Change maker

Bold move

‘It was a bold move, but I knew changes were coming. I knew there would be a time when businesses would need accountants, especially auditors,’ he continues.

Hassan was so optimistic that, with his brothers, he set up a practice in 2008. ‘The global financial crisis was in full swing; nobody thought the timing was right, but we saw it differently. We believed there was a need for accountants to help businesses navigate the crisis,’ he recalls.

And he was right. The firm immediately received leads from friends and family, but meaningful growth would be challenging in a system in which demand for the accountancy profession was stifled by a lack of a tax regime and regulation, as well as a small market of state-owned enterprises and multinationals only trusting the Big Four.

The introduction of the business profit tax in 2011 – and with it an audit requirement – was, however, a turning point. The tax authority registered anybody who could do audit work, including Hassan’s firm.

In at the start

The next step was to join a global accounting network. In 2012, the practice became Crowe Maldives, providing several long-term benefits: the firm was able to deepen its knowledge and leverage the resources afforded by a large international network, and Hassan learned how to set up a regulatory framework, including a chartered institute.

Thanks to Hassan’s experience in private sector audit, the then minister of finance invited him to join the fledgling State Internal Audit Committee, first as a member and then as chairperson.

‘We convinced the government to make internal audit a statutory requirement in the new finance act,’ he says. ‘It was a big achievement; we now have a dedicated department and an annual conference on the internal audit of the state. And I’d like to highlight that most of the committee today are ACCA members – even the first chief internal auditor.’

The young audit profession was also in need of regulation. ‘We lobbied the government to establish an independent body and set accounting and auditing standards. In 2020, after collaboration between the Auditor General’s Office, the government and the practices, an act was passed and the Institute of Chartered Accountants of the Maldives was born,’ he says.

Rapid advancement

Hassan was made vice president of the institute’s interim council, a title he held until September 2024, during a period of rapid advancement for the Maldives’ accounting profession. ‘It’s been a very exciting journey,’ he says, speaking of the collaboration between the South Asian Federation of Accountants, the International Federation of Accountants (IFAC) and the Asian-Oceanian Standard-Setters Group to set up the institute and establish the regulatory framework.

The council had a strategic plan to become a member of IFAC by the end of the interim period, Hassan explains. ‘I’m very pleased to say we were granted associate membership in November 2024. It’s a great success story, to achieve this in such a short period. I’m very proud of the work we’ve done to bring the institute from zero to IFAC member, one that’s future ready with very high standards.’

Steady growth

Reflecting back, Hassan is pleased at how key stakeholders in both government and the private sector now view the profession seriously. ‘Crowe was the first accounting firm owned by Maldivians to get international network membership. Our journey has become an inspiration to other firms,’ he says.

After a tough couple of initial years, Crowe Maldives has enjoyed steady organic growth to become a firm employing more than 40 people, while also navigating many of the challenges familiar to practices around the world.

‘It’s really tough to keep local talent,’ says Hassan, who competes for staff with international brands. Furthermore, professional education is acquired overseas, often in Sri Lanka, India, Singapore, the UK or Australia, where many stay to forge a career.

‘When we established the institute, we did a survey to find the mix of local talent and expats. We found there were nearly 4,500 people working in the profession; 4,000 were expats, while only around 350 were Maldivians.

Armed with this evidence, the institute convinced the government to provide scholarships to enable professional training and, over the past three years, more than 600 people have embarked on certification routes, including the ACCA qualification. ‘ACCA is preferred by candidates and is the most sought after among businesses and practices. This is gradually establishing accountancy in Maldives as a very secure, attractive option for Maldivians,’ he says.

Building trust

Trust in the profession is also improving. ‘There used to be the perception that a local could not be a good auditor and the business community was so used to expatriates. With the new tax system, the dynamics have changed dramatically; businesses are increasingly looking locally for accounts outsourcing, tax consultants and audit,’ says Hassan.

To evolve with demand, Crowe is developing new services. ‘It’s early days, but our strategy for the next three years is to explore and identify how we can deploy artificial intelligence and automation effectively. We also now have a cybersecurity offering after forming a joint venture with a team of experts,’ says Hassan.

This year is, he adds, a crucial year for network-specific objectives. ‘One key strategy is all network firms working as one point of service delivery for our clients globally, so we have to prepare for this,’ he says.

He views the past 16 years as a great achievement that he credits in large part to his ACCA qualification: ‘Throughout my journey in this profession, ACCA has been a key part of my success. I am proud to be part of the ACCA family.’