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 the Maldives to strengthen and develop the accounting and auditing profession in the Maldives. 

At a ceremony held in Malé, the Maldives capital, CA Sri Lanka President Arjuna Herath and Maldivian Auditor General Hassan Ziyath signed the agreement in the presence of Maldivian Economic Development Minister Mohamed Saeed, government officials of the Maldives, senior officials of the AG’s Office, practicing chartered accountants in the Maldives and CA Sri Lanka Council Members. 

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 Organisation 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 AG’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, 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. 

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