Number 296 ICAB Organizes Members’ Conference on … President-ICAB Showkat Hossain FCA was visiting the Library, ICAB on 6 May 2014, when a written test for Pubali Bank Audit Officer

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINJune 2014

Number 296

ISSN 1993-5366

he Institute of Chartered Accountants of Bangladesh observed the changes in the Bank Company Act 1991 with appreciation.

However, the Practicing Members of the Institute and the Audit Firms are concerned about changes in section- 39 of the Act related to their auditing responsibilities stated under this act.

ICAB President Showkat Hossain FCA spoke at Members’ Conference on “Amendments in the Bank Companies ACT, 1991 and its implications on External Audit of Banks’ held at ICAB Auditorium on Wednesday, 25 June 2014. Md. Abul Quasem , Hon'ble Deputy Governor, Bangladesh Bank was present as chief guest and ASM Nayeem FCA, Member Council and Past President- ICAB was present as Session Chairman. While Sabbir Ahmed FCA, Hoda Vasi Chowdhury & Co, Chartered Accountants presented the Key-note Paper.

ICAB President said that we all believe in a single vision and that is sustainable development of our nation. The Institute of Chartered Accountants of Bangladesh is always keen to achieve that

aspiration. Appreciating the changes in the Bank Company Act, he said that the Practicing Members of the Institute as well as the Audit Firms have great concern relating to the changes especially in section- 39; that is relevant to their auditing responsibilities.

He mentioned that the whole process of Auditing as well as expression of audit opinion are technical matters as prescribed by the International Standard on Auditing which have been adopted by ICAB following the issuance of International Auditing and Assurance Standard Board (IAASB). So, any changes relevant to Audit Report which is not in line with the standards may hamper the whole technical process and will create ambiguities for the Auditors, he added. He further said that the Financial Statements of listed entities are required to be prepared and presented in line with the requirements of International Financial Reporting Standards -IFRS and International Auditing Standards (IAS) as adopted by ICAB as per Rule 12 (3) of BSER 1987.

T

ICAB Organizes Members’... Act 1991

ICAB Arranged Written Test for... Audit Officer’

Training Programme on ‘Public ........ Standards’

Knowledge ‘Sharing... Rules’

President’s Communi-cation June 2014

ICAB team Meets Finance Minister

Workshop on Latest SAFA...Held at ICAB

ICAB Team Meets NBR Chairman

Meeting with Finance Division Secretary

Meeting with Secretary of Legislative... Division

Admission as Fellow

Campus News

IPFMRF Workshop for ICAB Members

Records of Training & Workshop organized By ICAB

Training on IFRS and IAS for BB Officials

Nurul Faruk Hasan & Co becomes.......Firm of BDO

ICAB and World Bank Held... Progress Report

We Mourn

ICAB participates in SAFA.... Maldives

CRC Holds CPD Seminar on 'Integrated... Opportunities'

ICAB Organizes Members’ Conference on Amendments to the Bank

Companies Act 1991

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June 2014 No. 296

ICAB Arranged Written Test for Recruitment of ‘Pubali Bank Audit Officer’

The ICAB President said that there are some differences between the reporting requirements as guided by adopted IFRS and Bangladesh Bank Regulations. Like other countries where there are such differences, the local Regulations normally prevail and accordingly in Bangladesh, the Banking Financial Statements are prepared maintaining the Bangladesh Bank Regulations, he further said. He urged to discuss, resolve and to avoid the possibility of ambiguities in making Auditors’ opinion. Being the National Professional Body, ICAB is always ready to evaluate and review the changes made in the Accounting and Auditing standards including local regulations, he informed.

Regarding the concern to understand the expectation level of ICAB’s stakeholders from Professional Accountants, he requested all to consider these expectations at the time of performing professional duties. Currently, we have a good alignment with the Bangladesh Bank and Knowledge exchanging cooperation, he added. We anticipate more cooperation of Bangladesh Bank to assume ICAB participation in the sustainable economic escalation mission in the years ahead.

