The government loses one-fifth of revenue every year owing to faulty audit reports of different companies, Helal Uddin Nizami, commissioner of Bangladesh Securities and Exchange Commission, said today.
He has emphasised ensuring transparency of audit reports.
Helal Uddin was addressing a workshop on the proposal for the enactment of "The Institute of Internal Auditors Bangladesh Act" at the Audit Bhaban in the capital's Kakrail area.
"Taxes are being evaded through audit activities. So we have to stop it as early as possible," Helal said.
If the Institute of Internal Auditors Bangladesh can conduct its activities after the enactment of the new law, it will be able to synchronise its work with that of other organisations.
"In our country, corporate governance means family governance. We have to change this culture."
Not only auditors, but accountants also would have to be brought under the purview of the law by the Financial Reporting Council Bangladesh over their wrongdoing, he stated.
He noted that there was no database server of audit reports in Bangladesh.
The Comptroller and Auditor General, Mohammad Muslim Chowdhury, in his remarks said that organisations like the Institute of Internal Auditors Bangladesh must come forward with their knowledge to contribute to the country's overall economic development.
Muslim Chowdhury stressed the need to strengthen the profession of auditors in both public and private sectors.
He also promised his support in enacting the proposed law and suggested bringing about changes in some sections of the proposed law to bring it in tune with the times.
He also said that internal audit profession can be made mandatory in the regulatory bodies.