RJSC allowed access to DVS

The  Registrar of Joint Stock Companies and Firms (RJSC) can now use the  Document Verification System (DVS) to confirm the authenticity of  audited financial statements of registered businesses.

A  memorandum of understanding (MoU) in this regard was signed between the  Institute of Chartered Accountants of Bangladesh (ICAB) and the RJSC at  the former's council hall yesterday.

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Bangladesh Bank issued  a circular in this connection in July last year, asking all managing  directors and chief executive officers to contact the ICAB for using the  DVS.

Md Shahadat Hossain, president of the ICAB, and Sheikh Shoaibul Alam, registrar of the RJSC, inked the MoU.

Alam  called for maintaining professional integrity to build a good corporate  culture, which is essential for the country's development.

"The DVS will make it easier for RJSC officials to verify audited financial statements," he added.

Similarly,  ICAB President Hossain said using the DVS would ensure the authenticity  of audited financial statements and help reduce the gap between the  number of financial statements audited and the number of companies  registered.

Highlighting the purpose of launching the DVS  system, Mohammed Forkan Uddin, a council member of the ICAB, said  foreign investors first see the audited financial statements of a  company before going for cross-border investment.

Besides,  the National Board of Revenue needs audited financial statements for  revenue assessment while banks require them to sanction loans.

So,  the DVS will ensure the authenticity of audited financial statements,  reduce the number of loan defaulters, and boost the confidence of  foreign investors, Forkan said.

"It will also enhance revenue collection and thereby change the country's financial eco-system."

NKA  Mobin and Fouzia Haque, vice presidents of the ICAB; Sabbir Ahmed, Md  Moniruzzaman and Maria Howlader, council members; Shubhashish Bose,  chief executive officer; Mahbub Ahmed Siddique, chief operating officer;  Santosh Kumar Pandit, additional registrar of the RJSC; and Mostafa  Bhuiyan, deputy registrar, were also present.