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The need for remaining up-to-date with the modern concepts of ethics in accounting practices was stressed at a seminar Thursday.
It called upon the members of the Institute of Chartered Accountants of Bangladesh (ICAB) to be attuned with such modern, forward-looking and ethically-sound accounting practices.
Speakers said that the chartered accountants of the country should follow strict code of ethics whether they are practicing accountants or not.
They should provide transparent services to the nation to reap economic benefit from it by avoiding present worldwide trend of making money through different unethical means, they added.
This was observed at a seminar on Continuing Professional Education (CPE) held at the auditorium of the ICAB in the city Thursday.
Editor of the Financial Express (FE) Moazzem Hossain attended the seminar as the chief guest while Member Council of ICAB Jamal Udin Ahmed conducted it as the session chairman.
Moazzem Hossain said that practicing the code of ethics in accounting systems would pave the way for transparency and ensuring natural and uninterrupted practices of the same could provide a solid institutional foundation for good governance.
Lauding the move for reducing the number of accounting languages by the International Financial Reporting Standards (IFRS), he said that its successful implementation would boost confidence in the capital markets, facilitate cross-border investment and reduce the cost of capital to a large extent.
He said that accounting standards and audit inspections are the target of reforms to help improve the quality of accounts and bolster confidence of investors and all others concerned.
Vice president of the ICAB Jamaluddin Ahmed presented keynote on Code of Ethics in Accounting - A Comparison of Practices.
He prepared the paper against the backdrop of post-Enron collapse, enactment of Sarbanse-Oxley in 2002, adoption of SAFA code of conduct and so on.
The existing ICAB codes of ethics should be modified by forming a taskforce in order to evaluate and identify its shortcomings under the present day reality, he argued.
He also advocated the need to reorganise the ICAB with a view to implementing the revised code of ethics.
Besides, he also suggested for revised syllabus, formation of a standing committee on ethics and independence, and arranging more seminars relating to development of professional ethical practices of chartered accountants.
President of the ICAB ASM Nayeem made the welcome address while vice president of the ICAB Showkat Hossain offered vote of thanks.
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