A meeting of the audit department of the Bangladesh University Grants Commission and representatives of the Financial Reporting Council was held at the UGC in Dhaka on Monday, with the aim of improving the accounting process of the country鈥檚 public universities.
Chaired by Professor Mohammad Ayub Islam, member-in-charge of the audit department of the UGC, the meeting was attended by Md Rafiqul Islam, executive director of the Financial Reporting Council鈥檚 financial reporting monitoring department; and Md Tarek Kamal, executive director of the audit practice review department, said a press release.
UGC secretary Md Fakhrul Islam, director of finance, accounts and budget department Md Rezaul Karim Howlader, director of audit department, current responsibilities, Nahid Sultana and additional director of the same department Md A Mannan and other concerned officials were present.
Professor Ayub Islam highlighted the need to improve the standard of accounting processes in public universities and bring them under a well-regulated framework in order to ensure good governance, transparency and accountability in the financial management of public universities in the country.
He also called on the FRC representatives to discuss the issue of determining a framework suitable for public university accounting among the five frameworks for accounting prepared by the FRC.
The executive directors of the FRC discussed the internationally accepted and quality standards suitable for public university accounting, taking into account the socio-economic conditions of the country and its implementation process.
It is worth noting that the UGC and FRC are jointly working to formulate accounting and auditing standards for public universities in the country and to ensure transparency and accountability of financial reporting. To this end, the commission agreed to launch software to bring all public universities on a single platform.