Tipu for devising system for ensuring submission of proper financial statements

Commerce Minister Tipu Munshi Sunday underscored the need for devising such a system through which no company can submit fake financial statements before the National Board of Revenue (NBR), the Registrar of Joint Stock Companies and Firms (RJSC) and other regulatory bodies.

"The way the country is moving ahead economically, it's very much necessary to ensure accuracy in the financial statements," he said.

The Commerce Minister said this while addressing a view-exchange meeting with the new committee of the Institute of Chartered Accountants of Bangladesh (ICAB) at the CA Bhaban in the capital's Kawran Bazar area today.

Noting that it is very much important for conducting accurate accounts operations for the sake of a firm or a company, he said no company can prosper if it does not conduct its account operations in a coordinated manner.

Tipu said although there are more than 2.50 lakh registered companies in the country, but it needs to be investigated how many companies out of those are properly submitting their financial statements.

"If any company submits fake statements, then its liability goes to the accountants. So, all of us should devise such a system so that no vested quarter could get opportunity to submit fake financial statement," he added.

The Commerce Minister said the number of qualified charted accountants in the country is less compared to the economic advancement. He also suggested the ICAB to take necessary steps for grooming more qualified chartered accountants in the country to meet the growing demand.

He also urged the chartered accountants to involve more in development activities of the country. "With the knowledge and expertise of chartered accountants, the country will be benefited a lot especially in terms of economic development, and poverty eradication," he said.

Tipu also assured that the Ministry of Commerce would provide all out support to ICAB to equip the Institute as well as the CA profession to keep pace with the technological advancement.

Mentioning that the involvement of chartered accountants in development is very crucial, he said every company should engage CAs in their accounts department for better management functions.

Citing some landmark initiatives, ICAB President Md Shahadat Hossain said that there is an urgent need to strengthen the capacity of ICAB so that chartered accountants can contribute more to the economy and be aligned to the government's mission and vision.

He briefed some recent initiatives undertaken by ICAB, especially the automation projects and the projects for development of the Institute. 

Shahadat apprised the minister about the ICAB's firm commitment towards the sustainable development of Bangladesh and also informed that the institute is playing a great role in eliminating unauthentic financial statements submitted to RJSC and other regulatory bodies.  

He also requested the minister to declare January 6 as Chartered Accountant's Day as the Institute was established on the day in 1973 by the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

Besides, ICAB drew the Minister's attention to the development projects undertaken by ICAB in addition to establishment of two academic campuses in Dhaka and Chattrogram, including a male and female hostel for students, support for small and medium practitioners (SMPs), and institutional capacity building to increase the number of CAs. 

ICAB also demanded for involving chartered accountants in the government's development projects so that they could contribute to ensure maximum use of the government funds and timely implementation of the projects. 

ICAB Vice President Fouzia Haque, CEO Shubhashish Bose and general secretary of Economic Reporters' Forum (ERF) SM Rashidul Islam spoke, among others, on the occasion.

ICAB Vice President NKA Mobin, and Council Members & Past Presidents Muhammad Farooq, Kamrul Abedin, Adeeb Hossain Khan and Council Members Sabbir Ahmed, Md. Moniruzzaman, Md. Mahamud Hosain, Mohammed Forkan Uddin, Md Yasin Miah, MBM Lutful Hadee, 

COO Mahbub Ahmed Siddique and DRC office bearers were present on the occasion.