Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINAugust 2015

Number 310

ISSN 1993-5366

CAB is on the way to develop ERP

(Enterprise Resource Planning) software in

full-fledged form for integrated information

system. On 20 August 2015, an agreement was

signed between ICAB and IBCS Primax

Software (Bangladesh) Ltd for developing ERP

software. ICAB President Masih Malik

Chowdhury FCA, Vice Presidents AF

Nesaruddin FCA, Kamrul Abedin FCA, Past

President & Council Member Showkat Hossain

FCA, Chairman ICT Committee Akhtar Sohel

Kasem FCA, Members Muhammad Farooq FCA

and Gopal Chandra Ghosh FCA were present in

the signing ceremony along with ICAB-ERP

project implementation team.

President-ICAB gave thanks to ICT Committee, ERP project Sub-Committee and IT Department for their sincere efforts to bring the project at matured stage. Chairman ICT Committee Akhtar Sohel Kasem FCA also gave thanks to President-ICAB and ICAB Council for full hearted support and approval of the project very promptly.

The Council ICAB in its meeting held on 14th July 2015 approved the project proposed by ICT Committee. A steering committee named ERP

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Agreement for developing ERP software signed

ICAB to be under Full-Fledged Integrated Information System soon

ICAB Secretary AKM Rahmat Ullah FCA and Director-Sales & Marketing, IBCS Primax Software (Bangladesh) Ltd B C Banik signing the agreement on behalf of their respective organisation. ICAB President Masih Malik Chowdhury FCA , Vice Presidents AF Nesaruddin FCA, Kamrul Abedin FCA, Past President & Council Member Showkat Hossain FCA, Council Member & Chairman ICT Committee Akhtar Sohel Kasem FCA, Council Members Muhammad Farooq FCA and Gopal Chandra Ghosh FCA were also seen.

ICAB to be under Full-Fledged...soonICAB Delegation met Chairman...Finance ICAB President met Finance MinisterICAB President met Senior Secretary, MoC Workshop on QAD for CA Students held Training Program on IFRS & IAS... OfficialsICAB President participated... SkypePresident’s Communi-cation August 2015 Meeting with visiting Delegates from AAT, UK ICAB and World Bank hold discussion...ReportMember’s AchievementWe MournCampus NewsCongratulations to the Newly Qualified CAs !!Admission as Associate New Address of the following FirmsSAFA Board Meeting and Different...Meetings ICAB President awards Certificates...CAMPUSICAB-NAC Members’ Picnic 2015ICAB President attends Board of... NAPD ICAB President attends Jury Board... AwardsICAB Participates in PSC Meeting...on FRA17th Council Meeting of ICABCA Hostel Anniversary ObservedICAB President tells the Financial...FRA Bill 16

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August 2015 No. 310

ICAB Delegation met Chairman, Parliamentary Standing Committee on

FinanceOn 10 & 11 August 2015 ICAB President Masih Malik Chowdhury FCA led a team comprising Vice President AF Nesarudin FCA, Council Members Muhammad Farooq FCA, Dewan Nurul Islam FCA and Md. Shahadat Hossain FCA in two meetings held with Chairman of the Parliamentary Standing Committee on Finance Dr. Abdur Razzak, MP. They had a discussion on proposed FRA Bill 2015.

The ICAB delegation handed over a formal letter to the Chairman demanding modification in the changes made by the PSC in proposed FRA. They informed the Chairman that management of the company prepares the financial reports while Chartered Accountant performs audit of the reports. They also said internal audit, performance audit, cost audit, management audit are not the relevant fields of the financial reportings. As per IFAC rules, an auditor is to have at least 36 months practical experience as it is prerequisite for doing audit. But CMAs do not have such qualification. Further the World Bank report titled ‘Bangladesh: Report on the observance of standards and codes (ROSC)-2014 suggested for strengthening the other regulatory bodies including ICAB to ensure better performance of financial sector and termed it “too advanced stage” for enactment of FRA.

ICAB President met Finance Minister

On 6 August, ICAB President along with Council Member

Shahadat Hossain FCA met Finance Minister Abul Maal Abdul

Muhith, MP in Bangladesh Secretariat on call from him. They

discussed about proposed FRA. The ICAB team raised some

points that did not commensurate with the country’s relevant

laws. They also handed over a letter to the Minister. The

Minister gave a patient hearing on ICAB’s standing on FRA.

ICAB sought his cooperation in this regard.

ICAB President met Senior Secretary, MoC

ICAB President Masih Malik Chowdhury FCA together with

Vice President AF Nesaruddin FCA met Senior Secretary,

MoC Hedayetullah Al Mamoon, ndc in Bangladesh Secretariat

on 11 August 2015. They discussed about FRA Bill and the

changes in the Act by Parliamentary Standing Committee on

Finance. They pointed out some contradictions in proposed

FRA. The Secretary paid a patient hearing to the submissions

of ICAB.

Project Sub-Committee of ICT Committee has been made responsible for ensuring proper implementation of ERP System within the scope defined in the roadmap.

Convener – ERP Project Sub-Committee Gopal Chandra Ghosh FCA explained the activities covered by each phase of ERP project. He requested ICAB officials to participate and give inputs to the development team (IBCS Primax) as well as ICAB IT department.

The full fledged integrated information system will be completed in five phases.

In Phase-I, development of members,

firms and students database which

includes members database

development & related matters, CA firms

database development and relevant

matters, students’ database

development and related matters, ICAB

website re-construction, developing

database driven responsive website,

CPD database design & development,

Online CPD. In Phase-II, library

management system & developing

e-library include developing individual

credential, library management

information system.

Academic campus & ICPE activities management including training and workshop management and related matters of ICPE, academic campus activities and coaching class management information will be automated in phase-III. ICAB’s other activities and related database development will be done in phase-IV.

Financial systems like inventory control, payroll systems, fixed assets systems, accounting information system integrating all above mentioned modules and any other matters relevant with financial systems will be automated in phase-V.

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August 2015No. 310

CAB Center for Professional Excellence (ICPE) organized a day long workshop on "How to Maintain

Quality in Audit and Assurance Services" for CA students on 18 August 2015 at its Auditorium. This workshop was the first of its kind.

A total number of 50 students attended the workshop. ICAB Vice President AF Nesaruddin FCA inaugurated the workshop and President Masih Malik Chowdhury FCA awarded certificates to the participants.

