DVS to enhance transparency in accounting system

Document Verification System (DVS) will bring some positive changes in the accounting system of the country, said speakers at a discussion programme.

However, a combined effort from the business community, Financial Reporting Council, ICAB and the stakeholders is required to enhance the credibility and transparency in the accounting system through DVS, said BRAC Bank Limited Chairman Dr Ahsan H Mansur.

They were speaking at a high level discussion on DVS jointly organised by Institute of Chartered Accountants of Bangladesh (ICAB) and Bangladesh Institute of Bank Management (BIBM) at BIBM auditorium in Dhaka on Thursday.

ICAB President Md Shahadat Hossain presented the keynote paper on DVS and BIBM Director General Dr Md Akhtaruzzaman chaired the discussion.

“DVS will streamline our accounting system while the private sector including banks are required to follow the international accounting standards like International Financial Reporting Standards (IFRS),” Mansur said.Still many organisations follow the traditional accounting system which is not suitable for proper development, he opined.

“There is a trend to avoid taxes so NBR should reform its tax administration,” he added.

ICAB President Md Shahadat Hossain FCA said, “Success of the Document Verification System depends on the auditors, entities, users and the regulators, where concerted efforts are required.”

Citing some examples of punishments taken by ICAB against professional misconducts, he said no other professions or regulators have taken such bold decisions against their stakeholders.

He urged the management of banks to ensure there is a Document Verifications code (DVC) for the Financial Statements of entities before sanctioning the loans.