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Transparency, good governance vital to continue dev: Tipu Munshi

ICAB recognises 23 corporate entities for best annual reports 2019


Published : 26 Nov 2020 09:13 PM

“To ensure the continuity of our development, integrity, transparency, accountability and good governance come first in the business process and reporting. Chartered Accountants hold the key of financial accounting, auditing and reporting from their different roles as preparers, presenters, auditors and strategic business partner”, said Commerce Minister TipuMunshi on Thursday

He said the management of the business entities has the primary responsibility for preparation and presentation of financial statements. The auditors can play the onus reposed on them more actively by issuing quality audit report on the financial statements and information provided by the management to them.

Minister was addressing a ceremony organized by the Institute of Chartered Accountants of Bangladesh (ICAB) to distribute best presented annual reports 2019 at the Pan Pacific Sonargaon hotel.

ICAB awarded listed and non-listed entities in 12 different categories including Public Sector Banks, Private Sector Banks, Financial Services Sector, Manufacturing, Insurance, Service Sectors, Communication and Information Technology, NGOs, Agriculture, Public Sector Entities and Diversified Holdings for their best presented annual reports 2019. 

‘I hope your professional excellence will continue to add value to ensure good governance. This will create environment of business confidence among stakeholders. ICAB supports our core initiatives, including adopting and implementing international standards, improving quality of audit and capacity of audit firms, supporting the profession, and representing and advocating for the overall accountancy profession and business”, Minister added.

This year, 54 entities submitted their nominations for the ICAB award. No nomination from public sector banks was received within set timeline. Award for Diversified Holdings category could not be considered because of scoring less than the threshold marks achieved by the participating entities. 

As the Chief Guest Commerce Minister TipuMunshi, MP handed over the prizes to the winners at a  whileCommerce Secretary DrJafarUddin and Dr. Md. Hamid UllahBhuiyan, Chairman, Financial Reporting Council (FRC), were present on the occasion as Special Guests. ICAB President  Muhammad Farooq FCA and Chairman of Review Committee for Published Accounts & Reports  Mohammed HumayunKabir FCA  spoke on the occasion. 

In Banking Sector (Private) category BRAC Bank Limited    secured first prize, ShahjalalIslami Bank Limited and Bank Asia Limited became joint second prize winners, and Mutual Trust Bank Limited and Mercantile Bank Limited also became the joint third prize winners. 

In the category of Financial Services Sector, IDLC Finance Limited won first prize, IPDC Finance Limited won second prize and LankaBangla Finance Limited won third prize.

In Manufacturing category, British American Tobacco (BD) Limited won first prize,  OrionPharma Limited won second prize and Summit Power Limited won third prize while Grameenphone Limited  was the lone first winner     in Category of Communication and Information  Technology.  

Green Delta Insurance Co. Limited became first prize winner, Prime Insurance Co. Limited second andReliance Insurance Limited won the third prize winner in Insurance category. In Public Sector Entities category, Investment Corporation of Bangladesh (ICB) became the first prize winner. 

SAJIDA Foundation secured first prize, Ghashful second and CODEC became joint second prize winners and Action Aid Bangladesh won the third prize in Non-Governmental Organization (NGO) category. Unique Hotel & Resorts Limited was the first prize winner in category of Service Sector while Golden Harvest Agro Industries Limited was the first prize winner in category of Agriculture. 

Integrated Reporting category, LankaBangla Finance Limited won first prize, IDLC Finance Limited won second prize while the Bank Asia Limited and BRAC Bank Limited became joint third prize winners. 

In Corporate Governance disclosures, IDLC Finance Limited and LankaBangla Finance Limited became joint first prize winners,  Bank Asia Limited got second prize and  Islami Bank Bangladesh Limited and BRAC Bank Limited  also became joint third prize winners. 

ICAB President Muhammad Farooq FCA said, the role of ICAB  is to promote, enhance and improve the framing of the financial statements and reports to reflect fair views of the entities to safeguard the interest of the investors, government, stakeholders and other user groups.

A 9-member Jury Board chaired by Md. Matiul Islam FCA, Chairman, IIDFC and former finance secretary, GoB reviewed the recommended list of Winners.