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Mustaq Ahmed set to head financial reporting council

Jasim Uddin Haroon | May 10, 2017 00:00:00


C. Q. K. Mustaq

C. Q. K. Mustaq Ahmed, a former senior secretary at the Ministry of Home Affairs, is set to be appointed as chairman of the Financial Reporting Council (FRC) paving the way for functioning of the council, a highly-placed source confirmed to the FE Tuesday.

Soon after assuming the office of the FRC by the chairman, the organisation will start functioning formally.

The council is empowered to scrap registration of auditors, apart from other punishments, if they are found guilty for cooking up audit reports.

The law of the watchdog organisation, passed in Parliament sometime in 2015, aims at promoting the highest standards among auditors, enhancing credibility of financial reporting and improving quality of accountancy and audit services.

People, familiar with the development, told the FE that a notification on the appointment of the chairman, who is also chief executive of the council, will be issued within the next one week.

"All procedures with regard to the appointment have been completed. We are expecting to issue a notification within the next week," a senior official at the Finance Division told the FE Tuesday. The office of the council will be the same venue at the city's Kakrail area where the country's the first and the last Ombudsman used to sit.

A budget of Tk 1.1 million for running the new office within this fiscal year has also been approved.

A Tk 60 million budget for running the office for the financial year 2018 has also been approved, they said.

However, the first chairman of the FRC will now appoint four executive directors to run its key four divisions along with other three members of the existing search committee.

The members of the search committee are Comptroller and Auditor General, senior secretary of the Finance Division and a member of the Public Service Commission.

The divisions are related to standards-setting, financial reporting monitoring, audit practice review and enforcement.

However, the council will consist of 12 members. They are chairman, two additional secretaries, one from the Ministry of Finance and one from Ministry of Commerce, one representative from the Office of Comptroller of Auditor General, a deputy governor to be nominated by the central bank, a member from the National Board of Revenue, a commissioner from the Bangladesh Securities and Exchange Commission, president of the Institute of Charted Accountants of Bangladesh, president of Institute of Cost and Management Accountants, president of the Federation of Bangladesh Chambers of Commerce and Industry, a professor from the department of accounting from any public university and an executive director of the FRC who will also work as member-secretary of the FRC.

Mr C. Q. K. Mustaq Ahmed was born in Sylhet in 1955. He studied economics at the Dhaka University.

He served in major positions as senior secretary, Ministry of Agriculture (2009-2012), secretary, Bridges Division, Ministry of Road Transport and Bridges (2008-2009) and secretary, Ministry of Liberation War Affairs in 2008.

He joined the Bangladesh Civil Service (Administration) in January 1981.  He retired from the Bangladesh Civil Service on July 8, 2015

He attended a series of training courses both at home and abroad during his long career in the bureaucracy.

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