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In to bid to ensure transparency in financial statement of a company, Commerce Secretary Tapan Kanti Ghosh on Wednesday asked the auditors to prepare unified report instead of separate for different regulators.
Tapan made the call while addressing a workshop titled “Finance for Non-Finance Professionals” meant for the journalists and organised jointly by the Institute of Chartered Accountants of Bangladesh (ICAB) and the Economic Reporters Forum (ERF) on Wednesday.
“Various business houses and corporate firms are preparing three to four types of financial statements to take various kinds of illegal facilities,” Tapan said.
He said that there is a tendency of submitting separate financial statements before the National Board of Revenue, the Bangladesh Bank and the Bangladesh Securities and Exchange Commission (BSEC) for the convenience of the companies. As a result, over valuation and devaluation of the main assets of the companies occur which create hindrance in realising revenues.
He also said that the role of the auditors is very much important towards ensuring transparency in preparing the financial statements of companies. The task of preparing a transparent audit report should have to be done by all including auditor and company.
“The economic growth of the country has been a bit less due to the Covid-19 pandemic as the country is now still behind in comparison to the FY19. But, dynamism has been infused in the economy with the increase of imports and exports. Hopefully, the economy will get back soon to the pre-Covid situation,” he added.
ICAB President Mahmudul Hasan Khusru said that the auditors are working so that there is no manufacturing of three to four types of audit reports. “If there is transparent financial statement, then the country and its people will be benefitted while the revenue collection will also increase.
However, the ICAB would provide interest free loans to the bright and meritorious students who are studying CA under a project as well as provide interest free loans to the CA course completing students.
The Commerce Secretary inaugurated the project. The loans will be disbursed subject to fulfilment of certain conditions, results of the academic exams, and the solvency of families.
The objectives of the project are to motivate the talented students to take CA as profession, to increase the number of accountant professionals to meet the growing demand and thus meet the challenge of the future. A total of 60 economic reporters took part in the two-day training workshop.
ICAB Vice Presidents Maria Howlader and Siddharth Barua, chief executive officer Shubhasish Bose, ERF President Sharmeen Rinvy and General Secretary SM Rashidul Islam spoke, among others.
