icab news bulletin october 2017 issue...md. helal uddin nizami, md. amzad hossain, and dr. swapan...

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINOctober 2017

Number 335

ISSN 1993-5366

Members’ Conference on Capital Market & Economy; Role of Investors

he Bangladesh equity market was extremely depressed due to mass exodus of investors from the stock

exchanges after the share market disaster of 1996 and 2011. However, the market regained some of its momentum in the last couple of years, speakers at a seminar on Friday, 06 October 2017 said.

Making Equity market as regular sources of finance for the real economy is a must for sustainable economic development. A number of measures are required to be undertaken in this respect. Ensuring smooth operation of primary and secondary market, increasing financial literacy among investors, minimizing volatility of the market, expanding issuer base, creating both individual and institutional investors, enhancing efficiency of the brokerage house, adding innovative financial services, initiating knowledge based trading, rationalizing cost of generating funds and costs of funds, lessening formalities involved and required documents, introducing shelf registration system are suggested here to uplift equity market to an expected level.

As part of observing the World Investors’ Week, the Institute of Chartered Accountants of Bangladesh(ICAB) organized a seminar on ‘capital market & economy; role of investors’ at ICAB Auditorium, CA Bhaban, Dhaka.

Prof. Dr. M. Khairul Hossain, Chairman, Bangladesh Securities and Exchange Commission(BSEC) graced the occasion as the Chief Guest. Three BSEC Commissioners Prof. Md. Helal Uddin Nizami, Md. Amzad Hossain, and Dr. Swapan Kumar Bala FCMA were present as Special Guests.

Saifur Rahman, Executive Director, BSEC and K. A. M Majedur Rahman, Managing Director, Dhaka Stock Exchange Ltd were also present as Guests of Honour. Mostafa Kamal FCA, Acting President - ICAB delivered the address of welcome while Md. Shaifur Rahman Mazumdar FCA, FCMA, Member Council -ICAB conducted the seminar as the Session Chairman.

Dr. Prashanta Kumar Banerjee, Professor & Director, Research Development and Consultancy, Bangladesh Institute of Bank

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Members’ Conference on CapitalInvestors

ICAB President Participated...on FRA

We Mourn

President’s Communica-tion October 2017

ICAB delegation in SAFA international...Sri Lanka

ICAB team met RJSC Registrar

Knowledge Sharing Session...Institutions

Member’s Achievement

ICPE News

Campus News

Admission as Associate

Admission as Fellows

Permission to Join as Partner

Permission to Start Practice

Permission to train Articled Students

Permission to Open Firm Office

ACNABIN Congratulates Successful Students

Opportunity for ICAB Members..CA Firms

DRC-ICAB Organized IFRS Quiz... Contest 2017

Accountancy Age Report

Country needs more CAs as...Interview with UNB

Management (BIBM) presented the Key-note paper.

Prof. Dr. M. Khairul Hossain, Chairman, Bangladesh Securities and Exchange Commission(BSEC) said that the ratio of GDP growth and the Capital Market capitalization is very low in our country comparing to other countries like USA, Honkong, Singapore, India, etc. He said, in our country Capital Market is yet to develop properly to contribute the economy. If the proportion of GDP growth and capital market capitalization is increased, the economy of the country would also be developed, he added. He said after 2010, BSEC had taken a number of initiatives like introduction of automated trading through electronic registration and transfer of securities, guidelines for conversion from close- end mutual funds to open–end mutual funds, promulgation of Bangladesh Securities and Exchange Commission Rules (exchange traded funds) 2016, guideline for issuance of financial derivatives-2016, guidelines on corporate governance on compliance, conducting several financial literacy programs to bring the investors’ confidence in the market. He also informed that BSEC would introduce corporate governance guidelines very soon.

He said foreign investors consider two things; return of their investment and the risk. After assessing these they take decision for investment. In these aspects, Chartered Accountants can play a very vital role through establishing comparability of the financial disclosures which is considered very important to foreign investors.

ICAB Acting President Mostafa Kamal FCA said to protect the interest of the investors is the responsibility of all. Bangladesh has a bigger number of small investors comparing to any other countries, but they are not much capable to take decision independently. To educate and make awareness, ICAB has organized the conference as it is one of

the stakeholders of BSEC and also the capital market, he added.

Dr. Swapan Kumar Bala FCMA, Commissioner, BSEC said that CAs are knowledgeable professional accountants who knows how to protect the general investors. Auditing is very important value added services to the economy. He urged the professional chartered accountants to be more pro-active in delivering their services and to increase quality instruments in the capital market so that investors feel secured while they take decision for investment. He said ICAB is very proactive to response the query of BSEC and it would continue its service.

Md. Amzad Hossain, another Commissioner of BSEC echoed the same views and said ICAB’s commitment is clear; they are found very much proactive in responding the cases raised by the Bangladesh Securities and Exchange Commission (BSEC). He said CA Firms should keep in mind while certifying the financial statements that the investors have the right to know real information of the companies for their investment in capital market.

Prof. Md. Helal Uddin Nizami also BSEC commissioner said Chartered Accountancy is a dignified profession. You could influence the market through audit reports. Proper audit reports and good function of other related mechanisms will improve the merket situation.

Saifur Rahman, Executive Director, BSEC said, acted upon instruction by the Prime Minister, BSEC has launched financial literacy programme throughout the country. It has to play a great role for vibrant capital market and sustainable development of the economy. He sought help from the CA professionals for smooth functioning of the capital market.

Managing Director Dhaka Stock Exchange Ltd K. A. M Majedur Rahman,

said, comparing to other capital markets in Asia, the proportion of Bangladesh capital market’s contribution to GDP is satisfactory. BSEC has promulgated many roles and guidelines to bring discipline in the market. It has introduced automated trading and internet based information to promote the market. You(CA’s) could really change the market, you have a big role to bring dynamism of investment in the capital market, he added. ICAB Vice President Md. Mahamud Hosain FCA gave concluding remarks.

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October 2017 No. 335


















FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members and Friends,

Assalamualaikum and greetings to you all.

You are aware that this is my 10 months’ communication with you as chairman of the Editorial Board. I, along with my team of the management tried our best to make this News Bulletin of ICAB more colorful as well as more informative one. As we must be aware this is such a moment when the nation is facing an acute challenge due to the inflow of millions of Rohingya refugees from Myanmar to our country. This has set a ‘textbook example’ of ‘Ethnic Cleansing’. The world has not seen such large scale exodus of people in less than two months’ time in recent history. But in spite of such an arduous task that the nation is shouldering, it is marching forward. We at ICAB are also contributing to strengthen the standard of our profession by organizing some important events and training programmes during the month of October 2017.

