ICAB, NGO Affairs Bureau sign MoU

The Institute of Chartered Accountants of Bangladesh (ICAB) and the NGO Affairs Bureau (NGOAB) under the Prime Minister’s Office have signed a Memorandum of Understanding (MoU) recently.

The MoU, which will enable NGOAB to get access to use Document Verification System (DVS) to verify the authenticity of different NGOs’ audited financial statements, was signed at a ceremony held at the NGOAB office on Tuesday.

ICAB President Md. Shahadat Hossain FCA and NGOAB Director General (Grade-1) K.M. Tariqul Islam have signed the MoU from their respective sides.

ICAB Vice President NKA Mobin FCA, Council Member Mohammed Forkan Uddin FCA, NGOAB Director Ashfaqur Islam Babul, Director Jinat Ara, Deputy Director Md. Anwar Hossain also spoke at the event.

ICAB Chief Operating Officer Mahbub Ahmed Siddique FCA, among others, were present at the event.

DVS has already become quite acceptable to the business community and other regulatory bodies, states a press release published by ICAB on Tuesday.

ICAB has a similar arrangement with the National Board of Revenue (NBR), Financial Reporting Council (FRC), Bangladesh Securities and Exchange Commission (BSEC) and Registrar of Joint Stock Companies and Firms (RJSC).

ICAB has developed the Document Verification System (DVS) to authenticate the audited financial statements of different entities.

DVS will make the accounting system more acceptable and reliable. ICAB introduced this software database DVS on December 1, 2020, to curb the malpractice of producing multiple financial statements and to establish transparency and accountability in the accounting system of the country.