Cost and Management Accountants' role vital to reduce cost of business: Tipu Munshi

The role of Cost and Management Accountants (CMAs) is indispensable to reducing the cost of business, and minimise wastage and misuse of resources, said Commerce Minister Tipu Munshi at the 24th convocation of the Institute of Cost and Management Accountants Bangladesh (ICMAB).

The convocation was held at the Grand Ball Room of Radisson Blu Dhaka Water Garden Hotel on Sunday, said a press release.

"Under the commerce ministry, this efficient CMA workforce is playing a vital role in fostering the economic growth of the country. Efficient human resources like CMAs' role in reducing the cost of doing business is crucial," said the minister as the chief guest at the programme.

He hoped that the students and members of the institute would apply their knowledge and skills positively for the achievement of sustainable economic development in Bangladesh.

Tipu Munshi handed over certificates to 486 CMA degree holders at the programme. A total of 13 Students received awards in 14 categories.

Commerce Ministry Senior Secretary Tapan Kanti Ghosh, who was present on the occasion as a special guest, said that during the time of the pandemic, these accountants made their remarkable contribution to keeping the financial condition of the organisations stand-high, which helps the country to stay in the right track.

He believed that Bangladesh's economy would be highly benefited from the guided services of these professionals.

As the convocation speaker, Comptroller and Auditor General of Bangladesh Mohammad Muslim Chowdhury said that CMAs possess profound knowledge and that can identify weaknesses of companies and suggest remedies to recover from them to make the companies profitable.

Professional expertise and skill are always stepping ahead in the performance of any organisation, whether it is in the public or private sectors. The qualified CMAs have been performing their due role for achieving the organisations' goals, he added.

ICMAB President Md Abdur Rahman Khan cited that to face the challenges of globalisation and rapid growth of Bangladesh's economy, the country requires competent accounting professionals and the Institute is very much committed to producing such professional accountants from its very inception.

He gave emphasis and reminded the members of their duties to follow the ethics and professional code of conduct in discharging their responsibilities.

ICMAB Secretary Kausar Alam offered Vote of Thanks.