ICAB training wing ICPE has successfully concluded two training programmes, one on International Financial Reporting Standards(IFRS) & International Accounting Standards (IAS), and another on Cyber Security, Enterprise Information Risk Management and Regulatory Compliance.

It is very encouraging that recently large number of Members are attending our members’ conference particularly in the last members’ conference on ‘capital market & economy; role of investors’ held on October 6, 2017, the number attendees were huge.

Now on a different note, we would like to welcome Nabanno as the winter season is at our door steps. I wish you all good health in this coming winter.

With warmest regards to you all.

Dr. Jamshed S A Choudhury FCA


3

October 2017No. 335


















ICAB President Participated in DCCI Seminar on FRAhaka Chamber of Commerce and Industry (DCCI) organized a seminar titled: Financial

Reporting Act 2015 and Its Economic Implication” at its auditorium on 23 October 2017. The Chairman of the Financial Reporting Council (FRC) CQK Mustaq Ahmed was the chief guest and representatives from different stakeholders also attended the seminar. ICAB President Adeeb Hossain Khan FCA was present in the seminar as a special guest and Council Member Shahadat Hossain FCA was the key note speaker. In his paper Mr. Hossain highlighted the various important issue of the Financial Reporting Act and also mention how this Act may have impact in the economy.

ICAB President Adeeb Hossain Khan said, the FRC should find out where there were gaps or shortcomings in the existing regulatory system—be it the Bangladesh Securities and Exchange Commission or the Bangladesh Bank or the Insurance Development Regulatory Authority or any other regulatory body.

“Filling up the gaps or solving the

D

A partial view of the audience.


We MournMd. Mostafa Kamruzzaman FCA (Enrl. No. 300), ... died due to heart attack at London on 11 May 2017. (Innah Lillahe ... Rajeun). On behalf of the Council of ICAB, Presi-dent Adeeb Hossain Khan FCA sent a condo-lence letter to the bereaved family and sought eternal peace to the departed soul.

Md. Mostafa Kamruzzaman FCA

shortcomings of the existing regulators would be the value addition on the part of the FRC instead of any sort of duplication or overlapping of regulatory activities,” he added. It should be ensured that the business community do not face any new layer of problem on top of the existing ones, he said.

Representatives from different stakeholders also spoke from their respective point of views regarding function of the newly formed FRC.

4


Dear Fellow Members,

AssalamuAlaikum and greetings to you

all.

The month of October was an eventful

month with a series of trainings,

workshops and seminars. I am pleased

to share with you some details on these:

Dhaka Chamber of Commerce and

Industry (DCCI) organized a seminar

titled: Financial Reporting Act 2015

and Its Economic Implication at its

auditorium on 23 October 2017. The

Chairman of the Financial Reporting

Council (FRC) Mr. CQK Mustaq Ahmed

was the chief guest. I was invited as a

special guest along with ICMAB

President, and our Council Member Mr.

Md. Shahadat Hossain FCA was the key

note speaker. I must congratulate

Council Member Shahadat on his rich

paper, which was very well received. We

exchanged our views and experiences

regarding accountancy profession in the

country and the global scenario

perspectives.

I emphasised that ICAB welcomes and

supports all initiatives designed to

enhance the quality of financial reporting

in Bangladesh. I stressed that FRC will

be successful in its mission if it

concentrates where inadequacies and

gaps exist, while letting existing effective

oversight and regulatory mechanisms to

operate as they are.

ICAB training wing ICPE organized two

training programmes which concluded

this month. Training programme on

International Financial Reporting

Standards (IFRS) & International

Accounting Standards (IAS) for the

ICAB members and the officials of other

stakeholders ended on 14 October

2017. 40 members participated in the

training. ICAB Vice-President (E &T) Mr.

Mostafa Kamal FCA awarded the

certificates to the trainees.

Another training programme on

Cyber Security, Enterprise

Information Risk Management and

Regulatory Compliance for the ICAB

members and the officials of other

stakeholders was concluded on 12

October 2017 at ICPE training room.

40 participants received the training. I

strongly believe not only should our

members become familiar with this

major current global issue, but it also

presents opportunities for our members,

whether they are in public practice or

corporate sector. We were fortunate to

have a highly experienced resource

person. I along with Vice-President (E

&T)Mr. Mostafa Kamal FCA, Secretary

Maj Gen Muhammad ImrulQuayes, ndc,

psc (retd) and the resource person Dr.

EM Pannah were present in the

certificate awarding ceremony. I

awarded the certificates to the

participants.

As part of observing the World Investors’

Week, the Institute organized a

members’ conference on ‘Capital

market & economy; role of investors’

at ICAB Auditorium on October 6, 2017.

Prof. Dr. M. Khairul Hossain, Chairman,

Bangladesh Securities and Exchange

Commission(BSEC) graced the

occasion as the Chief Guest. Three

BSEC Commissioners Prof. Md. Helal

Uddin Nizami, Mr. Md. Amzad Hossain,

Commissioner and Dr. Swapan Kumar

Bala FCMA were present and spoke as

Special Guests.

Mr. Saifur Rahman, Executive Director,

BSEC and Mr. K. A. M Majedur

Rahman, Managing Director, Dhaka

Stock Exchange Ltd were also present

as Guests of Honour. Mr. Md.

ShaifurRahman Mazumdar FCA, FCMA,

Member Council -ICAB conducted the

seminar as the Session Chairman. Dr.

Prashanta Kumar Banerjee, Professor &

Director, Research Development

andConsultancy, Bangladesh Institute of

Bank Management (BIBM) presented

the Key-note paper. ICAB Vice

President Md. MahamudHosain FCA

gave concluding remarks.

I was recently interviewed by the United

News Agency. The details of the

Interview can be found in the weblink

http://www.unb.com.bd/special-news/C

ountry-needs-more-CAs-as-economy-gr

owing-fast-ICAB-chief%C2%A0/53980.

The grand finale of SAFA Quiz and

Elocution Contest 2017 was held on 13

October 2017 which was organized by

Dhaka Regional Committee(DRC)-ICAB

at ICAB Auditorium in a befitting

manner. I along with Vice Presidents,

Council Members and DRC office

bearers were present in the programme.

I handed over the crests to the contest

winners&runner-ups.

