ICAB News Bulletin : July 2014, No. 297

July 2014
ISSN 1993-5366
ICAB NEWS BULLETIN
Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh
Number 297
ICAB Held Discussion Meeting on Proposed Finance
Act, 2014 and Financial Reporting Act (FRA)
ICAB Held ‘Discussion
01
Meeting on ... Act (FRA)
ICAB President Attends
02
ATN Business....Programme
SAFA International
03
Conference... Nepal
President’s Communi-
04
cation July 2014
ICAB President
07
Showkat... Express
Campus News
Members Meeting at
I
CAB organised a meeting of members under
international programmes in the last six months,
the title ‘Discussion and Way Forward’ Re:
he informed the meeting to the audiance.
Finance Bill 2014, and proposed Financial
Reporting Act (FRA) at the Institute’s auditorium
on 05 July 2014 to make the members’
08
conversant about Finance Bill 2014 and apprised
different activities and steps taken by the
Institute on proposed FRA.
09
Chittagong by CRC
ICAB organized
ICAB President Showkat Hossain FCA delivering his speech in Discussion and Way Forward Meeting;
Re: Finance Act, 2014 and Financial Reporting Act (FRA) at ICAB Auditorium on 05 July 2014.
09
meetings... 012-’13
09
Mustafa Kamal... President
ICAB President in ATN
Bangla... Performance
10
Financial Reporting Act. He said that the
government brought the FRA issue forefront
last year the Cabinet okayed the draft Financial
deliberation, Mr. Showkat briefed on the
Reporting Act.
activities and progress of the Institute after his
Institute in January 2014, and focused on
proposed Financial Reporting Act and the
Mr. Showkat thanked his ancestors particularly
Md. Abdus Salam for pursuing the FRA issue
rigorously in the year 2013 and said that from
the beginning of this year, ICAB has been
monitoring the issue and gave highest priority to
During the year ICAB organized 13 trainings and
convince the government to enact anything only
workshops for ICAB members, Officials of
after the consultation with ICAB.
seminars, a Banker’s recruitment examination as
well as ICAB’s actively participated in seven
We Mourn
recommendations proposing the enactment of
his welcome speech in the meeting. In his
Bangladesh Bank, NBR, OCAG and NGOs five CPD
Member’s Achievement 10
ROSC report which recommended 20 points
after the share market debacle in 2010 and in the
Finance Bill 2014, in particular.
10
issue surfaced in 2003 through World Bank’s
ICAB President Showkat Hossain FCA delivered
assumption of office as the President of the
ICAB Congratulated
About the Financial Reporting Act, he said, the
Referring to a meeting with Finance Minister, he said
that ICAB pointed out five grey areas like definition
of auditors, Standard setting responsibility, issuance
No. 297
July 2014
of practicing certificates, Selection of
Members for FRC, Penalty clause and urged
to modify all those.
The ICAB President advised the
members present in the meeting for
signing of proper accounts and giving
independent audit opinion even if it
costs them highly.
The ICAB President also spoke about
Finance Bill 2014 and gave thanks to the
government for rightly omitting CMAs
from auditor’s definition in Section-35 of
the Finance Bill as it was no way related to
A partial view of the Members attended the Meeting.
them. He also thanked Past President and
Council Members Md Syful Islam FCA, Md
Humayun Kabir FCA and council members
Masih Malik Chowdhury FCA, A F
Nesaruddin FCA, Md. Shahadat Hossain
FCA beside others for their valuable time
and efforts for the Institute regarding FRA
issues.
Past President and Council Members Md
Syful Islam FCA, Md Humayun Kabir FCA
and council member Muhammad Farooq
FCA, A F Nesaruddin FCA and Gopal
Chandra Ghosh FCA also spoke on the
occasion.
The Members attending the meeting had
the privileges to give their opinion. In
their opinion some members suggested
that such programme should be
arranged routinely to make the members
aware about the on going happenings
related to professional aspects.
ICAB President Attends ATN Business & Finance
Programme
I
CAB resident Showkat Hossain FCA
participated in ATN business & finance
live talk show that was broadcast on 23
July 2014. The program was on ‘Capital
Market’. The other participants of the
program was Moinuddin, CEO, Sheltek
Brokerage. A good number of TV viewers
also participated in the program through
telephone. The participants answered the
questions of the viewers about stock
market and Proposed Financial Reporting
Act (FRA) in the program.
About stock market, ICAB President said,
share prices mostly depends on supply
and demand. He said investors should
invest in the share market considering
balance sheet and fundamentals of the
company. Investors could be benefited, if
they invest their money on long term
basis, he opined.
On a query Mr.
Hossain said that
ICAB works on
setting
accounting
standards in the
country, CAs
audit the
accounts while
CMAs do not
play any role
there. About
proposed
Financial
Reporting Act,
he said CMAs’
inclusion in the
FRC will be
unprecedented. Already ICAB is performing
the same job which FRC is likely to be
assigned to do. However, he reiterated, ICAB
always favoured the government’s
2
initiatives to bring transparency and
accountability but that should not be
counter productive and at the cost of our
country’s overall economic peril, he added.