The discussion topics were current status of quality assurance and its

requirements as per BSQC 1. Also, brief on different stages of audit and contents of audit working files, brief on different stages of audit and contents of audit working files, audit planning and control evaluation, audit completion and audit compliance review (ACR)

were in it. Resource Persons of the workshop were Md. Kamruzzaman ACA, Sk. Md. Tarikul Islam ACA, Farhana Sultana ACA and Muhammad Aminul Hoque FCA. Second batch of the workshop will be held on 8 September 2015.

3rd consecutive phase of the training program on IFRs & IAS for Bangladesh Bank officials has been started from 2 August, 2015 at ICAB training room. Abu Hena Mohd. Razee Hassan, Deputy Governor, Bangladesh Bank inaugurated the training program as Chief Guest.

The resource persons of the training are: ICAB President Masih Malik Chowdhury FCA, Council Members & Past Presidents Md. Syful Islam FCA, Md. Abdus Salam FCA, Council Members Dr. Abu Sayed Khan FCA, Dewan Nurul Islam FCA, Md. Shahadat Hossain FCA, Gopal Chandra Ghosh FCA, Snehasish Barua FCA, Sabbir Ahmed FCA, Muhammad Aminul Hoque FCA, Mohammad Salahuddin Chowdhury ACA, Md. Mahamud Hosain FCA, Forkan Uddin FCA, Ajit Kumar Paul FCA, Mohammed Hamidul Islam FCA, Mohammed Tofazzul Hussain FCA, Ashraf-Uz-Zaman Ali ACA, Md. Jahidur Rahman FCA, Raghib Ahsan FCA, Shaheduzzaman Choudhury FCA, Md. Kamruzzaman ACA and Ala Uddin FCA will conduct the training as Resource Persons thoughout the month long training. The training will conclude on 14 September 2015.

Workshop on QAD for CA Students held

Training Program on IFRS & IAS for Bangladesh Bank Officials

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ICAB President Masih Malik Chowdhury FCA participated in NTV’s regular program on capital market ‘Capital Market Watch’ on 24 August 2015 through Skype. The program was broadcast live where two other participants; Dr. Abdul Mazid, Chairman, Chittagong Stock Exchange and Mohammed Forkan Uddin FCA, Partner, Masih Muhith Haque & Co., Chartered Accountants took part.

Mr. Chowdhury spoke about tax related issues in capital market like tax policy, tax on dividend, double taxation, Finance Act, investment, etc.

Mohammed Forkan Uddin FCA elaborated the discussion on these issues, discussed by the President-ICAB. He also spoke about present capital market trend prevailing in country’s two bourses .

The program was moderated by Ahmed Rashid Lali, Ex-Vice President, DSE.

ICAB President participated in NTV-Talk Show on Capital

Market thru Skype

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August 2015 No. 310

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Dear Fellow Members,

Assalamuallaikum & Greetings to

you all.

Standing at the last half of my tenure,

dear colleagues in fraternity, I may

claim to have rendered my sincere

services to the Institute with unabated

dedication. Throughout my 8 months

journey as President in the office I

have found my colleagues &

teammates around me placing all out

efforts to benefit our profession of

dignity with knowledge & wisdom.

The brainstorming actions like

training, workshops, seminars,

conference were organized

frequently for members in large

number in addition to biometric

attendance, changes in examination

systems, etc for others. Those were

also opened to other stakeholders in

last 8 months as these were driven in

quest of searching knowledge &

wisdom.

Efforts were at large deployed for up

holding professional dignity & its

development. However, we had to

substantially divest our time & efforts

to protect the CA profession from the

havoc of damages by the FRA. The

clouds over the CA profession are still

hovering as a vested quarter, is

persistently for that. Through their

advocating for some ridiculous

clauses in the proposed FRA we are

not yet in a safe beach. This has led

President’sCommunicationAugust 2015

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5

August 2015No. 310

us to confront a scourge situation. We

had to search for ways & means to

find a respite for us. The serene is yet

to come.

So far several initiatives had been

taken in last 8 months to bring

dynamism in education, trainings,

workshops and even in the office

operations of the Institute. It is widely

believed that such transformations

would benefit ICAB in coming days.

For major operational challenges of

ICAB, new fronts are in the offing with

more dynamic operational people.

Dear fellow members, an exclusive &

extravagantly spacious new campus

building to provide a world class

education is now in ICAB’s

possession. The renovation works of

the building and the installation of

modern facilities are in conclusion. By

September 6, classes would resume

in the new lavish campus. The library

of the Institute was transformed into a

modern library with Wi-Fi facilities

among others. Books, journals,

magazines and manuals in thousands

on accountancy profession have

been available therein. We have

taken over the 2nd floor of CA Bhaban

from the daily Prothom Alo. I can

claim to have done some

commendable jobs. It was possible by

recurrent persuasions made by the

Real Estate Committee-ICAB & the

Council. Thanks to the timely drives of

the Chairman of the Committee Mr.

AF Nesaruddin.

Let me now tell you about our

endeavours during the Month of

August 2015.

Agreement for developing ERP software signed

ICAB is on the way of developing ERP

(Enterprise Resource Planning)

software in full fledged form for an

integrated information system. On 20th

August 2015 an agreement was

signed between ICAB and IBCS

Primax Software (Bangladesh) Ltd for

developing ERP software.

ICAB Secretary Mr. AKM Rahmat

Ullah FCA signed the agreement with

the IBCS Primax Softwre

(Bangladesh) Ltd in a simple

ceremony. Myself and two other Vice

Presidents Mr. AF Nesaruddin FCA,

Mr. Kamrul Abedin FCA, Past

President & Council Member Mr.

Showkat Hossain FCA, Chairman ICT

Committee Mr. Akhtar Sohel Kasem

FCA, Members Mr. Muhammad Faruk

FCA and Mr. Gopal Chandra Ghosh

FCA were present.

My special thanks remain for the ICT

Committee & the ERP project

Sub-Committee for their sincere

efforts for making ERP a reality. A

steering committee named ERP

Project Sub-Committee of ICT

Committee has been made

responsible for overseeing the proper

implementation of ERP System as

envisaged in roadmap. The full

fledged integrated information system

will be completed in five phases,

Completion of its first phase will be

made in November 2015.

Workshop for CA Students

A day long workshop on "How to

Maintain Quality in Audit and

Assurance Services" for CA Students

was organized by ICPE on 18 August

2015 in its auditorium. The workshop

was the first of its kind. A total number

of 50 participants attended the

workshop. Vice President Mr. AF

Nesaruddin FCA inaugurated the

workshop. At the end of the workshop

certificates were awarded to the

participants with myself doing the

honour.

I owe special thanks to the resource

persons of the workshop; Mr. Md.

Kamruzzaman ACA , Mr. Sk. Md.