As Chief Guest Bangladesh Bank Deputy Governor Abul Quasem said, Accounting Professionals are playing major role in up lifting our economy and consequently their activity definitely affects our economy. He said that Bangladesh Bank will definitely consider the recommendations of ICAB while

amendments to the act are made. He also said Bangladesh Bank will modify Ambiguities in provisions of the Banking Act very soon. He also spoke about the audit responsibilities that were stated in Companies Act.

He also said that the BB is interested to achieve advanced and pragmatic technical knowledge on accounting and believes the trainings organized by ICAB for BB officials will meet that requirement.

The Key-note speaker said that audit is a dynamic and evolving matter, requiring constant update of knowledge and rigorous learning and development programs for all level of staff including partners of an audit firm. He further said that since auditing and accounting

standards are changing, so as regulations, a practicing chartered accountant auditing a Bank requires to invest substantial time and resources to keep them updated on these changes. Through this continuing professional development, an auditor ensures delivery of high quality audit, he added.

We would also expect from our local stakeholders to act on similar fashion and rather than lobbying on behalf of some vested quarters, come-up with rational thinking and valued suggestions to groom-up home grown talent, provide them world class learning and development opportunities and contribute towards the betterment and sustainable development of our beloved country and its people.

In the picture

President-ICAB Showkat

Hossain FCA was visiting

the Library, ICAB on 6 May

2014, when a written test

for Pubali Bank Audit

Officer went on.

ICAB has arranged the

written test of total number

of candidates 108 for the

selection of Audit Officer

for Pubali Bank, Dhaka.

Genaral Manager, Human

Resource Pubali Bank, other

officers, HR, Pubali Bank,

Vice President (E&T)-ICAB

Dewan Nurul Islam FCA

and ICAB Members were

present during the

examination.

On request of the Pubali

Bank Limited, ICAB

organized the recruitment

test for Audit Officers.

A partial view of Members present in the Conference

3

June 2014No. 296

he Institute of Chartered Accountants of Bangladesh (ICAB) organized a training programme

on "Public Sector Auditing Standards" under the World Bank financed "Public Private Partnership for Improved Audit Quality Assurance" project for its members at ICAB auditorium on Friday 20 June 2014. A total of 105 ICAB members received the training in two batches.

International Standards of Supreme Audit Institutions (ISSAIs) are a set of professional standards developed by Professional Standards Committee of International Organization of Supreme

Audit Institutions (INTOSAI) and approved by its Congress. The ISSAI frame work includes ISSAIs stating the basic prerequisites for the independence, proper functioning and professional conduct of Supreme Audit Institutions that are entrusted with the oversight function of use of public funds and the fundamental principles in auditing public entities and guidelines for use in carrying out the audits. ISSAI frame work also includes INTOSAI Guidance for Good Governance (INTOSAI GOV) providing guidance to public authorities on the proper administration of public funds.

The course included three sessions- (i)An overview - explaining the authority, evolution ,structure and types of the standards and the framework,(ii) Nature of financial audit in public sector ,its linkage to compliance issues and applicability of Guidelines for financial audits and compliance audits (iii) Performance audits- key principles and applicability of standards and guidelines.

Bob Shambler, Consultant, Leading Pilot Project, OCAG- Bangladesh and Rajesh Dayal Consultant, SPEMP-B project, OCAG, Bangladesh and Mr. Burhanuddin Ahmed FCA, Adviser, ICAB, Senior Member-ICAB contributed as resource persons.

The Institute of Chartered Accountants of Bangladesh (ICAB) arranged a 03-day Knowledge Sharing Sessions on the Public Procurement Rules (Advance level from the Audit Perspective) for ICAB’s Qualified Chartered Accountants under the World Bank financed Project titled Promoting Public Private Partnership (PPP) for Improved Audit Quality Assurance at the National Academy for Planning and Development (NAPD) premises under Ministry of Planning on 20, 21 & 27 June 2014.

The training was provided by the National Academy for Planning and Development, Ministry of Planning with a view to enhance capacity of the professionals at individual as well as at firm level attached with the opportunities in Public Sector like; Consultancy, Audit, Review, Investigations and staff Appointments, etc.

