Include CMAs in national audit framework: ICMAB president

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has urged the interim government to include cost and management accountants (CMAs) in the national audit framework.

Mahtab Uddin Ahmed, president of ICMAB, made the demand at a press briefing at the Economic Reporters' Forum (ERF) office in Dhaka today.

He claimed that a provision was incorporated in the draft finance ordinance this year requiring all unregulated entities to be audited by professional accountants (chartered accountants and cost and management accountants), as defined by the Financial Reporting Council (FRC), to ensure good governance and address weaknesses in the financial sector.

However, this provision was dropped from the Finance Bill at the final stage under pressure from a 'vested' group, Ahmed said.

"In the interest of the nation and to ensure financial good governance, we strongly demand that this provision be reinstated in the budget by allowing CMAs to participate in audits," he said.

The ICMAB emphasised that a fundamental transformation of the audit ecosystem is essential to sustain Bangladesh's current economic momentum.

Over the past decade and a half, the audit ecosystem has suffered because of systemic mismanagement, resulting in reduced investments, money laundering, and a rise in non-performing loans to Tk 4.2 lakh crore.

Citing global practices, Ahmed noted that multiple professional bodies are authorised to conduct statutory audits.

He said there is a shortage of CA firms in Bangladesh and urged the government to grant statutory audit rights to CMAs, particularly in areas where audits by CA firms are not legally mandatory.