Accounting standards and compliance factor

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THE Institute of Chartered Accountants of Bangladesh (ICAB) organised last Sunday its 17th Convocation. It has been playing an important role as a professional organisation to upgrade the standard of auditing and accounting. All concerned would express the hope that the ICAB would gear up its efforts to help promote the best professional values among its members. The chartered accountants have a great deal of responsibility in areas of accountability and transparency which are the hallmarks of good governance. If accounting and auditing functions are discharged properly, the economy can enjoy the best dividends out of it, by ensuring proper use of financial resources.
Many changes have taken place in the code of auditing and accounting at the international level. The corporate financial scandals in the recent past in the developed countries have necessitated such changes.
Abdus Sobhan
Sukrabad, Dhaka.