Speaking at a press meet following the conclusion of the two-day International Conference on Public Sector Financial Management organized by The Institute of Chartered Accountants of Nepal (ICAN) and Confederation of Asian and Pacific Accountants on Sunday, ICAN Chairman Narendra Bhattarai said that the conference concluded that the public sector financial management should be made effective if the country is to graduate to 'developing country' from 'least developing country' by 2022.
Representatives of 50 accounting institutions from 21 countries were present in the conference. They made presentation on the accounting practices in their respective countries which Nepali professionals can emulate, according to the organizers.
Bhattarai further said the conference participants from Nepal underscored the need to enhance professional capacity of chartered accountants to make accounting system more effective and ensure transparency in the public sector.
He also said that the accounting system should be effective and transparent to boost the foreign direct investment in the country. "The economic system of the country cannot be vibrant until the accounting system is made effective and transparent," said Bhattarai. "Accounting system should be transparent and the professional capacity of accountants should be enhanced."
Bhattarai also said minimum fee of accountants was fixed based on international standard, code of conduct and time, among other factors.
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