ICMAB delegation meets FRC Chairman

A delegation of The Institute of Cost and Management Accountants of Bangladesh (ICMAB) led by its President Md. Mamunur Rashid met Financial Reporting Council (FRC) Chairman Professor Dr. Md. Hamid Ullah Bhuiyan at his office on Thursday last.

In the meeting, the ICMAB president apprised the FRC chairman about the role of cost and management accountants in enterprise management, cost control, decision making, and performance evaluation of business and industrial sectors.

Besides the discussion on the matters of mutual professional interest, ICMAB president also explained the benefit of cost audit and its different aspects, ICMAB said in a statement.

Mamunur Rashid also urged upon the need for implementing cost audit in different sectors, in accordance with the decision of the government published through a gazette notification.

Moreover, to ensure transparency, accountability, and good governance of listed companies in the capital market, the cost of goods sold statement with company return should be implemented after getting certification from cost and management accountants.

The ICMAB chairman gave emphasis on the implementation of cost audit in all listed companies and government-owned enterprises in order to ensure transparency and cost efficiencies. He also gave emphasized that FRC and ICMAB will work together to achieve its objectives. ICMAB former president AKM Delwer Hussain and Executive Director Muhammad Abdullah were present in the meeting.