The training was conducted in 02 batches comprised of 30 members in each batch at NAPD premises on 20, 21 & 27 June 2014. Participants received their certificates from the Director General, National Academy for Planning and Development.

T

Training Programme on ‘Public Sector Auditing Standards’

Knowledge Sharing Sessions on ‘Public Procurement Rules’

ICAB president Showkat Hossain FCA, Past President and Council Member Md Abdus Salam FCA , Bob Shambler, Consultant, Leading Pilot Project, OCAG- Bangladesh and Rajesh Dayal Consultant, SPEMP-B project, OCAG, Bangladesh seen among the participants in a training programme on "Public Sector Auditing Standards" under the World Bank Financed "Public Private Partnership for Improved Audit Quality Assurance" project held at ICAB auditorium on Friday 20 June 2014.

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June 2014 No. 296

Dear Fellow Members,

Assalamu Alaikum and Greetings to you

all.

Ramzanul Mubarrak to you all. The word

‘Ramadan’ indicates the warm sensation in

the stomach as a result of thirst &

Spiritually, Ramadan burns out the sins

with good deeds, as the sun burns the

ground. To fast is to rediscover the

meaning of mercy (rahmat) and

compassion, starting with our own selves.

It implies that we remain trustful,

optimistic and stop being overcome with

guilt. The month of Ramadan is the month

of mercy and peace (salam), inner peace

as well as peace in the community. May

Allah (SWT) accept our fasting, forgive our

sins, and guide us all to the Straight Path.

I take this opportunity to update you on

some major activities accomplished and

initiatives we have undertaken during

June 2014.

Major Activities in June 2014

ICAB’s initiatives on Draft FRA 2014

ICAB recently learned from a report

published in a daily newspaper that the

Govt. has prepared draft Financial

Reporting Act 2014 without amending

some basic and contradictory sections and

provisions of draft FRA 2013 (even adding

some new arbitrary para). Same report

also added that proposed draft Financial

Reporting Act 2014 is likely to be placed in

the next meeting of the Cabinet

Committee for approval and may be

placed as bill in the parliament during

Budget Session.

Considering above situation, I like to share

with you ICAB’s initiatives on this issue

and steps taken for the interest of the

Institute and our CA profession:

- Steps taken and published news of

ICAB’s opinion on proposed draft FRA

2014 in the daily Financial Express on

01 June 2014. Details is available in the

link

http://www.thefinancialexpress-bd.co

m/2014/06/01/37082

- Sent ICAB’s letter on this issue to

Hon’ble Ministers and Secretaries of

Ministry of Finance(MOF), Ministry of

Commerce (MoC), Ministry of Law,

Justice and Parliamentary Affairs on 8

June 2914;

- Meeting with Hon’ble Minister for

Planning;


Commerc & Commerce Secretary;


Finance, GoB and Secretary of Finance

Division on 15 June 2014 and

expressed ICAB’s stand on draft

Financial Reporting Act 2014;

- Meeting with Secretary of Legislative &

Parliamentary Affairs Division,

MoL&JPA on 17 June 2014;

Meeting with Finance Minister and Secretary of Finance Division

A 6-Member ICAB Team led by me paid a

courtesy call with Abul Maal Abdul

President’sCommunication

June 2014

5

June 2014No. 296

Muhith, MP, Hon’ble Minister for Finance,

GoB on 15 June 2014 in his office. During

meeting we raised our arguments about

the arbitrary sections and provisions in the

draft FRA 2014 like its definition,

registration, formation of Council,

Standard Setting, Penalty, etc. and gave

ICAB’s opinion on these matters. An

official letter covering ICAB’s opinion on

draft FRA 2014 was handed over to

Hon’ble Minister during meeting. Hon’ble

Minister gave a patient hearing to ICAB

team and assured us that Govt. will review

our demands for incorporation in the draft

Act.

After meeting with Finance Minister, ICAB

Team also met with Fazle Kabir, Sr.

Secretary, Finance Division on the same

day and briefed him about the limitations

and conflicting parts of draft FRA 2014 and

solicited for his support and cooperation

in this regard. Finance Secretary assured

all possible cooperation to make the Act

more realistic.

