Bangladesh Finance Minister Amir Khusru Mahmud Chowdhury called for ‘self-regulation’ of accountants to ensure transparency and accountability in the financial sector. He stressed the importance of ensuring 100% transparency and accountability to achieve overall economic stability and sustainable growth in the country and restore the confidence of domestic and foreign investors in the capital market and financial sector. He emphasized on presenting the correct and real financial picture (fair picture) of every organization by maintaining the professional integrity of chartered accountants and cost and management accountants in particular.

He said this while addressing the chief guest at the ‘FAR Summit’ organized by the Financial Reporting Council (FRC) in collaboration with the Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) at the Pan Pacific Sonargaon Hotel in the capital today. The main theme of this year’s summit was “Trustworthy Financial Reporting: What Really Matters”.

Amir Khosru Mahmud Chowdhury said, “Bangladesh’s economy has gone through a turbulent period in the past years. Our regulatory agencies, oversight systems and watchdog bodies were almost ineffective, leading to a sort of chaos in the financial sector. Weak companies were listed in the capital market through false reporting or false representation, causing good and fundamental companies to lose interest in the market.”

Emphasizing on institutional reforms to overcome the current crisis in the financial sector, the finance minister said, we are now standing at a crossroads. The current government wants to build an economic system that will have full transparency and accountability. Our economic future depends on how institutions like FRC, ICAB and ICMAB perform. It is not possible for any regulatory body to go day-to-day and catch errors; Therefore, accountants themselves and related bodies should first of all take the role of ‘self-regulating’ or self-motivated control.

Referring to his past experience as Minister of Commerce, the Minister said, trusting the private sector, the way BGMEA was tasked with issuing UD certificates in the past and they were successful; Similarly, ICAB and ICMAB should not limit themselves to hosting annual general meetings or dinners, but should strictly regulate how their members are performing and conducting proper audits.

The finance minister highlighted the new opportunities created for Bangladesh in the international market and said that big fund managers and investors from all over the world are now showing great interest in Bangladesh. World famous investment companies including JP Morgan want to come to Bangladesh. We are planning to float Bangladesh Dedicated Fund in Hong Kong and London, besides launching domestic bonds. But the first condition to attract this huge foreign investment or Foreign Direct Investment (FDI) is reliable financial reporting. If investors do not trust the audit report, no reforms will work.

He urged all stakeholders to come forward in the ongoing reforms of the capital market, NBR and the financial sector to build a financial ecosystem based on global standards for the larger interest of the country without thinking about short-term benefits.

Finance Secretary Dr. Md. Khayeruzzaman Majumdar was the special guest in the program. Rashed Al Mahmud Titumir, Member of Parliament. Abul Kalam Vice President BTMA, presented the keynote speech. Md. Sajjad Hossain Bhuiyan Chairman FRC.

SOURCE: WSN24