Reforms in accounting system needed: Finance Minister

Finance Minister Abul Hassan Mahmood Ali has said that reforms are needed in the country’s accounting system in a bid to meet the international standards and also to comply with the suggestions of the development partners.

The finance minister said this while addressing as the chief guest a discussion meeting marking the 51st founding anniversary of the Comptroller and Auditor General (CAG) at its office in the capital on Saturday.

Ali said in consistence with the ever changing global order, to face economic challenges and to gain excellence in ICT, there is a need to conduct performance audit, IT audit, environment and climate change related audit reports alongside conducting international standard traditional compliance and financial audits.

“Reforms are needed in the accounting system in order to meet the international standards and demand of the development partners. Already the modern structure of accounting system has already been framed with support from the audit and accounting department,” he said, hoping that this would help ensure transparency in the financial sector.

The finance minister noted that if the audit operations of the government become more fruitful, then it would be possible to ensure the effective use of the financial assets of the government.

He also assured that the Ministry of Finance would extend all necessary cooperation to enhance the capacity of the CAG office to conduct standard quality and real time audits.

Presided over by Comptroller and Auditor General (CAG) of Bangladesh Md Nurul Islam, Parliamentary Standing Committee Chairman on Public Accounts Hafiz Uddin Ahmed and Finance Division Secretary Md Khairuzzaman Mazumder spoke at the function as special guests.

Hafiz Uddin Ahmed, MP, said that more than four crore audit reports have been settled through which more than Taka 3,000 crore has been realized.

Finance Secretary Dr Md Khairuzzaman Mozumder said that the pensioners are receiving their pension amounts while staying at home thanks to the automation system of the government. “The CAG is playing a role in making us cost efficient in various expenditure,” he added.

CAG Md Nurul Islam said that they have introduced one-stop service for which budget management has become more efficient.
The meeting was informed that some 81 audit reports were placed before the Jatiya Sangsad in the 11th parliament through the President. The Parliamentary Standing Committee on Public Accounts discussed on some 814 audit objections during this time.