Top executives of one of the world's largest audit firms -- KPMG -- yesterday stressed the need for continuous debate within the institutes concerned and regulator for improving the quality of financial reports.
In the open market economy, a single set of audit standards should be followed globally, they noted.
"It was important for us to have our presence in Bangladesh because many of our clients are now operating here," Jean-Paul Thill, chief executive officer (Europe-Middle East-Africa) of KPMG, told a press briefing in Dhaka.
KPMG top executives yesterday attended a function to celebrate the attainment of its member firm status by the leading Bangladeshi audit firm -- Rahman Rahman Huq (RRH).
Collin Holland, chairman of KPMG (Middle East-South Asia sub region), also spoke at the briefing while Adeeb H Khan, partner of RRH, made a presentation on KPMG and RRH. Hafiz Choudhury, senior partner of RRH, was also present at the briefing.
When asked how overall quality of financial report can be improved in Bangladesh, Jean-Paul Thill said continuous debate by the institutes concerned and the regulator can change things significantly.
Citing an example of the US, he said the Securities and Exchange Commission (SEC) there now talks on such issues as the quality of financial report, audit standards and quality control almost every day. Audit firms need to work hard to restore the confidence once financial market loses its credibility, he felt.
When people invest in companies, Thill went on, it should be ensured that their interests are protected.
RRH got member firm status with KPMG with effect from January 1, 2006.
Member firm is the highest level of affiliation within KPMG, headquartered in The Netherlands.
RRH now becomes the only audit firm of chartered accountants in Bangladesh holding such highest level of affiliation.
Founded in 1962, RRH is a partnership firm of chartered accountants operating in Dhaka and Chittagong.
