âProduction of multiple financial statements of companies to be stoppedâ
492
DHAKA, Dec 22, 2020 (BSS) – Chairman of Financial Reporting Council (FRC) Hamid Ullah Bhuiyan today said if the Document Verification System (DVS) becomes effective, the production of two or three types of financial statements will be stopped.
The FRC Chairman said this at an MoU signing ceremony today.
With a view to ensuring transparency and accountability and strengthening the monitoring and review system of the audited Financial Statements, the FRC under the Ministry of Finance, signed an MoU regarding the use of DVS, with the Institute of Chartered Accountants of Bangladesh (ICAB) at its Auditorium today.
Audit bodies join hands to eliminate fake reports
Star Business Report
Star Business Report
The Financial Reporting Council (FRC) yesterday signed an agreement with the Institute of Chartered Accountants of Bangladesh (ICAB) to plug the scope for unruly companies to prepare fake audit reports to evade taxes and borrow from banks.
The FRC, an independent oversight body, will monitor the financial statements of companies based on an application termed document verification system (DVS) developed by the ICAB to prevent unruly firms from submitting falsified or multiple audited financial statements. This will increase compliance and improve the transparency of audited financial statements by companies, said FRC Chairman Md Hamid Ullah Bhuiyan after the signing of the agreement at the ICAB in Dhaka.