With a more significant number of cases recorded across the globe, it is no news that the Coronavirus pandemic has caused a variety of damage to the global economy, not to mention its effect on the economies of different nations. This situation is more evident in countries with the hardest hit from the virus. Job security is at stake, and various sectors and occupations are getting involved in the fight against this pandemic. What impact can each profession have? What contribution can they make in the fight against this virus? Commerce Secretary Md Jafar Uddin unveils the proficiency of Professional accountants in helping the government to tackle, and in the long run, manage the ravages caused by the pandemic in Bangladesh.
He made this known at a webinar attended by several others such as the members of South Asian Federation of Accountants, the Institute of Chartered Accountants of India, the Certified Management Accountants of Sri Lanka, and Arif Khan played the role of the commentator of the webinar. He reiterated the government’s willingness to implement cost audits on the public limited company by carrying out necessary measures to achieve this. The pandemic has caused the implementation of many changes and a restructuring of various economic sectors. The Secretary, however, shows his positivity in the birth of a new framework owing to the Coronavirus pandemic.
While speaking on the effort of professional accountants in managing damages caused by Covid-19, he described how effective the individuals in this sector would be not just amid the pandemic, but also after the pandemic. At the webinar organized by the Institute of Cost and Management Accountants of Bangladesh (ICMAB), President Md Jasim Uddin Akond, expressed that two heads being better than one. As such, the fight against the pandemic should not be a one-person affair; rather, it should be a collective effort of the leaders around the world and professional units of accountants.
The president dwelled on the need for various sectors to give their support in helping the professional accountants to do their jobs and, in the end, achieve the desired aim. Managing a pandemic is never an easy task. Based on this, he shed light on technicalities and difficulties involved in the duty of the professional accountants, especially during and after the pandemic. He expressed displeasure because the notice of the Cost audit on public limited companies was issued since 2001, but had not been carried out.
One of the attendees at the webinar, who was the past president of ICMBA and is also a current council member, Abu Sayed Md Shaykhul Islam, spoke on the challenges faced by various sectors in the economy. He reiterated that this pandemic was not similar to the occurrence of 2008, as it proves to be more challenging to handle. It is now a matter of survival of the fittest, because consultants, auditors as well as professional accountants are putting in their best in overcoming the challenges facing them as a result of the pandemic.
Taking cognizance of existing challenges, one can see that there is hardly a sector of the economy not experiencing inevitable crises due to the pandemic, some being somewhat higher than others. Islam, who was the keynote speaker at the webinar, identified specific problems faced by professionals, organizations, as well as businesses in this period of the pandemic. Referring to the corporate world, he pointed out that cash management and liquidity shortage are significant challenges in this sector.
In Bangladesh, the farm sector is one sector not experiencing too much of a challenge. Islam gave the credit for this to the government, stating that their unrelenting effort to manage the pandemic’s effect in the sector had proven to be very effective. For a global pandemic such as the coronavirus pandemic, it comes with challenges and a need to change and restrategize. Islam said there might be room for improvement under digital platforms, if the consultants, accountants, and auditors see this pandemic as an opportunity for growth and survival.
Parents Scrambling due to Unexpected Daycare Closure
A family can lose their accommodation if care is not found. The side effects of the bureaucratic bungling that resulted in the Compass Day Care closure in Sooke, left many families to struggle for survival.
Families in Sooke are searching for proper care for their kids and some families might lose their home as a result of this.
Leo, Amanda Hounsome’s son, is two years old and among the first kids, that was registered at the daycare after its launch last year.
Amanda Hounsome stated that Leo went through surgery at a tender age, but was ready to be enrolled at the daycare by September. They were overjoyed when they discovered a place very close to their home and she said that being there makes him happy.
She continued that they were devastated when they discovered the daycare would close. She added Leo’s name on several waiting lists, but was turned down and the only place that could afford him space would be in September.
The absence of a daycare implies that Amanda Hounsome would probably lose her employment as a pharmacy assistant, which would affect their ability to pay the mortgage and they would likely end up losing their home.
Amanda Hounsome stated that she was aware that people in the province attempted to provide help with the permit after discovering that there was a screw up for which they tendered an apology but it has less significance as she still has to sell her house.
The troubles with the daycare started in October when a call was placed from the municipal staff stating that the Compass Day Care was not having a business permit.
It was very shocking as a license payment was accepted in May by the District of Sooke and they indicated that a confirmation mail would be sent to the daycare operators.
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The analysis of the communication took place with the staff of the district and the daycare was immediately faced with additional costs of thousands of dollars like engineering reports and architectural drawings for the issuance of the permit by the district.
The manager of the daycare, Wendy Morneau stated that in the absence of the permit, the daycare had no other choice than to limit the number of kids since it was running at a loss.
Morneau stated that operations couldn’t continue like that and the owners made a decision to lock the doors to the center by February’s end. She is currently looking for a space in Sooke to begin her center.
She stated that a space with a yard for outdoor games would be required and would also need some carpentry help to erect some shelves. She would also require additional help to move tools and furniture to space.
However, Morneau indicated that it would be difficult to find the required space for displaced kids.
The acting administrative officer at Sooke, Rachel Gray attempted to fix the issue (that was not caused by her.)
She demonstrated her regrets over the closure of Compass.
She stated that they tried all possible ways to salvage the situation, but it was not enough.
Hounsome felt no comfort in these regrets. She stated that she understood that they felt bad, but it was not enough to offer childcare for her kids or help retain her home.
Always use a daycare that has mandatory background checks as part of their.