The government is likely to appoint a UK-based consulting firm to strengthen the Office of the Comptroller and Auditor General (CAG) by enhancing its professional capacity in a bid to ensure quality of audit reports and financial disclosures.

The consulting firm--PKF (UK) LLP—will be appointed for capacity building of the CAG under the Strengthening Public Expenditure Management Program (SPEMP), officials said.

Finance Secretary Dr Mohammad Tareque sent a proposal before the cabinet committee on public purchase last week for its approval to appoint PKF (UK) LLP.

As per the proposal, the project will improve the organisational structure and raise capacity of CAG and its audits and financial management academy.

The SPEMP is a World Bank-led multi-donor trust fund, supported by Canada, Denmark, Netherlands, United Kingdom and the EU.

The project aims to modernise core institutions for budgeting and financial management of the country during a period from 2011 to 2014.

“Implementation of the project will help the government to save time and huge amount of public money as disclosure of most of the audit reports on different projects and organisation have been delayed by two to three years, partly due to the delay in scrutinising them by the Public Accounts Committee of the parliament” an official of the CAG said.

“There are few qualified accountants amongst the 3,000 auditors in the auditor general’s office” the official added.
He also said once the capacity and organisational structure of CAG is improved to an expected level, audit recommendations on any project would arrive in time, providing the government a scope to alter the criteria of the particular project.

The government floated an international tender last year to hire a consulting firm to boost the capacity and efficiency of the state auditors.

A total of five international firms participated in the tender. An evaluation committee selected PKF (UK) LLP as the successful bidder in terms of quality and expertise.

Other consulting firms who participated in the tender include Cowater international Inc of Canada, Deloitte Touche Tohmatsu India Private Limited and PricewaterhouseCoopers Pvt Ltd of India.

The Cowater international, the second highest scorer in the bidding process, questioned the transparency of the evaluation committee through filing a complaint with the World Bank.

The World Bank, however, rejected the complaint from the Canadian firm.
The total cost of the project has been estimated at Tk 588.7 million. Of the amount, the government will have to spend Tk 56.7 million to bear the airfare of the international consultants.

“Audit reports and financial disclosures will not be up to date without enhancing the functionality of the Public Accounts Committee of the parliament, since the state audit firm submits its report to the parliament”, M Hafizuddin Khan, former auditor general and adviser to a caretaker government, told daily sun yesterday.

The Daily Sun/Bangladesh/ 29th April 2012

Sheikh Abdul Aziz, Managing Director and CEO of Uttara Bank speaks at zonal chiefs conference at the Bank’s head office in the city recently.

Uttara Bank Limited organised 2nd zonal chiefs’ conference-2012 at the Bank’s head office in the city recently.

Sheikh Abdul Aziz, Managing Director and CEO of Uttara Bank presided over the conference, according to a press release received on Friday.

The meeting discussed overall achievement of the first quarter of the Bank and various aspects of the year 2012.

MA Matin, Additional Managing Director, deputy managing directors, Abu Ahmed, Md Fazlur Rahman and Sabera Akhteri Zamal were also present.

The Daily Sun/Bangladesh/ 29th April 2012

The board of Standard Bank Limited (SBL) offered 20 percent stock dividends for its shareholders for the year 2011.
Besides, FAS Finance and Investment Limited recommended five per cent stock dividends for the share holders in the same year.

The Bank will hold annual general meeting on May 31 and the record has been set on May 10.

The Bank reported profit after tax and provision of Tk 1.3 billion, earning per share (EPS) of Tk 3.19, net asset value (NAV) per share of Tk 16.92 and NOCFPS of Tk 5.55.

FAS Finance will hold annual general meeting (AGM) on June 14 at Nitol Centre in the city while the record date has been set on May 08.

The company has also reported consolidated EPS of Tk 0.18, consolidated NAV per share of Tk 18.63 and consolidated NOCFPS of Tk 3.15.

The Daily Sun/Bangladesh/ 27th April 2012

Bangladesh Development Bank (BDB) is increasing its SME financing under the Bangladesh Bank’s Taka 600-crore refinancing fund for small and medium enterprises (SME).

BDB and the central bank today signed a participation agreement to this effect in the capital. BB’s general manager for SME and Special Programme Department Sukomal Singh Choud- hury and BDB managing director Dr M Zillur Rahman signed the agreement.

Under the agreement, BDB will share a portion of the fund from the central bank to provide easy loans to SME sector. The central bank earlier formed a Taka 600-crore fund to finance SME through banks and non-banking financial institutions (NBFIs). The BB also signed similar deals with 21 banks and 22 NBFIs. 

The Daily Sun/Bangladesh/ 27th April 2012

Executives from head office and branches in Dhaka and Narayanganj participated in the development programme.

Dhaka Bank Training Institute recently organised a daylong executive development programme at the Bank's head office in the city.

Khandaker Fazle Rashid, Managing Director of the Bank, inaugurated the function as chief guest, said a press release.
A total of 35 executives from head office and branches in Dhaka and Narayanganj participated in the programme titled 'Management and Leadership in Finance and Banking'.

Niaz Habib, Additional Managing Director and Shamsad Begum, SEVP and Principal of Dhaka Bank Training Institute, among others, addressed the participants.

The sessions were conducted by William Westgate, former senior vice president, HSBC, Investment Bank, London and Director, London Training Services.

The Daily Sun/Bangladesh/ 27th April 2012