Cost audit will be implemented soon: Commerce Secretary
The Commerce Secretary also ensured the cost and management accountants of funding for vertical extension of the ICMA building and research work
Commerce Secretary Dr Md Jafar Uddin said he will take necessary steps to implement cost audit in the country shortly.
He made the statement at a discussion session titled "Treatment of Various Cost Items in Light of the Covid-19," organised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) on 16 November 2020.
The Commerce Secretary also ensured the cost and management accounting (CMA) professionals about funding for vertical extension of the ICMA building and research work, said a press release from the ICMAB on Tuesday.
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Attending the event as the chief guest, Dr Md Jafar Uddin said, "Cost and management accounting is a noble profession, ensuring clarity and precision."
He further said, "Our economy is still doing well thanks to some bold initiatives undertaken by the Prime Minister. Our production and export are going well, which is why it was possible to provide everyone the proper stimulus package."
Vice President of South Asian Federation of Accountants and past President of ICMAB, AKM Delwer Hussain attended the event as a special guest.
Discussing the importance of cost audit implementation for development of the national economy, AKM Delwer Hussain said CMA professionals acknowledged the Commerce Secretary for his role as a mentor and guardian for this institute.
At the event, ICMAB President Md Jasim Uddin Akond emphasised on the importance of attaining "Cost Audit Certification" by a professional CMA firm or professional for every listed company.
He said CMA professionals can create a positive impact by deploying their expertise to ensure clarity, accuracy, and precision on several economic fronts. He urged those present to create more opportunities for CMA professionals in relevant fields, enabling them to diligently apply themselves for the development of this country.
Managing partner, AUDIICOST, Cost & Management Accountants, Mohammad Shaheed, gave a detailed presentation on the topic at hand.
Abul Bashir Khan, chief financial officer, SMC Enterprise Limited, narrated the presentation.
Vice President of ICMAB, Md Mamunur Rashid moderated the event, bridging the audience and discussants, and also provided analysis and commentary on key points.
He mentioned the certification of "Cost of Goods Sold" statement by CMA professionals, and creation of a panel of independent directors amongst CMA professionals to appoint them in various listed companies.
During the event, ICMAB Secretary, Md Munirul Islam delivered the welcome address. Vice President of ICMAB Abu Bakar Siddique gave the vote of thanks to the participants and audience.
