Corporate governance in the private sector is increasingly improving, helped by an army of locally-trained financial analysts, consultants and accountancy professionals, experts and insiders have said.
They said apart from accountants and chartered accountants, finance and accountancy graduates are driving the implementation of global standards such as International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) in local businesses.
The Institute of Chartered Accountants of Bangladesh (ICAB) said more than 1,500 chartered accountants have graduated from the institute since its inception. And the number of graduates reached 523 in the last five years alone.
The University Grant Commission data showed that more than 30,000 Master in Business Administration (MBAs) have passed out from public and private universities in the last five years.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) said so far it has produced 1,200 management accountants and that number totalled 100 in the last five years.
A Bangladesh office source at the UK's Association of Chartered Certified Accountants (ACCA) said more than 146 full and 161 affiliated ACCA members are working in the country.
He said currently above 11,000 students are studying to obtain this degree.
Insiders said positions like chief financial officers (CFOs), financial analysts, chief executives, finance members, finance directors, company secretaries, chief accountants, finance controllers, systems analysts, internal auditors and accountants are helping to reduce business risks and maintain accountability and transparency in the business houses.
President of the Federation of Bangladesh Chambers of Commerce and Industry Kazi Akram Uddin Ahmed said over the last decade, business automation and its IT-enabled financial services and accounting system have seen a rapid development.
He said currently banks and financial institutions are revealing their quarterly, half yearly and yearly statements to the clients.
He said this was possible, thanks to the introduction of information and communication technology.
A CFO working for an export-based company said over the last decade a lot of changes have taken place in the business arena.
He said the introduction of independent directors to oversee financial affairs at the boards in corporate houses has paved the way for increased transparency in both the publicly-traded and non-listed firms.
The CFO said financial analysts, chartered accountants, and consultants working in the departments of accounts, audit, tax, corporate laws, financial management, project appraisal, MIS, IT, computer auditing and some others are helping to establish stability of business with sound professional ethics.
Former director of the Institute of Business Administration (IBA) of Dhaka University GM Chowdhury said both internal and external audits in the listed companies, corporations or autonomous bodies, industrial units, financial institutions and enterprises are creating confidence among investors to do better business.
He said old method of keeping books and maintaining ledgers is gone and is being replaced by automated financial system in trade and business.
The former IBA director said e-transaction is being entered into the country, which requires a new financial auditing expertise for transparency and accountability.
He said IT-based accounting and financial management are being adopted by local conglomerates, corporate and large international and multinational firms and industries.
Mr Chowdhury said the employed experts are forecasting business climate, keeping their entities abreast of latest development in accounting techniques, developing audit methodology and management consultancy.
© 2024 - All Rights with The Financial Express
