ICAB, Padma Bank sign MoU on DVS

The Institute of Chartered Accountants of Bangladesh (ICAB) and Padma Bank Limited signed a Memorandum of Understanding (MoU) on Document Verification System (DVS) in Dhaka on Sunday.

Md Moniruzzaman, President of ICAB, and Tarek Reaz Khan, Managing Director and CEO of Padma Bank signed the MoU from their respective sides, said a press release.

ICAB Vice Presidents- Md Yasin Miah, MBM Lutful Hadee and Md Johirul Islam, ICAB Council Member and DVS steering committee Convener Mohammed Forkan Uddin, CEO Shubhashish Bose and Padma Bank CFO Badal Kumar Nath were also present on the occasion.

Md Moniruzzaman said, “DVS is well accepted by the regulators, financial institutions including banks, and corporates. It has enhanced the credibility of auditors a lot.”

He assured the DVS users that ICAB is ready to provide any kind of help if there is any difficulty in operational aspects.

Tarek Reaz Khan said, “Banks operate mainly for deposit mobilisation, sanctioning the loans and assessment of credit risk. For functioning those properly, they need to assess the financial statements of companies accurately.”

“We are coming into this collaboration through this MoU to ensure the proper assessment of the financial statements and analysis of the risk. It will also reduce tax evasion,” he added.

Describing the background of introducing the Document Verification System, Mohammed Forkan Uddin said, “To protect the national interest, ICAB launched DVS in collaboration with NBR. It will make the government revenue secured, reduce the number of loan defaulters, help attracting foreign direct investments, and establish financial eco-system of the country.

“At the same time, DVS will protect the dignity of CAs as before it was found that unauthorised people signed the financial statements in the name of Chartered Accountants.”

Md Yasin Miah said, “DVS will erase the unauthorised auditors and CA firms, and reduce financial anomalies. Due to some professional reformations made by ICAB including introduction of DVS, the number of practicing chartered accountants are increasing.

“They could contribute to the economy a lot. DVS will make the banks more compliant as well, and thereby would create a compliant culture in the country.”

MBM Lutful Hadee said, “CA firms, banks, leasing companies, and the VAT authority have to be more compliant with the existing VAT act. This DVS is such a mechanism which will help them to be more compliant with the act.”

Md Shahadat Hossain, immediate past president of ICAB, urged all to make DVS more successful to ensure transparency and accountability in the financial system of the country.