Cost auditing to be implemented in all public limited companies: Commerce secretary
ICMAB President Md Jasim Uddin Akond urged global leaders and professional bodies of accountants to work together in a combined platform
Emphasising the importance of the cost auditing process, Commerce Secretary Dr Md Jafar Uddin on Friday said the government will take necessary steps to implement cost auditing in all public limited companies.
He said this at an international webinar titled "The Challenges and Role of Professional Accountants amid and post Covid-19 era," reads a press release.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) arranged the webinar.
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Dr Md Jafar Uddin said professional accountants will be able to help tackle the damages done by Covid-19. The secretary hoped that a new conceptual framework would emerge from this crisis.
In his inaugural speech, ICMAB President Md Jasim Uddin Akond urged global leaders and professional bodies of accountants to work together in a combined platform.
About the implementation of cost audit, he said that though a circular had been issued in 2001 in this regard, cost audit has not been ensured in all public limited companies.
Abu Sayed Md Shaykhul Islam, former president of ICMAB, presented the keynote paper at the webinar.
Shaykhul, also an ICMAB council member, said in his paper that the entire global economy might be much worse than the 2008 global economic crisis as almost all organisations are facing unexpected, unprecedented and extreme challenges to survive amid Covid-19.
He also identified liquidity shortage and cash management in the corporate world as the main challenges for businesses and professionals.
"Covid-19 might be an opportunity for the accounting, auditing and consulting regime to further grow under digital platforms and survive in the changed global socio-economic scenario," Shaykhul concluded.
Among others, Zia Ul Mustafa Awan, president of the South Asian Federation of Accountants (SAFA), Atul Kumar Gupta, president of the Institute of Chartered Accountants of India (ICAI), Balwinder Singh, president of Cost Accountants of India (ICAI), Krishna Prasad Acharya, president of the Institute of Chartered Accountants of Nepal, Sabbir Ahmed, vice president of the Institute of Chartered Accountants of Bangladesh (ICAB), and Md Shaifur Rahman Mazumdar, COO of Dhaka Stock Exchange, also spoke at the webinar.
