Dhaka: The Institute of Chartered Accountants of Bangladesh (ICAB) and the Financial Reporting Council (FRC) have signed a Memorandum of Understanding (MoU) to strengthen the verification of audited financial statements and audit reports of public interest entities. The agreement was formalized by Dr. Md. Sajjad Hossain Bhuiyan, Chairman of the FRC, and NKA Mobin, President of ICAB, during a ceremony attended by ICAB Vice-Presidents, Council Members, and senior FRC officials at a city hotel.
According to Bangladesh Sangbad Sangstha, under the Financial Reporting Act (FRA) 2015, public interest entities must file annual financial statements with the FRC, which is responsible for verifying their accuracy and completeness. The MoU enables ICAB to assist the FRC in ensuring compliance through the Digital Verification System (DVS), as these financial statements are audited by certified chartered accountants (CA) firms.
During the ceremony, the FRC Chairman, as the chief guest, emphasized ICAB’s crucial role in t
he financial sector. He stated that the FRC is supporting ICAB to benefit businesses and the economy, highlighting that the entire revenue sector relies on the financial statements of organizations and business entities. He noted that a true and fair view of these statements would enhance revenue and sustain the financial ecosystem of the country.
ICAB President NKA Mobin highlighted the importance of a collaborative approach, stating, “We’re working hand in hand with the FRC to support all stakeholders and advance the development of the accounting and auditing profession.” Through this cooperation, the FRC and ICAB aim to enhance transparency, accountability, and monitoring of audit practices in Bangladesh.
The DVS will enable the FRC to verify whether financial statements and audit reports submitted by both public interest and non-public interest entities are certified by certified chartered accountants and registered auditors of the FRC. This initiative marks a significant step in strengthening audit qua
lity, ensuring professional compliance, and maintaining high standards of corporate governance under the FRA 2015.