ICSB for introducing secretarial audit

The Institute of Chartered Secretaries of Bangladesh (ICSB) said the secretarial audit should be introduced.
Mohammad Sanaullah FCS, Immediate Past President and Chairman, Professional Development Committee of the Institute said that FRC can play an important role to promote ICSB and its members for conducting secretarial audit.
He also recommended to introduce secretarial audit in all public and private companies based on the capital and turnover/earnings; Secretarial audit to be done by the ICSB practicing Chartered Secretaries; and FRC as a regulatory body to oversee the secretarial audit activities in the country.

The ICSB placed the series of recommendation recently in a Continuing Professional Development (CPD) programme on "Secretarial and Compliance Audit" on virtual platform.
Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council [FRC) graced the occasion as the Chief Guest.
Mohammad Sanaullah FCS, Immediate Past President and Chairman, Professional Development Committee of the Institute chaired the Session.
Muzaffar Ahmed FCS, President of the Institute gave the welcome speech. A K A Muqtadir FCS, Past President of ICSB and CEO & Chief Consultant, Al-Muqtadir Associates, Chartered Secretaries & Consultantspresented the Keynote Paper on the subject. S. Abdur Rashid FCS, Practicing Chartered Secretary, SARashid & Associates and M. Naseemul Hye FCS,Council Member of ICSB Senior Executive Director & Company Secretary Bashundhara Groupwere the Official Discussants.
President of the Institute in his welcome speech thanked everyone for joining and expected that Members would be benefited through this session. He expected that the collaboration of ICSB and FRC would run long. He said that now the corporate world of Bangladesh is taking a new shape and FRC is working hard to do it with new rules and regulations.
Keynote paper presenter A K A Muqtadir FCS in his presentation elaborated different factors of Secretarial and Compliance Audit. He also discussed 6 fronts of corporate compliance and 9 conditions of Corporate Governance Code (CG Code). He also discussed the importance of compliance audit especially on financial compliance, corporate governance code and also about Bangladesh Secretarial Standards (BSS). He also highlighted some impediments such as-Directors in the Board, Independent Directors, Board Report, CG narratives, multiple placements of officials, Audit Fee, no panel of secretarial auditors, Standard of governance.
In taking part in the discussion, S. Abdur Rashid FCS thanked the keynote presenter for his presentation. He discussed about the objectives and scope of Secretarial Audit. He also gave importance on Secretarial and Compliance Audit both in public and private companies.
In taking part in the discussion, M. Naseemul Hye FCS discussed various issues of Secretarial and Compliance Audit to protect the interest of the investors. He mentioned about the odd competitions, absence of specific fee, finalize the panel of CS Auditor. He also mentioned the benefits that a company can get from the secretarial audit.
Mohammad Sanaullah also suggested to include a Council Member from the ICSB on the Board of FRC.
Chief Guest Dr. Md. Hamid Ullah Bhuiyan thanked the Institute for organizing an event on Secretarial and Compliance Audit. While delivering his speech he highlighted the main activities of FRC. He also pointed out that Chartered Secretaries can play an important role conducting Secretarial and compliance audit. He appreciated that ICSB developed four Bangladesh Secretarial Standards (BSS) which are very important standards and should be practiced and adopted by the companies.
The Chief Guest mentioned that corporate governance is the area where ICSB is dedicatedly working for so they are Exclusive Specialized professional for all secretarial and governance audit.
Israt Jahan Rimi ACS delivered the vote of thanks on behalf of the Institute.
The Program was virtually attended by a large number of Members of the Institute who are working in various leading companies of the country.