DHAKA, Feb 27, 2022 (BSS) - Commerce Minister Tipu Munshi today 
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.