Experts stress need for cost audit implementation


Experts stressed the need for implementing Cost Audit in different sectors, in accordance with the decision of the government published through gazette notification.

The observation was made in a view exchange meeting on Saturday between the a delegation of the Institute of Cost and Management Accountants of (Bangladesh) ICMAB and  Financial Reporting Council, Bangladesh (FRC) Chairman Prof. Dr. Md. Hamid UllahBhuiyan at his office. The ICMAB  President Md. JasimUddinAkond led the delegation. The ICMAB president apprised the FRC chairman about the role of Cost and Management Accountants in enterprise management, cost control, decision making and performance evaluation of business and industrial sectors, said an ICMAB. Besides holding discussions on the matters of mutual professional interest, the ICMAB president also explained about the benefit of Cost Audit and its different aspects. 

He also pointed out that it helps improve performance and production efficiencies by detecting deviations from standards, and reasons of visible and invisible losses, efficiencies and wastages.

Jashim also stressed the need for implementing Cost Audit in different sectors, in accordance with the decision of the government published through gazette notification.

The FRC chairman gave emphasis on implementation of Cost Audit in all listed companies and government owned enterprise in order to ensure transparency and cost efficiencies.

He also informed that FRC and ICMAB will work together to achieve its objectives. Hamid sought support of ICMAB to make the sick industries profitable.

ICMAB Past President and Vice President of South Asian Federation of Accountants (SAFA) A K M DelwerHussain, Treasurer Md. Ali HaiderChowdhury and Executive Director Md. MahbubUlAlam were present, among others, in the meeting.