Commerce Secretary Tapan Kanti Ghosh on Wednesday urged auditors to prepare a single financial statement for a concerned company to bring transparency.
Tapan made the call as various business houses and corporate firms often tend to prepare three to four types of financial statements to take various kinds of illegal facilities.
The Commerce Secretary was addressing a training workshop titled "Finance for Non-Finance Professionals" meant for journalists held in the capital today organized jointly by the Institute of Chartered Accountants of Bangladesh (ICAB) and the Economic Reporters Forum (ERF).
ICAB President Mahmudul Hasan Khusru, Vice President Siddharth Barua, chief executive officer Shubhasish Bose, ERF President Sharmeen Rinvy and General Secretary SM Rashidul Islam spoke, among others, on the occasion.
The Commerce Secretary said there is a tendency of submitting separate financial statements before the National Board of Revenue (NBR), Bangladesh Bank and the Bangladesh Securities and Exchange Commission (BSEC) for the convenience of the companies.
As a result, there is often overvaluation and devaluation of the main assets of the companies which creates hindrance in realizing revenues.
To overcome these problems, Tapan called upon the authorities concerned to prepare only one financial statement on the whole.
He also said, "The role of the auditors is very much important towards ensuring transparency in preparing the financial statements of companies. The task of preparing a transparent audit report should have to be done by all including auditor and company."
Tapan noted that the economic growth of the country has been a bit less due to the Covid-19 pandemic as the country is now still behind in comparison to the FY19. But, dynamism has been infused in the economy with the increase of imports and exports.
"Hopefully, the economy will get back soon to the pre-Covid-19 situation, "he added.
ICAB President Mahmudul Hasan Khusru said that they are working so that there is no manufacturing of three to four types of audit reports.
"If there is transparent financial statement, then the country and its people will be benefitted while the revenue collection will also increase," he said.
It was informed at the workshop that the ICAB would provide interest free loans to the bright and meritorious students who are studying CA under a project as well as provide interest free loans to the CA Course completing students. The Commerce Secretary inaugurated the project. The loans will be disbursed subject to fulfillment of certain conditions, results of the academic exams, and the solvency of families.
The objectives of the project are to motivate the talented students to take CA as profession, to increase the number of accountant professionals to meet the growing demand and thus meet the challenge of the future.
A total of 60 economic reporters took part in the two-day training workshop.
ICAB Vice Presidents Maria Howlader, and Mohammad Forkan Uddin, Council Member NKA Mobin spoke, among others, at the inaugural ceremony.
