Financial Reporting Council Bangladesh (FRC) chairman Prof Dr Md Hamid Ullah Bhuiyan has stressed the need for implementing cost audit in all listed companies and government owned enterprises to ensure transparency and cost efficiencies.
He said this while a delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) met him at his office on Thursday, said a media statement.
ICMAB President Md Jasim Uddin Akond, who led the delegation, lauded the role of ICMAB in enterprise management, cost control, decision making and performance evaluation of business and industrial sectors.
The ICMAB president also explained the benefit of cost audit and its different aspects.
He pointed out that cost audit helps improving performance and production efficiencies by detecting deviations from standards, and reasons of visible and invisible losses, efficiencies, wastages etc.
He also emphasised the need for implementing cost audit in different sectors, in accordance with the decision of the government published through gazette notification.
Among others from ICMAB, AKM Delwer Hussain FCMA, former ICMAB president and vice president of South Asian Federation of Accountants, Md Ali Haider Chowdhury FCMA, treasurer, and Md Mahbub Ul Alam FCMA, executive director, was present at the meeting.