The Institute of Chartered Accountants of Bangladesh (ICAB) and the Padma Bank Limited have signed a Memorandum of Understanding (MoU) on Document Verification System (DVS) on Sunday at ICAB Council Hall, CA Bhaban, Dhaka.
Md. Moniruzzaman FCA, President, ICAB and Tarek Reaz Khan, Managing Director & CEO, Padma Bank Limited have signed the MoU from their respective sides. ICAB Vice Presidents Md. Yasin Miah FCA, MBM Lutful Hadee FCA and Md. Johirul Islam FCA, ICAB Council Member & Convener, DVS steering committee Mohammed Forkan Uddin FCA, CEO Shubhashish Bose and Padma Bank’s CFO Badal Kumar Nath also spoke on the occasion.
ICAB President Md. Moniruzzaman FCA said, DVS is well accepted by the regulators, financial institutions including banks, and corporates. It has enhanced the credibility of auditors a lot. He urges the DVS users, if there is any difficulty in operational aspects, ICAB is ready to provide any kind of help in this regard.
Padma Bank Limited Managing Director & CEO Tarek Reaz Khan said, Banks operate mainly for deposit mobilization, sanctioning the loans and assessment of credit risk. For functioning those properly, they need to assess the financial statements of the company acurately.
We are coming into this collaboration through this MoU to ensure the proper assessment of the financial statements and analysis of the risk. It will also reduce the tax evasion, he added.
Describing the background of introducing the Document Verification System (DVS), Mohammed Forkan Uddin FCA, ICAB Council Member & Convener, DVS steering committee said, to protect the national interest, ICAB in collaboration with NBR launched the DVS.
It will make the government revenue secured, reduce the number of loan defaulters, help attracting foreign direct investment, and establish financial eco-system of the country. At the same time, DVS will protect the dignity of CAs as before it was found that unauthorized people signed the financial statements in the name of Chartered Accountants, he lamented.
ICAB Vice President Md. Yasin Miah FCA said, DVS will erase the unauthorized auditors and CA firms, and reduce the financial anomalies. Due to some professional reformations made by ICAB including introduction of DVS, the number of practicing chartered accountants are increasing.
They could contribute to the economy a lot. DVS will make the Banks more compliant as well, and thereby would create a compliant culture in the country.
Another Vice President of ICAB MBM Lutful Hadee FCA said, CA firms, Banks, Leasing Companies, and the VAT authority have to be more compliant with the existing VAT act. This DVS is such a mechanism which will help them to be more compliant with the act, he said.
Md. Shahadat Hossain FCA, immediate past president of ICAB urges all to make the DVS more successful to ensure transparency and accountability in the financial system of the country.
