About Us – RAIHAN & CO.

RAIHAN & CO. (A FRC Enlisted Cost Audit Firm) based in Dhaka is a Cost & Management accountancy firm, providing services relating to cost audit, performance audit, Cost Estimation and control, cost compliance, maintenance of cost records, direct and indirect taxation, management and business consultancy, valuation & certification. The Firm has a proven history of serving prestigious and influential services relating to cost audit that takes advantage of the excellent staffing of the Firm in this field. The firm provides access to the expertise and experience of highly qualified professionals who have specialization in different areas of work. RAIHAN & CO. (A FRC Enlisted Cost Audit Firm) is now an established and fast-growing independent player in its field having its Head Office in House-08, Road-01, Block-F, Banani Chairman Bari in Dhaka. The Firm continues to expand its offerings in Cost audit services and direct and indirect taxation in all over Bangladesh.

Background History ‘of Cost Accountancy Firm:
The historical background of cost accountancy firms can be traced back to the Industrial Revolution, when businesses needed better ways to track manufacturing costs and improve efficiency. Initially focused on determining product costs, the field evolved to encompass cost control, management decision-making, and profitability analysis. Key developments include the introduction of scientific management principles, standard costing methods, and advancements in cost-volume-profit analysis.

Key Developments and Milestones:

Industrial Revolution:
The rise of large-scale manufacturing led to the need for cost accounting to track expenses and manage operations efficiently.
1880s:
Scientific management principles were introduced, focusing on efficiency and productivity.
Early 1900s:
Standard costing methods were developed, allowing for the comparison of actual costs with predetermined standards.

1950s-1960s:
Cost-volume-profit analysis gained prominence, helping businesses understand the relationship between costs, sales volume, and profitability.

1980s-1990s:
Activity-based costing and lean accounting emerged, offering more nuanced approaches to cost tracking and process improvement.
Present Day:
Cost accounting is increasingly integrated with digital technologies and real-time data analytics, providing more accurate and timely insights.
Evolution of Cost Accountancy Firms:
Early Focus:
Initially, cost accounting firms were primarily focused on determining product costs and controlling expenses within manufacturing.

Expansion of Scope:
Over time, the scope of cost accounting expanded to include cost analysis, budgeting, financial reporting, and management decision-making.
Integration with Technology:
The development of technology has enabled cost accounting firms to use sophisticated software and analytical tools to gain deeper insight into operations.
Specialization:
Many cost accountancy firms have specialized in particular industries or services, such as manufacturing, service, or government accounting.
In essence, the history of cost accountancy firms is a story of adapting to the changing needs of businesses, from early focus on cost control to the modern use of technology and analytics for informed decision-making

Vision, Mission and Strategic Intent

VISION

“We go beyond the traditional auditor and client relationship by becoming your trusted business advisor. “

MISSION
“We adhere to the strictest principles of client confidentiality. Then the sensitive and competitive nature of proprietary information and the maintenance of trust demands it. We have built our success on such principles. We do our utmost to earn and keep client trust.

STRATEGIC INTENT
“We want to become trusted leader in the market ensuring highest level of professional ethics and competencies.”

PRIMARY OBJECTIVES
The primary objectives of the cost audit are to verify the accuracy of cost records, ensure compliance with cost accounting standards, and identify areas for cost control and efficiency improvement. It helps in detecting fraud, reducing waste, and providing reliable cost data for decision-making.