Transparent and high quality financial reporting will reduce the cost of doing business and enhance the investors’ confidence in capital market and bond marker which would ultimately help to attract both local and foreign investment in the country-speakers told at a virtual members’ conference.
The Institute of Chartered Accountants of Bangladesh (ICAB0 organised the virtual members’ conference on ‘Financial Reporting Act 2015 – Roles and Responsibilities of Professional Accountants’ on Sunday, 23 August 2020.
C.Q.K. Mustaq Ahmed, Former Chairman, Financial Reporting Council of Bangladesh graced the conference as the chief guest. Opening remarks was made by Sabbir Ahmed FCA, Vice President and Chairman of Technical and Research Committee (TRC) of ICAB. Muhammad Farooq FCA, President of ICAB delivered address of welcome.
Mahbub Ahmed Siddique FCA, Director Technical, ICAB presented the keynote paper while Executive Director, Audit Practice Review of FRC Md. Sayeed Ahmed, Executive Director, Financial Report Monitoring Mohammad Mohiuddin Ahmed FCA, and Executive Director, Standard Setting, M Anwarul Karim FCA spoke on the occasion.
Muhammed Farhad Hussain FCA wrapped up the session while Mohammed Forkan Uddin FCA, Vice President – ICAB made the concluding remarks.
FRC formal Chairman CQK Mustaq Ahmed said, Auditors should know the Financial Reporting Act minutely for better professional service. If FRC finds some one guilty, before taking any decision, the matter is discussed in the Council for making proper judgment. If someone is penalized, there is an opportunity for the aggrieved to take remedy in the external appellate court as per the provision of section 54 of FRA, he said.
Mr. Ahmed said, FRC is a Council consisted of 11 members with different backgrounds whose responsibility is to discuss the gravity and nature of offence and to ensure justice to the affected stakeholders. The government has enacted the FRA for the purpose of professional development of the Chartered Accountants and to add value to the profession, he added.
He said, an auditor has enormous power and has a big role at the same time. Through his audit a company can be destroyed. And again for any mistake an audit firm canbe destroyed, he said.
ICAB President Muhammad Farooq said, in the global business context, a local company has to survive through stringent competition with a foreign company. He said, professional accountants look into the matters related to the financial strengthen of a company. He prepares strategic goals by analyzing financial data and presents them to the stakeholders. On other hand professional accountants also carry out statutory audit of the financial statement of a company. In these aspects the role of CAs is very crucial. All the stakeholders and regulator should play an active role to make the FRA more effective, he added.
Executive Directors of FRC stressed the need to prepare fair audit report. They shared their experiences, so far, while being in the office. They urged to maintain standards while preparing audit reports. The conference was largely participated by the members of the Institute.