A Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of Bangladesh (ICAB) and Local Government Division under the Ministry of Local Government Rural Development and Cooperatives, GoBwas signedon Wednesdayat the LGSP office in the city.
ICAB President Muhammad Farooq FCAand MaranKumar Chakraborty, Additional Secretary, Local Government Division signed the MoU for the Annual External Audit of Union Parishads across the country and the Review of Audit Report submitted by Audit Firms under Local Government Division, Ministry of Local Government Rural Development and Cooperatives, GoB.
ICAB Secretary& CEO (In-charge) Mahbub Ahmed Siddique FCA, Deputy Director Md. AfsarUddin FCA, Deputy Project Director, Local Government Support Project-3, Md. Jahirul Islam were present in the programme. .
The Local Government Division (LGD) of the Ministry of LGRDand Cooperatives has initiated the implementation of Local Governance Support Project-3 with financial support from the World Bank from January 2017 to December 2021.
One of the objectives of the LGSP-3 is to institutionalize the UP fiscal transfer system, and Union Parishads’ audit &performance assessment.
ICAB will perform its statutory and regulatory role through sensitizing the firms on the quality requirement of the assignment(s). It will also facilitate the participating firms to prepare an audit plan, a standard audit program, common understanding of materiality and a standard audit report format including adverse and disclaimer of opinion.
The key feature of the Project is to ensure UPs to have an external audit of their latest annual financial statements along with the performance assessment and fiduciary & safeguard compliance assessment.
The ICAB and the LGD will review the provisions of the MOU on an annual basis and amend it as necessary upon mutual consent.