Blockchain tech to impact on country’s accounting system

Published : 11 Oct 2021 08:25 PM | Updated : 12 Oct 2021 11:02 AM

Blockchain technology has the potential to impact all recordkeeping processes, including the way transactions are initiated, processed, authorized, recorded, and reported. Changes in business models and business processes may impact back-office activities such as financial reporting and tax preparation.

The observations were made at a virtual webinar on ‘Blockchain: New dimension for audit profession’ organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on Sunday.

They said both the role and skill set of auditors may change as new blockchain-based techniques and procedures emerge. Also the Independent auditors will need to understand blockchain technology as it is implemented at client sites, whether clients are pursuing blockchain business opportunities, implementing blockchain business applications, or applying blockchain in accounting, etc. 

Dulal Krishna Saha, Executive Chairman , National Skills Development Authority(NSDA), attended the event as the chief guest while ICAB President Mahmudul Hasan Khusru FCA delivered the address of welcome. 

Dewan Nurul Islam FCA, Past President of ICAB & Managing Director, Grant Thornton Consulting Bangladesh Ltd. moderated the session as session chairman. 

Purushothaman KG (Puru), Partner and National Sector Leader, Telecommunica­tions, KPMG in India presented the keynote paper. Gabriella Kusz, Principal, Strategic Initiatives, PAIB, International Federation of Accountants (IFAC), Dr. Md Sadek Ferdous, Associate Professor, Department of Com­puter Science and Engineering, BRAC University,  and  Tanimul Bari, Senior Technical Spe­cialist, BNDA Team, Bangla­desh Computer Council were the panel speakers.

Highlighting the key activities of NSDI, Dulal Krishna Saha, Executive Chairman, NSDA  said, the government is trying to create freelancing jobs on ICT where talented youths will have the opportunity to earn money.

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