New financial law to improve accounting system: Mashiur
SAFA International Conference 2015�
BSS
Economic affairs adviser to the Prime Minister Dr Mashiur Rahman said that the newly enacted financial law would help improve the standards of accounting and audit systems of the country, reports BSS.
Addressing the concluding session of the two-day SAFA International Conference 2015 at the Pan Pacific Sonargaon Hotel in the capital on Monday night, the adviser said the law would deliver expected benefits to help achieve professional excellence in accountancy.
He noted that the accountancy professional efficiency depends on four major characteristics - openness, global competition, knowledge and accountability.
Dr Rahman also said the tax audit became vital for four primary reasons. First, it helps calculate return and size on investment. Secondly, it removes faulty assessment and collection. Thirdly, it deducts input cost for VAT (value added tax) and finally, control arbitrariness of the tax officials.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organised the conference titled Financial Reforms to Boost Industrial and Service Sectors. The conference was aimed at sharing knowledge among the member countries.
The economic advisor stressed accountability in the accountancy profession and said it is the responsibility of the government and regulatory agencies to moderate the distortions in the market to create competitive market.
Commerce Secretary Hedayetullah Al Mamoon, ICMAB president Abu Sayed M Shaykhul Islam and past president of ICMAB M Abul Kalam Mazumdar also spoke on the occasion among others.