Meetings of Council and Standing &

Non-standing Committees and

Sub-committees

The following meetings of the Council,

Standing and Non-standing Committees

and Sub-committees of ICAB were held

during the month of October 2017:

Standing Committees:

- 6th Meeting of the Articled

Students Committee (ASC)

was held on 03 October 2017

at 6:00 p.m.

- 6th Meeting of the Executive

Committee was held on 11

October 2017 at 6:00 p.m.

- 3rd Meeting of the Technical

Research Committee (TRC)


at 5:30 p.m.

- 15th Meeting of the Council was

held on 16 October 2017 at

5:00 p.m.



5:00 p.m.

Non-standing Committee:

- 2nd Meeting of the SAFA, CAPA

and International Affairs



- 4th Meeting of the Review

Committee for Published

Accounts & Reports (RCPAR)


at 5:30 p.m.

- 5th Meeting of the Media &

Branding Committee was held

on 11 October 2017 at 5:00

p.m.

- 3rd Meeting of the Committee

for Amendment of CA Order &

Bye-Laws was held on 12


- 3rd Meeting of the Real Estate

Committee (REC) was held on

15 October 2017 at 6:00 p.m.

- 3rd Meeting of the Small and

Medium Practioners (SMP)


at 6:15 p.m.


for Women in Leadership was


5:00 p.m.

President’sCommunicationOctober 2017

FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members and Friends,

Assalamualaikum and greetings to you all.

You are aware that this is my 10 months’ communication with you as chairman of the Editorial Board. I, along with my team of the management tried our best to make this News Bulletin of ICAB more colorful as well as more informative one. As we must be aware this is such a moment when the nation is facing an acute challenge due to the inflow of millions of Rohingya refugees from Myanmar to our country. This has set a ‘textbook example’ of ‘Ethnic Cleansing’. The world has not seen such large scale exodus of people in less than two months’ time in recent history. But in spite of such an arduous task that the nation is shouldering, it is marching forward. We at ICAB are also contributing to strengthen the standard of our profession by organizing some important events and training programmes during the month of October 2017.

ICAB training wing ICPE has successfully concluded two training programmes, one on International Financial Reporting Standards(IFRS) & International Accounting Standards (IAS), and another on Cyber Security, Enterprise Information Risk Management and Regulatory Compliance.

It is very encouraging that recently large number of Members are attending our members’ conference particularly in the last members’ conference on ‘capital market & economy; role of investors’ held on October 6, 2017, the number attendees were huge.

Now on a different note, we would like to welcome Nabanno as the winter season is at our door steps. I wish you all good health in this coming winter.

With warmest regards to you all.

Dr. Jamshed S A Choudhury FCA

- 5th Meeting of the Information &

Communication Technology

Committee (ICTC) was held on

18 October 2017 at 5:00 p.m.

- 5th Meeting of the Taxation and

Corporate Laws Committee

(TCLC) was held on 22






at 6:00 p.m.

- 3rd Meeting of the Members

Services & Welfare Committee

(MSWC) was held on 23


- 3rd Meeting of the Audit



Standing and Non-standing

Sub-committees:

- 1st Meeting of the Exemption

Sub-Committee regarding

Articled Students (ASC) was


6:30 p.m.

- 4th Meeting of the Working

Group on Professional issues

related to Non-Government

Organization (NGOs) and MFIs

of Professional Development

Committee (PDC) was held on

05 October 2017 at 11:00 a.m.

- 1st Meeting of the 7-member

Sub-committee regarding

Members Services & Welfare

Committee (MSWC) was held


p.m.

With best wishes to you all.

Adeeb Hossain Khan FCA President

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October 2017No. 335



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delegation of the Institute of Chartered Accountants of Bangladesh (ICAB) participated in SAFA International Technical

Workshop on NOCLAR and different Committee Meetings of SAFA held in Colombo, Sri Lanka on 30 and 31 October 2017. The events were hosted by the Institute of Chartered Accountants of Sri Lanka(ICASL).

The ICAB delegation was comprised of SAFA current President ASM Nayeem FCA, ICAB Vice President Md. Mahamud Hosain FCA, Members Council and Past Presidents Anwaruddin Chowdhury FCA & Md. Humayun Kabir FCA , Member Council Md. Shahadat Hossain FCA and SAFA Executive Secretary Mahbub Ahmed Siddique FCA, Director Technical of ICAB also joined with the ICAB delegation to attend the SAFA programmes.

The Technical Workshop on ‘Noncompliance with Laws and Regulations (NOCLAR) and IFRS 15’ Revenue from Contract with Customer was held on 31 October 2017 at Cinomon Lakeside in Colombo where a number of foreign delegates from different accounting bodies and representatives of public organizations attended the workshop.

The Keynote paper on NOCLAR was presented by Dr. Stavros Thomadakis – Chairman, International Ethics Standard Board for Accountants (IESBA) and Technical presentation was made by Ken Siong- Director Technical, International Ethics Standard Board for Accountants (IESBA). As one of the Panelists SAFA President ASM Nayeem

also joined the Panel Discussion in NOCLAR workshop.

NOCLAR came into effect globally on the 15 July 2017. It sets out a first-of-its-kind framework to guide PAs in what actions to take in the public interest when they become aware of a potential illegal act, known as non-compliance with laws and regulations, or NOCLAR, committed by a client or employer.

The standard applies to all PAs. However, it stipulates a different but proportionate approach for the four categories of PAs: Auditors, Other PAs in public practice, PAs in business who are in senior-level roles—directors, officers, or senior employees in their employing organizations and other PAs in business. Those with whom PAs may raise NOCLAR matters will also be directly affected— including those in management positions or on boards of directors, and regulators or other public authorities.

IFRS 15 Revenue from Contract with

Customer: Arguably revenue recognition is the most important and controversial topic in financial reporting. The new standard aims to remove weaknesses in current guidance and provide a comprehensive framework to improve comparability between companies. It presents a significant departure from today’s standard. IFRS 15 will be effective for IFRS reporting entities for an annual reporting period beginning on or after 1 January 2018. This presentation provided an overview of the new revenue standard including key differences from current practice, implementation issues and concerns, taking advantage of implementation exemptions, disclosure requirements and transitional guidance and optional exemptions. SAFA different committee meetings were held on 30 October 2017. Md. Shahadat Hossain FCA participated in SAFA SMR Committee meeting , Md. Mahamud Hosain FCA in meeting of SAFA Committee on Governmental and Public Sector Accounting and Md. Humayun Kabir FCA in meeting of SAFA Committee on Accounting Standards. ICAB delegates participated in SAFA committee meetings as follows:• SAFA Committee for Small and

Medium Practioners (SMP) Committee- Mr. Md. Shahadat Hossain FCA

• SAFA Committee on Professional Accountants in Business (PAIB) Committee- Mr. Anwaruddin Chowdhury FCA

• SAFA Committee on Governmental And Public Sector Accounting- Mr.