Others members of the ICAB Team were

Member Council & Past Presidents Md.

Humayun Kabir FCA, Md. Syful Islam FCA,

Md. Abdus Salam FCA, Member Council

Masih Malik Chowdhury FCA and Past

President A K Chowdhury FCA.

Meeting with Law Minister and

Secretary of Legislative &

Parliamentary Affairs Division

A 5-Member ICAB Team comprising of

myself, Member Council & Past Presidents

Md. Humayun Kabir FCA, Md. Syful Islam

FCA, Md. Abdus Salam FCA and Past

President A K Chowdhury FCA met with

Md. Shahidul Haque, Secretary of

Legislative & Parliamentary Affairs

Division, MOLJ&PA on 17 June 2014 in his

Office and discussed about draft FRA 2014

issues. Secretary assured ICAB team that

his Division will consider ICAB’s

opinion/comments on the draft FRA 2014

before finalization of the draft.


A 25 days long Training Program (2nd

Phase) on IFRS and IAS for Bangladesh

Bank Officials was held from 1 June to 26

June 2014 at Training Room (6th Floor) of

CA Bhaban, Dhaka. Md. Abul Quasem,

Deputy Governor, Bangladesh Bank

inaugurated the Training Program as the

Chief Guest on 1st June 2014 evening.

Deputy Governor in his speech opined

that Bangladesh Bank is keenly interested

to achieve advanced and pragmatic

technical knowledge on Accounting

especially on IFRS and hoped that training

organized by ICAB for BB officials will meet

the requirement of banking regulation at

large.

In my speech, I opined that recent

fraudulent activities at Bank’s alarmed us

to be conscious about quality inspection

of all the bank branches. The ICAB

professionals will be instrumental to the

Bangladesh Bank being procedural and

evidence based reviewer, in minimizing

the fraudulent activities and to ensure

transparency and higher level of

monitoring of the internal control system.

I drew attention of the Chief Guest that CA

firms can also play a significant role in

auditing functions of the branches of the

banks, adding the involvement of

sufficient number of Chartered

Accountants could scale up the true

understanding of operation, thereby help

towards minimizing relevant risks and

stimulate the substantial revenue of

banks.

A total of 35 mid level Bangladesh Bank

Officials including Joint Directors, Deputy

Directors and Assistant Directors

participated in the training and 11 ICAB

Trainers conducted the classes. Topics

ranging from Financial Reporting,

Financial Statements, Accounting Policy,

Statement of Cash Flow and Adaptation of

International Financial Reporting

Standards, etc. were discussed on the

25-days training programme.

After ending the training, certificates were

distributed among the participants in a

simple ceremony held on 26 June 2014 in

a local hotel where Ms. Nazneen Sultana,

Deputy Governor, Bangladesh Bank was

present as the Chief Guest.

Training on Public Procurement Rules

ICAB organized another 4 batches

Training (9th to 12th batch) in June 2014 on

‘Public Procurement Rules (Advance

Level from the Audit Perspective) for ICAB

Members under the World Bank financed

Project titled ‘Promoting Public Private

Partnership for Improved Quality Audit &

Assurance’. National Academy for

Planning and Development (NAPD) in

Dhaka conducted this training on 6, 7, &

13 June 2014 for 9th & 10th Batches and on

20, 21 & 27 June 2014 for 10th & 11th

batches. In total 120 participants (30

participants in each batch) attended in the

training program and received certificates.

SAFA Events in Maldives

A 6-Member ICAB Delegation headed by

Vice President Nasim Anwar FCA

participated in the 33rd SAFA Board,

different Committees/Task Force meeting

and SAFA Conference in Maldives from 8

to 10 June 2014.

