Investment News

BIDA signs MoU with ICAB to use Document Verification System (DVS)

Jun 28, 2022

BIDA signs MoU with ICAB to use Document Verification System (DVS)

The Bangladesh Investment Development Authority (BIDA) has signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of Bangladesh (ICAB) to use its Document Verification System (DVS).

The MoU was signed during a ceremony held at the BIDA’s Head Offices in Dhaka’s Agargaon on Tuesday. Ms. Mohsina Yasmin, Executive Member (International Investment Promotion), BIDA and Mr. Md. Shahadat Hossain FCA, President, ICAB signed the MoU.

BIDA Executive Chairman Mr. Md Sirazul Islam joined the ceremony as Chief Guest. In his remarks, he extended thanks to ICAB.

“The ‘Document Verification System’ which will allow us to verify the authenticity of the audited financial statements. Through this, BIDA will become more enabled in delivering efficient, digitally-powered and knowledge-based services,” he said.

“ICAB has also generously taken the responsibility of maintaining and upgrading this system. The technical assistance we will receive through this MoU will be very vital – so let us support each other in the best way possible, and root out fraudulent attempts by any vested quarters.”

Foreign investors check the audited financial statements of a company before making decisions on cross-border investment, said ICAB Council Member Mr. Mohammed Forkan Uddin FCA. “The National Board of Revenue (NBR) needs audited financial statements for revenue assessment, and the banks require it for sanctioning loan.”

The DVS will positively impact Bangladesh’s financial eco-system by preventing bad loans, boosting the confidence of foreign investors and enhancing revenue collection, he added.

ICAB developed the DVS to authenticate audited financial statements of different entities. The system was launched Dec 1, 2020 to curb the malpractice of producing multiple financial statements.

The DVS has been adopted by several others including the National Board of Revenue (NBR), Financial Reporting Council (FRC), Bangladesh Securities and Exchange Commission (BSEC), NGOs Affairs Bureau and Registrar of Joint Stock Companies and Firms (RJSC).

BIDA Executive Member Ms. Mohsina Yasmin, Director General (International Investment Promotion) Mr. Shah Mohammad Mahboob, ICAB Vice President Ms. Fouzia Haque FCA spoke during the occasion.