Md. Mahamud Hosain FCA and Mr. Mahbub Ahmed Siddique FCA

• SAFA Committee on Accounting Standards- Mr. Md. Humayun Kabir FCA.

• Education Committee - Mr. Md. Mahamud Hossain FCA and Mr. Muhammed Farhad Hussain FCA

• International Relation Committee - Md. Mahamud Hossain FCA, Mr. Mahbub Ahmed Siddique FCA.

ASM Nayeem FCA, SAFA President, Council Member & Past Present of ICAB and SAFA Executive Secretary Mahbub Ahmed Siddique FCA participated in SAFA Board meeting.

ICAB Library

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October 2017No. 335



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ICAB Attended SAFA International Technical Workshop and Committee Meetings in Colombo, Sri Lanka



















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ICAB Academic Campus NewsThe regular pre-examination classes for Professional Stage- Application Level (15th Batch, Sections: A-D) and Advanced Stage (14th Batch, Section: A) which had started from 10 September 2017, and will now be concluded on 31 November 2017 at ICAB Academic Campus.

On the other hand, a- new session

commenced from 10 September 2017, for giving assistance to the Knowledge Level examinees for November- December 2017 Session and actually, who were as fresh articled students and didn't attend classes yet, or else. The session is going to be closed on 29 November 2017 at ICAB Academic Campus.

There are 531 students joining with 79 teachers for the session. All students of

these courses are expected to be the candidates for Examination Session: November- December 2017

As a result, the cumulative number of participated students of ICAB under new curriculum has arisen at 13,964, till October 31, 2017.

Moreover, day time classes for Knowledge Level (2nd Batch) which started from 22 August 2017, for

Examination Session: November- December 2017, to closed on 5 November 2017. The schedule of its 3rd batch will be announced very soon.

Meanwhile, The Mock Exams on "Assurance & Accounting" for Professional Stage-Knowledge Level and "Audit & Assurance and Financial Accounting" of Application Level students were held on 2- Fridays viz. 20 & 27 October at 3:00pm to 5:00pm & 3:00pm to 6:00pm at ICAB Academic Campus, under the guidance of Dhaka Regional Committee (DRC)-ICAB.

However, the feedback session is ensued for these Mock Exams on Friday, 3 November 2017 at 6:00pm at Campus. In fact, the omissions and errors found in answers script would help to findout ways and means for doing well in the final exams etc. Matters and techniques were forecasted there, by a- group of resource persons. The concerned examinees, teachers, office bearers and members' council of Institute are to be invited in the session to make the

programme effective one.

Within the month of October 2017, the Vice President (Education and Training) of the Institute, Mostafa Kamal FCA has visited the ICAB Academic Campus on 6, 14, 21, 24 & 28 October 2017, during the class-hour in the evening shift and day time session. He met students and faculty members, to know about the areas needed to improve with a view to make the campus environment, services and activities more congenial for study. He advised all concerned for proper implementation of the outcomes of his visits as well.

Besides, the refurbishments of ICAB Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, have mostly done, and the rest of works of mezzanine floor would be completed by November 2017.

The ongoing programmes and class sessions of the Academic Campus have been organised by the Additional Director- ICAB & his Team at ICAB

Academic Campus, under the supervision of the Vice President (Education & Training)- ICAB, Mostafa Kamal FCA, with the guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, Adeeb H. Khan FCA.

Knowledge Sharing Session Relating to Audit of Banks and

Financial Institutions

Knowledge Sharing Session relating to audit of Banks and Financial Institutions was held on 7 October 2017 at ICAB auditorium. About 80 practicing members of the Institute participated in the session. ICAB Secretary Major General Muhammad Imrul Quayes (Retd) inaugurated session in the morning. Sabbir Ahmed FCA, Md. Abdur Razzaque FCA, Ashraf Zaman Ali FCA and Imran Ahmed FCA were the learned resource persons.

ICAB Team Met RJSC RegistrarA team of ICAB met Md. Mosharaf Hossain, Registrar of Register of Joint Stock Companies and Firms on 7 November 2017 at its office. The ICAB team requested the Registrar for providing information about public and private limited companies registered with RJSC and their auditors.

ICAB is working on the professional development to hasten its service of accountancy and auditing profession to the stakeholders, which ICAB believe it will contribute to the economy of the country quite a lot. ICAB delegation comprising of Member Council AF Nesaruddin FCA, Fellow Member Selim Reza FCA and ICAB Deputy Secretay Md. Shahjahan Siraj.

Member’s AchievementKazi Mustak Ahmed

FCA (1233) has

Joined as “Group

CFO” at A.K.Khan

& Co. Ltd. (AKK

Group) on

November 2017.

Mr. Ahmed has 16

years of

experience in

Accounting, Finance, Treasury, Tax, Internal

Audit & Control, Process/ Policy

Development, Risk Management, Business/

Project Review Management, etc., where

about 12 years in Siemens (Siemens

Bangladesh, UAE & Asia Pacific Regions) in

various senior positions.

Kazi Mustak Ahmed FCA



















9

October 2017No. 335








ICPE NewsCertificate Award giving Ceremony on International Financial Reporting Standards & International Accounting Standards

A training programme on International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS) for the ICAB members and the officials of other stakeholders which had started on 12 August and was concluded on 14 October 2017 at ICPE training room.

A total number of 40 participants participated in the programme. The certificate awarding ceremony was held where ICAB Vice-President (E &T) Mostafa Kamal FCA and learned resource persons of the training course

were present. ICAB officials were also present in the closing ceremony.

Different sessions of the course were conducted by Muhammad Mehedi Hasan FCA, Snehasish Barua FCA,

Sabbir Ahmed FCA, Muhammad Aminul Hoque FCA, Mahmudur Rahman ACA, Mohammad Salahuddin Chowdhury FCA, Wasequl Huq Reagan ACA and Jahidur Rahman FCA.

Certificate Award giving Ceremony on Cyber Security, Enterprise Information Risk Management and Regulatory ComplianceAnother training programme on Cyber Security, Enterprise Information Risk Management and Regulatory Compliance for the ICAB members and

the officials of other stakeholders which had started on 19 September and was concluded on 12 October 2017 at ICPE training room.