No. 297
July 2014
SAFA International Conference and SAFA Board Meeting in Nepal
O
n the occasion of the Oath Taking
Ceremony of its newly elected
President CA. Mahesh Guragain and
Vice President CA. Narendra Bhattarai, the
Institute of Chartered Accountants of
Nepal (ICAN) organized a SAFA International Conference on the theme “Governance for Creating Enabling Environment
for Economic Development” on 18th and
19th July, 2014.
The Seminar focused on the contemporary and emerging issues on Corporate
Governance and their impact on creating
enabling environment for economic
development of the country.
Resource Persons of the seminar were Dr.
Yuba Raj Khatiwada, Governor, Nepal
Rastra Bank, CA. Subodh Agrawal,
President, SAFA, Mr. Sujeewa Mudalige,
President CAPA delivered the key note
address on corporate governance.
Eminent personalities and experts on the
subjects from Nepal, Bangladesh, India,
Pakistan and Sri Lanka presented and
commented on technical papers and
provided the participants with a unique
learning opportunity.
It is mentioned that a delegation headed
by President-ICAB Showkat Hossain FCA,
Member Council & Past President-ICAB
The Participants of 34th SAFA Board Meeting pose for photograph held on 20 July
2014 in Nepal.
Abbas Uddin Khan FCA, President-ICAN
CA. Subodh Kumar Agrawal, Vice President,
ICAN Arjuna Herath and World Bank
Representatives were present in the Board
meeting. In the meeting a wide range of
issues like Preparation of comparative
study of Transfer Pricing and International
Taxation Provisions in SAFA Countries,
especially in regard to Double Taxation
Avoidance Treaties; Concept paper on the
need for Quality Assurance and the
relaxation for certain conditions for MSP’s;
Preparation of model Quality Control
Review Framework in SAFA countries; Gap
Analysis on Quality Control Mechanism
being followed by SAFA Members bodies;
Prepare detailed guidelines for evaluation
of BPA Awards; Comparative study on the
status of Audit Firm Rotation in the
countries of SAFA member bodies; Work
towards IFAC Regional Organization Status
for SAFA; SAARC Arbitration Council; etc
were discussed in the Meeting. Proposed
establishment of training Institute in SAFA
region by the World Bank was approved in
principle by the Board.
The Audience of the SAFA International Conference held on 19 July 2014 in Nepal organised by ICAN.
3
No. 297
July 2014
President’s
Communication
July 2014
Dear Fellow Members,
Assalamu Alaikum and Greetings to you
all.
Reporting Act and the Finance Bill 2014.
Drawing attention to FRA issues, I opined
that we had to spend much time to the
issue of FRA and the recent inclusion of
Hope you all had a pleasant Eid with the
CMAs as Auditor in the Finance Bill 2014
family.
which compelled us to divert time and
As the biggest religious festival Eid-ul-Fitre
energy to address the issues in fast hand
fell in this month and number of working
particularly in six month tenure of my
days were very minimum, this affected our
presidency.
activities. However, we tried our best to
About Financial Reporting Act, I briefed
use all working days to keep the month
that the issue surfaced in 2003 through
eventful.
World Bank’s ROSC Report which
I take this opportunity to update you on
recommended 20 points including the
some major activities accomplished and
proposal for Financial Reporting Act.
initiatives we have undertaken during July
Government took the FRA seriously after
2014.
share market debacle in 2010. I thanked
Major Activities in July 2014
my predecessor Md. Abdus Salam for
putting great effort to stop such issue in
Discussion Meeting on Finance Act,
2013. I added that from the beginning of
2014 and Proposed FRA
this year, ICAB has been monitoring the
A ‘Discussion and Way Forward’ meeting
issue and gave highest priority to
on Finance Bill 2014 and proposed
convince the government to enact the Act
Financial Reporting Act (FRA) was held at
only after proper consultation with ICAB, if
ICAB Auditorium on 05 July 2014 to make
it is a must.
members conversant about the Finance
However, ICAB organized 13 trainings and
Bill 2014 and progress of the Institute, as a
workshops for its members, Officials of
whole.
Bangladesh Bank, NBR, OCAG and NGO’s
In my welcome speech I briefed about the
organizations, five CPD seminars, a
activities and progress of the Institute
Banker’s recruitment examination. Beside,
after assuming my office as the
ICAB actively participated in seven
President-ICAB, proposed Financial
international programmes in the last six
4
No. 297
July 2014
months, which is undoubtedly a
Member Council & Past President ICAB
In the meeting I emphasized on
remarkable achievement.
participated in the SAFA International
Uniformed Reporting on Union Parishads
Conference and 34th SAFA Board Meeting
and requested the Audit Firms for
at Kathmandu, Nepal from 18 to 20 July
producing quality audit report. I also
areas; definition of auditor, issuance of
2014.
informed the meeting that LGSP- III phase
practicing certificates, ICAB’s participation
ICAN organized a 2-day long Conference
in the FRC, penalty clause and standard
titled ‘Governance for Creating Enabling
setting activities.
