The Institute of Chartered Accountants of Bangladesh (ICAB) and the Financial Reporting Council (FRC) signed a Memorandum of Understanding to assist the FRC in ensuring compliance in audit reports.
The Memorandum of Understanding (MoU) signing ceremony held in a city hotel on Sunday.
Under this MoU, the Document Verification System (DVS) will improve the capacity of verification of audited financial statements and audit reports submitted by public interest entities.
The MoU was signed by Dr. Md. Sajjad Hossain Bhuiyan, chairman of the FRC, and NKA Mobin FCA, President of ICAB.
The signing ceremony was attended by ICAB Vice-Presidents, Council Members, and senior officials of the FRC.
Under Section 45(3) of the Financial Reporting Act (FRA) 2015, public interest entities must file their annual financial statements with the FRC for verification. As these statements are audited by ICAB-certified chartered accountants, the MoU will allow ICAB to assist the FRC in ensuring compliance through its Document Verification System (DVS).
As the chief guest, FRC Chairman Md. Sajjad Hossain Bhuiyan highlighted ICAB’s vital role, stating, “The entire revenue sector depends on the financial statements of organizations and business entities. A true and fair view of these statements will enhance revenue and sustain the financial eco-system of the country.”
ICAB President NKA Mobin FCA emphasized the collaborative spirit, saying, “We are working hand in hand with the FRC to support all stakeholders and advance the development of the accounting and auditing profession.”
This partnership aims to improve transparency, accountability, and the monitoring of audit practices in Bangladesh.
The DVS will enable the FRC to verify if financial statements and audit reports from both public and non-public interest entities have been certified by ICAB-qualified chartered accountants and are registered with the FRC.
This initiative is a significant step toward strengthening audit quality, ensuring professional compliance, and maintaining high corporate governance standards under the FRA 2015.