Advisor Salehuddin directs swift approval, execution of FRC automation programme

He asks authorities to implement several action plans to strengthen accounting, auditing, and overall financial discipline

Finance Advisor Salehuddin Ahmed has asked the Financial Reporting Council (FRC) to take immediate steps to approve and implement its automation programme, aiming to strengthen financial discipline in Bangladesh.

The directive came on Sunday during a seminar at the Ministry of Finance on the role of the FRC in Bangladesh’s economy, according to a media statement issued later by the ministry.

At the seminar, presided over by Salehuddin, FRC Chairman Mohammad Sajjad Hossain Bhuiyan presented the keynote paper on the council’s role in the national economy.

Finance secretary and officials from the Finance Division and the FRC attended the event.

During the session, the advisor directed the division and FRC to take rapid steps to implement several action plans to strengthen accounting, auditing, and overall financial discipline in the country.

These include completing the recruitment of 57 officials and employees, taking steps to issue four FRC regulations, and approving and implementing the FRC’s automation programme.

He also directed the authorities to ensure membership enrolment, renewal and required support for international standard-setting bodies, including the IFRS Foundation, International Federation of Accountants (IFAC), XBRL International Incorporated, Asian-Oceanian Standard-Setters Group, International Forum of Accounting Standard Setters and the Accounting and Auditing Organisation for Islamic Financial Institutions.

The action plan also includes support for knowledge-based training programmes, bilateral meetings and the signing of memorandums of understanding with international organisations.

Salehuddin praised the FRC chairman for initiatives taken in preparing and auditing financial reports of public universities.