Environment for Economic
The Meeting discussed on the two sets of
Regarding Finance Bill 2014, I thanked the
Development’ at Hotel Radisson,
reporting format on uniform Bangla
Govt. for omitting CMAs from auditor’s
Kathmandu from 18 to 19 July 2014. In the
Reporting Format developed by S. F.
definition in Section-35 of the Finance Bill.
3rd Plenary Session of the Conference on
Ahmed & Co. and ACNABIN. Meeting also
I also thanked the Past Presidents and
19 July 2014, I participated as one of the
suggested one uniform set of reporting
Council Members for their invaluable
Panel Speakers on the topic ‘Role of
with some modifications and requested
attachment to the Institute and their hard
Professionals in Improving
S.F Ahmed & Co. to incorporate those
work over the issue of the FRA specially
Governance’. In my deliberation I focused
changes and finalize it. About Signatory of
Md Syful Islam FCA, Md Humayun Kabir
on the role of Professionals particularly
FCA, , Md Abdus Salam FCA, Masih Malik
Accounting Professionals in improving
Chowdhury FCA, A F Nesaruddin FCA and
governance and strengthening financial
Md. Shahadat Hossain FCA.
reporting supply chain – preparers,
Past President and Council Members Md
auditors, regulators and financial analysts
Syful Islam FCA, Md Humayun Kabir FCA
etc. in Corporate Sector and Public Sector
and Council Members Muhammad Farooq
for creating/enabling environment for
FCA, A F Nesaruddin FCA and Gopal
economic development in South Asia. In
Chandra Ghosh FCA also spoke in the
the valedictory Session, Abbas Uddin Khan
meeting. I hope that this type of meeting
FCA wrap up the technical Sessions as
will create awareness among members
Rapporteur. Our contributions in the
about the activities of ICAB towards
Conference were highly appreciated by
development of ICAB and the profession.
the audience.
Meeting on 'Six months' performance of
As a Board Member of SAFA, I participated
CRC-ICAB'
in the 34th SAFA Board Meeting held on 20
A meeting of the Chittagong Regional
July 2014 at Hotel Radisson, Kathmandu.
Committee (CRC) of ICAB was held at CRC
Abbas Uddin Khan FCA also participated
Conference Hall on 12 July 2014 to discuss
in the Board meeting. We contributed on
ICAB’s participation in Print and
“Six months' performance (January-July),
different issues for strengthening the
Electronic Media Programs
Finance Act 2014 and Proposed Financial
activities of SAFA including suggestion on
As part of our ongoing effort to build
Reporting Act". A total number of 70 ICAB
professional matters which were given
positive image of the Institute, I
Members attended the meeting. Nasim
due weight by the SAFA Board.
participated in different live TV talk shows,
Referring a meeting with Finance Minister
I informed that ICAB pointed out five grey
Anwar FCA, Vice President ICAB also
attended presented a technical paper in
the meeting.
SAFA Conference and 34th SAFA Board
Meeting in Kathmandu
is waiting to pass which will bring greater
scope for work of audit firms.
the Report, the Meeting decided that all
the Firms under Consortium/ JV will sign
the Report, the first signatory will be the
Auditor of the UP and the Last Signatory
will be the Lead Firm unless the Lead Firm
is the Auditor of the UP. The meeting also
decided that the Audit Firms will submit
their full and complete Report to the
Reviewer Firms within 15 August 2014 so
that the Reviewer Firms may continue
their review and submit the Report within
the deadline to the LGD.
Among others Vice President Kamrul
Meetings on LGSP- II Audit 2012-13
ICAB organized meetings on LGSP- II Audit
2012-13 on 22 July at Council Room and
23 July 2014 at ICAB Auditorium where
Abedin FCA, Senior Local Govt. Audit
Specialist, LGSP-II, LGD Ajit Kumar Paul
FCA and ICAB Secretary AKM Rahmat Ullah
FCA were present in the meeting.
gave interview in the national dailies and
presented the ICAB’s role for the
economic development of the country.
‘ATN Business & Finance’ TV Talk Show
Team Leaders and Representatives from
I participated in the ‘ATN Business &
A two member ICAB delegation headed by
Reviewer Firms, Audit Firms and the
Finance’ live Talk Show on ‘Evaluation in
myself and Abbas Uddin Khan FCA,
Institute Representatives were present.
