ICAB, credit rating assoc sign MoU on document verification

The Institute of Chartered Accountants of Bangladesh (ICAB) and the Association of Credit Rating Agencies of Bangladesh (ACRAB) signed a memorandum of understanding (MoU) on the document verification system (DVS) yesterday.

Md Shahadat Hossain, president of ICAB, and NKA Mobin, chairman of the ACRAB, inked the MoU at ICAB council hall in Dhaka, said a press release. 

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"Success of the DVS depends on the auditors, entities, users and regulators, where concerted efforts are required," Hossain said.

"The major responsibility of ACRAB is to ensure the authentication of data for rating for which DVS is important. DVS will make our work easier," Mobin said.

The ICAB earlier penned a deal with the National Board of Revenue to launch the DVS so that ICAB can help the NBR hunt down tax-evaders.

The ICAB developed the DVS, which is a piece of software that aims to prevent unruly firms from submitting falsified or multiple audited financial statements to the NBR.

Shubhashish Bose, chief executive officer of ICAB, Md Momin Ullah Patwary, managing director of National Credit Ratings Ltd, and Muzaffar Ahmed, president of Credit Rating Information and Services Ltd, were present.