ICAB, OCAG ink MoU on exchange of expertise

Effective financial management both in public and private sectors is crucial for the sustainable expansion of the country’s economy, according to the chartered accountants (CAs).

They came up with the observation while signing a memorandum of understanding (MoU) between the Institute of Chartered Accountants of Bangladesh (ICAB) and the Office of the Comptroller and Auditor General (OCAG), Bangladesh at Hotel Sheraton in the capital on Monday.

ICAB President Md. Shahadat Hossain and Comptroller and Auditor General of Bangladesh Mohammad Muslim Chowdhury signed the MoU on behalf of their respective sides.

Under this MoU, ICAB and OCAG, Bangladesh will work together to develop and introduce courses and programmes with a view to creating the scope of intellectual sharing between them, develop customised training programmes, disseminate knowledge and technical expertise on public financial management, private-sector accounting and auditing and legislations, instruments and practices.

While addressing the event, Shahadat Hossain said accounting is very much important for all financial transactions. “So, it has a major impact on the economy. That’s why an integrated accounting system in both public and private domain is the demand of the time,” he added.

“The MoU will be effective in accuracy of auditing which will ultimately contribute to the overall economy of Bangladesh,” he said.

Muslim Chowdhury said, “We must focus on improving the quality of auditing for the betterment of the economy. We can go a long way in a cooperative way because knowledge sharing is considered as empowerment.”

“Under this MoU, both the organisations will work in a collaborative way to exchange expertise to bridge the knowledge gap between ICAB and OCAG,” he added.

ICAB Vice President NKA Mobin, CEO Shubhashish Bose, OCAG Deputy Comptroller and Auditor General Prof. Dr. Fahmida Islam and Deputy Comptroller and Auditor General (Accounts & Report) Khan Md. Ferdausur Rahman Khan also spoke on the occasion.

ICAB council members, former presidents, high officials of OCAG, among others, were present at the ceremony.