Tarikul Islam ACA, Ms. Farhana

Sultana ACA and Mr. Muhammad

Aminul Hoque FCA. Such programme

would continue in upcoming months.

Training program on IFRS & IAS for Bangladesh Bank officials

The 3rd consecutive yearly training

programme on IFRS & IAS for

Bangladesh Bank officials was

inaugurated on 2 August, 2015 at

ICAB training room. Deputy Governor,

Bangladesh Bank Mr. Abu Hena

Mohd. Razee Hassan graced the

occasion as the Chief Guest. In his

speech he acknowledged ICAB’s

initiatives for organizing such training

on continual basis. This training would

enormously benefit the Central Bank

officials for proper implementation of

accounting standards, he stated. This

month long training will conclude in

mid September 2015.

Interview with the Financial Express

We all know that Government is going

to enact the FRA Bill in the Parliament

very soon. Now that we agreed for an

effective FRC, our main concern is

concentrated on a proper & functional

FRC under FRA. We are concerned

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August 2015 No. 310

for obvious reasons. It bears some

contradictory sections & clauses with

country’s existing laws and

international accounting standards &

practices. To disseminate ICAB’s

stand on FRA, the Financial Express

on 13 August 2015 published my

interview over the FRA issue with due

importance. In that interview, I

stressed for an effective functioning

of the proposed Financial Reporting

Council (FRC). I reminded that

effective result reaping FRC would

remain a far cry, if the formation of

the body would not be unbiased.

"The FRA will fail to yield any better

results as it does not have any

provision for the professional

improvements and corporate

discipline, I also told the FE”. One can

see my full length interview by visiting

the link.

http://www.thefinancialexpress-bd.co

m/2015/08/13/103782.

Meeting with Chairman, Parlia-mentary Standing Committee on Finance

On 10 & 11 August 2015, I led ICAB

teams to meet the Chairman of

Parliamentary Standing Committee

on Finance Dr. Abdur Razzak, MP.

We had a long discussion on

proposed FRA Bill 2015 in these

meetings. Other members of the

team were Vice President Mr. AF

Nesarudin FCA, Council Members

Mr. Muhammad Farooq FCA, Mr.

Dewan Nurul Islam FCA and Mr. Md.

Shahadat Hossain FCA.

We handed over a formal letter to the

Chairman demanding modification in

the changes made by the PSC in

proposed FRA. We also informed the

Chairman that management of the

company prepares the financial

statements (FS) and the Chartered

Accountant performs audit resulting

into forming their opinions on the FS.

We categorically stated that as per

IFAC rules, an auditor should have at

least 36 months practical experience

as it is the prerequisite qualification

for conducting such audit. On the

other hand CMAs do not have such

qualification. Further the WB report

titled ‘Bangladesh: Report on the

Observance of Standards and Codes

(ROSC)-2014 suggested for

strengthening the other regulatory

bodies including ICAB to ensure

better performance of proposed

FRC. It continued that “for enactment

of FRA it is a too advanced step”.

Both the meetings with the Chairman

were seemingly thought provoking.

Separate meetings with Parlia-mentary Standing Committee on Finance Members in recur-rent scenario.

On the same issue ICAB Committee

comprised of Council Members had

have several meetings with the

Members of the Parliamentary

Standing Committee on Finance on

different dates & places.

We had enlightened hon’ble MPs

about the WB’s ROSC Reports

-2014. We also reminded them that

CMA’s limited activity is Cost &

Management Accounting as per CMA

Ordinance of military regime in 1977.

It left CMAs with no scope for Auditing

of whatsoever type. Unlike India

going for a NFRA proposed it will

create a mess in the statutory

auditing and thus severely affect the

credibility of the audit reports and

hamper the profession vis-à-vis

global perspective. Paving ways for

people like CMAs from non audit

sector will not make FRC need

driven? CMAs have no practical

exposure like CAs in Accounting and

Auditing for 36 to 48 months, we

enlightened the respected PSC

members.

Meeting with Finance Minister

On 6 August 2015, I along with

Council Member Shahadat Hossain

FCA met hon’ble Finance Minister

Mr. Abul Maal Abdul Muhith, MP in

Bangladesh Secretariat at his cell.

We discussed about proposed FRA.

We also raised some points that were

not commensurate with country’s

relevant laws. The Minister observed

ICAB’s stand on FRA as logical.

Therefore, we sought & urged his

early actions to address these very

important issues.

Meeting with Senior Secretary, MoC

We met Senior Secretary, MoC Mr.

Hedayetullah Al Mamoon, ndc in

Bangladesh Secretariat on 11 August

2015. ICAB Vice President Mr. AF

Nesaruddin FCA accompanied me.

We discussed about FRA Bill and the

suggested new changes in the Act

proposed by Parliamentary Standing

Committee. We informed the

Secretary about the contradictions

and irrelevant sections in the

proposed FRA. The Secretary paid a

patient hearing to our submissions

and assured us his cooperation to

7

August 2015No. 310

make the Act more relevant in our

country perspective & at per

international practices.

ICAB Participates in PSC Hearing on Review Appeal on FRA

On 12 August 2015 I together with

Vice President Mr. AF Nesarudin FCA,

Council Members Mr. Muhammad

Farooq FCA, Mr. Dewan Nurul Islam

FCA and Mr. Md. Shahadat Hossain

FCA had attended in the Hearing of

Parliamentary Standing Committee

regarding ICAB’s Review Appeal on

FRA Bill 2015 at Parliament

Secretariat. We pleaded for

amendments in Bill with arguments.

The meeting was chaired by the

Chairman, Parliamentary Standing

Committee on Finance Dr. Abdur

Razzak, MP. All the Committee

Members on PSC on Finance

including the Finance & the State

Minister were present in the meeting.

During my turn of address, I also

quoted country’s existing laws,

international accounting standards &

practices, IFAC rules, World Bank’s

ROSC Reports 2003 & 2014. I also

drew attention of the Committee to the

regional & neighbouring country’s

accounting standards & practices and

their regulatory provisions. Our

submissions were made in efforts to

make the FRA more relevant in

country’s perspective and for the

smooth functioning of FRC under this

Act.

Meeting with WB on ROSC updates Reports 2014

A discussion meeting with the World

Bank’s delegates on ROSC updates

reports 2014 was held at Hotel Pan

Pacific Sonargaon, Dhaka on 21

August 2015 where we briefed about

ICAB’s key advancements and

progress since 2003 when WB had

revealed ROSC report. We also

briefed the key recommendations of

WB 2014 ROSC updates reports

drawing a comparison of

recommendations made in ROSC

2003 report. As ICAB has made

tremendous progress in education and

regulatory functions , we requested

the World Bank’s delegates to take

necessary steps to communicate and

convince the Government for taking

into consideration of ROSC updates

report 2014 before enacting FR. The

delegates understood ICAB’s view

points and assured that they would

communicate a brief note regarding

ROSC update Report with the

Government very soon.

