CAs should prepare to embrace disruptive technologies

The Chartered Accountant (CA) professionals should prepare to embrace the disruptive technologies so that they can play their desired roles in businesses and the national economy, speakers viewed at a programme on Friday.

To this effect, the Institute of Chartered Accountants of Bangladesh (ICAB) should continue to upgrade its curriculum in line with the global changes in the profession, they opined.

They came up with the observations at a discussion titled '50th Anniversary of ICAB: Retrospective and Prospective' to celebrate the institute's Golden Jubilee at its headquarters in the city's Kawran Bazar.

Comptroller and Auditor General (CAG) of Bangladesh Mohammad Muslim Chowdhury attended the discussion as the chief guest while Sharifa Khan, secretary, Economic Relations Division (ERD), and Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), spoke on the occasion as special guests.

ICAB office-bearers, council members and a number of its former presidents also spoke at the event.

Muslim Chowdhury said CA is a very well-recognised and respectable profession across the world as well as in Bangladesh.

"This programme is meant for celebrating the founding anniversary of one of the much honoured institutions of the country," he said, lauding the role of ICAB.

Mr Chowdhury highlighted equipping the partially qualified CAs to fill the gap of qualified CAs in possible cases, which will motivate them to continue their efforts.

"However, challenges are coming to fore for the aspirant CAs in terms of technological advancement," he said, adding even the changes will take place within a decade.

He said real time auditing is coming soon thanks to the fourth industrial components like big data, artificial intelligence, cloud computing and robotic automation.

In her speech, Sharifa Khan said often some industrialists are reluctant to show their financial statements as they lack transparency.

The qualified CAs can prepare professional financial statement for the betterment of a business entity, as well as the national economy, she added.

"However, there are only 2,000 CAs in Bangladesh at present, which is much less than needed," she said.

ICAB President Moniruzzaman said, CAs provide various statutory services like audit, taxation compliance, various attestation engagements as per regulatory requirement.

"Services provided by CAs in ensuring compliance with various regulations like Income Tax and VAT, Companies Act, Bank Company Act, Insurance Act, BSEC Regulations, Labour Act etc. not only bring economic discipline; they also directly assist government in higher revenue collection," he said.

ICAB Council Members Humayun Kabir, Sabbir Ahmed, Abdul Kader Joaddar, Mohammed Forkan Uddin, Mahamud Hosain, Fouzia Haque, Maria Howlader and ICAB CEO Shubhashish Bose were also present.

Earlier in the day, as part of the celebration, Liberation War Affairs Minister AKM Mozammel Huq inaugurated a rally by cutting a cake and releasing balloons at a ceremony on the ICAB premises.

The institute will organise a wide range of programmes in the next one year in celebration of the Golden Jubilee.

[email protected]