Experts at a dialogue on Tuesday opined that cost audit is not a mere audit of expenses and financial accuracy; it is an audit of performance, efficiency and financial morality.
They said cost and management accountants have a huge role to play in controlling production costs in the process of value addition and production. In order to make the Value Added Tax Act more modern, up-to-date and realistic, the recommendations will be taken into account.
The dialogue titled “Value Added Tax on reformation to VAT system” was held at the ICMAB Ruhul Quddus Auditorium, Dhaka, on the present context of appropriate VAT collection, structural reforms of VAT management, increase in VAT net and compliance with VAT law.
The Director General of the Department of Customs Intelligence and Investigation Dr. Md. Abdur Rauf was present as the Chief Guest while relevant committee members formed by the National Board of Revenue and in this context present as discussants in the dialogue.
The dialogue program was presided over by Md. Mamunur Rashid FCMA, President of ICMAB.
In his speech the President of ICMAB said, “Cost audit is not a mere audit of expenses and financial accuracy; it is an audit of performance, efficiency and financial morality”.
He emphasized to add Cost of Goods Sold statement with company return after getting certification from Cost and Management Accountants. As a result the revenue of the NBR will be increased.
Dr. Md. Abdur Rauf said, Value Added Tax System is a tax system based on accounting.
Md. Mashiur Rahman ACMA, Deputy Project Director, National Single Window presented paper on the subject. Kazi Muhammad Ziauddin FCMA, Additional Commissioner, Customs, National Board of Revenue and Council Member, ICMAB, conducted the program. Abdus Sattar Sarkar FCMA, Jayant Kumar Poddar FCMA and Md. Saifur Rahman FCMA were present as discussants.