Banking Sector Performance’ telecasted
5
No. 297
July 2014
on 02 July 2014. I spoke about
placed a five-point demand before the
lillahe…..Rajeun). I, on behalf of the
transparency and accountability in
government for their consideration to
profession, expressed profound grief on
banking sector. Moderated by Ismat Jerin
incorporate before finalization of the draft
his demise and pay heartfelt tribute to the
Khan, other two prominent bankers Syed
which will help shun various impediments
departed soul.
Mahbubur Rahman, Managing Director of
in ensuring quality audit and achieve
Brac Bank Ltd and AKM Majedur Rahman,
purposes of the law. I added that ICAB’s
Managing Director of Premier Bank Ltd.
five-point demands also submitted to
also participated in the Talk Show.
Hon’ble Finance Minister, GOB in written
I also participated in ‘ATN Business &
Finance’ Talk Show on ‘Capital Market’
broadcasted on 23 July 2014. Moinuddin,
CEO of Sheltek Brokerage also participated
in the Talk Show. Viewers joined in the
Talk Show through telephone and asked
some questions to the guests about Stock
Market and Proposed Financial Reporting
Act (FRA). During discussion I opined that
as share prices are depended on supply
for incorporation in the proposed FRA for
the greater interest of the standard audit
In my condolence message as President
ICAB, I expressed my deepest sympathy to
the family members and prayed to
Almighty Allah for the eternal peace of the
departed soul.
practice in Bangladesh. I spoke in the
Monthly Meetings of Council, Standing
interview that ICAB still thinks that
and Non-standing Committees
strengthening its existing Investigation
The following meetings of the Council,
and Disciplinary Committee (IDC) as like as
Standing and Non-standing Committees
the proposed FRC in terms of
and Sub-committees of ICAB were held
composition, power and function should
during the month of July 2014:
be an acceptable alternative to the
formation of FRC as a separate body.
-
12th Meeting for 2014 of Council-ICAB
was held on 24 July 2014 at 12.00
and demand, investors should invest in
Detailed interview was published in the
the share market considering balance
daily ‘The Financial Express’ on 21 July
sheet and fundamentals of the company.
2014 and is available in the web link:
Investors could be benefited, if they invest
http://www.thefinancialexpress-bd.com/2
their money on long term basis. In reply of
014/07/21/46418
for holding SAFA International
Felicitation letter to Mustafa Kamal
Conference 2014 was held on 7 July
a question on proposed FRA, I spoke that
ICAB works on setting accounting
standards in the country, CAs audit the
FCA, President of ICC
accounts in which CMAs do not play any
Felicitation letter of President ICAB was
role. I also added that CMAs’ inclusion in
sent on 01 July 2014 to AHM Mustafa
the FRC is not necessary. Although ICAB is
Kamal FCA, MP, Hon'ble Minister, Ministry
performing the same job which FRC will
of Planning, GoB for his being elected as
be assigned to do, ICAB always favours the
the President of the International Cricket
government’s initiatives provided it makes
Council (ICC). He will serve as President of
the body fully effective.
ICC for one year on.
Interview with the Financial Express on
In my letter, I hoped that under visionary
proposed FRA
leadership of AHM Mustafa Kamal, the ICC
I gave an exclusive interview with the
Financial Express in this month about
ICAB’s stand on the proposed Financial
Reporting Act (FRA) and the recent
Noon;
Non-Standing Committees:
-
1st Meeting of Organizing Committee
2014 at 3.00 PM
-
Sub-Committee under
Continuing Professional
Development Committee
(CPDC) was held on 13 July 2014
at 3.00 PM
-
would be able to contribute significantly
towards development of global cricket
and achieve the highest order of
5th Meeting of the
3rd Meeting of the 11-Member
Council Sub-Committee on FRA
was held on 16 July 2014 at
4.30PM
Thanks and best regards!
excellence in ICC events.
development of the Institute. In my
Mr. Md. Abu Sayeed Miah FCA (Enrl #
interview I spoke that ICAB agrees to
444) passes away
accept the proposed FRA, under which
We were deeply shocked and saddened to
Financial Reporting Council (FRC) will be
hear the news of the death of Mr. Md. Abu
formed to oversee functions of the
Sayeed Miah FCA (Enrl. # 444) passed away
auditors provided it brings accountability
on 9 July 2014 in a local hospital in Dhaka
and transparency in true sense. I however,
due to cardiac arrest. (Inna
Showkat Hossain FCA
6
President-ICAB
No. 297
July 2014
ICAB President Showkat Hossain in an Interview with the
Financial Express on 16 July 2014, President Office, CA Bhaban
P
resident of ICAB Showkat Hossain FCA
FRA.
country.
gave an exclusive interview with the
Strongly opposing the definition, he said that
Fourthly, Mr Hossain said that ICAB is member
Financial Express about ICAB’s stand
the Cost and Management Accountants
of different standard setting bodies including
on the proposed Financial Express and the
(CMAs) are not 'auditors of the financial
SAFA, CAPA, IFAC and IASB. Accordingly, ICAB
recent development of the Institute. the
statement'; rather they are empowered to
receives any new standard immediately after
interview in the print media is a part of his
audit only cost accounts according to Section
they are set, and "we then incorporate it in
ongoing activities to create and update about 220 of the Companies Act 1994.
the Bangladesh perspectives after necessary
the ICAB’s activities towards development of
examination."
