The Institute of Cost and Management Accountants of Bangladesh (ICMAB) held a press conference this morning at the Economic Reporters Forum in Paltan.
ICMAB President Mahtab Uddin Ahmed FCMA presented the keynote, highlighting the need for reforms in the audit system and asserting the rights of CMA members.
He stated that over the past decade and a half, systemic mismanagement has led to the collapse of Bangladesh’s audit ecosystem, resulting in reduced investments and a rise in non-performing loans to BDT 4.2 trillion. Poor auditing standards have significantly reduced Foreign Direct Investment (FDI).
Citing global practices, Ahmed noted that in countries like the United Kingdom, Canada, Australia, Pakistan, South Africa, and Nigeria, multiple professional bodies are authorized to conduct statutory audits.
He emphasized that due to the acute shortage of CA firms in Bangladesh, it is essential to grant statutory audit rights to CMAs—particularly in areas where audit by CA firms is not legally mandatory.
He made a strong appeal to open up audit opportunities for CMAs in sectors such as WPPF, gratuity funds, NGOs, trusts, SMEs, and other funds in accordance with Schedule-1 (Ga) of the FRC regulations.
ICMAB strongly demanded the inclusion of their rights in the national budget and Finance Ordinance for the fiscal year 2025–26.
Former President Mohammad Selim FCMA and Vice President Md. Kausar Alam FCMA responded to various questions from journalists. Also present were former President Md. Delwar Hossain FCMA, Secretary Hasnaine Toufique Ahmed FCMA, Council Members Md. Akhtaruzzaman FCMA and Md. Jahangir Alam FCMA, and Executive Director Md. Mahbub Ul Alam FCMA.
ICMAB called upon all relevant authorities to ensure a qualitative transformation of the country's auditing practices and to establish sound financial governance by enabling CMA members to play an effective role.
