Finance Adviser Dr Salehuddin Ahmed on Sunday directed the Financial Reporting Council (FRC) and the Finance Division to take swift action to implement a series of reform measures aimed at strengthening accounting, auditing and overall financial discipline in Bangladesh.
The directives came at a seminar titled “FRC and Economic Governance in Bangladesh”, held at the Finance Division of the Ministry of Finance, with the finance adviser in the chair and Finance Secretary also present, according to a release.
At the seminar, FRC Chairman Dr Md Sazzad Hossain Bhuiyan presented the keynote paper, highlighting the role of the council in improving economic governance and financial transparency in the country. Senior officials from the Finance Division and the FRC attended the event.
The finance adviser praised the FRC’s performance over the past eight months, particularly its contribution to strengthening accounting, auditing and financial discipline. He instructed the authorities concerned to take immediate steps to implement the FRC’s action plans.
The key instructions include the rapid completion of recruitment for 57 officers and staff, issuance of four FRC regulations, and approval and implementation of automation programmes for the council.
The adviser also directed the Finance Division to provide necessary support for obtaining, renewing and maintaining FRC membership with international standard-setting bodies, including the IFRS Foundation, International Federation of Accountants (IFAC), XBRL International Inc., Asian-Oceanian Standards Setters Group, International Forum of Accounting Standard Setters (IFASS) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
In addition, he called for assistance in organising knowledge-based training programmes, bilateral meetings and the signing of memoranda of understanding with international organisations.
Dr Salehuddin Ahmed also commended the initiatives taken by the FRC chairman to improve financial reporting and auditing practices in public universities, describing them as an important step towards enhancing transparency and accountability in the public sector.