Dr Hamid Ullah Bhuiyan to be appointed as chairman of FRC

The government is expected to appoint Dhaka University professor Dr Hamid Ullah Bhuiyan as the new chairman of Financial Reporting Council (FRC) for four years.

FRC is a government body that ensures accountability and improves performance of professionals involved in accounting, reporting, auditing and actuarial.

Finance ministry will issue a notification regarding the appointment as soon as finance minister signs the notification. Finance Secretary Abdur Rouf Talukder has already signed it.

Dr Hamid Ullah Bhuiyan is now the professor department of Accountancy Information System of Dhaka University.

The tenue of the chairman of the FRC CQK Mustaq Ahmed ended on August 7 this year. According to the notification, FRC chairman tenure is for four years from the date of joining or until he/she becomes 65 years in age.  

Formed under the Financial Reporting Act-2015, the FRC started functioning formally in 2017 after he assumed the office.

The parliament passed the law to ensure accountability, promote the highest standards and improve performance of professional accountants and auditors and enhance credibility of financial reporting.

The FRC is empowered to cancel the registration of auditors and ensure punishments for fabricating audit reports.

Four executive directors are also appointed to oversee the four key divisions — standards setting, financial report monitoring, audit practice review and enforcement — of the council whose office might be set up at Kakrail area in Dhaka.

There are 12 members of the council: the chairman, two additional secretaries (one from the finance ministry and one from commerce ministry), one representative from the Office of Comptroller and Auditor General, a deputy governor of BB, a member from the National Board of Revenue, a commissioner from the Bangladesh Securities and Exchange Commission, president of the Institute of Chartered Accountants of Bangladesh, president of Institute of Cost and Management Accountants, president of the Federation of Bangladesh Chambers of Commerce and Industry and a professor from the department of accounting from any public university. An executive director of the FRC also works as member-secretary of the council.

ask/zn