Corporate governance

Speakers at a programme on Saturday highlighted the need for encouraging internal auditing as a profession for a vital part it plays in corporate governance.
With the rise of fourth industrial revolution, they said, professionals should gear up to use technologies like artificial intelligence (AI) and block chain.
The views were made at the opening of the first annual conference of the Institute of Internal Auditors Bangladesh (IIAB) at Audit Bhaban in Kakrail area.
Comptroller and auditor general Mohammad Muslim Chowdhury attended the session as the chief guest and Financial Reporting Council chairman CQK Mustaq Ahmed as the special guest.
With the theme 'Internal audit towards governance, ethics and compliance', the high-profile conference was attended by more than 200 professionals.
In his speech, Mr Chowdhury said by design, the total process of an internal audit is a concept beyond a traditional audit.
Internal audit is involved in a system throughout the year. It not only covers financial transactions, but also all other functional areas of information.
"Internal audit, in a digitalised world with buzzwords like AI, robotics and block chain, implies a wide range of activities to ensure transparency and efficiency of an organisation," he said.
Pushing for popularising this profession, Mr Chowdhury said an internal auditor could apprise the top management of an agency to rectify its strategy and policy framework.
He was also critical of the country's public organisations for lacking in the custom-made hierarchy to host an internal auditor.
"You (internal auditors) don't fit into our public financial management because it's not designed in that (corporate) way," the bureaucrat deplored.
But he hoped for a better scenario in the days ahead with the revolution of information technology.
Meanwhile, Mr Ahmed said a congenial working environment is central to internal auditing to ensure maximum achievements for a corporation.
Internal auditors' role is the key to clarity by finding anomalies of an organisation in sync with sustainable growth by drawing investment, he argued.
Bangladesh Steel Re-Rolling Mills managing director (MD) Aameir Alihussain and Confidence Cement MD Zahir Uddin Ahmed, IIAB president Atiq-e-Rabbani, secretary M Nurul Alam and member Raihan Shamsi also spoke.
Mr Alihussain said awareness of internal auditing in Bangladesh is still very low.
The speakers said the country needs more skilled professionals like internal auditors who play their part in governance, compliance and risk management.
Two technical sessions on 'Value creation through internal audit profession certification' and 'Internal audit towards governance, ethics and compliance' were also held followed by a certificate handover ceremony.
The Financial Express (FE) was a print media partner of the event.
The IIAB was incorporated in 2016 after receiving a licence from commerce ministry.
It started journey in 2004 and received formal recognition from the IIA Global the same year.
Later on the day 10 internal audit professionals received Certified Internal Auditor (CIA) certificates at a certificate giving ceremony.
K Atique-e-Rabbani, B Tech (Hons), UK, FCA, President, IIA Bangladesh, handed over the certificates to the recipients at the function at the Audit Bhaban auditorium, organised by the Institute of Internal Auditors (IIA).
The recipients are Nagarajan Nagarajan, Emdadul Hannan, Khwaja Sayeedur Rahman, Jiban Krishna Chowdhury, Mohammed Iqbal Hossain, Mohammed Tabarok Hossain, Md Shahriar Rana, Kamal Uddin Gazi Jishan, Mhedi Hayat Abbasi and Tahsinur Rahim.
Raihan Shamsi, FCA, Immediate Past President, IIA Bangladesh, and Mohammed Iqbal Hossain, CIA, CISA, CISM, CFE, DCAG (Senior) OCAG, Vice President, IIA Bangladesh, among others, were present on the occasion.
Speakers at the event emphasised IIAB's role in strengthening Internal Audit Profession in Bangladesh.
[email protected]