DHAKA, Feb 19, 2022 (BSS) - A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB), led by its President Md. Mamunur Rashid, has met Financial Reporting Council (FRC) Chairman Prof. Dr. Md. Hamid Ullah Bhuiyan at his office.

    The ICMAB President apprised the FRC Chairman about the role of Cost and Management Accountants in enterprise management, cost control, decision making and performance evaluation of business and industrial sectors.

    Apart from the discussion on the matters of mutual professional interest, the ICMAB President also explained about the benefit of Cost Audit and its different aspects, said a press release.

    Mamunur also stressed the need for implementing Cost Audit in different Sectors, in accordance with the decision of the government published through Gazette notification.

    Moreover, he said to ensure transparency, accountability and good governance of listed companies in the capital market, Cost of Goods Sold statement with company return should be implemented after getting certification from Cost and Management Accountants.

    The FRC Chairman gave emphasis on implementation of Cost Audit in all the listed companies and government owned enterprise in order to ensure transparency and cost efficiencies.

    He also underscored that FRC and ICMAB will work together to achieve its objectives.

    ICMAB Past President A K M Delwer Hussain and Executive Director Muhammad Abdullah were present, among others, in the meeting held on February 17.