ICMAB delegation meets FRC Chairman

A delegation of The Institute of Cost and Management Accountants of Bangladesh (ICMAB) led by its President Mr. Md. Mamunur Rashid FCMA met Financial Reporting Council (FRC) Chairman Prof. Dr. Md. Hamid Ullah Bhuiyan at his office on 17 February 2022. The ICMAB President apprised the FRC Chairman about the role of Cost and Management Accountants in enterprise management, cost control, decision making and performance evaluation of business and industrial sectors. Besides the discussion on the matters of mutual professional interest, President ICMAB also explained about the benefit of Cost Audit and its different aspects.

He also urged upon the need for implementing Cost Audit in different Sectors, in accordance with the decision of the government published through Gazette notification. Moreover, to ensure transparency, accountability and good governance of listed companies in the capital market, Cost of Goods Sold statement with company return should be implemented after getting certification from Cost and Management Accountants. The Chairman gave emphasis on implementation of Cost Audit in all listed companies and government owned enterprise in order to ensure transparency and cost efficiencies. He also gave emphasize that FRC and ICMAB will work together to achieve its objectives. Among others ICMAB Past President Mr. A K M Delwer Hussain FCMA and Executive Director Mr. Muhammad Abdullah were present in the meeting.