‘Good governance in business process imperative’

The Institute of Chartered Accountants of Bangladesh has launched an “Automation of Best Presented Accounts and Reports Awarding Process” to ensure good governance and transparency in evaluating the best financial report among companies.

“The objective of the web-based Review Committee for Published Accounts and Reports (RCPAR) program is to make the evaluation process easier and more trustworthy,” ICAB President Mahmudul Hasan Khusru said while delivering the welcome speech at the launching programme on Wednesday.

He also informed that ICAB has already introduced a web-based “Document Verification System (DVS)” which would enhance the transparency of financial information of organisations.

Both the initiatives will establish a good corporate practice in organisations and create financial reporting eco-system in the country, he added.

ICAB Vice President Maria Howlader said, ICAB has taken 19 automation projects, including automation of Accounting Module including AR & AP, Student Registration process Automation, E-Library & Library Automation, Website Revamping, RCPAR Automation, Paperless ICAB Member Service & Payment Automation, Regulatory Automation, HR Automation, among others.

She also added that after completion of these projects, the operational costs of the ICAB would decrease significantly at the same time, productivity and reliability will increased along with optimizing the performance of employees as well.

The automation process would instil higher trust and confidence of participating entities in the process of awards for Best Presented Accounts and Reports, she added.

Md. Moniruzzaman, council member and convenor of RCPAR of ICAB, spoke on theme of the event. ICAB CEO Shubhashish Bose made introductory remarks and ICAB Vice President Maria Howlader delivered closing remarks.

Information Minister Muhammad Hasan Mahmud, who was the chief guest of the event, said that the profession of accountancy is valued around the world for their expertise in financial management and government revenue generation and building confidence in investment.

To ensure continuity of our development, integrity, transparency, accountability and good governance in business process and reporting are essential, he said.

Chartered accountants hold the key of financial accounting, auditing and reporting from different roles as preparers, presenters, auditors and strategic business partner, he added.

He also said, “I hope your professional excellence would add value to ensure good governance in organisations. This will build business confidence among stakeholders”.

Speakers at the event said technology has great influenced the working environment, especially during the pandemic, when working remotely became the new normal instead of physical interaction at office.

In this new normal situation, ICT services enhanced the efficiency of officials and ensured smooth operational procedures in organizations.

They also said, the benefits of ICT-based automation are very clear; it reduces the over burden of tasks, free up time to work on that adds genuine value to the work process, allows more innovative in the work process as IT services generally reduces occurrence of human error by a nominal margin and ensures better product quality.