The honourable prime minister of India signed the MOU between ICAI and CA Maldives. ICAI members work in the Maldives. The mutual agreement is for the intellectual development and interest of the members. It promotes the accountancy profession in India and Maldives. Recently, ICAI gave notification about the MOU. The chartered accountants from India explore the opportunities at Maldivian company. The skills from different countries around the world promote decision-making skills and strategic thinking. It enhances the capacity building of the professionals and promotes knowledge transfer. It enhances the relationship between Maldives and India. The relationship enhances professional standards and quality. The agreement increases mobility and international opportunities. It enhances the opportunities in the long and short term. CA Maldives is about to become a member of the international federation of Accountants. ICAI assess the technical assistance of CA Maldives to become an IFAC member. The MOU initiate the accountancy profession in the areas such as professional ethics, accountancy training, professional development and technical research. The student programs are offered through seminars, websites, conferences, joint activities and student exchange programs.
Opportunities in Maldives:
Maldives has a mixed economy of fishing, shipping, agriculture, garment making, handicrafts, and tourism. The inflation rate is low in the Maldives. In Maldives Island, there are questions about shark fishing practices. It is prohibited by the law. In 1970 the sea level of Maldives dropped. The reason for the income disparity in the Maldives is as follows: health, geography, young household members, and female members. Female house members staying at home is a barrier to economic development. The finance professionals work as banking professionals, financial product development consultants, country directors, and managers.
The Maldives functions as an independent nation. The sea and land area of the Island counts 298 square kilometres. The financial statistics of Maldives state that it has the following offices: Maldives monetary authority, the central bank of Maldives, commercial banks, insurance companies, financial institutions, and pension funds. The financial institutions submit the reports, balance sheet information and supervisory data. The banking services support the housing development and SME sector. The external audit, performance audits, and compliance audits are mandatory for public sector institutions. The external auditor examines the income statement, cash flow statement, balance sheet, and notes to the financial statement. The external auditor will produce a report based on the international public sector accounting standard. The performance audit record the acquisition of human resource in the right quality, quantity, time and place. Completion of the project at the right time, design, quality and client satisfaction are also part of the performance audit. In Maldives, the internal audit has been conducted by the minister of finance. The decentralisation act says that all councils should get their financial statements audited by an internal auditor. The salary of an accountant in the Maldives ranges from 11,602 to 40,831.
Value of MOU:
The MOU develop the areas such as professional ethics, accountancy training, professional development and technical research. The Institute of chartered accountants of the Maldives has Ibrahim Aiman as chairperson, Fathimath Shiuma as vice-chairperson, Ibrahim Saleem as a member, siya ahmed najeeb as a member, Ibrahim Mahfooz as a member, khadheeja jameela as a member. The qualifications of these authorities are MBA, FCCA, MBA, IIA, ACCA, and MBA. These professionals regulate the accountancy job in Maldives. ICAI has MOUs with the Auditors General’s Office, the Asian Oceania standard setters group, the Ministry of economic development, an Association of chartered certified accountants, the chartered institute of management accountants, and the Institute of chartered accountants of Srilanka. The MOU promote professional horizons. The accountancy profession reflects the laws and business operations. The agreement between the two countries promotes technical knowledge and business development tactics.
The memorandum of understanding connects the education system, job opportunities and competency factors. It encourages outstation students and online education. The collaboration of academic institutes promotes the industries. The students get exposure to different business worlds. Industries use the research activities handled by universities and institutes. The syllabus of the Institute gets alteration as per the industry trends. The connection between the industry, and academic institutes highlights the issues and solutions to the issues. The interconnection creates an integrated and logical approach. International collaborations help in understanding cross-cultural issues, the value of different education systems, and the research areas. The different working environments demand leadership skills, tolerance, and team-building skills. The partnership gives the research fund and diversity in the research subject. On the whole, the Memorandum of Understanding is beneficial to the students, job opportunities and the industrial environment.