Forty (40) Participants participated in the course. The certificate awarding ceremony was held in presence of ICAB President Adeeb Hossain Khan FCA, Vice-President (E &T) Mostafa Kamal FCA, Secretary Maj Gen Muhammad Imrul Quayes, ndc, psc (retd), and the resource person Dr. Em Pannah on 12 October 2017.

During the period, 8 day long sessions were held and the sessions covered the topics; Understanding the three main cyber security concerns- Confidentiality, Integrity, and Availability (CIA), Understanding the cyberspace, cyberthreat, vulnerably, and cyberattack

Understanding the encryption, decryption, biometrics, and digital forensics, Understanding personally identifiable information, digital privacy, identity theft, and identity theft prevention, Understanding contingency plan, incident response plan, and digital risk management, Understanding the defense-in-depth & defense-in-breadth to ensure the highest level of cyber security and Understanding the mechanisms to protect the national critical infrastructure.



























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Announcement(Classes of Next Session)

The New Session (December 2017-February 2018) for the Students of Professional Stage- Knowledge Level (17th Batch) will start from Sunday, 3 December 2017 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already been issued in this matter and all the concerned students are advised to enroll the classes by 27 November 2017 at Campus and join the session accordingly.

Source: ICAB Campus








Admission as AssociateThe following qualified Chartered Accountans have been admitted as Associate Member of the Institute with effect from the dates mentioned against respective names:

Name Effective Date

Ahmmad Kabir Rasel ACA (1862) 21 August 2017Senior OfficerFinancial Administration Division (FAD)The Premier Bank Ltd.Iqbal Center (5th floor)42 Kamal Ataturk AvenueBananiDhaka-1213

Md. Nasimul Hasan ACA (1863) 21 August 2017In-charge (Finance & Accounts)BIHS General Hospital125/1 Darus SalamMirpur 1Dhaka

Name Effective Date

Md. Golam Kibria ACA (1864) 21 August 2017Assistant Manager

Rahman Rahman Huq

Chartered Accountants

9 & 5 Mohakhali C/A

Dhaka-1212

Mehrooz Saima ACA (1865) 21 August 2017Assistant Manager-Business Analytics

Unilever Bangladesh Ltd.

ZN Tower, Road-8, Plot-2

Dhaka-1212

Md. Samsul Alam Khan 23 August 2017Shajib ACA (1866)Analyst

LankaBangla Investments Ltd.

City Center, Level-24

90/1, Motijheel C/A

Dhaka-1000

Name Effective Date

Md. Joynul Abedin ACA (1868) 31 August 2017Deputy ManagerIspahani Tea LimitedIspahani Building (3rd Floor)Sk Mujib Road, Agrabad C/AChittagong-4100

Md. Nazmul Hasan ACA (1867) 10 September 2017Assistant ManagerRahman Rahman HuqChartered Accountants9 & 5 Mohakhali C/ADhaka-1212

Arifur Rahman ACA (1869) 28 September 2017Chief Rating OfficerEmerging Credit Rating Ltd.104, Park Road, BaridharaDhaka-1212

Admission as FellowsThe following members have been admitted as Fellows of the Institute with effect from the dates mentioned against respective names:

Name Effective Date

Muhammad Main Uddin FCA (1454) 20 August 2017Manager-AccountsTranscom Distribution Co. Ltd.Gulshan Tower (5th Floor), Plot # 31Road # 53, Gulshan North C/A, Gulshan-2Dhaka-1212

Md. Zohurul Islam FCA (1493) 22 August 201727 Bijoy Nagar, Shaj BhabanDhaka-1000

Md. Syedul Islam FCA (1469) 22 August 2017Audit Department, Internal Control & Compliance DivisionEastern Bank Ltd.ZN Tower, House # 02, Road # 08Gulshan-1, Dhaka-1212

Ramdas Howlader FCA (1457) 22 August 2017Chevron BangladeshKhandker Tower (9th floor)94 Gulshan AvenueGulshan-1, Dhaka-1212

AKM Zakir Hossein FCA (1460) 22 August 2017Credit Administration DepartmentEastrn Bank Ltd.10 Dilkusha C/ADhaka-1000

Md. Salahuddin FCA (1410) 23 August 2017Pragati Life Insurance Ltd.Pragati Insurance Bhaban (5th Floor)20-21, Kawran BazarDhaka-1215

Mohammad Monowar Hossain FCA (1464) 23 August 2017Manager, Finance & Chief AccountantSena Hotel Developments Ltd., Dhaka(Owner: Radisson Blu Water Garden)Airport Road, Dhaka

Mahmudur Rahman FCA (1491) 23 August 2017ACNABINChartered AccountantsBDBL Bhaban (Level-13)12 Kawran BazarDhaka-1215

Muhammad Ashiqur Rahman FCA (1421) 23 August 2017Lead Compliance and AccountsBSRM Group of CompaniesDhaka Corporate OfficeMahbub Castle35/A Purana Paltan Line, VIP RoadDhaka-1000

Md. Jashim Uddin FCA (1479) 24 August 2017Flat # C7, Central Lutfa, Plot # 41/1/AWest Tejturi Bazar, FarmgateTejgaon, Dhaka-1215

Md. Sarwar Hossain FCA (1475) 24 August 2017House # KA-6/ARoad: Bashundhara Main RoadThana-VataraDhaka-1229

Md. Anwar Hossain FCA (1415) 24 August 2017S. F. Ahmed & Co.Chartered AccountantsHouse # 51 (2nd & 3rd floor), Road # 09, Block # FBanani, Dhaka-1213

Mohammad Omar Faruk FCA (1501) 25 August 2017House # 5/2, Road # 03Kollyanpur, Dhaka-1207

Name Effective Date

Dipta Dipayan Paul FCA (1492) 27 August 2017A. Qasem & Co.Chartered AccountantsGulshan Pink CitySuites # 01-03, Level-7Plot # 15, Road # 103Gulshan AvenueDhaka-1212

H. M. Ashraf-Uz-Zaman FCA (1506) 27 August 2017“Maqbul Villa”182 Padma R/A, RangiparaNorth AgrabadChittagong

Jahangir Alam FCA (1485) 27 August 2017Assistant Vice PresidentONE Bank Ltd.,Corporate HQ, Dhanmondi OfficeHouse # 21 (2nd floor), Road # 8Dhanmondi R/A, Dhaka

Minhaz Shahid FCA (1446) 27 August 2017United Insurance Co. Ltd.22 Kazi Nazrul Islam AvenueDhaka-1215

