Maldives/India, August 21, 2023 – In a significant move towards fostering cooperation, the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants of the Maldives (CA Maldives) have formally signed a Memorandum of Understanding (MoU) today, marking a momentous occasion during the SAFA IFRS and ISAs Forum 2023 hosted by CA Maldives.
The MoU was signed on the second day of the forum, exemplifying the commitment of both institutions to enhancing the accounting profession’s knowledge and professional development. Both ICAI and CA Maldives are esteemed full members of the South Asian Federation of Accountants (SAFA), with ICAI also hosts the Permanent Secretariat of SAFA.
The collaborative MoU seeks to establish a platform for mutual co-operation, aiming at the advancement of Accounting Knowledge, Professional and Intellectual Development, and the progress of their respective members. This dynamic partnership is poised to make a positive impact on the Accounting Profession in both the Maldives and India. The MoU signifies a pivotal step in strengthening bilateral relations.
President of ICAI, CA. Aniket Sunil Talati, expressed his enthusiasm, stating, “Our aim in signing the MoU with CA Maldives is to provide ICAI’s technical support and resources, including technical standards, SOP’s, study materials, and expert faculties for conducting collaborative programs. This will undoubtedly contribute to the development of the accountancy profession in Maldives.” Furthermore, he added, “ICAI is committed to supporting CA Maldives in its pursuit of membership with the International Federation of Accountants (IFAC).”
This landmark MoU is expected to strengthen the bilateral ties between the two nations.
Speaking at the event, CA Maldives President, Mr. Hussain Niyazy, who also serves as the Auditor General of the Maldives, shared, “Through this MoU, ICAI is keen on providing CA Maldives with our technical support and resources, including technical standards, study materials, and expert faculties. This support will aid CA Maldives in conducting courses and enhancing the capabilities of its members, thereby playing a pivotal role in the professional growth of the accountancy community in the Maldives.”
Vice President of CA Maldives expressed “We are confident that under the leadership of our President, the dedication of our teams, and the support of both governments, this collaboration will flourish and bring about positive change in the accounting landscape of our nations”
CA. Ranjeet Kumar Agarwal, Vice President, ICAI, highlighted the growing partnership and said, “The inclusion of CA Maldives as a full member of SAFA has created a positive framework for our collaboration. This MoU underscores the commitment of both institutions for development. It marks a significant milestone in our journey together.”
The event was graced by His Excellency Shri Munu Mahawar, Hon’ble High Commissioner of India to the Republic of Maldives, who expressed his satisfaction, saying, “The strengthened bilateral relations between India and Maldives are indeed heartening. The collaboration between the two accounting institutes further fortifies this relationship, benefiting the accounting community on both ends.”
The Institute of Chartered Accountants of India (ICAI) is a statutory body established on July 1, 1949, under the Chartered Accountants Act, 1949, by the Parliament of India. With over 75 years of excellence, ICAI has expanded its presence nationally and internationally, with 168 branches in India, 46 overseas chapters, and 35 representative offices spanning 47 countries.
About CA Maldives
Established on September 8, 2020, following the enactment of the Maldives Chartered Accountants Act (13/2020), CA Maldives is entrusted with regulating the accounting profession in the Maldives. Committed to adhering to international norms and standards, CA Maldives strives for the advancement of the accountancy profession within the nation.