In recent years, there has been growing realization of the need for collaboration between private and public sector audit profession for ensuring effective oversight over expenditure management and quality audit in the public sector. A new Audit Act on the anvil is expected to address some of these constraints and empower the Comptroller and Auditor General (CAG) to use the private sector audit service in fully discharging its mandated responsibilities, said a policy paper presented in the workshop on “Public Private Partnership for Improved Public Sector Auditing in Bangladesh” organized by The World Bank, Dhaka at its office on Wednesday, 19 October 2016.
Masud Ahmed, Comptroller and Auditor General of Bangladesh made the opening remarks in the program while President of the Institute of Chartered Accountants of Bangladesh Kamrul Abedin FCA gave introductory comments. Ms. Suraiya Zannath, Lead Financial Management Specialist, the World Bank presented the key note paper.
Masud Ahmed said audit sector of the country could be improved through proper utilization of this Public Private Partnership initiative. Bangladesh now attained the Middle Income country status and is progressing in many ways. However, there are many challenges still hovering. To overcome these challenges, ICAB and CAG could work together through organizing mutual knowledge sharing sessions particularly in the area of Improved Public Sector Auditing in Bangladesh with a view to promote transparency and , accountability in public sector financial management. He urged the CAs and the officials of OCAG to find out the way forwards so that both the organization could work effectively.
In response to the ‘call for action’ to strengthen public sector accounting and auditing, and indeed strengthen all aspects of public sector financial management, a strategic Public Private Partnership is very imperative issue, ICAB President Kamrul Abedin FCA said in the workshop.
Working together with OCAG is vital for us with a view to achieve that goal to contribute more and more for our national development, Mr. Abedin said.
In Bangladesh the Supreme Audit Institution –the OCAG is doing the job with many impediments both internally and externally with limited capacity and resources. On the other hand the ICAB professionals are perceived to have their limited exposure to public financial management. Mutual cooperation between public and private sector is imperative to cope up with those limitations and challenges to reach at sustainable economic success, he opined.
To overcome the challenges the Public Private Partnership is the way forward to ensure a greater impact in the Audit and Assurance Quality. We strongly believe that ICAB and OCAG needs to work together to ensure our ethical and technical standards towards building a Sustainable Position of Bangladesh in the World. Both the organizations agreed to work together for promoting and improving the public sector auditing in Bangladesh. ICAB Council Members and Senior Officials of Office of the Comptroller and Auditor General (OCAG) participated in an open discussion.