Cost and management professionals have called for involving them with the development activities in the country to make the projects more cost-effective and purposeful.
They also stressed the need for adopting latest technologies and new knowledge acquired by the professionals as auditing is getting transformed fast in tune with the advent of disruptive technologies.
They put forward the demands at a discussion marking the occasion of 'International Accounting Day-2021', organised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) at its auditorium in the city on Wednesday evening.
Planning Minister M A Mannan attended the function as the chief guest, while Comptroller and Auditor General of Bangladesh Mohammad Muslim Chowdhury and President of the South Asian Federation of Accountants (SAFA) A K M Delwer Hussain attended it as the special guests.
Past president of the ICAB Md. Syful Islam presented a paper at the event.
In his speech, Planning Minister M A Mannan highlighted the need for high levels of skills and qualifications of the cost and management accountants (CMAs).
Lauding the role of CMAs, the minister said the government will look into the scopes to enhance the status of the professionals.
Mr Muslim Chowdhury said the components of fourth industrial revolution (4IR) are making everything of auditing more transparent and facilitating completion on a long process within few seconds.
Comprehensive reporting is coming soon or it has already started, he said.
Presenting the paper, Mr Syful Islam said the latest information technologies like robotic process automation, cloud computing, artificial intelligence, machine learning and block chain have begun affecting many sectors and professions including the cost management accountancy.
"Considering the changes, the CMAs need to get them prepared," he said, adding that the technologies will not replace the practitioners rather create new opportunities.
"Technology allows us to better assist our clients, or the businesses and organisations we represent," he said.
President of ICMAB Abu Baker Siddique said the institute is dedicated to play its due role for the country's economy through introduction of time-befitting course curriculum for the students and different activities for the CMAs.
Highlighting the role of accountant professionals for any public and private entities, he said the ICMAB has signed a MoU with the VAT online project to train the tax officials so that they can help increase revenue.
Past presidents of the ICMAB Abu Sayed Md Shaykhul Islam, and Md. Abdul Aziz spoke on the occasion among others. The ICMAB vice president Md. Mamunur Rashid moderated the discussion.
