The type of work done by a chartered accountant including the professional fees and billing cycles is exposed to different risks. One of the important aspects of risk management is chartered accountant insurance that is designed specifically for accounting professionals. The coverage is comprehensive meaning it only includes what you need.
Adeeb Hossain Khan, president of the Institute of Chartered Accountants of Bangladesh told UNB during an interview that the nation’s economy is rapidly expanding. Businesses are doing well and their demand for chartered accountants has increased; however, they are not getting high quality graduates needed in the accounting profession.
The economy of Bangladesh has expanded over the past two years and the government has undertaken various initiatives on the infrastructural front. However, there are still some constraints because Bangladesh is still producing low-end products because of the lacked of manpower to fill up managerial positions. According to media reports, Bangladesh is spending large amounts of money for foreign employees.
Another challenge being faced by private sector investment is the availability of land. Whatever land is provided to investors may not be suitable for the business. In most instances, ownership of the land is being disputed. Private sector investment is not growing as expected because of the need for serious structural reforms on land issues.
Mr. Khan who spent at least 10 years in the United Kingdom said that chartered accountants have an important role to play when addressing the lack of information regarding the profession. Brilliant students must understand that there are tremendous career opportunities for chartered accountants.
The core function of the accounting professionals is good quality financial reporting. Businesses are going to take serious investment decisions and where resources and manpower will be deployed. The financial reports prepared by the chartered accountants will play a big role in making the decision.
The ultimate objective of chartered accountant insurance is to work exclusively with public practice firms and ensure that insurance will be provided according to their needs. The proven delivery method for accountant insurance will not only maximize client take up; it will minimize the time and resources invested by a firm to facilitate the offer to clients.