The Financial Reporting Council (FRC) plays a vital role in strengthening economic governance in Bangladesh, with recent initiatives aimed at improving accounting, auditing and overall financial discipline, according to its officials.
This comment came at a seminar, styled “FRC and Economic Governance in Bangladesh”, held by the Finance Division at Bangladesh Secretariat on Sunday.
Presenting the keynote, FRC Chairman Dr Md Sazzad Hossain Bhuiyan outlined the council’s role in enhancing transparency, accountability and financial governance in the national economy.
Commending the FRC’s performance over the past eight months, Finance Adviser Dr Salehuddin Ahmed directed the Finance Division and FRC to expedite the implementation of several priority action plans.
These include the swift recruitment of 57 officers and staff, issuance of four pending FRC regulations, and approval and execution of automation programmes to improve institutional efficiency.
The finance adviser also underscored the importance of strengthening the FRC’s global engagement by ensuring membership and related support with international standard-setting bodies.
This includes the IFRS Foundation, International Federation of Accountants, XBRL International Inc, Asian Oceanian Standards Setters Group, International Forum of Accounting Standard Setters, and the Accounting and Auditing Organization for Islamic Financial Institutions.
He further instructed the authorities to facilitate knowledge-based training programmes, organise bilateral meetings and support the signing of memorandums of understanding with relevant international organisations.
The finance adviser also praised the FRC chairman’s initiatives to improve financial reporting and audit practices in public universities, noting that these measures would significantly enhance transparency and accountability in the public sector.
