City Desk :
A special meeting was held on Monday at the UGC conference room with representatives from the Audit Department of Bangladesh University Grants Commission (UGC) and the Financial Reporting Council’s (FRC) Financial Reporting Monitoring Division.
The meeting focused on improving the accounting processes of public universities across the country.
The session was chaired by Professor Dr. Mohammad Ayub Islam, Member in charge of the UGC Audit Department. Present from FRC were Executive Directors Md. Rafiqul Islam of the Financial Reporting Monitoring Division and Md. Tarek Kamal of the Audit Practice Revision Division. UGC Secretary Dr. Md. Fakhrul Islam, Director of Finance, Accounts and Budget Md. Rezaul Karim Howlader, Acting Director of Audit Department Nahid Sultana, Additional Director Md. Abul Mannan, and other concerned officials also attended.
Professor Dr. Mohammad Ayub Islam emphasized the necessity of enhancing existing accounting processes and adopting a well-structured framework to ensure good governance, transparency, and accountability in the financial management of public universities, says a press release.
He called upon FRC representatives to discuss the determination of a suitable accounting framework for public universities among the five frameworks developed by the FRC for record-keeping.
FRC Executive Directors discussed internationally accepted and quality standards appropriate to the country’s socio-economic conditions for public university accounting, along with the implementation process.
It is noteworthy that UGC and FRC jointly work on formulating accounting and auditing standards for public universities to ensure transparency and accountability in financial reporting. To this end, the commission endorsed the launch of software to integrate all public universities into a unified platform.
