Bangladesh’s 56 public universities, including Dhaka University and Bogura Science and Technology University, have not prepared any formal financial statements detailing their assets, income, or liabilities. The Financial Reporting Council (FRC) has identified this absence as a major governance risk and requested the University Grants Commission (UGC) to ensure that universities prepare full financial reports. Following this, the UGC has issued letters to all vice-chancellors instructing them to prepare financial statements following an FRC-recommended module.

Experts from the Institute of Chartered Accountants of Bangladesh (ICAB) and university officials have expressed concern that without balance sheets, universities’ assets and liabilities remain untraceable, creating opportunities for irregularities. The FRC’s review found that while private universities prepare audited financial statements, public universities only maintain internal income and expenditure records. The council has also noted inconsistencies in financial audit provisions across university laws.

The FRC is now working to establish external audits and standardized reporting for public universities to strengthen financial discipline and accountability. The UGC expects universities to comply with the new directives to improve transparency and governance in higher education finance.