Experts at an event on Tuesday observed that the data based document verification system (DVS) will make the country's accounting system more acceptable and reliable.
They also opined that the DVS will help curbing malpractice of producing multiple financial statements and to establish transparency and accountability in the financial statements of different entities.
The remarks came up at the Signing of a Memorandum of Understanding (MoU) at a ceremony between the Institute of Chartered Accountants of Bangladesh (ICAB) and the Bangladesh Investment Development Authority (BIDA) of the Prime Minister’s Office at BIDA head office, Agargain in the capital.
Under this MoU BIDA will get access to use documents verification system (DVS) for verifying the authenticity of audited financial statements of different entities.
Md. Shahadat Hossain FCA, President, ICAB and Mohsina Yasmin, Executive Member (International Investment Promotion), BIDA have signed the MoU from their respective sides.
Md. Sirazul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA), Prime Minister's Office, GoB graced the occasion present as the chief guest.
ICAB Vice President Fouzia Haque FCA, BIDA Director General Shah Mohammad Mahboob, and Executive Member Mohsina Yasmin also spoke on the occasion.
ICAB Vice President NKA Mobin FCA, Council Members, Md. Moniruzzaman FCA, Sabbir Ahmed FCA, Chief Executive Officer Shubhashish Bose, Chief Operating Officer Mahbub Ahmed Siddique FCA, among others were present in the occasion.
DVS has already become quite acceptable to the business community and other regulatory bodies. ICAB has similar arrangement with National Board of Revenue (NBR), Financial Reporting Council (FRC), Bangladesh Securities and Exchange Commission (BSEC), NGOs Affairs Bureau and Registrar of Joint Stock Companies and Firms (RJSC).
ICAB has developed the Document Verification System (DVS) to authenticate the audited financial statements of different entities.
DVS will make the accounting system more acceptable and reliable. ICAB introduced this software data base document verification system (DVS) from 1 December 2020 to curb malpractice of producing multiple financial statements and to establish transparency and accountability in the financial statements of different entities. Highlighting the purposes of launching of document verification system(DVS), ICAB Council Member Mohammed Forkan Uddin FCA said, foreign investors see first the audited financial statements of a company before making a decision for cross boarder investment, National Board of Revenue (NBR) needs audited financial statements for revenue assessment, and the Banks require it for sanctioning loan. ICAB’ Document Verification System (DVS) will ensure the authenticity of this audited financial statements which will ultimately reduce the number of loan defaulters and bring confidence for foreign investment, he added and said, it will also enhance the revenue and thereby change the financial eco-system of the country.