So,
"We
requested
him
(finance
minister)
to
the country’s economy. The interview is as
exclude
the
members
of
ICMAB
from
the
Because of not having such connection with
follows.
definition of
The Institute of Chartered Accountants of
auditor."
Bangladesh (ICAB) has agreed to accept the
Secondly, the ICAB
proposed Financial Reporting Act (FRA),
requested to raise
under which Financial Reporting Council
its representatives
(FRC) will be formed to oversee functions of
from one to three,
the auditors. The institute, however, placed a
include
five-points demand before the government
representative
for its consideration in finalising the FRA draft
from the law and
as it, ICAB said, will help shun various
commerce
impediments in ensuring quality audit and
ministries along
achieve purposes of the law.
with the finance
"We have recently submitted five-point
ministry and
proposal before the Finance Minister for
exclude ICMAB
incorporation in the proposed FRA for the
representative at
greater interest of the standard audit practice
the proposed
and the country," ICAB president Showkat
13-member FRC.
Hossain FCA told the FE in an interview
Substantiating its
recently.
demand to
In a query, Mr Hossain said that ICAB still
exclude ICMAB, he
thinks that strengthening its existing
said that as the FRC is for overseeing
international standard setting bodies, FRC will
Investigation and Disciplinary Committee
functions of CAs, then why CMAs will be
not be able to do the task; rather it will take
(IDC) as like as the proposed FRC in terms of
included here. He rather floated to make
5-7 years for FRC to be acquainted to all of
composition, power and function is a better
another FRC, if necessary, for the CMAs and
these. In the meantime, Bangladesh will lag
alternative to the formation of FRC as a
not to include CAs there.
behind than others. So, ICAB proposed to
separate body.
Disagreeing with the draft provisions that
continue its function of setting audit standard
By strengthening the IDC, it is veritably
empowered FRC to give licence to CAs, ICAB
and simultaneously empower the FRC to
possible to achieve purposes of the proposed
further proposed to include provisions, under
finally approve that standard.
FRC. "To do so, it will be needed just to bring
which the institute will continue giving
Lastly, the ICAB pleaded to drop
some necessary changes in the
the provision of jail sentence
Presidential Order No 2 of 1973,
proposed in the FRA for the CAs
under which the ICAB was
By strengthening the IDC, it is
keeping other penalty provisions
established," he said.
veritably
possible
to
achieve
as it is drafted.
However, against the
Regarding the ICMAB's request for
purposes of the proposed FRC. "To do
government's resolution to
its inclusion in the FRC, he said
pass the FRA and form FRC, the
so, it will be needed just to bring some
that they (CAMs) might want their
ICAB finally placed the
inclusion in the FRC in an intention
five-point proposal to make the
necessary changes in the Presidential
to place demand later to allow
FRC effective in ensuring
them to audit.
Order No 2 of 1973, under which the
transparency and
accountability in the audit
"CMAs do not audit anywhere in
ICAB was established," he said.
practice instead of binding its
the world. If they are allowed to
functions with bureaucratic red
audit financial statements, there is
tape, Mr Hossain said.
no necessity of having two organisations -licence under a set of rules and regulations
ICAB and ICMAB; then, it is better to merge
Explaining the first of the five proposals, he
and
FRC
will
give
final
clearance
to
the
CAs
to
them. Otherwise, it will create chaos," he said.
said that the definition of 'auditor' was
start their audit practice.
