Include CMAs in independent board of directors: ICMAB chief

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) President Md Jasim Uddin Akand has proposed to add Cost and Management Accountants (CMAs) and professional accountants to the independent board of directors of the companies listed on the stock exchange.

At the same time, he has proposed to make cost audit compulsory in all limited companies as per government guidelines.

He made the proposal in a webinar titled "Public Financial Management in Bangladesh" organized by ICMAB. This information has been informed in a press release issued by the organization on Monday.

Mohammad Muslim Chowdhury, Comptroller and Auditor General of Bangladesh joined the program as the Chief Guest and Md Mamun-Al-Rashid, Member (Secretary), Industry and Energy Division of Planning Commission joined as the special guest.

Chief Guest Mohammad Muslim Chowdhury said Public Financial Management (PFM) got a unique feature in the government system. Our financial process starts from the parliament.

He described the entire PFM system in a detailed manner for the participants and students of this arena.

Special Guest Md Mamun-Al-Rashid said Expenditure management is a key issue for the government, especially developing countries needs to focus on this process very much. He emphasized on procurement plan and described its importance for the development process on the basis of his diverse experience.

A K M Delwer Hussain FCMA, Vice President of SAFA and Past President & Chairman, Seminar and Conference Committee of ICMAB gave the welcome address.

Ahmed Ataul Hakeem FCMA, Controller of Examinations, BRAC University & Former Comptroller and Auditor General of Bangladesh and Md. Abdur Rahman Khan FCMA, ICMAB Council Member and Joint Secretary of Ministry of Finance, participated the program as commentators.

Past president and Council Member of ICMAB Abu Sayed Md. Shaykhul Islam FCMA moderated the entire and gave his analysis regarding the topics of discussion.

sr/zn