ICAB, ACRAB sign MoU on DVS

The Institute of Chartered Accountants of Bangladesh (ICAB) and the Association of Credit Rating Agencies of Bangladesh (ACRAB) have signed a Memorandum of Understanding (MoU) on Document Verification System (DVS) at ICAB Council Hall, CA Bhaban in the city on Tuesday, said a press release.

Md Shahadat Hossain, FCA, president of ICAB and NKA Mobin, FCA, chairman of ACRAB signed the MoU on behalf of their respective organisation.

ICAB Vice President Fouzia Haque, FCA, also spoke on the occasion.

NKA Mobin said, DVS ensures the authentication of the audited Financial Statements. From now on, ACRAB will work on the data of audited financial statements which are verified by DVS.

Many aspects of capital market depend on the credit rating of listed entities, he said adding, ACRAB major responsibility is to ensure the authentication of Data for rating.

DVS will make our work easier, he said. It will also ensure more compliance with the rules and laws of the country from the part of ICAB and ACRAB, he added.

ICAB President Md Shahadat Hossain, FCA said, success of the Document Verification System (DVS) depends on the auditors, entities, users and the regulators, where concerted efforts are required.

He urged all the stakeholders to check the audited financial statement has the Document Verifications Code (DVC) before using it. Not only that, he said, entities should check the data logging ICAB website on DVS option.

Md Moniruzzaman, FCA, Council Member of ICAB said, DVS will gradually eradicate the culture of multiple financial statements.

DVS has already become quite acceptable to the business community and other regulatory bodies, said ICAB CEO Shubhashish Bose.

Md Momin Ullah Patwary, Bir Bikrom, Managing Director, National Credit Ratings Limited said, DVS will reduce the possibility of producing three types of audited Financial statements.

Muzaffar Ahmed FCMA FCS, President and CEO, Credit Rating Information and Services Limited said, ACRAB is the major consumer of the audited financial statements.