DVS will make the accounting system more acceptable and reliable. It has already been able to gain acceptability among the business community and other regulatory bodies, experts said on Wednesday.
They mentioned that the ICAB has the arrangement of Document Verification System (DVS) with the National Board of Revenue (NBR) and the Financial Reporting Council (FRC).
Speakers made the remarks in a MoU signing ceremony took place at the Bangladesh Securities and Exchange Commission (BSEC) in the capital.
Mahmudul Hasan Khusru FCA, President, the Institute of Chartered Accountants of Bangladesh (ICAB) and Professor Dr. Md. Mizanur Rahman, Commissioner, Bangladesh Securities and Exchange Commission (BSEC) signed the Memorandum of Understanding (MoU) regarding the use of Document Verification System (MoU) at BSEC office on Wednesday.
Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC was present during the MoU signing ceremony. DVS has already become quite acceptable to the business community and other regulatory bodies. ICAB has such arrangement with National Board of Revenue (NBR) and the Financial Reporting Council (FRC). DVS will make the accounting system more acceptable and reliable.
ICAB introduced this software data base document verification system (DVS) from 1 December 2020 to curb malpractice of producing multiple financial statements and to establish transparency and accountability in the accounting system of the country.
Document shows that currently, ICAB's registered auditors sign 16,000 financial statements in a year while the number of 46,000 financial statements are submitted to the Register of Joint Stock Companies (RJSC) at the same period. There is a huge gap between ICAB’s and RJSC figures. Now the companies would not be able to commit audit fraud as the DVS is functioning.
As a result, the revenue of the government will increase a lot. The DVS will stop the culture of debt defaulters also.
ICAB Vice President Maria Howlader FCA, immediate Past President Muhammad Farooq FCA, Council Members, Gopal Chandra Ghosh FCA, Sabbir Ahmed FCA, Md. Moniruzzaman FCA, Mohammed Forkan Uddin FCA, ICAB Chief Executive Officer(CEO) Shubhashish Bose, Head of IT Mohammad Deloar Hossain were present on the occasion.
