A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB), led by its President Md Mamunur Rashid FCMA, Financial Reporting Council (FRC) Chairman Prof Dr Md Hamid Ullah Bhuiyan at his office in Dhaka on Thursday.
During the meeting, they discussed matters relating to mutual professional interest, and the ICMAB president also explained the benefit of Cost Audit and its different aspects, said a press release.
Mamunur Rashid 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.
He also urged upon the need for implementing cost audits in different Sectors, as per 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, he added.
Prof Dr Md Hamid Ullah Bhuiyan gave his assurance on the implementation of cost audits in all listed companies and government-owned enterprises in order to ensure transparency and cost efficiencies.
He also gave emphasised that FRC and ICMAB will work together to achieve its objectives.
Among others, former ICMAB president A K M Delwer Hussain FCMA and Executive Director Mr Muhammad Abdullah were present in the meeting.
