Achieving budget will be challenging, not impossible: ICMAB

Achieving the huge proposed budget for fiscal year 2022-23 in the post-pandemic period is a huge challenge for the government but it is not impossible, said Md Mamunur Rashid, president of the Institute of Cost and Management Accountants of Bangladesh (ICMAB).

The ICMAB, as a professional accountancy body under the commerce ministry, wants to extend its support to the government in achieving the budget.

Rashid spoke while responding to various issues on the proposed national budget for 2022-23 fiscal year before the journalists at the office of Economic Reporters' Forum in the capital today.

The ICMAB president expressed sincere thanks to the National Board of Revenue for the proposal of ICMAB to allow the Cost and Management Accountants (CMAs) to act as facilitators in alternative dispute resolution under the VAT Rules 2016.

He demanded implementation of financial audit as well as cost audit to bring transparency in the accounting system, which has been made compulsory in various countries, including neighbouring India.

At the same time, if the cost of goods sold statement can be audited by the CMAs, the overall economy will be benefited as it will ensure cost efficiency through proper cost management, he said.