World Bank Manager, Financial

Management, South Asia Region Fily

Sissoko, Senior Financial

Management Specialist Suraiya

Zannath FCA, ICAB Vice Presidents

AF Nesaruddin FCA, Kamrul Abdein

FCA, Past President & Council

Members Akhtar Sohel Kasem FCA,

Md. Syful Islam FCA and Md. Abdus

Salam FCA also participated in the

discussion representing their

respective organisation.

Jury Board Meeting for Daily Star-DHL Business Awards

On an invitation, I attended Jury

Board Meeting for the Daily Star-DHL

Bangladesh Business Awards held at

the Azimur Rahman Conference Hall,

Daily Star Centre, Dhaka on 22 August

2015 as a member of the Board this

year. The Daily Star-DHL Bangladesh

Business Awards (BBA) is one of the

most prestigious awards for business

accomplishments. It was as always

jointly organized by The Daily Star and

DHL Express, Bangladesh to honor

the exceptional business leaders and

promote ethical business practice in

Bangladesh.

Participation in BoGs Meeting of NAPD

During this month on 13 August 2015,

I participated in Board of Governors’

meeting of National Academy for

Planning and Development at NEC

Conference room at Sher-e-Bangla

Nagar. The meeting was chaired by

hon’ble Minister, Ministry of Planning

AHM Mustafa Kamal FCA , MP. He is

Chairman of this Governing Body &

also a Senior Member of ICAB.

Awarding Certificates for English Learning Course organized at CAMPUS

As Guest of Honour I attended the

certificate awarding ceremony of a

free learning course organized by

CAMPUS at Campus Social

Development Centre (CSDC) on 24

August 2015. After an inspirational

speech, I gave away few certificates to

the participants in the ceremony in

presence of Dr. Zaid Bakht, Chairman,

Agrani Bank Limited. CAMPUS

organized the English Learning course

with a view to build smart and global

youth generation leader. It aimed to

establish knowledge based social

justice for creating an enlightened

Nation.

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August 2015 No. 310

NTV-Talk show on Capital Market thru Skype

On a request, I also participated in

NTV’s regular program on capital

market ‘Capital Market Watch’ on 24

August 2015 through Skype. The

program was broadcast live where two

other participants were Dr. Abdul

Mazid, Chairman, Chittagong Stock

Exchange and Mohammed Forkan

Uddin FCA, Partner, Masih Muhit

Haque & Co., Chartered Accountants,

both are regular talk show presenters.

I spoke about tax related issues in

capital market like tax policy, tax on

dividend, double taxation, Finance Act,

investment, etc among others.

We Mourn

We express our deep sorrow and

heartfelt prayers at the sad demise of

Mr. Mohammad Asaddar Ali

(Enrollment-88) who breathed his last

on 10 August 2015 (Innah Lillahe ...

Rajeun). Former Director (Finance) of

Metropolitan University, Sylhet, may

Allah (swt) shower his immense mercy

for eternal rest of the soul.

Meetings of Council and Standing &

Non-standing Committees

The following meetings of the Council,

Standing and Non-standing

Committees and Sub-committees of

ICAB were held during the month of

August 2015:

Standing Committees:

- 4th Meeting of the Board of Studies

(BoS) was held on 01 August 2015

at 5:00 pm.

- 5th Meeting of the Investigation &

Disciplinary Committee (IDC) was

held on 01 August 2015 at 11:00

am.

- 16th Council Meeting was held on 04

August 2015 at 5.00 pm.

- 4th Meeting of the Examination

Committee was held on 20 August

2015 at 12:00 pm.

- 17th Council Meeting was held on 20

August 2015 at 2.00 pm.

- 18th Council Meeting was held on 25

August 2015 at 5.00 pm.

- 6th Meeting of the Investigation &

Disciplinary Committee (IDC) was

held on 29 August 2015 at 11:00

am.

- 6th Meeting of the Executive

Committee (EC) was held on 23

August 2015 at 5:00 pm.

- 7th Meeting of the Executive

Committee (EC) was held on 30

August 2015 at 5:30 pm.

Non-standing Committees:

- 3rd Meeting of the Members

Services & Welfare Committee

(MSWC) was held on 04 August

2015 at 6:00 pm.

- 4th Meeting (Urgent) of the

Committee for Amendment of CA

Order & Bye-Laws was held on 08

August 2015 at 6:00 pm.

- 2nd Meeting of the ICAB-ICAEW

Coordination Committee was held

on 09 August 2015 at 4:30 pm.

- 2nd Meeting of the Audit Committee

was held on 17 August 2015 at

5:30 pm.

- 5th Meeting of the Editorial Board

(EB) was held on 20 August 2015

at 6:00 pm.

- 2nd Meeting of the Continuing

Professional Development

Committee (CPDC) was held on 26

August at 6:00 pm.

- 4th Meeting of the Review

Committee for Published Accounts

& Reports (RCPAR) was held on 24

August at 5:30 pm.

Standing and Non-standing Sub-committees:

- 6-Member Sub-committee of the

Board of Studies (BoS) was held on

11 August 2015 at 5:00 pm.

- 5th 9-Member Sub-committee

Meeting of the Articled Students

was held on 12 August 2015 at 6:30

pm.

- 8-Members Sub-committee of the

Council was held on 30 August

2015 at 4:00 pm.

I hope fellow members you have found

these 8 months quite eventful. I

however, seek your unstinted supports

in the 4 months ahead for the way

forward.

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Masih Malik Chowdhury FCA

President

9

August 2015No. 310

Meeting with visiting Delegates from AAT, UKICAB President Masih Malik Chowdhury FCA, Vice President AF Nesaruddin FCA and Council Member Muhammad Farooq FCA are seen at a meeting with visiting delegates from the Association of Accounting Technician (AAT), UK at ICAB Council Hall on 3 August 2015. They discussed the possible opportunities for partnership with ICAB and to assess the potentialities in Bangladesh.

ICAB and World Bank hold discussion meeting on ROSC

Update Report 2014

We MournMohamed Asaddar Ali FCA (Enrolment. No. 88) died on 10 August 2015 due to old age complications (Innah Lillahe... Rajeun). He was Director (Finance), Metropolitan University, Sylhet and left behind his wife. On behalf of the Council & Members of the Institute, President of ICAB Masih Malik Chowdhury FCA expressed deep sorrow at the sad demise of Mr. Ali and prayed for the salvation of his departed soul. May Allah give the bereaved family the courage to bear the irreparable loss.

