Bangladesh’s interim Finance Adviser Dr Salehuddin Ahmed has underscored that the country’s ongoing economic reforms are driven by its own priorities, not dictated by international lenders, while also stressing the urgent need for credible auditing practices to support governance and investor confidence.
Speaking at the Accounting and Auditing Summit in Dhaka on Wednesday, Dr Salehuddin sought to dispel what he called a widespread misperception that the World Bank and International Monetary Fund were steering Bangladesh’s reform agenda. “We are carrying out these reforms in our own interest,” he said. “Of course, the IMF and World Bank are providing valuable technical assistance, and there’s no issue if they recommend something beneficial. But these are our decisions.”
The adviser made clear that the interim government, which is expected to remain in place for only seven to eight months, is focused on executing essential, short-term measures. “We are very serious about implementing basic reforms, not long- or medium-term ones,” he told the gathering. “There are many hurdles you might not see from the outside, but we are trying to overcome them.”
Dr Salehuddin also acknowledged the strong support extended by the private sector and development partners for the reforms initiated so far. “The business community and lending agencies have backed us wholeheartedly,” he noted.
Turning to the summit’s main theme — the role of the Financial Reporting Council (FRC) in economic governance — the finance adviser sharply criticized the quality of audit reporting in Bangladesh. “Most audit reports here are labeled as unqualified, but if you look at the actual records, that often isn’t true,” he said. He pointed to a concerning “understanding” that sometimes develops between company management and auditors, resulting in misleading reports.
He argued that robust accounting standards alone are insufficient without ensuring transparency and accountability throughout the process. “Audit and accounting are not just about corporate governance. They are fundamental for managing public funds too,” Dr Salehuddin said. “Those conducting these audits must be qualified and uphold integrity, or else the reports lose all credibility.”
He called on auditors and chartered accountants to approach their duties conscientiously, urging them to keep their “inner eyes open” to safeguard the interests of both domestic and foreign investors.
The summit also featured insights from Financial Reporting Council Chairman Dr Md Sajjad Hossain Bhuiyan, who presented the keynote paper. Among the distinguished guests were Anti-Corruption Commission Chairman Dr Mohammad Abdul Momen, Bangladesh Bank Governor Dr Ahsan H Mansur, and World Bank interim Country Director in Dhaka Souleymane Coulibaly.
Finance Division Secretary Dr Md Khairuzzaman Mozumder chaired the opening session, where World Bank Lead Governance Specialist Suraiya Zannath delivered the welcome remarks. Presidents of the Institute of Chartered Accountants of Bangladesh and the Institute of Cost and Management Accountants of Bangladesh also addressed the audience, highlighting the profession’s critical role in upholding economic transparency.
Amid the flurry of reform initiatives, Dr Salehuddin noted that several commissions formed by the interim government have already submitted their recommendations, paving the way for swift implementation of key changes.
