The Financial Reporting Council (FRC) under the Ministry of Finance on Tuesday signed a Memorandum of Understanding(MoU) on the use of Document Verification System (DVS) with the Institute of Chartered Accountants of Bangladesh (ICAB) in the city.
Dr Md Hamid Ullah Bhuiyan, Chairman of FRC and Muhammad Farooq FCA, President of ICAB, signed the MoU from their respective sides with a view to ensuring transparency and accountability and strengthening the monitoring and review system of the audited Financial Statements.
Dr Hamid Ullah said DVS will stop production of multiple financial statements of companies.
“If DVS is effective, the production of two or three types of financial statements will stop and a culture of producing single set of audited financial statement will be established,” he added.
Dr Hamid Ullah also said that ICAB and FRC will work together in the future to strengthen the auditing system, which will help to expedite the development pace of the country.
The ICAB president said DVS has already become quite acceptable to the business community and other regulatory bodies. “ICAB has provided trainings to CA firm representatives to make DVS effective. It will be effective in making the accounting system acceptable and reliable,” he said.
He added that ICAB introduced this document verification system to curb malpractice of producing multiple financial statements and to establish transparency and accountability in the accounting system of the country.
In a presentation on DVS, ICAB Vice President Muhammed Forkan Uddin FCA explained how DVS works for authenticating the audited Financial Statements and ensures transparency of financial statements and accountability of the auditors.
Mentioning that ‘Unique Document Identification Number’ (UDIN) is being introduced in India, he said ICAB has planned to develop this DVS in order to stop producing multiple audited financial reports.
ICAB President for 2021 Mahmudul Hasan Khusru FCA, Council Member & Past President-ICAB Kamrul Abedin FCA, among others, spoke while Shubhashish Bose, Chief Executive Officer (CEO) of ICAB gave closing remarks.