Tarikul Islam passed ICAEW Examination

Sk Md Tarikul Islam (Enrollment No. 1238) passed all the three (Business Reporting, Business Change and Case Study) ICAEW ACA examinations at his very first attempt. On an average, he achieved approximately 61 percent marks in Advance Stage modules and secured 80 percent marks in the Ethics Learning Programme (ELP). He is one of the few members who has completed ICAEW as an ICAB member through the MoU route. He is a Faculty Member of ICAB and also conducts various training at ICAB and contributes in “The Bangladesh Accountant” both in the capacity of author and the reviewer. He serves the Institute as a member of different committees including Bye-Laws Committee, Editorial Board and ICAB-ICAEW Coordination Committee. Congratulations to Mr. Tarik on all that he accomplished !!

ICAB and the World Bank held a discussion meeting on ROSC updates Reports 2014 at Hotel Pan Pacific Sonargaon, Dhaka on 21 August 2015.

ICAB President Masih Malik Chowdhury FCA briefed about ICAB’s key advancements and progress since 2003 when World Bank (WB) had revealed ROSC Report. He said that considering the ICAB’s tremendous progress in education and regulatory functions, relative size of the corporate sector and profession in more developed countries, the WB ROSC Updates 2014 clearly mentioned that the establishment of a new independent oversight authority for accountants and auditors in Bangladesh may be too advanced a step. This Report also states that there is strong view among the stakeholders that establishment of a separate regulatory body such as a Financial Reporting Council (FRC) may not necessarily bring the desired result should the performance of other regulatory bodies remain in their current state, he added.

ICAB requested the World Bank’s delegates to take necessary steps to communicate and convince the Government for taking into consideration of ROSC Updates Report 2014 before enacting FRA. The delegates understood ICAB’s view points and assured that they would communicate a brief note regarding ROSC Update Report with the Government very soon.

World Bank Manager, Financial Management, South Asia Region Fily Sissoko, Senior Financial Management Specialist Suraiya Zannath,ICAB President Masih Malik Chowdhury FCA, Vice Presidents AF Nesaruddin FCA, Kamrul Abedin FCA, Past President & Council Members Akhtar Sohel Kasem FCA, Md. Syful Islam FCA, Md. Abdus Salam FCA, Secretary AKM Rahmat Ullah FCA, Project Adviser Burhanuddin Ahmed FCA and Director(Technical) Mahbub Ahmed Siddique FCA were representing their respective organisation in the meeting.

Member’s Achievement

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August 2015 No. 310

ICAB Academic Campus NewsThe Pre-examination Classes for Professional Stage-Knowledge Level (12th Batch, Sections: A-F) which started from Monday, 01 June 2015 for Examination Session: November-December 2015, and will now be closed on 31 August 2015.There are 453 students enrolled with 74 teachers engaged for the Class Session of June-August 2015.

As a result, the cumulative number of participated students of ICAB under new

curriculum has come to 8,964 till August 26, 2015.

On the other hand, new session for the students of Professional Stage-Application Level (11th Batch) & Advanced Stage (10th Batch) will commence from Sunday, 06 September 2015 at ICAB New Academic Campus. A Notice has already been issued in this regard and all concerned students are advised to join the classes accordingly.

Meanwhile, the refurbishments of ICAB New Academic Campus at 51-53, Kawran

Bazar, Commercial Area, Dhaka-1215 is in-progress, and the next session of classes will start there, from 06 September 2015.

The Programme and Session have been organised by the Additional Director at ICAB Academic Campus under the supervision of Vice President (Education & Training)-ICAB, A F Nesaruddin FCA with the consent and guidance of Chairman of Board of Studies-ICAB, ABM Azizuddin FCA & President-ICAB Masih Malik Chowdhury FCA.

Announcement(Classes of Next Session)

The New Session (September- November 2015) for the Students of Professional Stage- Knowledge Level (12th Batch, Sections #: G-I), Professional Stage- Application Level (11th Batch, Sections #: A-D) and Advanced Stage (10th Batch, Sections #: A) will start from Sunday, 06 September 2015 at ICAB New Academic Campus, 51-53, Kawran Bazar, C/A, Dhaka-1215. A Notice has already been issued in this matter, and all the concerned students are advised to join the classes accordingly.

Source: ICAB Campus

Resource Persons: ICAB Academic Campus (Session: June-August 2015)Name of Resource Persons(Sections- A - F of PS-KL-12th Batch)

Mr Mohammed Tofazzul Hussain FCA Mr Abdullah-Al-Mamun FCAMr Kamruzzaman FCA Mr Kutub Uddin Ahmad FCA Mr Nirmol Chandra Sarker FCA Mr Anup Kumar Mukherjee FCA Mr Mahbub Alam FCA Mr Uttam Kumar Saha FCA Mr Mohammed Forkan Uddin FCA Mr Zakir Hossain FCA Mr Md Amirul Islam FCAMr Abdulla-Al-Mahmud FCAMr Md Raghib Ahsan FCAMr Gopal Chandra Ghosh FCAMr Muhammed Moshiur Rahman FCAMr Shaheduzzaman Choudhury FCAMr Shahriar Istiaq Halim FCAMr Mohammad Showket Akber FCAMr Masud Khan FCA-IndiaMr Md Mahamud Hosain FCAMr Jone Kumer Gupta ACA Mr Md Din Islam Miah FCADr Jakerul AbedinMr Mohammad Abdul MatinMr Mohammed Sabir Ahmed FCAMr Mohammed Zakaria FCAMr Mohammad Redwanur Rahman FCA Mr Md Abu Bakar FCAMr Masud Parvez FCAMr Mohammad Salahuddin Chowdhury FCAMr Shankar Chandra Karmaker FCAMr Muraheb Malik Chowdhury ACA Mr Mohammad Abdul Ohab Miah FCAMr Md Reajul Islam FCAMr Imtiaz Lutful Baset FCAMr Md Selim Reza FCA

