NOCLAR properly guides auditors, accountants

Institute of Chartered Accountants of Bangladesh (ICAB) on Wednesday arranged a webinar on 'Responding to Non-Compliance with laws and regulations: Bangladesh Perspective'.
Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, GoB joined the programme as the Chief guest while Barrister Nihad Kabir, Chairperson of Trustee Board, Business Initiative Leading Development (BUILD); and Sabbir Ahmed FCA, Chairman of Committee on Ethics and Independence of South Asian Federation of Accountants (SAFA) & Member Council of ICAB joined as panel speakers, said a statement.
ICAB President Address of welcome while A F Nesaruddin FCA, Past President of ICAB and Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants moderated the session as Session Chairman.Sk. Ashik Iqbal ACA, CPA (USA), Partner, Nurul Faruk Hasan & Co. Chartered Accountants presented the keynote paper.
Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, GoB said, the international financial system, business, trade and commerce are taking new shapes with the advent of ICT and its application in business has accompanied some new opportunities along with few challenges.
In the open market economy, many factors are involved in the business process, and in the loopholes many corporate and financial scandals and misbehaviors occurred around the world, those have been met by a variety of responses like use of ICT, reforms of policies and regulations, Mr Tapan said adding, such occurrences have left a lingering feeling of doubt and mistrust of the way markets work and of the way professionals who support markets, in the private and public sectors.
ICAB President Md. Shahadat Hossain FCA said, NOCLAR is an action compliance with the violation of a law or regulation that has a direct impact on financial statements. In 2017 Professional Accountants' Response to Non-Compliance with Laws and Regulations (NOCLAR) has been established by the International Ethics Standards Board for Accountants (IESBA to take actions to protect the public interest, he added.
He said, NOCLAR guides auditors and other professional accountants in what actions to take in the public interest when they found non-compliance with laws and regulations, or NOCLAR, committed by a client or employer.
"It has been established to address the breaches of laws and regulations that deal with matters such as fraud, corruption and bribery, money laundering, tax payments, financial products and services, environmental protection, public health, safety, etc", said the ICAB President.