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Experts and leaders from the corporate sector urged on ensuring global standard of honesty and ethics in the field of internal audit system in the corporate sector.
The recommendation came on Saturday during the "IIA Bangladesh Summit 2025," organised by the Institute of Internal Auditors Bangladesh (IIAB) at a hotel in the capital.
The event themed "Transform Internal Audit - Navigating New Global Internal Audit Standards," was held to mark Internal Audit Month, with a special focus on the revised Global Internal Audit Standards that came into effect last January.
Mr. Adil Iftekhar, member of the Board of Governors, and Tahsinur Rahim, Treasurer of the host organisation, delivered the keynote presentation titled "An Overview of the New Global Internal Audit Standards (GIAS)" at the event.
Adil Iftekhar began by presenting an overview of the new standards, which have been developed by The Institute of Internal
Auditors (IIA) and replacing the existing IPPF 2017 framework.
He outlined the rationale behind the transformation, noting that the revision was aimed at enhancing clarity, simplicity, and applicability in a rapidly evolving business environment.
Mr. Iftekhar discussed the structural changes introduced in the GIAS, which now comprises five domains, 15 principles, and 52 standards.
He also elaborated on the intended goals of the update and highlighted potential implementation challenges internal audit functions may face during the transition.
Tahsinur Rahim provided a detailed walkthrough of the standards. His presentation delved into each of the five domains of the new framework, touching on key principles related to ethics and professionalism, governance of the internal audit function, strategic planning, performance of audit engagements, and communication of results.
He explained each standard in a concise manner, offering clarifications and context to support practical understanding.
His remarks reflected the elevated expectations for internal auditors in areas such as objectivity, competency, due professional care, and effective stakeholder communication.
Concluding the session, Nanda Dulal Saha, FCA, vice president of IIAB, shared his reflections and commended both presenters for delivering a timely and insightful session.
He said the keynote successfully positioned the new standards as a strategic shift in global internal auditing practice and underscored the importance of preparedness for effective implementation.
Professor Maksudur Rahman Sarkar, chairman of the Accounting Department at Dhaka University, Dr Mohammad Shahadet Hossain, chairman of the Mathematics Department at North South University, and Raihan Shamsi, past president of IIAB, spoke, among others, at the opening session, which was chaired by IIAB President M. Nurul Alam.
Maksudur Rahman Sarker said that Bangladesh needs over 15,000 of qualified professional accountants, currently. However, all of the professional bodies and institutions generated less than 4,000 of professional active accountants so far.
Raihan Shamsi emphasised over ensuring good governance and said, "Unless we fix our governance system, it will not be ensured compliance and sustainability in the corporate system.
The event also hosted a CEO perspective panel discussion titled "Transform Internal Audit- Navigating new Global Internal Audit Standard" moderated M Nurul Alam.
Md Kysar Hamid, managing director and CEO, Bangladesh Finance Limited, said at the discussion that depositors should be considered the highest-priority stakeholders in the banking system, followed by regulators, employees, and society.
Shareholders-particularly directors-should be placed fifth in the priority order, as their financial contribution to banks is comparatively minimal, he added.
Emphasising on maintaining the global standard of honesty and ethics on internal auditing, Barrister Jaharat Adib Chowdhury, deputy chief executive officer, Banglalink, said "There is no definition of honesty and ethics. The definition is not same for everyone."
She also said that internal auditors should have to utilize the opportunity of technological advancement right way to amplify human abilities.
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