A delegation from the Institute of Cost and Management Accountants of Bangladesh (ICMAB) met with Financial Reporting Council (FRC) Chairman Prof. Dr. Md. Hamid Ullah Bhuiyan in his office, led by its President Md. Mamunur Rashid.
The FRC Chairman was briefed on the role of Cost and Management Accountants in enterprise management, cost control, decision-making, and performance evaluation in the business and industrial sectors by the ICMAB President.
According to a press release, in addition to discussing topics of mutual professional interest, the ICMAB President also discussed the benefits of cost auditing and its various elements.
Mamunur also emphasized the importance of performing cost audits in various sectors, as per the government’s decision, which was published in the Gazette.
Furthermore, he stated that in order to maintain transparency, accountability, and good governance of listed firms in the capital market, a Cost of Goods Sold statement with company return should be introduced once Cost and Management Accountants have certified it.
In order to promote transparency and cost efficiency, the FRC Chairman emphasized the deployment of cost audits in all publicly traded corporations and government-owned enterprises.
He also stated that FRC and ICMAB will collaborate to attain their goals.
The meeting on February 17 included ICMAB Past President A K M Delwer Hussain and Executive Director Muhammad Abdullah, among others.