SAFA Committees and Task Force

Meetings

Following SAFA Committees and Task

Force meetings were held on 8 June 2014

at Paradise Island Resort, Maldives and

ICAB nominated concerned

Committee/Task Force Members attended

in their respective meetings:

• SAFA Committee on Professional

Ethics and Independence;

• SAFA Committee on International

Affairs;

• SAFA Committee for Improvement in

Transparency, Accountability &

Governance(ITAG);

• SAFA Committee on Accounting and

Auditing Standards;

• SAFA Committee on Harmonization of

Fiscal and Tariff Regimes;

• SAFA Committee on Small & Medium

Practices Committee (SMP);

• SAFA Committee on Quality Control;

• SAFA Task Force to develop Strategy

to Combat Corruption in SAARC

Region;

• SAFA Task Force to implement Basel-II

Report in SAARC Countries;

33rd SAFA Board Meeting

Due to dealing important FRA issues on 1st

& 2nd week of June 2014, I did not

participate in the 33rd SAFA Board

6

June 2014 No. 296

Meeting. In my absence, Vice President

Nasim Anwar FCA led the ICAB delegation

in the 33rd SAFA Board meeting held on 9

June 2014 at Paradise Resort Island,

Maldives and contributed on different

issues for strengthening the activities of

SAFA including suggestion on

professional matters which were given

due weight by the SAFA Board. In order to

assist me on FRA issues Mr. Syful Islam FCA

Past President, Mr. Masih Malik

Chowdhury FCA and Mr. AF Nesaruddin

FCA opted to cancel their trip of Maldive

Island.

SAFA Conference in Male

Organized by Auditor General Office of

Maldives, a daylong SAFA Seminar on

'Efficiently Managing SMPs' was held at

Nasundhara Palace Hotel in Male on 10

June 2014. Nasim Anwar FCA, Vice

President ICAB presented a technical

paper titled ‘Types of Audit Opinions’ in

the Seminar. A large number of CPA

Maldives and some other invited

participants including senior officials of

Auditor General Office of Maldives and

Teachers of Maldives National University

attended the seminar. ICAB Vice

President’s paper was largely appreciated

by the participants.

Other members of the ICAB delegates

were Member Council & Past Presidents

Abbas Uddin Khan FCA, M. Farhad Hussain

FCA, ASM Nayeem FCA, Md. Humayun

Kabir FCA and Deputy Secretary & SAFA

Nodal Officer-ICAB Md. Nasrat Hasan.

Discussion Meeting on latest SAFA

Evaluation Criteria

A discussion meeting on latest SAFA

Evaluation Criteria for improving the

quality of Published Accounts and Reports

was organized by ICAB on 19 June 2014

evening at ICAB Council Hall, Dhaka.

Inaugurating the discussion meeting, I

opined that this type of meeting will

largely encourage our listed entities to

improve their annual reports in near

future and ensure more transparency &

accountability among share holders.

Under the Chairmanship of Abbas Uddin

Khan FCA, Member Council & Past

President ICAB and Chairman of RCPAR of

Council-ICAB, 32 participants (mainly

CFOs/Head of Accounts) from the listed

companies and NGOs attended the

discussion meeting. Mahbub Ahmed

Siddique FCA, Director(Technical)-ICAB

and Muhammad Aminul Hoque ACA,

Partner, ACNABIN, Chartered Accountants

through power point presentation

discussed different sides of latest SAFA

evaluation criteria under different

categories like banks, NBFI, Insurance,

NGOs, Public Sector and Corporate

Governance disclosure checklist in the

meeting. During answer and question

session, participants shared their

experience with the presenters. Some tips

for improving the quality of Annual

Reports were also discussed in the

meeting.

Courtesy Call with Chairman NBR

A 7-Member ICAB Team headed by me

made a courtesy call with Md. Ghulam

Hussain, Chairman, National Board of

Revenue (NBR) in his office on 20 June

2014. We discussed on proposed Finance

Bill 2014-15 and drew his attention on

certain conflicting sections such as Section

35(3A), 75(2)(d)(iv), 83AAA, 107F, 129A,

184A so far as it related to allowing cost

and management accountants to audit

and certify financial statements at

par/along with those of chartered

accountants and requested his valued

judgment for maintaining clear distinction

between CAs and CMAs through above

sections of the proposed finance bill

2014-15. An ICAB’s letter along with

section wise recommendations in this

regard was also handed over to the

Chairman during the meeting. NBR

Chairman gave a patient hearing to ICAB

team and assured to look after these

issues before placing the Finance Bill

2014-15 in the Jatia Shangshad.

