Govt deprived of huge taxes as many companies remain out of auditing

Recently, ICAB has celebrated its golden jubilee. How much ICAB has come over the last 50 years?

Despite facing many challenges, ICAB has served the country over the last 50 years. It will do the same in the future aimed at ensuring accuracy and fairness in the financial sector. Since its start from zero, ICAB has gone a long way towards development, including infrastructure and in terms of quality. Former ICAB leaders made a major contribution to the expansion of the institute. Bangladesh produced 2,500 CAs in last 50 years who have made a great contribution to the economy. Earlier, there were only few CA firms but currently there are 200 firms in the country which are working to do audit of the companies.

The country’s economy witnessed a remarkable expansion over the years. How much has CA profession advanced in Bangladesh to cope with the economy?

Bangladesh is considered as an emerging economy in the world while its growth is remarkable. Bangladesh has ranked 41st among the world’s largest economies and the second-biggest in South Asia in 2019. The HSBC has forecast that Bangladesh will be the 26th largest economy by 2030. On the other hand, the corporate sector of the country has been booming in the same way. The revolution of the economy has created a huge demand for chartered accountants (CAs) in Bangladesh.

Chartered accountants (CAs) have made a big contribution to the development of the country with financial statements. ICAB has been working tirelessly to produce CAs to cope with the expansion of the economy. There is no company in the country where there are no students who completed CA course.

Chartered accountants are involved in ensuring financial accuracy. Why is financial scandal commonplace yet?

The country was divided into many in different times to extend the power of then rulers. Even, the country was divided before liberation and post-liberation. Many people used to make financial statements in their favour. This is why financial accuracy faced big challenges over the period. The financial discipline is impossible without driving out of dishonest people involved with this profession directly or indirectly.

However, ICAB has been working relentlessly to reduce financial indiscipline and ensure accuracy in the financial sector with financial statements. The young generation wants to maintain business following accuracy and fairness. Soon after the young generation takes a leadership role, the scenario will be changed and financial accuracy will be ensured.

Why Bangladesh is facing an acute shortage of CAs despite huge demand in the market?

With the expansion of the economy and the corporate sector boom, the services of certified chartered accountants (CAs) are now in high demand in Bangladesh. The corporate companies are now obliged to make financial statements. Bangladesh needs at least 20,000-25,000 CAs to cope with the economy. But the country has a shortage of CAs despite the demand in the market.

CA is a must to ensure financial discipline. But many corporate companies have no idea about the importance of CA. On the other hand, there is a lack of awareness and marketing of the profession. Many cannot enter this profession due to social responsibility to family despite having interest. This is why, we cannot supply sufficient CAs needed in the market.

It is mandatory for the listed companies to make financial statements. What is the reality?

The decision to bring the listed companies under financial statement is commendable. But the reality does not reflect the positive sign of the step. Though it is mandatory to make financial statements, many companies remain out of auditing. This is why the country is being deprived of a significant portion of tax.

There are nearly 277,442 registered public, private and foreign companies and firms in Bangladesh. These entities have to submit financial audit reports to run their business. A small number of nearly some 30,000 to 35,000 companies submit returns. This is why the government is losing and is deprived of revenue.

If all the companies submit audit reports with professional chartered accountants, there will be a revenue revolution and the government never needs to take loan from the lending agencies. The businesses of the country do not want to follow laws. They must be forced to abide by laws and those who are unidentified taxable people must be brought under tax net to boost revenue collection.

The businessmen are the main beneficiary of CAs. They must come forward to glorify the profession. As we are failing to produce skilled manpower, the global peers are making its best utilization and earning currency. The reserve is going in the global market. The government and businesspeople must take this responsibility. It should be a headache of businesspeople. There is no plan in our country. The businesspeople must come forward to boost the profession as well.

What steps ICAB have taken to make sufficient CAs to cope with the flow of economic expansion?

There is a lack of awareness and marketing of CA profession in Bangladesh. The gap of awareness is much worst in the villages. Even, many businesspeople have no knowledge about the importance of CAs. ICAB launched timely initiatives to generate CAs in accordance with the demand of the market. We would never compromise with the quality. We will do everything to maintain quality. ICAB is now offering degree with subject-wise pass and those who pass the similar course in the universities they will not study again in the CA education journey. Over the last several years, ICAB made the CA education decentralized.

Recently, ICAB launched regional offices in Khulna, Rangpur and Rajshahi where students can get all necessary information on CA career. Earlier, students had to face three exam levels at the ICAB head office in Dhaka. Now, they can complete the first level at the regional offices.

Also, ICAB is active in building awareness among university and college-level students nationwide. In recent years, ICAB has run awareness campaigns among nearly 7,000 students in Dhaka, Chattogram, Barishal, Rangpur and Sirajganj. ICAB has been signing MoUs on CA study with universities, including Dhaka University, Chattogram University and the Bangladesh University of Professionals, as well.

Such steps have turned into effect. This year nearly 2,500 students have showed interest to study CA which is the highest in the history of ICAB.

How much CA has potential and what is the future of the profession?

The CA is a high-demand profession both in the local and global market. Those who have CA degree are advancing significantly in their careers as they are recruited directly into senior positions. Many are entering the global job market after passing CAs to enjoy a better career. It is easy for those who want to build better career abroad. CA is the best way to turn the dream into reality within the shortest period of time and easy way.

The future of CAs is bright. A significant number CAs are holding the top position of the companies in the UK. CA is highly demanded in the global market. There is an opportunity to build career in the global market after passing CAs.