Professor Dr. Md. Salim Uddin said that public or society’s trust is the heart-beat of any profession. Hence, if such trust disappears or is eroded in any way, the outcome is likely to involve skepticism and the depletion of value attributed to such profession.
He made this remark while presenting a paper titled “Dynamics of Audit Quality in Bangladesh” in a virtual conference organized by The Institute of Chartered Accountants of Bangladesh (ICAB) recently, said a press release.
He said, in any economy especially in developed economies, political stability and wealth creation depends mostly on the processes of accountability and auditing.
Mentioning about some previous high-profile corporate scandals and financial crisis in the history, professor Salim said, audit quality has become one of the top-priority issues for regulators, standard setters, researchers and practitioners. Therefore, he emphasized that ICAB as well as Audit firms in Bangladesh should take initiative to apply the updated audit quality frame work, international standard on quality management1 and 2, (ISQM), Audit related standards, principle, rules and regulation properly for further improvement of audit quality in Bangladesh.
The release read, Dewan Nurul Islam FCA, past president of ICAB was present as session chair while Md Abdul Kader Joarder FCA, Vice President and Muhmmad Farooq FCA were the discussants on the paper. Sidarth Bareau FCA, VP made the concluding remarks and Shubashish Bose, CEO of ICAB conducted the session where more than five hundred members were participated in the virtual conference.
