The Institute of Chartered Accountants of Bangladesh (ICAB) and the Office of the Comptroller and Auditor General (OCAG) signed a memorandum of understanding (MoU) on Monday to jointly develop and streamline accounting practices while also improve relevant training modules.
Comptroller and Auditor General Mohammad Muslim Chowdhury and ICAB President Shahadat Hossain signed the MoU on behalf of their respective organisations at a hotel in the capital, says a press release.
ICAB Vice President NKA Mobin and CEO Shubhashish Bose as well as Deputy Comptroller and Auditor Generals Fahmida Islam and Khan Md Ferdausur Rahman spoke on the occasion. ICAB council members, past presidents, high officials of OCAG were also, among others, present at the occasion.
ICAB chief Md Shahadat Hossain said accounting is very much important in all financial transactions. So, it has big impact on the economy. That's why integrated accounting system in both public and private domain is the demand of the time.
Comptroller and Auditor General Mohammad Muslim Chowdhury said under the MoU both parties will work in a collaborative way to exchange expertise to fill the knowledge gap between them.
Under the MoU, ICAB and OCAG will work together to develop and introduce accounting courses and programmes with a view to creating the scope for sharing intellectual resources between them. The two signatories would also be working to disseminate knowledge and technical expertise on public financial management, private sector accounting, auditing, legislations, instruments and practices, etc.