professional and ethical values is critical to maintaining public confidence and trust in the profession,” Mr. Ziyath noted.

Mr. Ziyath also extended his gratitude to the President and the Council members of CA Sri Lanka for their willingness and enthusiasm to assist his office in their efforts to develop the Maldivian accountancy and audit profession.

Early this year, CA Sri Lanka also offered advice to facilitate the setting up of a professional accountancy body and to also introduce IFRS to public and corporate sectors in Bhutan.