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Watchdog for private sector services on cards

Saifur lays foundation of audit building

Star Business Report
The government plans to bring service-oriented professional practitioners and bodies, especially in the corporate sector, under a regulatory system to uphold interests of general people, Finance and Planning Minister M Saifur Rahman said yesterday.
He said even in the free market economy, the government cannot allow private sector, which has the major contribution to the economy, to go on its own way.
Mentioning the fall of energy giant Enron and its auditing company, he said it is a stark reminder to the governments that there should be regulatory mechanism even in the free market economy for the interest of general public.
The minister said it is more important to bring private sector
under auditing done by a watchdog than public sector.
Addressing the foundation laying ceremony of Audit building at Kakrail in Dhaka, Saifur said there should be a regulatory body for chartered accountants, lawyers, journalists, physicians, trade bodies and other private and public entities.
"Our experience shows that the professional practitioners and associations sometimes cannot do their job appropriately," the minister said.
Mentioning the self-regulated activities of chartered accountants, auditors and journalists, he said they need to work following their conscience but sometimes that does not happen.
"In this electronic world, it takes only seconds to spread an information worldwide. But if the information does not conform to a real situation,
it damages the image of a country," he said.
Accountability of corporate sector is more necessary than the public sector. If a company gives false information and bubbles up the share market, it affects the general investors.
He asked the office of Comptroller and Auditor General to perform public auditing sincerely as auditing is the only means to ensure transparency and accountability of government expenditure.
Comptroller and Auditor General Asif Ali said the 8-storied building, to be completed by June, 2006, will bring all sections of the office under a single roof creating scope for integrated management.
Finance Secretary Zakir Ahmed Khan also spoke at the function.