FE Report
President Abdul Hamid Saturday called for concerted efforts of the chief executives of financial institutions to ensure transparency and accountability in country's economic arena.
He urged chartered accountants to alleviate poverty in South Asia and stressed the need for the use of information technology to ensure transparency and accountability in accounting as well as provide desired services to the people.
"Ensuring security of public money is the responsibility of all. A huge amount of money is being swindled out of the country's financial institutions through forgery," he said.
The President was speaking at the SAFA Regional CFO Conference 2017 organised by Institute of Chartered Accountants of Bangladesh (ICAB) in a city hotel.
Abdul Hamid said the sustainable use of ICT can play an important role in ensuring transparency and accountability in the country's financial sector.
He expressed hope that the regional conference will help owners, directors and officials of the countries under the South Asian Federation of Accountants (SAFA) ensure transparency and accountability in their companies, and as a result, a culture of security will take place in the journey to build a fool-proof financial system.
About the corporate social responsibility, the President said private sector along with the public one can play a vital role in socioeconomic development and enhancing economic growth in the era of globalisation.
The President said lack of vigilance, transparency and accountability in financial activities puts the country at risk.
He said corporate culture is playing an important role in production and employment.
"Financial sector must contribute to social development under the corporate social responsibility. With the span of time, corporate culture has emerged as an important driving force to boost and expand economy along with the government venture," he said.
The President said if the population of South Asian countries could be transformed into human resources, a new dimension will be added in the development of this region.
"The main challenge of this region is poverty. The members of SAARC are fighting against this menace to free their people from the curse of poverty. The governments of this region have taken various initiatives and strategies in this regard," he said.
Abdul Hamid said he believes that the chartered accountants of this region have the opportunity to ensure transparency and accountability in financial management and good governance.
This SAFA Regional CFO Conference would open a window of opportunity to share and exchange professional knowledge among all concerned including the accountants and its bodies, he added.
Planning Minister AHM Mustafa Kamal, senior secretary of Commerce Ministry Hedayetullah Al Mamoon, chairman of the International Accounting Standards Board (IASB) Hans Hoogervorst, chief executive officer (CEO) of International Federation of Accountants (IFAC) ASM Nayeem, SAFA President Adeeb Hossain Khan, and chairman of the organising committee Mohammed Farhad Hussain, among others, were present.
The Institute of Chartered Accountants of Bangladesh (ICAB) organized South Asian Federation of Accountants (SAFA) Regional CFO Conference 2017 on the theme of 'Navigating Through Digital Transformation Towards Better Accountability'.
The full day conference have been designed with beginning of inaugural session and thereafter three (03) technical sessions followed by valedictory session in the evening.
Chairman and Managing Director of Nuvista Pharma Ltd Akhter Matin Chaudhury presented a technical paper on 'Evolving Business Environment: Challenging Role of the CFOs' while another technical paper on 'Conflict of Interest Situations: Addressing the Dilemma' was presented by Lafarge Surma Cement Finance Director Masud Khan.
In the third session a technical paper on 'Emerging Regulatory Regime and panel discussion on Financial Reporting : Country Perspective' was presented.
Chief Executive Officer of Accenture Communications Infrastructure Solutions Ahmed Raihan Shamsi Ltd. presented a teahnical paper in the evening session on 'Accelerated Pace of Economic Development in a Digital Age: Opportunities and the Way Forward'
ICAB President Adeeb Hossain Khan said that innovation and transformation are two of the key principles that guide society and businesses.
The leadership of this country has correctly given digitalisation its due importance in our path of progress, he added.
SAFA President ASM Nayeem said that CFOs even need to deal with dilemma while there is a conflict of interest.
"But whatever the challenges and difficulties in the digital transformation, the South Asian countries have been experiencing every year an accelerated pace of economic development which creates new opportunities in sustainable manner. Professional accountants, especially CFOs, are expected to play a vital role in the age of digital transformation," he said.
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