9:36 PM
The Institute of Chartered Accountants of Bangladesh or ICAB yesterday awarded 24 organisations for the best annual report presentations and maintaining good corporate governance in 2014.
Finance Minister AMA Muhith handed over the 15th ICAB National Awards among the winners that included banks, non-banks, insurers, manufacturers and NGOs at a function at Bangabandhu International Conference Centre in Dhaka.
The awards will inspire companies to be more transparent and accountable, Muhith said.
Credible information in financial statements and reports is a prerequisite to business development, and ICAB has an important role to play in this.
Accountants should be equipped with updated knowledge on accounting and auditing standards; they must ensure compliance of these standards in the financials, Muhith said.
In the private banks category, United Commercial Bank took home the first prize, while Bank Asia and Islami Bank bagged the second and third spot respectively.
IDLC Finance topped the non-bank financial institutions category, while LankaBangla Finance came in as runner-up.Green Delta Insurance came in first in the insurance category, followed by Reliance Insurance.
Among the manufacturing entities, GlaxoSmithKline Bangladesh was awarded the top prize, while Orion Pharma and Summit Power came in second and third.
In the communication and information technology sector, Grameenphone bagged the top award.
Sajida Foundation took the top position in the NGO category, while Brac and Uddipan secured second and third places.
“I believe this will nourish good relationships between the corporate sector and the accounting profession and will inspire the listed companies to improve their financial reporting and presentation in the days ahead,” said Commerce Minister Tofail Ahmed.
Daily Star
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