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ICMAB/Press Release/Admn/                            Date: May 05, 2012

 

PRESS RELEASE

SAFA International Conference held in Dhaka


The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized an International Conference on "Enterprise Governance for Stock Market Development: The Role of Management Accountants" which was inaugurated on May 3, 2012 at Senate Bhaban, University of Dhaka. Amongst others the inaugural function was attended by Commerce Minister Mr. Ghulam Muhammad Quader, MP, Government of Bangladesh as Chief Guest who declared the Conference open. The Conference was concluded on 4 May 2012 where the Industry Minister Mr. Dilip Barua, Government of Bangladesh attended as Chief Guest while Comptroller and Auditor General of Bangladesh Mr. Ahmed Ataul Hakim was present as special guest.

The SAFA Conference-2012 earmarked non-prevalence of good governance as the Contributory factor to the current global economic turn down and consequent stock market crush in Bangladesh. In the two days’ Conference on May 3-4, 2012, the speakers and participants discussed and exchanged views on the role of Management accountants and other professionals to improve both enterprise and economic governance for the sustainable growth of financial sectors as well as stock markets. 

The speakers underscored the need of a new financial regulatory authority named Financial Reporting Council to prevent financial frauds and market manipulation. For the purpose of transparency, accountability, internal audit, Cost Audit and compliance with corporate laws, rules, regulations, ethics, and standards were also identified as important solutions.

The conference expressed views that enterprise governance protects interests of all stakeholders and creates an environment to provide accurate and detailed information on business performance and financial matters on which general investors can rely and base their investment decisions. The speakers also urged the Management Accountants and auditors to balance conformance with the performance to protect public interest.

The Conference also underscored the need of the improvement of economic governance to streamline the financial sectors and overall economic situation. It recommended to constitute a Financial Reporting Council as early as possible in line with developed countries of the world.

Amongst others ICMAB’s President Prof. Mamtaz Uddin Ahmed, FCMA, SAFA President Mr. Muhammad Rafi, FCMA, Vice President Mr. Abdul Mannan, FCMA, Chairman of the Seminar and Conference Committee of ICMAB Mr. A.S.M. Shaykhul Islam, FCMA, Vice President Mr. Muhammed Salim, FCMA and ICMAB’s Secretary Mr. Jasim Uddin Akond, FCMA also spoke on the occasion. Mr. Rafiq Ahmed,FCMA, past President, ICMAB, Mr. Mohammed Mohiuddin, Past President, ICMAB,Prof. Lakshman R.Watawala, President,ICMA Sri Lanka. And Mr. Zahir Uddin Ahmed, FCA,FCMA,Past president,ICMAB & SAFA were Session Chairmen in different sessions of the conference.

Four technical papers on the topics (i) "Enterprise Governance –Best Practices in SAFA Region" by Prof. Dr. Khawaja Amjad Saeed, FCA, FCMA, Ex- Pro Vice-Chancellor, University of Punjab, Pakistan (ii) "Enterprise Governance: A Comprehensive Platform for Investor Protection by Mr. A. N. Raman, Past President, SAFA (iii) Enterprise Governance in Banks and Financial Institutions by Mr. Mr. Muzaffar Ahmed, FCS, FCMA, Past President, ICMA Bangladesh and (IV) Ensuring Enterprise Governance: The Role of Gatekeepers by Mr. Abdul Hannan Zoarder, Executive President, Bangladesh Institute of Capital Market (BICM) SAFA were presented in the Conference.

High dignitaries of the Government, Semi-Government and Sector Corporations, key members of the Trade and Industries community, representatives of Banks, Financial Institutions and a large number of members of accounting profession from home and abroad participated the conference. The concluding session was followed by a colorful cultural function and dinner. 

A.K.M.Nazrul Islan,FCMA

Executive Director

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