May 22, 2024 10:22 AM

Finance minister for reforms in accounting system to meet global standard

Sunday, May 12, 2024

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Reforms are needed in the country’s accounting system in order to meet international standards as well as to comply with suggestions of development partners, Finance Minister Abul Hassan Mahmood Ali said today (11 May).

“In accordance with the ever changing global order, to face economic challenges and to gain excellence in ICT, there is a need to conduct performance audit, IT audit, environment and climate change related audit reports alongside conducting international standard traditional compliance and financial audits,” he said at a meeting marking the 51st founding anniversary of the Comptroller and Auditor General (CAG) at its office in the capital.

“Reforms are needed in the accounting system in order to meet the international standards and demand of the development partners. Already the modern structure of the accounting system has been framed with support from the audit and accounting department,” he said.

He also expressed hope that this would help ensure transparency in the financial sector.

Ali also inaugurated a three-day service operation of the CAG office that would continue till 14 May across the country.

The programme was presided over by Comptroller and Auditor General (CAG) of Bangladesh Md Nurul Islam, while Parliamentary Standing Committee Chairman on Public Accounts Hafiz Uddin Ahmed and Finance Division Secretary Md Khairuzzaman Mazumder spoke as special guests.

The finance minister noted that if the audit operations of the government become more fruitful, then it would be possible to ensure the effective use of the financial assets of the government.

He also assured that the Ministry of Finance would extend all necessary cooperation to enhance the capacity of the CAG office to conduct standard quality and real time audits.

“The audit management and monitoring software has already been launched through bringing in the audit management in a digital platform. Now it’s high time to put emphasis on its implementation through ensuring its excellence. Online management has already been formulated instead of the old fashioned communication system between the auditors and auditing firms,” he added.

Hafiz Uddin Ahmed, MP, said more than four crore audit reports have been settled through which more than Tk3,000 crore has been realised.

Finance Secretary Dr Md Khairuzzaman Mozumder said the pensioners are receiving their pension amounts while staying at home thanks to the automation system of the government. 

“The CAG is playing a role in making us cost efficient in various expenditures,” he added.

CAG Md Nurul Islam said they have introduced one-stop service for which budget management has become more efficient.

The meeting was informed that some 81 audit reports were placed before the Jatiya Sangsad in the 11th parliament through the President. The Parliamentary Standing Committee on Public Accounts discussed some 814 audit objections during this time.

It was also informed that till 1 May of FY24, some 2,50,465 pensioners received e-services while 20,48,512 public servants received GPF-service. Besides, some 4,091 complaints were lodged during this period.

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