Mr Palash MollickMr Md Mahsudur Rahman FCAMr Md Fokrul Islam FCAMr Shib Pada Dey FCA Mr Shekhar Kumar Halder FCAMr Faker Ahmed FCAMr Md Ziaul Alam ACAMr Md Sayeed Ahmed FCAMr Mahmudul Hasan Khusru FCA Mr Md Mohiuddin Ahmed FCAMr Yasin Miah FCA Mr Tariquzzaman Khan FCA Mr Shamim-Al-Mamun FCADr ASM Hossain Tayiab FCAMr Md Al- Amin Siddiki ACA Mr Muhammad Aminul Hoque FCAMr Sk. Md Tarikul Islam ACAMr Bibhuti Bushan Biswas FCAMr Amiya Bhousan Bhowmik FCAMr Md Lutfar Rahman ACA Mr Mustaq Ahammed FCAMr Ranjan Kumar Bhowmik FCMAMr Rakesh Saha FCAMr Tanvir Hasan ACAMr Syed Mohammed Kowser HossainMr Nazmul Hussain Siddique ACAMr Shah Md Mohin Uddin ACAMr S M Ashfaqur Rahman ACAMr Md Saiful Hasan ACAMr Anup Kumar Sarker ACAMr Mohammad Aslam FCAMr K M Atiqul Islam ACAMr Md Arshadul Kabir ACAMr Md Ali Akther Rezvi FCAMr Md Razib Hossain ACA Mr Wahid Murad ACAMr Sheikh Noor MohammadMr Md Abdullah-Al-Amin ACA

Visiting Faculties(for Ongoing Session)

Name of Visiting FacultiesMr. Masih Malik Chowdhury FCAMr. A F Nesaruddin FCAMr. ABM Azizuddin FCAMr. Anwaruddin Chowdhury FCAMr. Md Syful Islam FCAMr. Md Abdus Salam FCAMr. Gopal Chandra Ghosh FCAMr. Abdul Khalek FCAMr. Md Amirul Islam FCAMr. Sabbir Ahmed FCA (E-770) Mr. Mohammad Mehdi Hasan FCA Mr. Ajit Kumar Paul FCADr. Jakerul Abedin Mr. Md Jehad UddinMr. Syed Mohammed Kowser HossainMr. Sheikh Noor Mohammad Mr. A H Mostafa Kamal Khan

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August 2015No. 310

he Professional Examinations of May-June 2015 session-ICAB witnessed a good number of students qualifying their final exams. A number of 27 (Twenty

seven) students passed in their Final Examinations and became

eligible for the membership of ICAB. The members of the Editorial Board congratulate the successful candidates for becomming proud Members of ICAB and wish them all success in their future endeavours.

TCongratulations to the Newly Qualified CAs !!

Hasan Murad Al Amin RedwanurRahman

Md Masrul Mollah Monir Hossen Md Sajedul Haque Raisa Gias

Rajesh Chandra Kuri Mohammad ShafikulIslam

Golam Fazlul Kabir Shahriar AhsanAhmmed

Md Taslim Shahriar Md Khayer Uddin

Tahani Tarannum Rubaiyath Ara Jasim Uddin Zahirul Hoque Munna Fatema-Tuz-Zohra Md Shahidul Islam

Md Mustaq Ahmed Mohan Adhikari Farhana Amin Tonny Md Hasan ImamSiddiki

Md Ezazul Islam Sazib Kumar Saha

Md Kazi Shafiul Islam Md Tahmid Sami Md Salahuddin RiyadSource: ICAB Exam. Section

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August 2015 No. 310

Admission as AssociateThe following Members have been admitted as Associates of the Institute with effect from the dates mentioned against their respective names:

Name Effective Date Mr. Wadud Sharif ACA (1710) 30 July 2015C/o. G. Nabi & Co.,Chartered Accountants Ellal Chamber (10th Floor) 11 Motijheel Com. Area,Dhaka-1000

Mr. Fakrul Hasan Iqbal ACA (1711) 05 August 2015PartnerSAFE Accountants842, Botanay, MascotNSW 2020, Australia

Mr. Md. Hasan Imam Siddiki ACA (1712) 23 August 2015Finance ManagerYouth Group, Youth Tower822/2, Rokeya Sarani,Mirpur Dhaka-1216

Mr. Md. Masrul Mollah ACA (1713) 23 August 2015Assistant Manager, Tax & Advisory ServicesRahman Rahman HuqChartered Accountants9, Mohakhali C/A, Dhaka-1212

Mr. Zahirul Hoque Munna ACA (1714) 23 August 2015Manager (Accounts)Meghna Group of Industries House #15, Road #34Gulshan-1Dhaka-1212

Mr. Md. Mustaq Ahmed ACA (1715) 23 August 2015Assistant Manager Rahman Rahman Huq Chartered Accountants 9, Mohakhali, C/A, Dhaka-1212

Mr. Sazib Kumar Saha ACA (1716) 23 August 2015Assistant Manager Rahman Rahman Huq Chartered Accountants 9, Mohakhali, C/ADhaka-1212

Mr. Md. Shahidul Islam ACA (1717) 23 August 2015ManagerACNABINChartered Accountants BDBL Bhaban (13th Floor)12 Kawran Bazar, Dhaka-1215

Name Effective Date

Mr. Md. Kazi Shafiul Islam ACA (1718) 23 August 2015Deputy Manager ACNABINChartered Accountants BDBL Bhaban (13th Floor)12 Kawran Bazar,Dhaka-1215

Ms. Farhana Amin Tonny ACA (1719) 23 August 2015Assistant Manager Orion Group, Orion House 153-154 Tejgaon Industrial AreaTejgaon,Dhaka

Ms. Rubaiyath Ara ACA (1720) 23 August 2015ManagerACNABINChartered Accountants BDBL Bhaban (13th Floor)11 Kawran Bazar,Dhaka-1215

Mr. Golam Fazlul Kabir ACA (1721) 23 August 2015Assistant DirectorAziz Halim Khair ChoudhuryChartered AccountantsBaitul Mesbah,Building # 2 (3rd & 4th floor)House # 79, Road # 12ADhanmondi, Dhaka-1209

Mr. Shahriar Ahsan Ahmmed ACA (1722) 23 August 2015Manager-Assurance A. Qasem & Co.,Chartered Accountants Suite # 01-03 (Level-7)Gulshan Pink City Plot # 15, Road # 103Gulshan Avenue, Gulshan, Dhaka-1212

Mr, Al Amin Redwanur Rahman ACA (1723) 23 August 2015Manager-Audit & Assurance A. Qasem & Co.,Chartered Accountants Suite # 01-03 (Level-7)Gulshan Pink City Plot # 15, Road #103 Gulshan Avenue,Gulshan, Dhaka-1212

Congratulations

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August 2015No. 310

Name Effective Date

Mr. Md. Sajedul Haque ACA (1730) 24 August 2015Internal Control & Recovery Navana Pharmaceuticals Ltd.House # 99, Block-B,Road # 4 KakoliBanani, Dhaka-1213

