Dhaka, Sept. 16 -- The Institute of Chartered Accountants of Bangladesh (ICAB) and the Financial Reporting Council (FRC) signed a Memorandum of Understanding (MoU) on Sunday at Hotel Sonargaon in the capital, to strengthen the verification of audited financial statements and audit reports submitted by public interest entities to the FRC.

The MoU was signed by Dr. Md. Sajjad Hossain Bhuiyan, Chairman of the FRC, and NKA Mobin FCA, President of ICAB. ICAB Vice-Presidents, Council Members, and senior officials of FRC were also present at the ceremony.

Under Section 45(3) of the Financial Reporting Act (FRA) 2015, public interest entities are required to file their annual financial statements with the FRC, which is mandated to verify their ...