DHAKA, Nov 12, 2020 (BSS) – Finance Minister AHM Mustafa Kamal today said the newly introduced Document Verification System (DVS) software will ease verifying audit reports and reduce fraud.
“The DVS will play a role in the development of discipline in the financial sector,” he said while inaugurating the DVS virtually as the chief guest at the Sonargaon Hotel in the city.
The National Board of Revenue (NBR) and the Institute of Chartered Accountants of Bangladesh (ICAB) jointly developed the new software called ‘DVS’ to stop unauthentic audits.
ICAB President Muhammad Farooq presided over the function while NBR Chairman Abu Hena Md Rahmatul Munim and Member Md Alamgir Hossain and ICAB Vice President Mohammad Farkan Uddin spoke on the occasion.
Kamal said the DVS will make easier the audit report verification process. DVS will also make easier for other regulators, including the NBR, to use audit reports and find out more accurate information, he added.
Abu Hena Md Rahmatul Munim said many organizations submit fake audit reports in NBR and Keeps information secret.
He hoped that DVS can turn off the irregularities.
The NBR chairman further said that it is possible to collect proper revenue if the audit report is correct.
The DVS will obviously bring discipline in the financial management and increase corporate tax collection. From now on, any registered accountant of the company will have to upload all the information including every audited account report in the gateway. Through the process, tax officials will be able to verify whether the audited report submitted to the NBR is authentic.