Sustainability-related disclosure in the public sector should be of high quality and usable for decision making. Importantly, it should be subject to effective audit and assurance arrangements to help build public trust.
In audit and assurance arrangements, the regulations to address sustainability concerns are IFRS Sustainability Disclosure Standards like IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information; and IFRS S2: Climate-related Disclosures. The empirical evidence on sustainability practices is directly linked to the reduction cost of capital, National commitment and development. The government of Bangladesh is committed to achieve SDGs by 2031. So, accountability and transparency in managing risks and investments are the sine quo none for the implementation of SDGs.
Experts came up with these observations at an international conference on Accountability & Sustainability: Implementation Progress jointly organized by the Institute of Chartered Accountants of Bangladesh (ICAB), Dhaka Stock Exchange Ltd and Victoria University of Wellington, New Zealand on Thursday, 30 November 2023 at ICAB Auditorium, CA Bhaban, Kawran Bazar, Dhaka.
Dr. Shamsul Alam, Former Minister of State, Ministry of Planning, GoB, has graced the ceremony as the Chief Guest. Dr. Md. Khairuzzaman Mozumder, Secretary, Finance Division, Ministry of Finance, GoB remained as the Special Guest in the ceremony.
Professor Dr. Hafiz Md. Hasan Babu, Chairman, Dhaka Stock Exchange (DSE) Ltd was present as the Guest of Honour. ICAB President Md. Moniruzaman FCA delivered an address of welcome while ICAB CEO Sshubhashish Bose delivered introductory remarks.
Dr. Yinka Moses, CA, CPA(Aust), Academic Programme Leader, Wellington School of Business and Government, Victoria University of Wellington, New Zealand presented the keynote paper.
Dr. Shamsul Alam said, political accountability plays an important role in economic development. Bangladesh is well ahead of other countries in South Asia like India and Pakistan in achieving the SDGs and ranked 101st of 191 countries. We need to continue the progress and upgrade the rank further, he added.
We should ensure accountability for sustainable development, the chief guest said adding, chartered accountants play an important role in ensuring accountability in the private sector. For the sake of the country, they will continue to perform their duties properly, he hoped.
The Keynote speaker Dr. Yinka Moses in his deliberation said, sustainability reporting can be described as ‘The practice of an organisation reporting on its impact on sustainable development’.It includes not only environmental considerations, but also the social and economic impacts of human activities. Accountability entails transparency in managing risks and investments including providing honest reckoning for both positive and adverse business activities, he added.
He said, there is a need for corporate leadership that delivers accountability-based accounting without impressionistic tendencies. Hence, good governance and transparent corporate behaviour that will see companies present balanced reckoning of their activities to enable investors, stakeholders to make right decisions.
ICAB President Md. Moniruzzaman FCA said, the accountancy profession is best positioned to lead sustainability reporting and assurance. Professionals working in financial accounting, reporting, internal and external audit can all apply their expertise to this agenda, he said.
Dr. Md. Khairuzzaman Mozumder, Secretary, Finance Division, Ministry of Finance said, many organisations are starting sustainability reporting journeys, there is an opportunity for finance, accountancy and audit professionals to demonstrate leadership and drive this agenda forward. Their knowledge and experience of reporting processes, systems and controls, regulatory compliance, adherence to standards and, in the case of auditors, internal and external assurance, are vital in establishing and embedding sustainability reporting and assurance in the public sector. It’s time for finance and audit professionals to take the lead on the sustainability reporting and assurance agenda, he added.
Accountability linked with SDGs enables managers to reflexively find shortfalls within their system(s) and intentionally improve them as a matter of priority, rather than celebrate marginal successes.
Presenting a video on how the government is taking initiatives to attain SDGs, Professor Dr. Hafiz Md. Hasan Babu said, sustainability reporting must be appropriate to the size and scope of the organisation and comprehensive enough to reflect the needs of the wide range of stakeholders representing the public interest.
The information provided through the sustainability reporting and assurance process should advance sustainable development, he added.
ICAB CEO Shubhashish Bose said that the goal of sustainability reporting and assurance would excel the progress towards sustainable development. Ultimately, the sustainability disclosures reporting must provide useful information that can form a basis for decision-making.