mentioned as 'professional accountant' that
About ICAB's objection on composition of
was further defined as 'member of ICAB and
Because, if the FRC was empowered to give
FRC, Mr Hossain said that in the drafted FRA,
ICMAB (Institute of Cost and Management
licence, there will be bureaucratic red tape on
the Bangladesh Bank governor was made
Accountants of Bangladesh)' in the drafted
the issue, causing lack of CAs for audit in the
chairman of FRC,
Continued Back Page
7
No. 297
July 2014
Resource Persons: ICAB Academic Campus (Session: June-August 2014)
Name of Resource Persons
(Sections- I-V of PS-KL-10th Batch)
Mr Abdullah-Al-Mamun ACA
Mr Al-Amin Siddiki ACA
Mr Kamruzzaman FCA
Mr Kutub Uddin Ahmad FCA
Mr Nirmol Chandra Sarker FCA
Mr Anup Kumar Mukherjee ACA
Mr Mahbub Alam FCA
Mr Uttam Kumar Saha ACA
Mr Muhammed Forkan Uddin FCA
Mr Zakir Hossain FCA
Mr Md Amirul Islam FCA
Mr Abdullah-Al-Mahmud FCA
Mr Md Raghib Ahsan FCA
Mr Gopal Chandra Ghosh FCA
Mr Muhammed Moshiur Rahman FCA
Mr Shaheduzzaman Choudhury FCA
Mr Shahriar Istiaq Halim ACA
Mr Mohammad Imtiaz Khan ACA
Mr Masud Khan FCA (India)-GT
Mr Mahmudul Hasan Khusru FCA
Mr Md Jehad Uddin
Mr Md Din Islam Miah FCA
Mr Yasin Miah FCA
Mr Md Saiful Hasan ACA
Mr Mohammad Abdul Matin
Mr Mohammed Sabir Ahmed FCA
Mr Mohammed Zakaria FCA
Mr Mohammad Redwanur Rahman FCA
Mr Md Abu Bakar FCA
Mr Masud Parvez FCA
Mr Mohammad Salahuddin Chowdhury ACA
Mr Shankar Chandra Karmaker FCA
Mr Muraheb Malik Chowdhury ACA
Mr Ranjan Kumar Bhowmik FCMA
Mr Rakesh Saha FCA
Mr Md Selim Reza FCA
Mr Tariquzzaman Khan FCA
Mr Mohammed Ariful Hoque ACA
Mr Md Abdullah-Al-Amin ACA
Mr Md Mashudur Rahman FCA
Mr Md Fokrul Islam FCA
Mr Shib Pada Dey FCA
Mr Shekhar Kumar Halder ACA
Mr Faker Ahmed ACA
Mr Mohammad Aslam FCA
Mr Amiya Bhousan Bhowmik ACA
Mr S M Rahmatul Mujeeb ACA
Mr Md Mahamud Hosain FCA
Mr Jone Kumer Gupta ACA
Dr Jakerul Abedin
Mr Badal Chandra Rajbangshi ACA
Mr Shamim-Al-Mamun ACA
Mr Mohammad Rostam Hossain ACA
Dr ASM Hossain Tayiab FCA
Mr Sk. Ashik Iqbal ACA
Mr Muhammad Aminul Hoque ACA
Mr Md Arshadul Kabir ACA
Mr Bibhuti Bushan Biswas ACA
Mr Mohammad Nazim Uddin ACA
Mr Md Lutfar Rahman ACA
Mr Mustaq Ahammed FCA
Mr Mohammad Abdul Ohab Miah FCA
Mr Md Razib Hossain ACA
Mr Wahid Murad ACA
Mr Tanvir Hasan ACA
Mr Palash Mollick
Mr Md Jamal Uddin ACA
Visiting Faculties
(for Ongoing Session)
Name of Visiting Faculties
Mr Dewan Nurul Islam FCA
Mr. ABM Azizuddin FCA
Mr Anwaruddin Chowdhury FCA
Mr Md Syful Islam FCA
Mr Md Abdus Salam FCA
Mr. Masih Malik Chowdhury FCA
Mr Gopal Chandra Ghosh FCA
Mr Masud Khan FCA-India
Mr Abdul Khalek FCA
Mr Md Amirul Islam FCA
Mr Sabbir Ahmed FCA (E-770)
Mr Mohammad Mehdi Hasan FCA
Mr A H Mostafa Kamal Khan
Dr. Jakerul Abedin
Mr. Md Jehad Uddin
ICAB Academic Campus News
The Pre-Examination Evening Coaching
Classes for Professional Stage-Knowledge
Level (10th Batch, Sections: I-V) started
from Sunday, 01 June 2014 for
Examination
Session:
November-
8
December 2014. The session will continue
up to 28 August 2014. A number of 485
students joins for the Class Session of JuneAugust 2014.
As a result, the cumulative number of
participated students of ICAB new
curriculum has reached at 7,126 till July 31,
2014.
On the other hand, a- new session of
classes for the Students of Professional
Stage-Application Level (9th Batch) &
Advanced Stage (8th Batch) will begin
from Monday, 01 September 2014 at ICAB
Academic Campus. A Notice has already
been issued in this matter, and all the
concerned students are advised to enroll
the classes by 27 August 2014 at ICAB
Academic Campus.
The Programme on the mentioned Levels
of classes have been organised by the
Additional Director at ICAB Academic
Campus under the supervision of the Vice
President (Education & Training)-ICAB, Mr.
Dewan Nurul Islam FCA with the consent
and guidance of the Chairman of Board of
Studies-ICAB, Mr.ABM Azizuddin FCA &
President- ICAB, Mr Showkat Hossian FCA.
Announcement
(Next Session of Classes)
The New Session (SeptemberNovember 2014) for the Students of
Professional
Stage-Knowledge
Level (10th Batch, Section # : 6 & 7),
Professional
Stage-Application
Level (9th Batch) and Advanced
Stage (8th Batch) will commence
from Monday, 01 September 2014
at ICAB Academic Campus. A Notice
has already been issued in this
regard, and all the concerned
students are advised to enroll the
classes by 27 August 2014 at ICAB
Academic Campus.
