Some CA firms fail to perform duties in capital market: Azizul
Tuesday, 22 March 2011
FE Report
Former adviser to the caretaker government Dr. AB Mirza Azizul Islam has said some chartered accountant (CA) firms have failed to perform their duties appropriately. To regulate them properly an independent financial reporting council should be established, he added. He was speaking at a programme organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on the "Role of capital market and chartered accountants" at the ICAB auditorium on Monday. Presided by the former president of ICAB AK Chowdhury the programme was also attended by ICAB incumbent President Parven Mahmud and its member Ferdous Ahmed Khan, FCA. DR. AB Mirza Azizul Islam said chartered account firms have a very vital role to play in the Bangladesh capital market. They can help disseminate appropriate information in the capital market. "But in the past, some of the CA firms failed to perform their duties appropriately. In most cases, ICAB failed to take proper measures against those errant firms as there might be some conflict of interest involved". Mirza Aziz urged ICAB members to support the initiative to form a financial reporting council which would ultimately help enhance the discipline of the CA firms. "Although the initiative to form an independent financial reporting council has been taken a long ago, it is yet to be materialised because of resistance by some vested interests", said Mirza Aziz, who was also the chairman of capital market regulator Securities and Exchange Commission (SEC). In his keynote presentation, member of ICAB Ferdous Ahmed Khan said, CA firms can play different roles in the capital market. They can perform the duties of the regulator as well as adviser for the companies.
Former adviser to the caretaker government Dr. AB Mirza Azizul Islam has said some chartered accountant (CA) firms have failed to perform their duties appropriately. To regulate them properly an independent financial reporting council should be established, he added. He was speaking at a programme organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on the "Role of capital market and chartered accountants" at the ICAB auditorium on Monday. Presided by the former president of ICAB AK Chowdhury the programme was also attended by ICAB incumbent President Parven Mahmud and its member Ferdous Ahmed Khan, FCA. DR. AB Mirza Azizul Islam said chartered account firms have a very vital role to play in the Bangladesh capital market. They can help disseminate appropriate information in the capital market. "But in the past, some of the CA firms failed to perform their duties appropriately. In most cases, ICAB failed to take proper measures against those errant firms as there might be some conflict of interest involved". Mirza Aziz urged ICAB members to support the initiative to form a financial reporting council which would ultimately help enhance the discipline of the CA firms. "Although the initiative to form an independent financial reporting council has been taken a long ago, it is yet to be materialised because of resistance by some vested interests", said Mirza Aziz, who was also the chairman of capital market regulator Securities and Exchange Commission (SEC). In his keynote presentation, member of ICAB Ferdous Ahmed Khan said, CA firms can play different roles in the capital market. They can perform the duties of the regulator as well as adviser for the companies.