The Financial Reporting Act 2015 (known as FRA 2015) is an act created by the

Bangladesh National Assembly The Jatiya Sangsad ( bn, জাতীয় সংসদ, lit=National Parliament, translit=Jatiyô Sôngsôd), often referred to simply as the ''Sangsad'' or JS and also known as the House of the Nation, is the supreme legislative body of ...

. The act was passed on September 6, 2015, in order to follow the accountability and transparency of the financial reporting procedures in the country. On September 9, 2015, the act was officially published by the

Government of Bangladesh The Government of the People's Republic of Bangladesh ( bn, গণপ্রজাতন্ত্রী বাংলাদেশ সরকার — ) is the central executive government of Bangladesh. The government was constituted by the Con ...

Accountancy in Bangladesh

The

Institute of Chartered Accountants of Bangladesh An institute is an organisational body created for a certain purpose. They are often research organisations (research institutes) created to do research on specific topics, or can also be a professional body. In some countries, institutes can ...

(ICAB) is the only governing body for regulating the country's chartered accountants, while the

Institute of Cost and Management Accountants of Bangladesh The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is an institution dedicated to Cost and Management Accounting education and research in Bangladesh. It is managed as an autonomous professional body under the Ministry of Co ...

(ICMAB) is for the cost and management accountants. In order to monitor the ICAB and ICMAB, the

Financial Reporting Council The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and ...

(FRC), with 12 members, formed a body under the act to ensure accountability and performance among the chartered accountants and management accountants in Bangladesh. Moreover, the council will be a statutory body with expert members from various government bodies, institutions and professional groups.

Functional objectives

The FRC will be the watchdog body tasked with monitoring the functions of auditors, ensure transparency and accountability in accounting and the auditing of financial organisations, including various government, autonomous and non-government institutions. The stated mission of this institution is to be a model organization in Bangladesh with a view to ensuring quality in auditing, accounting and financial and non-financial reporting.

Implications for auditors in Bangladesh

All auditors and audit firms must register with the

. Without registration, no auditor or audit firm will be able to provide auditing services to any entity related to the public interest. For registration, the auditor or audit firm needs to apply to the FRC. The FRC will review the application and will implore the registration pursuant to implement certain rules and guidelines. If any auditor or any audit firm violates any provisions or any of its rules and guidelines created by the act, the Financial Reporting Council may cancel or suspend the registration and may held financially accountable as well.

References

External links

* * {{DEFAULTSORT:Law Of Bangladesh Law of Bangladesh Finance in Bangladesh Financial reporting 2015 in Bangladeshi law