No. 297
July 2014
Members Meeting at
Chittagong by CRC
A
meeting of members was held on
“six months' performance of ICAB,
Finance Act 2014 and Proposed
Financial Reporting Act" at Conference
Hall, ICAB-Chittagong Regional Office
(CRC) on 22 July 2014. In the meeting
President ICAB Showkat Hossain FCA, Vice
President Nasim Anwar FCA attended the
meeting. President ICAB apprised different
steps taken by ICAB on Finance Act 2014,
FRA etc. and urged all members to perform
their responsibilities without tear or favour
and with highest professional acumen. A
total number of 70 ICAB Members of
Chittagong area attended the meeting.
ICAB Organized Meetings on LGSP- II Audit 2012-’13
ICAB organized meetings on LGSP- II Audit
2012-13 on 22 July at its Council Hall and 23
July 2014 at Auditorium where Team
Leaders and Representatives from Reviewer
Firms, Audit Firms and the institute were
present.
Showkat Hossain FCA, President-ICAB ,
Kamrul Abedin FCA, Vice President-ICAB, Ajit
Kumar Paul FCA, Senior Local Govt. Audit
Specialist, LGSP-II, LGD and AKM Rahmat
Ullah FCA, Secretary of the Institute
attended the meetings and gave their
valuable suggestions in various aspects of
quality reports.
For smooth functioning and producing
quality audit report, ICAB President
emphasized on Uniformed Reporting on
Union Parishads. He also informed that the
LGSP- III phase is waiting to pass which would
bring greater scope for working on audit.
The Meetings reviewed and discussed on
the two sets of reporting on uniform Bangla
Reporting Format developed by S. F. Ahmed
& Co. and ACNABIN. After discussion, the
meeting made some changes in the
Reporting Format and requested S. F Ahmed
& Co. to incorporate those changes and
finalize one uniform set of reporting format.
continue their review and submit the Report
within the deadline to the LGD.
The Meeting suggested that the Reviewer
Firms will communicate their findings to the
respective Audit Firms and both of them
together will resolve the differences in line
with the best professional practices.
The Meeting discussed on material defect
level 10 to 20 percent of the expenditure of
a UP for that year as ‘Qualified Audit Report’
and above 20 percent as Adversely Qualified
Report’. The meeting also decided that the
report should be adversely qualified when
the misstatement is material and pervasive.
Audit Report of the UP should also be
In continuation ICAB held Meetings on
LGSP-II with the representatives of assigned
audit firms on 8 July and 10 July 2014 at
ICAB premises. Meetings discussed different
issues related to the Union Parishad Audit.
ICAB Congratulated Mustafa Kamal FCA
for Being Elected as ICC President
ICAB congratulated AHM Mustafa Kamal FCA, MP Hon'ble
Minister, Ministry of Planning, Government of Peoples
Republic of Bangladesh for his being elected as the
President of the International Cricket Council (ICC).
On behalf of the Council, ICAB President Showkat Hossain
FCA delivered a ‘Letter of Congratulation’ to the Minister
on 1 July 2014 for being elected as the President of ICC.
About Signatory of the Report, the Meeting
decided that all the Firms under
Consortium/ JV will sign the Report, the first
signatory will be the Auditor of the UP and
the Last Signatory will be the Lead Firm
unless the Lead Firm is the Auditor of the UP.
The meeting also decided that the Audit
Firms will submit their full and complete
Report to the Reviewer Firms within 15
August 2014 so that the Reviewer Firms may
Adversely Qualified for any one of the major
non compliance matters like Issuance of
cash cheque; Schemes not endorsed by
BGCC; Schemes not initiated from the Ward
Sava; Schemes undertaken which are
included in the negative list stated in UPOM;
Sign boards are not found; Work not
awarded to third party; Payments made
before completion of works, Non availability
of Assets Register incorporating all assets so
far acquired by the UP, etc.
AHM Mustafa Kamal FCA, MP
In the letter, ICAB President wished every success of Mr.
Kamal in his new assignment to carry out the
responsibilities as President of ICC and hoped that under
visionary leadership of Mr. Kamal, ICC would be able to
contribute significantly towards the development of
global cricket and achieve the highest order of excellence
in ICC events.
President ICAB also invited Mr Kamal to visit ICAB. Mentioned that AHM Mustafa Kamal is
a Fellow Member of the Institute.
9
No. 297
July 2014
ICAB President in ATN Bangla
Talks about Evaluation in
Banking Sector Performance
President ICAB Showkat Hossain
FCA joined in ATN business &
finance live talk show on 02 July
2014. The programme was on
‘Evaluation in Banking Sector
Performance’. The other
participants of the programme
were Syed Mahbubur Rahman,
Managing Director, BRAC Bank
Ltd and AKM Majedur Rahman,
Managing Director, Premier Bank
Ltd. ICAB President spoke about
different aspects of transparency
and accountability of banking
sector and measures that can be
taken to improve the situation.
