Speakers at an event on Tuesday opined that DVS ensures the authentication of the audited Financial Statements. Many aspects of capital market depend on the credit rating of listed entities.
The Institute of Chartered Accountants of Bangladesh (ICAB) organised the event to sign a Memorandum of Understanding (MoU) on Document Verification System (DVS) with the Association of Credit Rating Agencies of Bangladesh (ACRAB) on Tuesday at ICAB Council Hall, CA Bhaban, Dhaka. Md. Shahadat Hossain FCA, president, ICAB and NKA Mobin FCA, chairman, ACRAB have signed the MoU from their respective sides. ICAB Vice President Fouzia Haque FCA also spoke on the occasion.
NKA Mobin said, DVS ensures the authentication of the audited Financial Statements. From now on, ACRAB will work on the data of audited financial statements which are verified by DVS. Many aspects of capital market depend on the credit rating of listed entities, he said adding, ACRAB major responsibility is to ensure the authentication of Data for rating.
DVS will make our work easier, he said. It will also ensure more compliance with the rules and laws of the country from the part of ICAB and ACRAB, he added.
ICAB President Md. Shahadat Hossain FCA said, success of the Document Verification System (DVS) depends on the auditors, entities, users and the regulators, where concerted efforts are required.
He urged all the stakeholders to check the audited financial statement has the Document Verifications Code (DVC) before using it. Not only that, he said, entities should check the data logging ICAB website on DVS option.
Md. Moniruzzaman FCA, Council Member of ICAB said, DVS will gradually eradicate the culture of multiple financial statements. He said, National Board of Revenue (NBR) joined hands with ICAB understanding the importance of the DVS in the economy.
DVS has already become quite acceptable to the business community and other regulatory bodies, said ICAB CEO Shubhashish Bose.
He said, ICAB has similar arrangement with National Board of Revenue (NBR), Financial Reporting Council (FRC), Bangladesh Securities and Exchange Commission (BSEC), Bangladesh Investment Development Authority(BIDA), NGOs Affairs Bureau and Registrar of Joint Stock Companies and Firms (RJSC).
Md. Momin Ullah Patwary, Bir Bikrom, Managing Director, National Credit Ratings Limited said, DVS will reduce the possibility of producing three types of audited Financial statements. Nobody can prepare fake audited financial statements as now DVS is functioning, he said.
He said, DVS has brought transparency in ICAB’s activities which also could help ACRAB to ensure more transparency in its works.