A Seminar on Implementation of Cost Audit - Strategies and Challenges and Inauguration of Two-day Training on Cost Audit was held on 21st September, 2018 at ICMAB Ruhul Quddus Auditorium, Dhaka Organized by The Institute of Cost and Management Accountants of Bangladesh (ICMAB).
Mr. M Mr. Shubhashish Bose, Senior Secretary, Ministry of Commerce, Government of the People’s Republic of Bangladesh inaugurated the program as chief guest. Mr. CMA A. N. Raman, Past President, South Asian Federation of Accountants (SAFA) presented the Seminar Paper. Mr. Mohammed Salim FCMA, President of the Institute presided over the Program.
Mr. M. Abul Kalam Mazumdar FCMA, Chairman of the Cost Audit and Professional Service Committee and former President of the Institute in his welcome address mentioned that Cost Audit is very much essential for competitiveness of govt. and private sector manufacturing industries. He also mentioned the importance of cost accounting standards that helps provide guidance to the users of cost statements, regulators, government, researchers and academicians for the purpose of uniformity and consistency in classification, measurement and assignment of costs. He also mentioned that in view of its importance to Cost Accounting and Cost Audit, ICMAB has already issued 23 nos Cost Accounting Standards.
The senior secretary in his speech cited few examples of anti-dumping where Bangladesh has to fight through product cost. For this the country needs wide use of costing and cost audit. He also mentioned that unless cost audit is widely used the industries cannot become competitive and if the industries are not competitive the country cannot be competitive globally.
Mr. Md. Abdur Rahman Khan Secretary of the Institute offered the vote of thanks. A good number of members and Students of the Institute attended and participated in the seminar.