ICAB seeks involvement in public sector auditing

FE Report | Published: July 26, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

Chartered accountants (CAs) want access to the public sector auditing and reporting system, which they say will enhance the auditing standards and transparency in government expenditure.
Leaders of the Institute of Chartered Accountants of Bangladesh (ICAB) made the call at the inaugural ceremony of a two-day long workshop on "International Public Sector Accounting Standards (IPSAS)" held at a city hotel Saturday.
ICAB along with the Institute of Certified Public Accountants in Ireland (CPA Ireland) organised the workshop aiming to make the participants understand the principles and practices of the cash-basis IPSAS and a high-level familiarity with the IPSAS accrual-basis standards.
IPSAS (International Public Sector Accounting Standards) are a set of accrual-based accounting standards that aim to improve the quality of general purpose financial reporting, leading to better informed assessment of the resource allocation decisions made by the governments.
Wayne Bartlett, public financial management advisor of CPA Ireland, conducted the workshop as a resource person while Masih Malik Chowdhury, ICAB president, Eamonn Siggins, chief executive of CPA Ireland, and Syful Islam, an ICAB council member, among others, were present at the inaugural ceremony.
Around 80 participants, mostly members of the ICAB and some representatives from the World Bank, attended the workshop.
An ICAB official said that the government is now following the 'modified' cash-basis IPSAS standards, which does not properly depict the picture of all accountings and lacks proper transparency and accountability.
The official said the current accounting system followed by the government is not pure cash-basis IPSAS standards.
The ICAB, he said, intends to support and convince the government agencies to follow initially the pure cash-basis IPSAS standards and ultimately the accrual-basis accounting.
The government, however, is currently moving toward full cash-basis IPSAS, although it will take time for the switch, he added.
Mr Chowdhury said that ICAB has always been endeavouring to minimise the gap between public sector and private sector accounting and auditing practice.
"The ICAB members believe that becoming fully technically equipped and professionally sound will make them more competent and confident to work in the public sector," he said.
He also said that the ICAB would sign a memorandum of understanding (MoU) with the CPA Ireland today (Sunday) to build a partnership relating to the distribution of online CPA Certificate in IPSAS Financial Reporting in Bangladesh.
Mr Siggins expressed the interest of CPA Ireland to continue working in partnership with the ICAB in future.
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