Photo: ICAB

DHAKA, Sept 14, 2025 (BSS)- The Institute of Chartered Accountants of Bangladesh (ICAB) and the Financial Reporting Council (FRC) have signed a Memorandum of Understanding (MoU) today to strengthen the verification of audited financial statements and audit reports of the public interest entities.

The MoU was signed by Dr. Md. Sajjad Hossain Bhuiyan, Chairman of the FRC, and NKA Mobin, President of ICAB. 

ICAB Vice-Presidents, Council Members, and senior officials of FRC were also present at the ceremony held at a city hotel, said a press release.

Under Section the Financial Reporting Act (FRA) 2015, public interest entities are required to file annual financial statements with the FRC, which is mandated to verify their accuracy and completeness.
 
Since these financial statements are audited by the certified chartered accountants (CA) firms, the MoU enables ICAB to provide necessary assistance to the FRC in ensuring compliance through the effective use of the Digital Verification System (DVS).

Speaking on the occasion as the chief guest FRC Chairman highlighted the crucial role of ICAB in the financial sector.
 
FRC is facilitating ICAB’s work for the benefit of businesses and the economy and entire revenue sector depends on the financial statements of organisations and business entities, he said. 

A true and fair view of these statements will enhance revenue and sustain the financial eco-system of the country, he noted.

ICAB President NKA Mobin emphasized on collaborative approach, saying, “We’re working hand in hand with the FRC to support all stakeholders and advance the development of the accounting and auditing profession.”

Through this cooperation, the FRC and ICAB aim to enhance transparency, accountability, and monitoring of the 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 certified chartered accountants and registered auditors of the FRC.

This initiative marks a significant step in strengthening audit quality, ensuring professional compliance and maintaining high standards of corporate governance under the FRA 2015.