I am happy to share with the members

that Government considered ICAB’s

appeal on this issue and deleted the

proposed provisions allowing Cost &

Management Accountants to audit the

financial statements at per with CAs.

Other members of the ICAB team were

Member Council & Past Presidents Md.

Humayun Kabir FCA, Md. Syful Islam FCA,

Md. Abdus Salam FCA, Member

Council-ICAB Masih Malik Chowdhury FCA,

Past President A K Chowdhury FCA and

ICAB Secretary AKM Rahmatullah FCA.

Knowledge Sharing Session on ISSAI

ICAB, first of its kind, organized a

Knowledge Sharing Session on the

‘International Standards of Supreme

Audit Institutions (ISSAI)’ for ICAB

Members under the World Bank Financed

Project ‘Promoting Public Private

Partnership for Improved Audit Quality

Assurance’ on 20 June 2014 in ICAB. ICAB

World Bank Project Adviser Burhanuddin

Ahmed FCA, OCAG Consultant Bob

Shambler and International Consultant

Rajesh Dayal conducted the training

session. Total 76 qualified CAs participated

in this Knowledge Sharing Session and

received Certificates from ICAB. I hope

that this session will enhance the capacity

of participants at individual as well as at

firm’s level to be utilized with the

opportunities in the Public Sector like

consultancy, audit, review, investigations

and staff appointments etc.

Workshop on PFM Systems and

Regulatory Framework

A day long Workshop on ‘Public Financial

Management(PFM) Systems and

Regulatory Framework’ was held at ICAB

Auditorium, CA Bhaban, Dhaka on 21 June

2014. Mohammad Muslim Chowdhury,

Additional Secretary, Ministry of Finance,

GoB conducted the Seminar. Total 35 ICAB

Members attended the workshop and

received the certificates from ICAB after

ending the workshop.

CPD Seminar in Chittagong

The Chittagong Regional Committee (CRC)

of ICAB organized a CPD Seminar on

‘Integrated Reporting: Challenges and

Opportunities’ at its Conference Hall on

21 June 2014. Prof. Md. Helal Uddin

Nizami, Commissioner, Bangladesh

Securities and Exchange Commission

graced the occasion as the Chief Guest

where I was present in the Seminar as the

Special Guest. Prof. Md. Salim Uddin FCA

of University of Chittagong conducted the

Seminar as Session Chairman and

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June 2014No. 296

Anwaruddin Chowdhury FCA, Member

Council & Past President ICAB presented

the Keynote paper. Good number of ICAB

members under Chittagong region

attended the seminar and many of them

took part in the discussion.

CPD Seminar in Dhaka

A CPD Seminar on ‘Amendments in the

Bank Companies Act 1991 and its

Implications on External Audit of Banks’

was held in ICAB Auditorium, Dhaka on 25

June 2014. Md. Abul Quasem, Deputy

Governor, Bangladesh Bank graced the

occasion as the Chief Guest. ASM Nayeem

FCA, Member Council & Past President

ICAB conducted the seminar as the

Session Chairman and Sabbir Ahmed FCA,

Partner, Hoda Vasi Chowdhury & Co,

Chartered Accountants presented the

keynote paper.

In my address of welcome, I appreciated

the changes in the Bank Company Act

1991 and drew attention to the Practicing

Members as well as the Audit Firms who

have great concern relating to the

changes especially in BSA 39; that is

relevant to their auditing responsibilities. I

drew the attention of the Chief Guest that

there are some differences between the

reporting requirements as guided by

adopted IFRS and Bangladesh Bank

Regulations. I urged to discuss, resolve

and to avoid the possibility of ambiguities

in making Auditors’ opinion. Being the

National Professional Body, ICAB is always

keen to evaluate and review the changes

made in the Accounting and Auditing

standards including local regulations.

