Published: Sunday, June 2, 2013

Public, private auditors should work together: CAG

Combined efforts of public and private auditors are needed to ensure quality financial reporting and credible auditing systems for public enterprises, Comptroller and Auditor General Masud Ahmed said yesterday.
He said there has been a growing demand globally for collaboration between private and public sector auditors to ensure effective oversight over expenditure management and quality audit.
The Office of the Comptroller and Auditor General and private sector auditors are engaged in audit into public sector entities and there is a compulsion to find the avenues of mutual cooperation and explore the possibilities, Ahmed said.
He spoke at a session on “collaboration between private and public sector auditors, a global demand for ensuring effective expenditure management” organised by the Institute of Chartered Accountants of Bangladesh (ICAB) at Ruposhi Bangla Hotel in the city.
Bangladesh needs a foolproof mechanism to ensure transparency and accountability in financial management, ICAB President Abdus Salam said.
He also identified some challenges for improving audit quality in the public and private sectors.
The challenges include improving stewardship and accounting for assets and liabilities, increasing accountability and transparency, and providing better information for economic planning.
Velupillai Kanagasabapathy, chairman of Association of Public Finance Accountants of Sri Lanka, said public enterprises in his country are using accrual based accounting, which is followed by India and Pakistan also.