Govt to take step for cost audit at all PLCs

Published : 07 Jun 2020 08:06 PM | Updated : 05 Sep 2020 07:25 PM

Laying due emphasize on the importance of cost audit process, Commerce Secretary, Dr. Md. Jafar Uddin said he will take necessary steps to actualize the implementation of cost audit for all public limited companies.

Delivering speech at an international webinar, Dr. Md. Jafar Uddin indicated about the stimulus package initiative taken by the government, saying that it will help tackling the damages done by the COVID-19 situation, professional accountants will be able to help for the recovery process. 

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized the International Webinar on “The Challenges and Role of Professional Accountants amid and post COVID-19 era” on Friday.

Commerce Secretary expressed his hope that new conceptual framework will emerge from this COVID-19 situation.

Zia Ul Mustafa Awan FCMA - President of South Asian Federation of Accountants (SAFA);CA. Atul Kumar Gupta - President of the Institute of Chartered Accountants of India (ICAI); CMA Balwinder Singh - President of Cost Accountants of India (ICAI); Prof. Lakshman R. Watawala - President of the Certified Management Accountants of Sri Lanka; CA. Krishna Prasad Acharya -President of the Institute of Chartered Accountants of Nepal; Sabbir Ahmed FCA - Vice President of the Institute of Chartered Accountants of Bangladesh (ICAB); Elaine Hong - Executive Director of CAPA and Md. Shaifur Rahman Mazumdar  FCA, FCMA,  COO, Dhaka Stock Exchange joined the webinar as Speakers. 

ICMAB President Md. Jasim Uddin Akond FCMA emphasized in his inaugural speech that global leaders and professional bodies of accountants should work together in a combined platform.  Mentioning about the implementation of cost audit, Md. Jasim Uddin Akond FCMA said that though there was a circular given in 2001 for the cost audit in all listed public limited companies, it is very unfortunate to say that till date Cost Audit in all public limited companies has not been ensured. 

The post COVID-19 situation will be a different and complicated situation and professional accountants will be able to give big services at that moment, and they’ll need support from relevant sectors also. 

Abu Sayed Md. Shaykhul Islam FCMA, Past President and present Council Member of ICMAB presented the paper as Keynote Speaker.  In his paper, Abu Sayed Md. Shaykhul Islam FCMA said the entire global economy might be far worse than 2008 global economic crisis as almost all organizations of all sizes and all sectors of economy includingprofessional accountants, auditors and consultants had been facing unexpected, unprecedented and extreme challenges to survive amid Covid-19. 

He identified liquidity shortage and cash management in the corporate world as the main challenges for businesses and professionals. 

He also expressed the hope that the world human being would overcome the pandemic one day and they would start a fresh journey of growth again. He opined that the agriculture sector had not been affected that much in Bangladesh as the government had been proved very successful in handling the agriculture issues and paddy harvesting. 

Shaykhul also identified the issues like business organization's ability to continuity as going concerns, valuation of assets and inventory under IFRS, physical verification of assets, inventories and cash balances and development of digital platform for providing online and remote professional services as the main challenges for the professional accountants and auditors amid Covid-19. 

Laying emphasis on audit of the proper disbursement of funds of the government's announced stimulus package Mr. Shaykhul opined that the Corona virus might be an opportunity for the accounting, auditing and consulting regime to further grow under digital platforms and survive in the changed global socio-economic scenario caused by Covid-19.

Arif Khan FCMA, Past President and present Council Member of ICMAB and CEO & Managing Director, IDLC Finance Limited acted as Commentator and Md. Mamunur Rashid FCMA, Vice-President of ICMAB and DMD, Index Group of companies conducted andmoderated on this International Webinar.