ICAB, RJSC sign MoU on document verification system

The Institute of Chartered Accountants of Bangladesh (ICAB) and the Registrar of Joint Stock Companies and Firms (RJSC) have signed a Memorandum of Understanding (MoU) at a ceremony held at ICAB Council Hall on Wednesday.

Under this MoU, RJSC will get access to use Document Verification System (DVS) for verifying the authenticity of audited financial statements of the companies registered with RJSC, ICAB said in a statement. ICAB President Md Shahadat Hossain and Sheikh Shoeibul Alam, Registrar of Joint Stock Companies and Firms (RJSC) signed the MoU.

Urging for maintaining professional integrity Sheikh Shoeibul Alam said, “We all together can build a good corporate culture which is essential for the development of the country. Definitely, under this MoU, this DVS will make the task of RJSC officials easier to verify the audited financial statements submitted to RJSC.”

Md. Shahadat Hossain said, “DVS will ensure the authenticity of audited financial statements, ultimately it will help to reduce the gap between the number of financial statements audited by the auditors and the number of companies registered with RJSC.”

Highlighting the purposes of the launching of DVS, Mohammed Forkan Uddin said, “Foreign investors, see first the audited financial statements of a company before making a decision for cross-border investment, National Board of Revenue (NBR) needs audited financial statements for revenue assessment, and the banks require it for sanctioning loans.” The DVS will stop submitting unauthentic financial statements to the RJSC, he added. ICAB Vice President NKA Mobin, Fouzia Haque, Council Members Sabbir Ahmed, Md. Moniruzzaman, Mohammed Forkan Uddin, Maria Howlader, CEO Shubhashish Bose, and COO Mahbub Ahmed Siddique, and from RJSC, Santosh Kumar Pandit, Additional Registrar (Joint Secretary), and Abu Essa Mohd. Mostafa Bhuiyan, Deputy Registrar, among others, were present on the occasion.