Audit & Assurance

CST Advisory LLP is licensed by the Institute of Chartered Accountants of Maldives (CA Maldives) to perform statutory audits in the Republic of Maldives. The licence was granted in August 2024. Roughly thirty firms in the country hold one.

We plan the audit around where the risk actually sits, test it, and report what we found. The opinion is signed by the partner who scoped the engagement, and the management letter arrives with it rather than weeks later.

Who needs a statutory audit in the Maldives?

Companies whose constitution, lender, regulator or size requires audited financial statements, and any entity filing an income tax return that must be accompanied by audited accounts. If you are unsure whether the requirement applies to you, ask before the year end rather than after it: an audit planned in advance costs less and finds less.

What does the engagement look like?

We agree the deadlines and the documents we need before we begin, and we tell you early if either is slipping. Fieldwork is done by qualified staff under the partner's direct supervision. Findings are reported by severity, in plain terms: what we found, what it means, and what needs a decision from you.

What standards do we audit to?

International Standards on Auditing (ISAs), on financial statements prepared under IFRS or IFRS for SMEs. Where a lender or a group reporting pack needs something specific, we say so in the engagement letter, not in the report.

Loan-readiness before the first audit

Banks in the Maldives ask for two years of audited statements, projections across the tenor of the facility and a tax clearance from the Maldives Inland Revenue Authority. For a business borrowing for the first time, we run an audit-readiness review first, so the first audit produces a clean opinion rather than a list of adjustments.