Mohammed Alamgir Kabir FCA (1483) 29 August 2017Deputy CFOFareast Islami Life Insurance Co. Ltd.Fareast Tower, 35 Topkhana RoadPurana Paltan, Dhaka-1000

Md. Mosiur Rahman FCA (1418) 06 September 2017Internal Control & Compliance WingCompliance DivisionIslami Bank Bangladesh Ltd.39 Dilkusha C/A (2nd Floor)Dhaka-1000

Tahmina Akter FCA (1502) 06 September 2017Lakeview Apartments, Flat-4BNoaratan ColonyNew Bailey Road, RamnaDhaka

Mohammed Arif Uddin FCA (1503) 06 September 2017Rangs Group215 Bir Uttam Mir Shawkat SarakTejgaon I/ADhaka-1208

Name Effective Date

Abdullah Al Mahfuz FCA (1476) 06 September 2017House-53/54, Road-6, Block-ESection-1, MirpurDhaka-1216

Md. Asraf Uddin FCA (1428) 07 September 2017Mizan Islam & Co.Chartered Accuntants151/5 Monipuri Para (Ground floor)Tejgaon, Dhaka

Shaikh Mamunur Rashid FCA (1432) 07 September 2017Mizan Islam & Co.Chartered AccuntantsHouse No. 10, Road No. 6,Sector-12, Uttara Model TownDhaka-1230

Md. Shafequl Amin FCA (1429) 10 September 2017General Manager (A&F)Designer Fashion Ltd.Bengal Group of IndustriesBengal House75 Gulshan Avenue, Gulshan-1Dhaka-1212

Probir Chandra Das FCA (1447) 10 September 2017Chief Financial OfficerNational Life Insurance Co. Ltd.NLI Tower, 54 Kazi Nazrul Islam AvenueDhaka-1215

Mostafa Kamal Ahmed FCA (1450) 11 September 2017CFO & Company SecretaryFair Electronics, 76/B, Khawaja Palace,Level-2, Road-11, BananiDhaka-1213

Muhammad Nurunnabi FCA (1451) 12 September 2017Rabab GroupThe Alliance Building (9th Floor)63 Progati SaraniDhaka-1212

Sohadeb Kumer Das FCA (1431) 13 September 2017128/2, East Tejturi Bazar (1st Floor)Kawran Bazar, Dhaka

Feroza Azim FCA (1445) 14 September 2017House # 33, Road # 2, Block-BNiketon, GulshanDhaka

Name Effective Date

Ruhul Amin FCA (1419) 14 September 2017Bangladesh Lamps Ltd.Sadar Road, Mohakhali, Dhaka-1206

A. H. Mostafa Kamal FCA (1500) 17 September 2017Mohammad Ata Karim & Co.Chartered Accountants87 Purana Paltan TowerSuit No. 706 (7th Floor)Paltan Line, Dhaka

Parymal Kumer Sarker FCA (1456) 17 September 2017Mir Akhter Hossain Ltd.House # 13, Road # 12Dhanmondi R/A, Dhaka-1209

Mohammad Rakib Uddin 18 September 2017Ahammad FCA (1440)The City Bank Ltd.Head Office (3rd Floor)136 Gulshan Avenue, Gulshan-2, Dhaka

Shaikh Hasibur Rahman FCA (1512) 18 September 2017Hoda Vasi Chowdhury & Co.Chartered AccountantsBTMC Bhaban (Level-6 & 7)7-9, Kawran Bazar, Dhaka-1215

Amar Krishna Shil FCA (1473) 18 September 2017Bashati Horizon, Apt. No. 4A/5BHouse # 21, Road # 17Banani, Dhaka

Gorachad Kundu FCA (1468) 19 September 2017Standard Chartered BankSCB House (Level-5)67 Gulshan AvenueGulshan-1, Dhaka-1212

Md. Abdullah Al Amin FCA (1463) 21 September 2017AZ Consultants Ltd.House-373 (2nd Floor), Road-28DOHS, MohakhaliDhaka-1206

S M Saiful Hassan Chowdhury FCA (1510) 24 September 2017C/O: Md. Abu Isa Chowdhury1059 Sirajul Islam Chy RoadBahardar BariEast SholoshaharChandgaon, Chittagong

Name Effective Date

Arjun Kumar Das FCA (1509) 24 September 2017Manager – Finance & Chief AccountantSena Hotel Developments Ltd.Redisson Blu Chittagong Bay ViewS. S. Khaled RoadChittagong

Md. Anisuzzaman FCA (1505) 24 September 2017M.M. Ispahani Ltd.Ispahani Building (3rd Floor)Agrabad C/A, Chittagong-4100

Mohammad Abu Kawsar FCA (1497) 24 September 2017291 I/A, GulapbagJatrabari, Dhaka-1203

Md. Abu Hurayra FCA (1499) 24 September 2017Navana Pharmaceuticals Ltd.Islam Chamber125/A Motijheel C/A, Dhaka-1000

Md. Nasir Uddin FCA (1449) 25 September 2017House # 25, Road # 04, Sector # 03Uttara, Dhaka

Naznin Sultana FCA (1514) 25 September 2017House # A/35, Road # 3Colonel Hat CDA R/AAkbarshah, Chittagong

Dawwan Shakil Ahmed FCA (1373) 25 September 2017House # 11/4, West End StreetCentral Road, DhanmondiDhaka-1205

Md. Shaiful Alam FCA (1414) 25 September 2017AVP-Financial Administration DivisionShahjalal Islami Bank Ltd.Shahjalal Islami Bank Tower (L-11)Plot # 04, CWN (C), Gulshan AvenueDhaka-1212

Abu Yusuf FCA (1477) 25 September 2017Udoy Tower (7th Floor)57-57A, Gulshan AvenueGulshan-1, Dhaka-1212

Shukanta Kumar Debnath FCA (1462) 04 October 2017Bangladesh Submarine Cable Co., Ltd.Rahman’s Regnam Centre (7th & 8th Floor)191, Tejgaon-Gulshan Link RoadDhaka-1208

Permission to Join as PartnerMr. Muhammad Abu Hanif Meah ACA (1659) has been permitted to form partnership and continue practice under the name and style of:

Name Effective Date

M/s. A. Qasem & Co., 01 August 2017Chartered AccountantsGulshan Pink CitySuites-01-03, Level-7, Plot-15Road-103, Block-CEN (C)Gulshan Avenue, Dhaka-1212

The other partner of the Firm: Mr. Akhtar Sohel Kasem FCA (328), Ms. Akhtar Sanjida Kasem FCA (643), Mr. Md. Hamidul Islam FCA (912), Mr. Md. Motaleb Hossain FCA (950), Mr. Mohammed Ariful Hoque FCA (1218), Mr. Md. Johirul Islam FCA (1257) and Mr.Ziaur Rahman Zia FCA (1259).

