We are pleased to announce that FJS is one of the first Registered Public Interest Entity (PIE) Auditors in the Maldives.

The list of Registered PIE Auditors were announced by the President of Maldives Institute of Chartered Accountants of the Maldives (CA Maldives), Auditor General Mr. Hussain Niyazy,  in a ceremony held this morning at the Auditor General’s Office.

CA Maldives published the Regulation for Registration of Public Interest Entity Auditors of Institute of Chartered Accountants of the Maldives on 22 November 2021 in an effort to enhance the overall quality and credibility of statutory audits in PIEs. This regulation sets out the criteria and procedures in relation to registration as PIE auditors and quality review arrangements for such audit engagements. The regulation defines a PIE as:

(a) An entity whose shares, stock or debt are quoted or listed on a regulated market; or

(b) An entity that is subject to financial statement audit under the Regulation on the Audit and Accountability of State-owned Enterprises issued by the Auditor General’s Office; or

(c) An entity that regulates financial institutions under the powers granted by legislation; or

(d) An entity that regulates financial or capital markets under the powers granted by legislation; or

(e) An entity regulated by the Maldives Monetary Authority; or

(f) An entity not regulated by the Maldives Monetary Authority that holds assets in a fiduciary capacity for a broad group of outsiders; or

(g) A fund that is regulated by Capital Market Development Authority; or

(h) An entity that is defined by regulation or legislation as a PIE.

We congratulate CA Maldives on achieving this milestone and believe that the regulated approach to the audit of PIEs will promote the overall quality of audit engagements and enhance the public trust in the profession.