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ICAB devises way to prevent doctoring of audit reports

Star Business Report
The Institute of Chartered Accountants of Bangladesh has introduced a digital system that would help prevent doctoring of audit reports and financial statements and dodging of corporate tax.
The ICAB organised a training programme on the Digital identification of Audit Report (DIAR) and audited financial statements for the officials of the VAT Intelligence Cell of the National Board of Revenue at its auditorium.
Some 50 senior officials of the VAT Intelligence Cell are participating in the two-day training that began yesterday, said the association in a statement.
Speaking at the inauguration, Md Mosharraf Hossain Bhuiyan, chairman of the NBR, described the DIAR initiative a noble one.
"It will help NBR officials in assessing real taxpayers and the tax which will ultimately leave a positive impact on revenue collection," he said in the statement.
Bhuiyan said the revenue board largely depends on the financial statements duly signed by an auditor while assessing the taxpayers and the tax.
"In our country, some businesses prepare two financial statements for a particular fiscal year instead of one to evade taxes. They think that dodging of tax is an integral part of their profit which is totally unethical."
He said businesspeople accumulate the money by giving wrong information in letters of credit and under or over-invoicing in export and import statements.
"This undisclosed money becomes black money," Bhuiyan said, urging the businesspeople to give accurate information in financial statements.
He also requested not to view the payment of tax as a burden, but as a sacred responsibility.
Bhuiyan said the tax-to-gross domestic product ratio stands at 8 percent to 10 percent, leaving Bangladesh dependent on an extensive amount of foreign loans that carry a higher interest rate in order to implement development projects.
"If we can prevent the fake audit and financial statements, the revenue collection of the NBR will definitely increase."
ICAB President Dewan Nurul Islam said modernisation of tax collection and simplifying the process at the same
time was not easy for the NBR. "The ICAB wants to be a close associate of the NBR to face this challenge," he said.
He said there was a huge gap between the number of financial statements audited by CA firms under the ICAB and the reports submitted to the tax authority.
“It is happening because a vested quarter is active in submitting tampered financial statements attached to the annual tax returns at the discretion of alleged companies."
To prevent the malpractice, the ICAB has developed the DIAR system, Islam said.
Under the system, the list of auditors and their clients is stored in a database, allowing anyone to find the name of auditors and the companies they have audited, said Islam.
Submitting financials duly audited by chartered accountants is mandatory for all corporate taxpayers, said the ICAB statement.
"The ICAB thinks that if the NBR uses the DIAR system efficiently, it will be able to detect tax dodgers and raise revenue collection."