Mr. Mohan Adhikari ACA (1729) has been permitted to form partnership and continue practice under the name and style of:

Name Effective Date

M/s. Pinaki & Company 23 August 2017Chartered AccountantsAHSANDELL, 2/A, Mymensingh Road (2nd floor)Shahbag, Dhaka-1000

The other partner of the Firm: Mr. Pinaki Das FCA (151), Mr. Md. Kahir Mahmood FCA (842), Mr. Krishnendu Deb Roy FCA (1230) and Mr. Mesbah Uddin ACA (1533).

Permission to Start PracticeThe following members have been permitted to Start Practice as Public Accountants with effect from the date mentioned against their respective names:

Name Effective Date

Muhammad Abu Hanif Meah ACA (1659) 01 August 2017PartnerM/s. A. Qasem & Co.,Chartered AccountantsGulshan Pink CitySuites-01-03, Level-7, Plot-15Road-103, Block-CEN (C)Gulshan Avenue, Dhaka-1212

Mohan Adhikari ACA (1729) 23 August 2017M/s. Pinaki & CompanyChartered AccountantsAHSANDELL, 2/AMymensingh Road (2nd floor)Shahbag, Dhaka-1000

Name Effective Date

Maria Howladar FCA (1063) 01 September 2017ProprietorHowlader Maria & Co.,Chartered AccountantsMidas CenterLevel-6, House # 5, Road # 16 (New), 27 (Old)Dhanmondi, Dhaka-1209

Permission to train Articled StudentsThe following members have been granted permission to train Articled Students with effect from the dates mentioned against their names:

Name Effective Date

Md. Fazlul Haque FCA 30 April 2017ProprietorHaque Fazlul & Co.,Chartered AccountantsHouse # 8/3 (4th floor), Old: 333/3Segun BagichaDhaka-1000

Md. Johirul Islam FCA 18 May 2017PartnerA Qasem & Co.,Chartered AccountantsFaruk Mahal (3rd floor)93, Agrabad C/A, Chittagong

Shaiful Alam FCA 20 July 2017S R Islam & Co.,Chartered Accountants3B, Purana Paltan, Ramna, NavanaMukhles Monarch Shopping Complex (2nd floor)Suite No. 301, 302 & 305Dhaka-1000

Mahmudul Ambia FCA 25 July 2017ProprietorMASH HaqueChartered Accountants821 West KaziparaMirpur, Dhaka-1216

Zareen Mahmud Hosein FCA 02 August 2017PartnerSnehasish Mahmud & Co.Chartered AccountantsHouse # 10 (3rd floor), Road # 9Block-J, BaridharaDhaka









Permission to Open Firm OfficeMaria Howladar FCA (1063) has been permitted to open firm office form proprietor and continue practice as Public Accountant under the name and style of:

Name Effective DateHowlader Maria & Co., 01 September 2017Chartered AccountantsMidas CenterLevel-6, House # 5Road # 16 (New), 27 (Old)Dhanmondi, Dhaka-1209

Change of Office AddressName and New Address Effective Date

M/s. Rahman Rahman Huq 16 May 2017Chartered AccountantsMakkah Madinah Tower (13th Floor)78, Agrabad C/A, Chittagong

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usiness activities in the country are rapidly expanding with its fast growing economy creating a

huge demand for quality Chartered Accountants (CAs) that needs to be addressed, says the chief of the national professional accounting body.

“The economy is doing very well. It’s a tremendous performance. When economy grows, businesses also get expanded. But in line with the demand, the number of CAs didn’t increase,” President of the Institute of Chartered Accountants of Bangladesh (ICAB) Adeeb Hossain Khan told United News of Bangladesh (UNB) in an interview.

He said the overall demand has increased and the economy expanded over the past couple of years, and that is the one big reason why the country needs more quality CAs.

“To be honest, we need a lot more Chartered Accountants to play the important role they play. We aren’t getting high quality graduates what we need for this profession,” Adeeb Khan said lack of knowledge about the profession might be another reason.

About private sector investment, he said this has not grown that much as land availability still remains a problem.

“The land you’re providing might not be convenient for the business I want. I don’t get land where I want. When I get one its ownership is often disputed,” he said laying emphasis on serious structural reforms on land issue.

He said though the government has taken various initiatives on infrastructural front, there are still some constraints.

Adeeb Khan said Bangladesh is still producing low-end products but it needs to move ahead for high-value products.

“We don’t have skilled manpower at manufacture and managerial levels. We’ve seen its consequences,” he said indicating media reports on how much money is being spent on foreign employees.

The ICAB president, who spent over a decade in the UK, said they have a role to play in addressing the problem of lack of understanding about the prospect of the CA profession. “We need to make the brilliant students understand that as a chartered accountant, your career prospect is tremendous,” he said.

Asked about the role of CAs, he said they are all about financial reporting and that is their core function. “Anything or anybody whose intention is to promote good quality financial reporting we will wholeheartedly support it.”

On Financial Reporting Council, the ICAB President said its objective is to promote good quality financial reporting.

“Any support that is needed from the ICAB, you can expect that support without any condition,” Adeeb Hossain, also member of the council, said.

He expressed satisfaction over the stronger monitoring in the capital market

and gave credit to the Bangladesh Securities and Exchange Commission (BSEC).

“I would give tremendous credit to BSEC. As a regulator, they’re truly doing a very proactive job. They’re getting into details of financial reporting,” he said.

Asked about manipulation in financial reporting, he said in these days we do not receive complaints rather we receive some requests for further clarification.

He said they have a very strong internal quality control department and it selectively audits firms. “We monitor whether quality is maintained or not. There’re more observations internally instead of anybody else from outside.”

Highlighting the importance of quality financial reporting, Adeeb Khan said businesses will take investment decisions – where resources and manpower will be deployed - based on financial information. “Chartered accounts obviously play a role in this process.”

Asked whether it is difficult to become a CA, he said, “I would prefer not to use the word difficult. I would say, very honestly, I think if anyone is disciplined and hardworking, it’s not difficult.”

Adeeb Hossain Khan said the ICAB has taken a number of initiatives to encourage youngsters to take up this profession. “We arranged students’ summit this year with around 500 students from 10 universities. We’ll do another one in Chittagong in November next,” he said.

