Medical &Health

Transparent public finances must for a resilient economy: experts

Experts at a webinar on Saturday said Chartered Accountants (CAs) can play a vital role in economic recovery by taking particular care in their conduct and judgments as fair information, accountability, and transparent public finance are important to develop a strong and resilient economy in the backdrop of the Covid-19 pandemic.

 

Institute of Chartered Accountants of Bangladesh-ICAB arranged at the virtual conference on ‘Role of Chartered Accountants in Economic Recovery and Promoting Cross-Border Investments’ through zoom platform.

 

Taking part in the event, international and regional experts said the strongest and most resilient economies will be those where people can trust information so that leaders can make well-informed decisions, businesses can be held to account and public finances are transparent.

 

PM’s Private Sector Industry and Investment Adviser Salman F Rahman MP attended the conference as the chief guest, while president of CA Sri Lanka Manil Jaysinghe FCA as the special guest and president of the International Federation of Accountants (IFAC) Dr. In-Ki Joo as the guest of honour.

 

Executive Director (Technical) at the Institute of Chartered Accountants in England and Wales (ICAEW) Robert Hodgkinson FCA, presented the keynote paper, while ICAB President Muhammad Farooq FCA, delivered address of welcome.

 

Hodgkinson said Covid 19 is also an economic crisis alongside the health crisis. “Economies are disrupted and businesses are threatened, the accountancy profession has a vital role to play,” he added.

 

“In the strongest and most resilient economies people trust information so that leaders could make well-informed decisions, businesses are held to account and public finances are transparent. The skills that the accountancy profession develops and applies –are the fundamental in building a World of strong economies. But just as important as their technical skills are the ethical approach and the integrity that they bring to their work. Under the current pressures of the pandemic, they must all take particular care in their conduct and judgments,” he said.

 

Muhammad Farooq said the coronavirus pandemic hit Bangladesh’s economy hard and jeopardized the country’s impressive achievements particularly in poverty reduction.

 

ICAB as a professional institute is providing suggestions to the government in preparation of well-thought-out recovery plan and action programs to tackle the toxic impact of the deadly disease on the economy, he said.

 

Expert professionals of the Institute are involved in analyzing the impact of COVID-19 on the different sectors of the economy and suggesting the proper strategy and plans for recovery directly and indirectly. “We‘ve very important responsibility for building business confidence among the stakeholders ensuring our trust leadership,” he further said.

 

ICAB Vice President Sabbir Ahmed FCA made opening remarks in the function moderated by member council and former president of ICAB Md Humayun Kabir FCA.

 

ICAB vice president Mohammed Forkan Uddin FCA delivered the vote of thanks, said a press release.

 

Source: United News of Bangladesh