The programme was moderated
by Ismat Jerin Khan. They also
replied the queries made by the
viewers.
Syed Mahbubur Rahman, Managing Director, BRAC Bank Ltd,
ICAB President Showkat Hossain FCA, AKM Majedur Rahman,
Managing Director, Premier Bank Ltd and programme
moderator Ismat Jerin Khan pictured in ‘ATN Business &
Finance programme’ broadcast on 02 July 2014.
Member’s Achievement
ICAB President Showkat Hossain Interviewed
Mr. Al Maruf Khan, FCA (667) has
assumed the position of Vice
Chairman of Kunming
International Logistics and
Finance Association (ILFA), China.
ILFA is a Chinese Government
supported organization based in
Kunming to promote Bangladesh
China India Myanmar (BCIM)
Economic corridor integration
initiative. Mr. Khan is also
Mr. Al Maruf Khan, FCA
appointed as Principal Advisor of
South Asian Federation of
Exchanges (SAFE) in its Executive Board meeting held on 08th
June, 2014 in China. Mr. Khan was the President of Chittagong
Stock Exchange Ltd, and immediate past Chairman of South Asian
Federation of Exchanges, apex body of all stock exchanges of
South Asian Region. Mr. Khan is a Fellow member of the ICAB and
ICAE&W and a CPA of the Institute of Chartered Accountant of
Ontario.
securities regulator and insurance regulators' chairmen and some
others were made its members; but all of them are stakeholders
and beneficiaries of the CAs' reports;
"On one hand, they will get their reports certified by us (CAs) and
on the other hand will oversee functions of the CAs. That's why
we protest it," he said.
He further said that the ROSC Report of 2003 made 20
recommendations; ICAB already complied with 19 of them; only
FRA was left.
In another query, the ICAB president said that "transparency and
accountability at the accountancy profession will definitely be
enhanced" if the proposed FRC is constituted prudently and
function efficiently instead of being like many other ineffective
bodies.
Saying that base of the unscrupulous CAs would be enervated
with formation of the FRC, he hoped the FRA to truly facilitate to
bring the errant CAs into book and develop the economy in the
country.
The ICAB already started creating awareness among the CAs
about provisions of the proposed FRA so that they increase their
efficiency and ensure quality of audit. The interview was
published in the Financial Express on 21 July 2014.
From page 7
We Mourn
With deep
sorrow, we
regret to inform
you that one of
our veteran
Chartered
Accountants Mr.
Md. Abu Sayeed
Miah FCA (ICAB
Md. Abu Sayeed Miah FCA
Membership #
444) passed
away on 9th July, 2014 at 12:15am in
Square Hospitals due to cardiac arrest.
To recollect his vibrant life and career, it is
mentionable that Abu Mr. Md. Abu Sayeed
Miah completed his academics from
Dhaka University before starting his career
as a Lecturer in Management at Shibpur
Shaheed Asad Degree College, Narsingdi.
After that he joined Bangladesh Bank and
worked there for about four years. During
this time he passed Banking Diploma
Examination of the Institute of Bankers,
Bangladesh securing 1st Place (Gold
Medal) in Part-I (May 1977) and 2nd Place
(Silver Medal) in Part-II (Nov 1977). Later
he joined Rahman Rahman Huq Chartered
Accountants and became a qualified
Chartered Accountant in 1983. His next
professional associations included 7 years
in Dhaka Match Industries Co. Ltd. in the
role of Finance Manager, 3 years in
Rahimafrooz Group as Chief Manager
(Finance), 11 years in Uttara Group of
Companies as Director (Accounts and
Finance). Finally he was working at the
capacity of a Partner at Ahmed Khan & Co.
Chartered Accountants since 2005.
A humble honest person by nature, Mr.
Md. Abu Sayeed Miah was well known to
closed ones for his ever-reliable integrity &
accountability, friendly behavior and his
simple lifestyle. He leaves behind his wife
and two sons along with a grandchild.
May the Almighty give his family, relatives
and friends the strength and patience to
bear this great loss.
May his great soul rest in peace, Ameen.
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
Chittagong: HBFC Building (3rd Floor), 1/D Agrabad Commercial Area, Chittagong, Bangladesh, Tel: +880-31-724674, Fax: 880-31-2523579, E-mail: [email protected]
10
UK Chapter: 782, Garratt Lane, London SW17 0LZ, UK, Tel: +44 20 86822905, Fax: +44 2087676097, E-mail: [email protected]
North American Chapter: 3244 Lawrence Avenue East, Scarborough ON MTH TA4, Ontario, Canada, Tel: +41 64395557, E-mail: [email protected]

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