ICAB, FRC sign mou to boost audit transparency

ICAB and the FRC have taken a significant step to strengthen the verification of audited financial statements and audit reports for public interest entities by signing an MoU. The signing ceremony took place on Sunday at Hotel Sonargaon, Dhaka.

Dr Md Sajjad Hossain Bhuiyan, Chairman of the FRC, and NKA Mobin FCA, President of ICAB, took decisive steps for the profession by signing the MoU. Their leadership inspired the Vice-Presidents, Council Members, and senior officials present to champion this significant leap forward.

Section 45(3) of the Financial Reporting Act 2015 requires public interest entities to file annual financial statements with the FRC. The FRC verifies these statements for accuracy and completeness. Chartered accountants with a Certificate of Practice (CoP) from ICAB audit these statements. The MoU enables ICAB to assist the FRC in ensuring compliance by utilizing the Document Verification System (DVS) effectively.

Chief guest Dr Sajjad Hossain Bhuiyan, FRC Chairman, championed the move's national importance: "The nation's revenue sector relies on authentic financial statements. Delivering a true and fair view will energize revenue streams and fortify the country's financial backbone."

ICAB President NKA Mobin FCA celebrated the powerful alliance: "Together, we drive stakeholder value and elevate the accounting and auditing profession to new heights."

This cooperation seeks to enhance transparency, accountability, and audit oversight in Bangladesh. Through the DVS, the FRC confirms that ICAB members with a CoP and registered FRC auditors certify all financial statements and audit reports.

This bold initiative sets a new benchmark for audit quality, professional compliance, and corporate governance under the FRA 2015.