Accountants unite to shape country’s economic future

Bangladesh’s two leading professional accounting bodies have joined forces to strengthen their influence on economic policymaking, improve financial governance and speak with a united voice on issues of national importance.

The Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) signed a Joint Collaboration Framework (JCF) on Wednesday, marking a significant move towards closer cooperation between the country’s two major accounting professions.

The agreement was signed at the ICAB Council Hall in Dhaka by ICAB Chief Executive Officer Md Quamruzzaman and ICMAB Executive Director Md Mahbub-Ul-Alam FCMA on behalf of their respective institutions.

ICAB President Sabbir Ahmed FCA said greater cooperation was essential if the accounting profession was to have a stronger impact on national policy.

“We need to raise a unified voice to make an impact on policy formulation at the national level,” he said.

He said professional accounting bodies in many countries work collectively to support economic development while attracting talented young people to the profession.

ICMAB President Kausar Alam also called for stronger joint action on issues affecting the national economy.

“If we work together, we can cater to the services that the country currently needs,” he said.

He said closer cooperation would help reduce confusion and contradictions between the two professions and enable the institutes to present a more coherent professional position to policymakers.

Under the framework, ICAB and ICMAB will jointly work on professional training, research, publications, seminars, conferences, post-budget discussions and policy advocacy.