"Cost and management accountants with their intellectual ability, knowledge and commitment can ensure transparency, financial discipline and accountability in government, private, voluntary and multinational organisations, which in turn, will make the economy competitive and sustainable," he said.

The CMAs have considerable opportunity to bring financial discipline, transparency and accountability in the national economy through their honest endeavours, the president said.

"The country is looking for more professionals to join the development mechanism of the corporate bodies in particular and the economy as a whole. I would urge the cost and management accountants to spread their services in all sectors for balanced economic growth of the country," he said.

The president was addressing the inaugural function of a two-day international conference on 'Transparency, Accountability and the Accountant' organised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) in Dhaka.

Iajuddin said at this juncture of the 21st century, economic development of a country heavily rests on its intellectual capability as well as efficient human resources, and Bangladesh needs huge efficient human resources to achieve rapid and sustainable growth.

He also vented optimism the conference will provide more professional insights to add to the current stock of ethical practices regarding how this profession can function effectively to ensure transparency in the economy.

Speaking at the function, Finance and Planning Adviser Mirza Azizul Islam said the present government is fully committed to ensuring transparency and accountability, especially in public sector.

"We have strengthened the oversight institutions such as Anti-Corruption Commission, Securities and Exchange Commission, Bangladesh Telecommunication Regulatory Commission and Bangladesh Energy Regulatory Commission by putting the right persons in the right positions," he said.

The adviser said proper actions are being taken against the corrupts. "Besides, we are also trying to ensure people's right to information access, which is a precondition for establishing transparency and accountability."

Mirza Aziz said in the era of rigid movement of capital, lack of transparency and accountability is the major barrier to attracting foreign direct investment to a country.

He also said constant vigilance by all stakeholders concerned is necessary to establish accountability and transparency. "The government is legislating a 'financial reporting council' and it will be enacted in near future," the adviser said.

Presenting a keynote paper, Bangladesh Bank Governor Salehuddin Ahmed said the accountability mechanism and regulatory bodies should be managed with professionalism, transparency and accountability.

If the internally generated management advisory information is made more transparent and the accountability can be reinforced on that transparent information, the society will be free from dangerous corruption and the dream of living in a good-governed environment will be materialised, he said.

ICMAB President Mamtaz Uddin Ahmed and Secretary Mohammed Salim also spoke at the function.

Around 600 participants from India, Malaysia, the UK, Sri Lanka, Nepal, Pakistan and host Bangladesh are participating in the conference.

The participants include professionals of accounts, finance, marketing, production and administration of various organisations.

Five technical sessions on 'Corporate Governance and the Accounting Profession', 'Financial Disclosure: A Critical Evaluation', 'Role of Accountant in the Changed Scenario after SOX Act 2002', 'Transparency and Accountability in Public Procurement Management', and 'Performance Audit in Management of Public Debts' are scheduled to be held today.

The first session will take place at Dhaka Sheraton Hotel while the four others will be at Bangladesh China Friendship Conference Centre in the capital.

Power, Energy and Mineral Resources Adviser Tapan Chowdhury is expected to attend the concluding ceremony of the conference.