Fair information a must for strong economy: Chartered accountants

The strongest and most resilient economies are those where people can trust information so that leaders can make well-informed decisions, businesses can be held to account and public finances are transparent.

International and regional experts made the observations at a virtual conference on the Role of Chartered Accountants in Economic Recovery and Promoting Cross-Border Investments organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on Saturday.

Salman F Rahman, a lawmaker and private sector industry and investment adviser to the prime minister, attended the conference as the chief guest and called for a greater role of chartered accountants to cooperate with the government.

Manil Jaysinghe, president CA Sri Lanka, was present as a special guest while Dr In-Ki Joo, president of the International Federation of Accountants (IFAC), was present as a guest of honour.

Robert Hodgkinson, executive director (technical) at the Institute of Chartered Accountants in England and Wales, in his key note presentation said that, during the pandemic-disruption, the accountancy profession has a vital role to play.

The skills that the accountancy profession develops and applies are the fundamentals in building a world of strong economies, he also said.

"Under the current pressures of the pandemic, they all must take a particular care in their conduct and judgements," added the accountant from the United Kingdom.

Behaving ethically often requires making tough decisions, which often means putting the public interest first, above and beyond any other interests, he further said.

ICAB President Muhammad Farooq said the coronavirus pandemic hit Bangladesh's economy hard and jeopardised the country's impressive achievements, especially in poverty reduction. 

ICAB as a professional institute is providing suggestions to the government in preparation of well-thought-out recovery plans and action programmes to tackle the toxic impact of the deadly disease on economy, he said.

Expert professionals of the institute are involved in analysing the impact of Covid-19 on different sectors of the economy and suggesting the proper strategies and plans for the recovery directly and indirectly.

"We have very important responsibilities for building business confidence among the stakeholders ensuring our trust leadership," he added.

ICAB Vice President Sabbir Ahmed made opening remarks while past president Md Humayun Kabir moderated the session.

Mohammed Forkan Uddin, vice president of ICAB, delivered the vote of thanks.