Bangladesh Defense
Saif
Senior Member
- Jan 24, 2024
- 19,177
- 8,863
- Nation
- Residence
- Axis Group
The Financial Express | First Financial Daily of Bangladesh
Get latest stock share market news, financial news, economy news, politics news, breaking news, Bangladesh economy news at The Financial Express.
Corporate financial sheets are hiding real sales data, says NBR chief
bdnews24.com
Published :
May 20, 2026 18:32
Updated :
May 20, 2026 18:32
National Revenue Board (NBR) Chairman Abdur Rahman Khan has launched a sharp critique of Bangladesh’s corporate sector, alleging that the true picture of annual sales and turnover is routinely obscured or distorted in audit reports and financial statements.
Describing this widespread manipulation as the single most critical "red flag" undermining national revenue collection, the NBR chief expressed deep frustration over the systemic lack of transparency.
Speaking at the Financial Accounting and Reporting (FAR) Summit at a Dhaka hotel on Wednesday, the NBR chief said inaccurate financial reporting has become a deep-rooted problem with serious consequences for the economy and the nation.
“I was asked what the biggest red flag or dangerous signal is in financial reporting and tax collection,” Abdur Rahman said.
“To me, the biggest problem in our financial reporting is that turnover or actual sales figures are not properly reflected in accounting statements.”
Calling the situation unimaginable in a civilised society, he said the reality in Bangladesh was starkly different.
“Cash transactions are either not shown in accounting at all, or they are not fully reflected.”
The summit was jointly organised by the Financial Reporting Council (FRC) Bangladesh, the Institute of Chartered Accountants of Bangladesh (ICAB), and the Institute of Cost and Management Accountants of Bangladesh (ICMAB).
The platform aimed to foster corporate governance and drive macroeconomic stability.
Corporate companies in Bangladesh conduct annual audits through professional accountants certified by ICAB and ICMAB, while the FRC oversees the quality of those audit reports.
However, allegations have long persisted that some professional accountants collude with companies to facilitate tax evasion through different irregularities.
Questions have also been raised over the FRC’s own capacity to effectively monitor and verify audit quality.
Over the years, media reports have exposed capital flight, money laundering and financial irregularities in banks and other financial institutions.
Yet only a fraction of those realities were reflected in professional financial reports, leaving many wondering whether the warning signs had been deliberately ignored.
Earlier at the summit’s opening session, Finance Advisor Amir Khosru Mahmud Chowdhury condemned such practices.
In the following session, the NBR chief referred to the interim government’s White Paper while explaining the country’s revenue crisis.
“We all know about the White Paper published by the interim government. We know what happened in our banking sector,” he said.
“One may even say fraudulent or false financial reports were prepared. Surely CFOs or accountants were involved in preparing those reports, and many of them are sitting in front of us today.”
His remarks carried an unmistakable sense of frustration and concern over the erosion of professional accountability.
“These are the realities, and everyone is suffering because of them. The entire nation is paying the price,” he said.
“Either we treated these issues too casually, or we failed to show the level of professionalism expected from us. The price the nation is paying for that failure is extremely high.”
Abdur Rahman said the government treasury was perhaps the first victim of such distorted reporting practices.
“We are not getting proper revenue because the financial reports being prepared, presented and audited are not reflecting the true picture,” he said.
He added that businesses operating honestly and in compliance with regulations were also suffering because of the trend, as unfair practices continue to distort the market and weaken trust in the financial system.
bdnews24.com
Published :
May 20, 2026 18:32
Updated :
May 20, 2026 18:32
National Revenue Board (NBR) Chairman Abdur Rahman Khan has launched a sharp critique of Bangladesh’s corporate sector, alleging that the true picture of annual sales and turnover is routinely obscured or distorted in audit reports and financial statements.
Describing this widespread manipulation as the single most critical "red flag" undermining national revenue collection, the NBR chief expressed deep frustration over the systemic lack of transparency.
Speaking at the Financial Accounting and Reporting (FAR) Summit at a Dhaka hotel on Wednesday, the NBR chief said inaccurate financial reporting has become a deep-rooted problem with serious consequences for the economy and the nation.
“I was asked what the biggest red flag or dangerous signal is in financial reporting and tax collection,” Abdur Rahman said.
“To me, the biggest problem in our financial reporting is that turnover or actual sales figures are not properly reflected in accounting statements.”
Calling the situation unimaginable in a civilised society, he said the reality in Bangladesh was starkly different.
“Cash transactions are either not shown in accounting at all, or they are not fully reflected.”
The summit was jointly organised by the Financial Reporting Council (FRC) Bangladesh, the Institute of Chartered Accountants of Bangladesh (ICAB), and the Institute of Cost and Management Accountants of Bangladesh (ICMAB).
The platform aimed to foster corporate governance and drive macroeconomic stability.
Corporate companies in Bangladesh conduct annual audits through professional accountants certified by ICAB and ICMAB, while the FRC oversees the quality of those audit reports.
However, allegations have long persisted that some professional accountants collude with companies to facilitate tax evasion through different irregularities.
Questions have also been raised over the FRC’s own capacity to effectively monitor and verify audit quality.
Over the years, media reports have exposed capital flight, money laundering and financial irregularities in banks and other financial institutions.
Yet only a fraction of those realities were reflected in professional financial reports, leaving many wondering whether the warning signs had been deliberately ignored.
Earlier at the summit’s opening session, Finance Advisor Amir Khosru Mahmud Chowdhury condemned such practices.
In the following session, the NBR chief referred to the interim government’s White Paper while explaining the country’s revenue crisis.
“We all know about the White Paper published by the interim government. We know what happened in our banking sector,” he said.
“One may even say fraudulent or false financial reports were prepared. Surely CFOs or accountants were involved in preparing those reports, and many of them are sitting in front of us today.”
His remarks carried an unmistakable sense of frustration and concern over the erosion of professional accountability.
“These are the realities, and everyone is suffering because of them. The entire nation is paying the price,” he said.
“Either we treated these issues too casually, or we failed to show the level of professionalism expected from us. The price the nation is paying for that failure is extremely high.”
Abdur Rahman said the government treasury was perhaps the first victim of such distorted reporting practices.
“We are not getting proper revenue because the financial reports being prepared, presented and audited are not reflecting the true picture,” he said.
He added that businesses operating honestly and in compliance with regulations were also suffering because of the trend, as unfair practices continue to distort the market and weaken trust in the financial system.
