Desk Report
Publish: 06 Jul 2021, 10:31 pm
More than five hundred members participated in the virtual conference. || Photo: Collected
Professor, University of Chittagong Dr. Md. Salim Uddin, FCA, FCMA, Chairman, Bangladesh House Building Finance Corporation and Executive Committee of Islami Bank Bangladesh Limited presented a paper titled “Dynamics of Audit Quality in Bangladesh” in a virtual conference organized by The Institute of Chartered Accountants of Bangladesh (ICAB) recently.
Dr Salim said that Public or society’s trust is the “heart-beat of any profession”: Hence, if such trust disappears or is eroded in any way, the outcome is likely to involve skepticism and the depletion of value attributed to such profession.
Following these high-profile corporate scandals, and the financial crisis, audit quality has become one of the top-priority issues for regulators, standard setters, researchers, and practitioners. All scandals also led to an international discussion about the quality of audits, since prior to this almost all failed companies had received an unrestricted audit certificate. In this situation, Dr Salim emphasis in his paper by taking the above lessons ICAB as well as Audit firms in Bangladesh should take initiative to apply the updated audit quality framework, international standard on quality management1 and 2, (ISQM), Audit related standards, principle, rules, and regulation properly for further improvement of audit quality in Bangladesh.
Dewan Nurul Islam FCA, past president of ICAB was present as session chair while Md Abdul Kader Joarder FCA, Vice President and Muhmmad Farooq FCA were the discussants on the paper. Sidarth Bureau FCA, VP made the concluding remarks and Shubashish Bose, CEO of ICAB conduct the session where more than five hundred members participated in the virtual conference.
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