Page last modified on Nov 4, 2009
Total page views: 808
Maintaining investor confidence in the independence of auditor's is very important to the Capital Market Development.
CMDA believes that it is very important to ensure that financial statements used for investment decisions are presented fairly and have credibility. Furthermore, CMDA having recognized the need for listed companies to maintain complete and accurate financial reports on a continuing basis is planning to publish “Guidelines On Selecting External Auditors Of Listed Companies”.
CMDA is currently working on the guidelines. In June 2009, CMDA has issued guidance to the listed companies that external auditors of listed companies should not undertake any work of advisory nature for the audit client.
CMDA has started consultations with listed companies Auditors' on a quarterly basis and in this regard the first Quarterly Meeting with the Auditors was held on the 2nd of November 2009. In this meeting discussions were held about issues relating to Auditor Independence and the need to develop and formalize the accounting profession in the Maldives to ensure maintenance of ethical and professional standards.
