The Institute of Chartered Accountants of Bangladesh (ICAB) and the Financial Reporting Council (FRC) signed a Memorandum of Understanding (MoU) on Sunday, 14 September 2025, at Hotel Sonargaon, Dhaka, to strengthen the verification of audited financial statements and audit reports submitted by public interest entities to the FRC.
The MoU was signed by FRC Chairman Dr Md Sajjad Hossain Bhuiyan and ICAB President NKA Mobin FCA. ICAB Vice-Presidents, Council Members, and senior officials of FRC were present at the ceremony.
Under Section 45(3) of the Financial Reporting Act (FRA) 2015, public interest entities are required to file their annual financial statements with the FRC, which is tasked with verifying their accuracy and completeness. As these financial statements are audited by chartered accountants holding a Certificate of Practice (COP) from ICAB, the MoU enables ICAB to assist the FRC in ensuring compliance through the effective use of the Document Verification System (DVS).
FRC Chairman Dr Md Sajjad Hossain Bhuiyan, as the chief guest, emphasized the role of ICAB in the financial sector. “The FRC is facilitating ICAB’s work for the benefit of businesses and the economy. A true and fair view of financial statements will enhance revenue and sustain the financial ecosystem of the country,” he stated.
ICAB President NKA Mobin FCA highlighted the importance of collaboration, stating, “We are working hand in hand with the FRC to support all stakeholders and advance the development of the accounting and auditing profession.”
The MoU aims to enhance transparency, accountability, and monitoring of audit practices in Bangladesh. The DVS will allow the FRC to verify whether financial statements and audit reports submitted by both public interest and non-public interest entities are certified by chartered accountants holding ICAB’s CoP and registered auditors of the FRC.
This initiative is a significant step in strengthening audit quality, ensuring professional compliance, and maintaining high standards of corporate governance under the FRA 2015.
