The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has welcomed 245 new cost and management accountants as its fellow or associate members.
Commerce Minister Tipu Munshi handed over certificates to the newly enrolled ICMAB members in a convocation event at a Dhaka hotel on Thursday.
"In the modern competitive world, each organisation needs to control costs for the sake of preventing wastage of resources. Cost accounting is a key there. And, the ICMAB will play its due role in the economic development of Bangladesh," the minister said. He was present in the ICMAB Convocation 2019 as the chief guest.
Comptroller and Auditor General of Bangladesh Mohammad Muslim Chowdhury spoke on the occasion as a special guest while economist Dr Abul Barakat was the convocation speaker.
ICMAB President Abul Kalam Majumder, Secretary General Md Abdur Rahman Khan were among the prominent cost and management accountants to address the incumbent professional accountants.
The institute started its journey in the 1970s under the Cost and Management Accountants Ordinance of 1977. Since then, it has been working for educating and training cost and management accountants in Bangladesh.
Managed as an autonomous professional body under the Ministry of Commerce, the ICMAB is a member body of the South Asian Federation of Accountants and the Confederation of Asian and Pacific Accountants.
The institute has nearly one and a half thousands of members of whom two-thirds are fellow members whom they call FCMA. The rest are associate members known as ACMA.