Encouraging the youngsters, Mr. Khan said if somebody is very disciplined and hardworking, this profession is very much open to them. “It’s a three years worth of sacrifice but once you become a chartered accountant, there’s a tremendous prospect both at home and abroad.”

He said their members in North America, Australia, Europe and the Middle East are doing very well. “This profession will give you an ability to become your own boss.”

The Interview was taken by AKM Moinuddin, UNB Staff Writer and full interview text will be found in: http://www.unb.com.bd/special-news/Country-needs-more-CAs-as-economy-growing-fast-ICAB-chief%C2%A0/53980.





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ACNABIN, Chartered A c c o u n t a n t s organized a bi-annual review on performance of ACNABIN students in C.A. Examination: May-June 2017 session on 10 October 2017 at their Tra in ing /Assembly Hall. The programme discussed the performance of the students of the firm in May-June 2017 session and congratulated the newly qualified chartered accountants.

The Chairman of the Department of Accounting & Information Systems, Faculty of Business Studies, University of Dhaka, Professor Md. Abdul Hakim, graced the Occasion as the Chief Guest. He handed over crests to the qualified chartered accountants and then delivered inspiring and motivating speech for the students of ACNABIN.

The partners of ACNABIN were present in the programme and spoke out words of encouragement for all the students. The Partners and students present in the programme exchanged views about how to perform better in the coming examinations. The successful candidates also shared their experiences and advised the students present on various aspects of C.A. Examinations.

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ACNABIN Congratulates Successful Students





Contined from last pageInterview





Opportunity for ICAB Members/

Practicing CA FirmsThis is for the information of all the ICAB Members /

Practicing CA Firms who are looking for prospective

Partners/Qualified Assistants/Qualified Director,

and also who are interested to join with any

Practicing CA Firm may kindly contact in writing

with Secretary-ICAB, Maj Gen Muhammad Imrul

Quayes (Retd).

ICAB will act as a Mediator to facilitate the process.

Particulars of concerned Members/CA Firms will be

kept confidential as far as possible.

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haka Regional Committee (DRC)- ICAB organized SAFA Quiz and Elocution Contest

2017 amongst the students of ICAB. It is viewed that by participating in the Contest, students to be motivated to study the contents in relation to financial reporting including accounting standards, role of professional accountants as business leaders.

The grand final of the contest was held on 13 October 2017 at ICAB Auditorium in a gorgeous manner. Contestants from CA Firms participated in the SAFA Quiz and Elocution Contest 2017.

In Elocution segment Farhan Aziz Choudhury became Champion and Bikash Chandra Paul and Marin Shanjida secured 1st Runner-up and 2nd Runner-up respectively. On the other hand, in Quiz Contest, Md Badrul

Islam became Champion and Nur Mohammad and Farhan Aziz Choudhury secured 1st Runner-up and 2nd Runner-up respectively.

ICAB President Adeeb Hossain Khan FCA, Vice Presidents, Council Members and Muhammad Aminul Hoque FCA, Chairman, DRC-ICAB and other members were present in the programme.

DRC-ICAB Organized IFRS Quiz and Elocution Contest 2017





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October 2017No. 335

Accountancy Age Report

FCA fines Merrill Lynch £34.5m over reporting failures

This is the first enforcement action against a business by the watchdog over failing to report transactions of this kind

The Financial Conduct Authority has slapped Merrill Lynch with a £34.5m fine for failing to report almost 69 million exchange traded derivative transactions between February 2014 and February 2016.

This is the first enforcement action against a business by the watchdog over failing to report transactions of this kind.

The requirement to report on exchange traded derivative transactions was introduced in the European Markets Infrastructure Regulation legislation that came into force following the 2008 financial crisis, and was aimed at improving transparency in financial markets and helping authorities assess and address financial risk.

Mark Steward, FCA executive director of enforcement and market oversight said: “Effective market oversight depends on accurate and timely reporting of transactions. The obligations under EMIR, as with MiFID, are key aspects of such oversight. “

“It is vital that reporting firms ensure their transaction reporting systems are tested as fit for purpose, adequately resourced and perform properly. There needs to be

a line in the sand. We will continue to take appropriate action against any firm that fails to meet requirements.”

KPMG and Barclays sued for 'engineering' administration of quarrying company Both Barclays and KPMG strongly refute allegations they conspired to lead a subsidiary into administration

Quarrying company Portland Stone Holdings Limited is

suing Barclays and KPMG for ‘engineering’ the administration of its subsidiary, Stone Firms Ltd, in 2010.

The Portland Stone suppliers allege that the Barclays business support unit was ‘an internal profit centre’ which aimed to make money rather than work in its clients’ best interests, and further accuses administrators KPMG of conspiring with the bank, according to This is Money.

Both Barclays and KPMG strongly refute the claims.

The subsidiary went into administration after years of successful trading as it encountered a cash flow crisis following issues surrounding a new quarry and factory.

At the time of administration, Ian Corfield, KPMG’s restructuring director, said: “The business has suffered a severe decline in revenue over the last two years as a result of the economic downturn which has had a huge impact on the construction sector.”

“Unfortunately this led to a shortfall of cash and insurmountable pressure from creditors, leaving the directors no alternative but to request the appointment of administrators.”

Barclays said the decision to go into administration was “a straightforward case of Stone Firms Limited becoming insolvent” due to the actions of owner George Smith, who “allowed a huge unpaid debt of over £760,000 to HMRC to build up”.

When the quarry company was unable to pay the debt, it was forced into administration.

In response to the lawsuit, a KPMG spokesman added: “We strongly refute the allegation that KPMG or the officeholders acted improperly.”

“We believe this claim has no merit in fact or law and we will continue to vigorously defend the firm and officeholders against it.”

The company was one of the last remaining suppliers of Portland stone, a popular type of limestone used in the construction of St Paul’s Cathedral and Buckingham Palace, among other famous monuments.

KPMG is also currently embroiled in a legal quagmire in South Africa, in relation to its handing of the Gupta family’s accounts.

The Big Four firm was also recently appointed administrator of airline Monarch and auditor of FTSE 100 company Croda.


























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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: [email protected], Website: www.icab.org.bd






















Country needs more CAs as Economy Growing Fast: ICAB President at an Interview with UNB‘It’s not a difficult job if you’re disciplined, hardworking, to pass CA Examination’





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icab news bulletin october 2017 issue...md. helal uddin nizami, md. amzad hossain, and dr. swapan...

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