Mr. Md. Taslim Shahriar ACA (1724) 24 August 2015C/o. Howladar Yunus & Co.,Chartered Accountants 67, Dilkusha C/A, Dhaka-1000

Mr. Rajesh Chandra Kuri ACA (1725) 24 August 2015Supervisor, Audit & Advisory Services Rahman Rahman Huq Chartered Accountants 9, Mohakhali, C/A,Dhaka-1212

Ms. Tahani Tarannum ACA (1726) 24 August 2015B-2, Ramna Estate Complex 124/1, Boro Moghbazar,Dhaka-1217

Ms. Fatema-Tuz-Zohra ACA (1727) 24 August 2015C/o. Hussain Farhad & Co., Chartered Accountants House # 15, Road # 12,Block-F Niketon Gulshan-1, Dhaka-1212

Mr. Jasim Uddin ACA (1728) 24 August 2015Manager (Audit & Assurance)A. Qasem & Co.,Chartered Accountants Suite # 01-03 (Level-7)Gulshan Pink City Plot # 15, Road # 103Gulshan AvenueGulshan, Dhaka-1212

Mr. Mohan Adhikari ACA (1729) 24 August 2015House # 29, Block-LRoad # 13, South BanasreeDhaka

Mr. Md. Khayer Uddin ACA (1731) 25 August 2015Assistant ManagerHoda Vasi Chowdhury & Co.,Chartered Accountants BTMC Bhaban (8th Level)7-9, Kawran Bazar, Dhaka-1215

Mr. Md. Tahmid Sami ACA (1732) 25 August 2015Assistant ManagerAudit & Advisory ServicesRahman Rahman HuqChartered Accountants9, Mohakhali C/A, Dhaka-1212

Name Effective Date

Ms. Raisa Gias ACA (1733) 26 August 2015Assistant ManagerAudit & Advisory ServicesRahman Rahman HuqChartered Accountants9, Mohakhali C/ADhaka-1212

Mr. Mohammad Shafikul Islam ACA (1734) 26 August 2015Assistant ManagerCosting, Budgeting & MIS M & J GroupRed Crescent Concord Tower 17, Mohakhali, C/A,Dhaka-1212

Mr. Md. Ezazul Islam ACA (1735) 26 August 2015ManagerFinancial ControlSanofi Bangladesh Ltd.6/2/A, Segunbagicha, Dhaka-1000

Mr. Md. Salahuddin Riyad ACA (1736) 27 August 2015House # B/4, Road # 01CDA Residential AreaColonel Hat, Chittagong-4000

Mr. Hasan Murad ACA (1737) 27 August 2015Head of Finance & Accounts AK Khan Water Health (BD) Ltd.Ambagan Batali Hills, Chittagong-4000

New Address of the following FirmsNames Effective Date

Mr. Anjan Kumer Roy ACA 13 August 2015PartnerArun & AnjanChartered AccountantsShah Ali Tower (13th floor)33, Kawran Bazar, Dhaka-1215

Mr. Mustafizur Rahman ACA 23 August 2015ProprietorRahman Mustafiz & Co.,Chartered AccountantsHouse # 10, 1st floorRoad # 5/1, Block-D, Niketon, Gulshan # 1, Dhaka-1212

Source: Secretariat-ICAB

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August 2015 No. 310

ICAB-North American Chapter Management Committee

organized a picnic party for NAC Members on August 15, 2015, at

BLUFFER’s Park. The Bluffer’s Park is a very famous place for picnic

spot beside the Lake Ontario (North American biggest lake

famous for very clean water) in Toronto, Canada.

ICAB’s 25 Members with their family members attended the

picnic and enjoyed the scenic beauty of the Lake. This year the

NAC picnic party got special feature because two special guests

Muhammed Farhad Hussain FCA, Past President-ICAB and

Noor-e-Khoda Abdul Mobin FCA, Managing Director & CEO

Emerging Credit Rating Ltd attended the picnic from Bangladesh.

The Members enjoyed the beauty of lake water, boat riding,

beach and leasure walk through the Park in a nice weather and

sunny day. Members met each other after a long break and spent

a very enjoyable moment there. For the attended Members, NAC

Management Committee arranged different kinds of foods and

Members were happy to see the well-managed picnic.

In Canada, summer comes for short period and this is the best

time for the year. Most of the people go suburb at the weekend

for visit. Most of the people enjoy long drive during this time to

drive to go other cities. For the The North American Free Trade

Agreement (NAFTA), citizens of three countries do not need visa

to visit among the countries.

ICAB-NAC Members’ Picnic 2015

s Guest of Honour ICAB

President Masih Malik

Chowdhury FCA attended the

certificate awarding ceremony of a

free English learning course

organized by CAMPUS at Campus

Social Development Centre (CSDC)

on 24 August 2015. He was invited

to the program as a role model of

success, skilled & dynamic organizer

and true patriot of the country. After

an inspirational speech, Mr.

Chowdhury gave away certificates

to the participants in the ceremony.

CAMPUS organized the English

learning course with a view to build

smart and global young generation,

aiming to establish knowledge

based social justice and to create

enlightened Nation.

A

ICAB President awards Certificates of English Learning Course organized at CAMPUS

SAFA Board Meeting and Different Committee MeetingsICAB Vice President Kamrul Abedin FCA, Past President & Council Members Abbas Uddin Khan FCA and ASM Nayeem FCA participated in 40th SAFA Board meeting held at Earl’s Court in Cinnamon Lakeside Hotel in Colombo, Sri Lanka on 27 July 2015. They also participated in their respective committee meetings in the same venue on 26 July 2015.

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August 2015No. 310

ICAB Participates in PSC Meeting on Review

Appeal on FRAOn 12 August 2015 ICAB President Masih Malik Chowdhury FCA along with Vice President AF Nesarudin FCA, Council Members Muhammad Farooq FCA, Dewan Nurul Islam FCA and Md. Shahadat Hossain FCA participated in the Hearing of Parliamentary Standing Committee regarding ICAB’s Review Appeal on FRA Bill 2015 at Parliament Secretariat. In the Chair of the Parliamentary Standing Committee on Finance Dr. Abdur Razzak, MP, all the Committee Members including the Finance Minister were also present.

In point to point discussions and submissions, ICAB President Masih Malik Chowdhury FCA argued mentioning relevant country’s existing laws, international accounting standards & practices. ICAB also drew attention of the Committee to the regional & neighbouring country’s accounting standards & practices and their regulatory provisions. ICAB placed its submissions to the Committee to make the FRA more relevant for the country’s perspective and smooth functioning of FRC under this Act. ICMAB also made their arguments and placed their submissions on FRA Bill in the meeting.

