Accounting and auditing professionals should continually update their knowledge and adhere to the latest guidelines and standards issued by relevant local and international agencies, according to speakers.
At a programme in Dhaka, they also urged professionals to pay attention to issues like climate change, sustainability and the advent of disruptive technologies, all of which are now factored into financial reporting as prescribed by the relevant guidelines.
These observations were made at a webinar titled 'Updates in Corporate Reporting, Auditing and Ethical Standards', which was organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on Monday evening.
Bangladesh Securities and Exchange Commission (BSEC) Commissioner Dr Mizanur Rahman joined the programme as the chief guest, while partner of Nurul Faruk Hasan & Co. Chartered Accountants Sk. Ashik Iqbal made a paper presentation.
ICAB Council member and former president Muhammad Farooq chaired the session, while ICAB President Mohammed Forkan Uddin delivered the welcome address.
The panel speakers included Partner of Rahman Rahman Huq Chartered Accountants Tazul Islam, Partner of Islam Hoque Hanif & Co Chartered Accountants Al Amin Redwanur Rahman and AKM Azharul Haque, a director of Audit & Assurance at Nurul Faruk Hasan & Co Chartered Accountants.
Dr Mizanur Rahman spoke about the impact of disruptive technologies like artificial intelligence (AI) on auditing and accounting jobs.
"AI has been bringing revolutionary changes across the globe. The use of AI in accounting is more likely to impact the accounting profession," he said.
Dr Mizanur Rahman called on ICAB to take necessary measures to cope with the challenges emerging with the increasing use of AI. "If accounting is done by AI, what will be their auditing and regulatory implications" he raised the question.
He also recommended following all local and international standards when chartered accountants prepare audit reports.
Mohammed Forkan Uddin said that the webinar aimed to create awareness among stakeholders about updates in financial reporting and auditing.
"Professional accountants should continually update their knowledge of all relevant changes to ensure they deliver better service to organisations and stakeholders," he said.
ICAB Chief Executive Officer (CEO) Shubhashish Bose and ICAB Vice President MBM Lutful Hadee were among the speakers at the event.
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