ICMAB International Seminar on 'Cost Audit-an Effective Tool of Corporate Governance' held
The
Institute of Cost and Management Accountants of Bangladesh (ICMAB)
organized an International Seminar on “Cost Audit— an Effective Tool of
Corporate Governance” which was held on May 10, 2009 at
Bangladesh-China Friendship Conference Centre, Dhaka.
Mr. Muhammad Faruk Khan, MP, Hon'ble Minister, Ministry of Commerce, Government of the People's Republic of Bangladesh was present in the occasion as Chief Guest and inaugurated the Seminar while Mr. Annisul Huq, President, The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) was present as Special Guest in the inaugural session. Mr. Dilip Barua, Hon’ble Minister, Ministry of Industries, Government of the People’s Republic of Bangladesh was present as Chief Guest and Mr. Feroz Ahmed, Secretary, Ministry of Commerce was present as Special Guest in the valedictory session. The speakers of the seminar mentioned that lack of accountability and corporate governance in the banks, financial institutions and trade and commerce is one of the reasons of presant world wide economic meltdown of most of the developed conntries including USA. In order to survive the situation and preservance of public rights conciousness has been increased worldwide and initiative has been taken to establish good corporate governance in the banks and financial institutions of USA and Eupope. Corporate governance is very much needed in the banks and industrial units of Bangladesh and other countries in this region also. In that case, traditional financial audit is not enough and in order to survice cost audit should be implemented like India and Pakistan. The speakers also mentioned that cost audit is an essential tool to find out produciton cost, administrative expenses etc. Cost audit succesfully implemented in India and Pakistan. In Bangladesh there is a provision of cost audit in the Companies Act but it is not implement due to lack of effective steps. As such cost audit should be implemented in the government owned interprises in order to establish accountability and corporate governance. The commerce minister in his speech mentioned the necesity of cost audit and gave assurance for its proper implementation. Mr. Ahmed Ataul Hakim, FCMA, Comptroller & Auditor General of Bangladesh, Mr. Feroz Ahmed, Secretary, Ministry of Commerce, Government of the People’s Republic of Bangladesh and Mr. A.B.M. Khorshed Alam, Additional Secretary, Ministry of Industries, Government of the People’s Republic of Bangladesh were present as Session Chairmen respectively. Three technical papers on the topics (i) “Evolution of Cost Audit in India—Past and Future” by Mr. Kunal Banerjee, President, ICWA India (ii) “Cost Audit in Pakistan Under the Companies Ordinance, 1984” by Mr. Mohammad Rafi, FCMA, Past President and Member of National Council, ICMA Pakistan; and (iii) “Cost Audit and Management Accounting Designed to Foster Corporate Governance in Bangladesh” by Mr. Md. Nurul Hassan, FCMA, Past President, ICMA Bangladesh and SAFA were presented in the Seminar. Among others Institute’s President Mr. A.B.M. Shamsuddin, FCMA, Vice-Presidents Mr. A.K.M. Delwer Hussain, FCMA and Mr. A.S.M. Shaykhul Islam, FCMA, Secretary Mr. Jasim Uddin Akond, FCMA and Chairman of the Seminar and Conference Committee Mr. Md. Abdul Aziz, FCMA were also spoke on the occassion. Accounting professionals from Bangladesh and other SAARC countries, business communities and dignitaries of the country participated in the seminar.