ICAB President attends Jury Board Meeting for Daily

Star-DHL Business AwardsICAB President Masih Malik Chowdhury FCA attended Jury Board Meeting for the Daily Star-DHL Bangladesh Business Awards held at the Azimur Rahman Conference Hall, Daily Star Centre, Dhaka on 22 August 2015. Mr. Chowdhury is one of the members of the Jury Board for the Daily Star-DHL Bangladesh Business Awards (BBA) this year. The Daily Star-DHL Bangladesh Business Awards (BBA) is a most prestigious award in the country which is jointly organized by The Daily Star and DHL Express Bangladesh every year to honor the exceptional business leaders and promote ethical business practices in Bangladesh since 2000.

ICAB President Masih Malik Chowdhury FCA participated in Board of Governors’ meeting of National Academy for Planning and Development at NAC Conference room at Sher-e-Bangla Nagar on 13 August 2015. The meeting was chaired by the honourable Minister, Ministry of Planning AHM Mustafa Kamal, FCA , MP. He is one of the members of this Governing body. Mr. Kamal is also a Senior Member of the ICAB. Mr. Chowdhury attended the meeting on an invitation from NAPD.

ICAB President attends Board of Governors’ meeting, NAPD

CA Hostel Anniversary Observed

Bangladesh Chartered Accountancy Chhatra Parishad (BCACP) & the Bangladesh Chartered Accountancy Hostel (BCAH) celebrated 28th Hostel anniversary on 12 August 2015 at Hotel Victory in the City. Mirza Azam, MP, State Minister for Textile & Jute, GoB was present as the Chief Guest. ICAB President Masih Malik Chowdhury FCA, Past President & Council Member Md. Abdus Salam FCA, FCS, Council Member Gopal Chandra Ghosh FCA, Fellow Member Ajit Kumar Paul FCA, Md. Sajed Hossen Chowdhury, President BCACP and its Past President were also present in the occasion.

17th Council Meeting of ICAB

ICAB President Masih Malik Chowdhury FCA presiding over the 17th Council Meeting of ICAB at its Council Hall on 20 August 2015. As part of regular activities of the Institute, the Meeting discussed various professional issues

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August 2015 No. 310

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: +880-2-9125266, E-mail: secretary@icab.org.bd, Website: www.icab.org.bd

Chittagong Regional Committee: Chairman Mr. Mohammad Saif Uddin FCA, HBFC Building (3rd Floor), 1/D Agrabad Commercial Area, Chittagong, Bangladesh, Tel: +880-31-724674, Fax: 880-31-2523579, E-mail: icabctg@yahoo.comUK Chapter: Chairman Mr. AKM Fazlur Rahman FCA, 77, Valleyfield Road, Streatham, London SW 16 2HX UK, Tel: +44 20 86822905, Fax: +44 2087676097, E-mail: frahman101@aol.comNorth American Chapter: Chairman Mr. AKM Asaduzzaman FCA, 54 Pharmacy Avenue, Scarborough, ON M1L 3E5, Canada, Tel: +41 64395557, E-mail: awahid@ncn.ca

The President of the Institute of Chartered Accountants of Bangladesh (ICAB) in an interview with the daily Financial Express said the effective functioning of the proposed Financial Reporting Council (FRC) would remain far away, if the formation of the bodies not free from biasness.

The FRC will be a body, under the proposed Financial Reporting Act (FRA), for overseeing the financial reporting activities. Currently, the ICAB functions as a self-regulatory body of auditors, he said.

"The FRA will fail to yield any better results as it does not have any provision for the professional improvements and corporate discipline," ICAB President Masih Malik Chowdhury told the FE. "Unless there is corporate discipline, transparency of the financial reporting will not be ensured," Mr Chowdhury , added.

The ICAB has opposed such a separate law since the Government moved to enact a law for a parallel body. Instead, it recommended bringing structural changes to the ICAB to turn it into a stronger regulatory body, better able to oversee the sector.

He said, "enacting the law in the form as it is now is like trying to tighten the mouth of a bottle keeping thousands of leaks on its body."

"If we review the Sarbanes-Oxley Act, 2002 of the USA, we see a lot of provisions for auditors and the corporates, which ensure effective professional services and corporate discipline," Mr Chowdhury said.

Though the issue of making FRA came to light after the World Bank report recommended in 2003, the lender's follow-up report in 2014 recommended strengthening other regulatory bodies to

deal with the audited financial statements to get expected outcome.

"So, there is no obligation from the World Bank to constitute FRC at this moment," he said.

"We were bewildered seeing the Jatiyo Sangsad body's recommendations that termed the cost and management accountants (CMAs) as 'professional accountants' alongside the CAs," he said.

There is no similar law in the world that defines CMAs as professional

accountants, he said, adding the Indian draft National Financial Reporting Authority Rules, 2013, under The Companies Act, 2013. This defined 'Professional' as a Chartered Accountant registered under Chartered Accountant Act, 1949 of India.

"Our rationale for excluding CMAs from the FRA is strong, because members of the ICMAB are not acquainted with the practical experience of auditing," he noted.

As per IFAC rules, only CAs are qualified after studying long academic courses preceded by 36 months of intensive training in the practice of chartered accountancy, the ICAB president said.

The CMA Ordinance 1977 allows them only to perform in cost and management accounting; there is no scope for them to work at cost and management audit, he cautioned.

"We expect that there would be no such provision in the FRA that is not supported by the international rules and norms," he said.

Regarding the provision of five-year imprisonment in the FRA, Mr Chowdhury said as per India's Company Act, if required they can form FRA. But there is even no imprisonment provision

for professional misconduct of CAs. Instead they have financial penalty, he noted.

Even in case of serious non-compliance, there is a provision for barring CAs from practicing, he said. He added, "But in the proposed FRA, provision for a five-year imprisonment is the deviation of global best practices."

He feared that because of such ridiculous provision, no chartered accountants will be interested to do audit services and even no brilliant student will feel

encouraged to study CA in future.

Another 'bias' in the proposal of the Jatiyo Sangsad body was seen in terminating the membership from the Council for any offence or physical or mental incapability, is also against the basic principle of law, he said.

Referring to another provision, the President said though some of the FRC members including the ICAB President can be terminated while that of a few other organisations including the President of the Institute of Cost and Management Accountant of Bangladesh will remain out of its purview.

The interview was published in the Financial Express on 13 August 2015

ICAB President tells the Financial Express about FRA Bill

Effective Functions of FRC would remain far away, if formation is not need Based