Public accounts system needs reform: Finance Minister

Finance Minister Abul Hassan Mahmood Ali said that reforms in the country’s public accounts system are necessary to meet the needs of international standards and development partners.

The minister came up with the statement while addressing an event marking the 51st anniversary of the establishment of The Office of the Comptroller and Auditor General (OCAG) on Saturday.

During the event, the finance minister launched special three-day services.

The minuster said that audit reports must be prepared in line with the constantly changing global management, economic challenges and the excellence of information technology, in addition to the conventional compliance and financial audits of international standards, performance audits, IT audits and environmental and climate change audit.

He said: "The accounting system needs to be reformed to meet international standards and the needs of development partners. A modern structure of accounts has already been prepared in collaboration with the Audit and Accounts Department."

"The transparency of the financial sector will be ensured through the preparation of up-to-date financial adequacy accounts," he added.

Mahmood Ali said that efficient and effective use of the government's financial resources will be ensured if the audit activities are more effective. "The Ministry of Finance will provide all-out cooperation to enhance the service capacity of the CAG to complete quality and real-time audits in accordance with time."

Among others, Secretary at Finance Division Md Khairuzzaman Mozumder, Chairman of the Parliamentary Standing Committee on Public Accounts Hafiz Uddin Ahmed were present at the event with Comptroller and Auditor General of Bangladesh Nurul Islam in the chair.