Desk Report:
Finance Minister Amir Khasru Mahmud Chowdhury has called for accountants to engage in ‘self-regulation’ to ensure transparency and accountability in the financial sector. He stressed the importance of ensuring 100 percent transparency and accountability to achieve overall economic stability and sustainable growth in the country and restore the confidence of domestic and foreign investors in the capital market and financial sector. He especially emphasized the need for chartered accountants and cost and management accountants to maintain the professional integrity and present a fair and accurate financial picture of every organization.
He made these remarks while delivering his keynote address at the ‘FAR Summit’ organized by the Financial Reporting Council (FRC) in collaboration with the Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) at the Pan Pacific Sonargaon Hotel in the capital on Wednesday (May 20, 2026). The main theme of this summit was “Trustworthy Financial Reporting: What Really Matters”.
Amir Khasru Mahmud Chowdhury said, “In the past few years, the economy of Bangladesh has gone through a turbulent period. Our regulatory agencies, supervisory systems and watchdog bodies have become almost ineffective, due to which a kind of chaos has been created in the financial sector. Through false reporting or false representation, weak companies have been listed in the capital market, due to which good and fundamental companies have lost interest in coming to the market.”
Stressing the importance of institutional reforms to overcome the current crisis in the financial sector, the Finance Minister said, “We are now standing at a crossroads. The current government wants to build an economic system where there is complete transparency and accountability. Our economic future depends on how institutions like FRC, ICAB and ICMAB are working. It is not possible for any regulatory body to go day-to-day and catch mistakes; therefore, accountants and the concerned bodies must first take on the role of ‘self-regulation’ or self-motivated control.
Referring to his past experience as the Commerce Minister, the Minister said, just as BGMEA was entrusted with the responsibility of issuing UD certificates in the past by trusting the private sector and they succeeded; similarly, ICAB and ICMAB should not be limited to just organizing annual general meetings or dinners, but should strictly regulate how their members are performing and whether they are conducting proper audits or not.
The Finance Minister highlighted the new prospects created for Bangladesh in the international market and said that large fund managers and investors from all over the world are now showing great interest in Bangladesh. World-renowned investment companies including JP Morgan want to come to Bangladesh. We are planning to float Bangladesh dedicated funds in Hong Kong and London, and are going to launch domestic bonds alongside it. But the first condition for attracting this huge foreign investment or Foreign Direct Investment (FDI) is reliable financial reports. If investors do not trust the audit reports, no reforms will be useful.
He urged all stakeholders concerned to come forward in the ongoing reform activities of the capital market, NBR and financial sector to build a financial ecosystem based on global standards in the larger interest of the country, leaving aside the thought of short-term benefits.
Finance Secretary Dr. Md. Khayeruzzaman Majumder chaired the program. The Prime Minister’s Financial Advisor Dr. Rashed Al Mahmud Titumir, Member of Parliament Md. Abul Kalam Vice President BTMA, keynote address was presented by Dr. Md. Sajjad Hossain Bhuiyan Chairman FRC.