The Chief Guest in his speech said that CAs

are playing major role in uplifting of our

economy and consequently their activities

definitely affect our economy. He added

that Bangladesh Bank considers the

recommendations of ICAB while

amendments to the act are made. He

informed that Bangladesh Bank will

eliminate ambiguities in provisions of the

Banking Act very soon. He also spoke

about the audit responsibilities that were

stated in Companies Act and hoped that

the trainings organized by ICAB for BB

officials will meet the requirement of

banking regulation at large.

The Key-note speaker in his presentation

said that audit is a dynamic and evolving

matter, requires constant update of

knowledge, rigorous learning and

development programs for all level of staff

including partners of Audit Firms. He

further said that since Accounting and

Auditing standards are changing, so as

regulations, a practicing chartered

accountant auditing a Bank requires to

invest substantial time and resources to

keep him updated on these changes.

Through this continuing professional

development, an auditor ensures delivery

of high quality audit, he hoped.

Good number of ICAB members under

Dhaka region attended the seminar and

many of them took part in the discussion.

We Mourn

Mozer Abid Vasi FCA (Enrl. # 29) passes

away

I was deeply shocked and saddened to

hear the news of the death of Mozer Abid

Vasi FCA (Enrl. # 29), one of the founding

Partner of Hoda Vasi Chowdhury & Co.,

Chartered Accountants expired on 26 June

2014 in USA (Inna Lillahe......Rajeun). He

was suffering Cancer for a long time. I, on

behalf of the Council ICAB expressed

profound grief on his demise and pay

heartfelt tribute to the departed soul. In

my condolence message as President

ICAB, I expressed my deepest sympathy to

the family members and prayed to

Almighty Allah(SWT) for the eternal peace

of the departed soul.

Monthly Meetings of Council, Standing

and Non-standing Committees

The following meetings of the Council,

Standing and Non-standing Committees

and Sub-committees of ICAB were held

during the month of June 2014:

- 10th Meeting for 2014 of Council-ICAB

was held on 4 June 2014 at 6.00 PM;

- 11th Meeting for 2014 of Council-ICAB


Standing Committees:

- 1st Meeting for 2014 of Articled

Students Committee(ASC) of

Council-ICAB was held on 1 June 2014

at 6.30 PM;

- Meeting of the Examination

Committee of Council-ICAB was held

on 4 June 2014 at 5.00 PM;

- 2nd Meeting of 12-Member

Sub-Committee for Articled Students


on 8 June 2014 at 6.30 PM

- 3rd Meeting of 12-Member

Sub-Committee for Articled Students


on 16 June 2014 at 6.30 PM

Non-Standing Committees:

- Meeting of 5-Member Sub-Committee

for Land Issue was held on 3 June 2014

at 6.00 PM

- 4th Meeting for 2014 of Information

and Communication Technology

Committee (ICTC) of Council-ICAB was

held on 3 June 2014 at 6.00 PM

- 4th Meeting of the Sub-Committee of

Continuing Professional Development

Committee (CPDC) of Council-ICAB



on Notification of BSEC was held on 19

June 2014 at 3.30 PM;

- 3rd Meeting of Review Committee for

Published Accounts & Reports (RCPAR)

of Council-ICAB was held on 18 June

2014 at 5.30 PM


for Land Issue was held on 24 June

2014 at 6.00 PM


on Notification of BSEC was held on 25

June 2014 at 3.30 PM;

- Meeting of 8th Floor Completion Report

was held 29 June 2014 at 4.00 PM;

Thanks and best regards!

Showkat Hossain FCA

President-ICAB

8

June 2014 No. 296

CAB discussed the issues on proposed Financial Reporting Act with Abul Maal Abdul Muhith, MP, hon’ble Minister for

Finance, GoB on 15 June 2014 at latter’s office. ICAB Members discussed the issue during a courtesy call paid by ICAB President Showkat Hossain FCA and his team. During the meeting they highlighted contradictory sections and provisions in the draft FRA 2014 such as its definition, registration, formation of Council, Standard Setting, Penalty, etc. They also explained ICAB’s stand on these issues. Later, the team handed over an official letter regarding ICAB’s opinion on draft, FRA 2014 to the Hon’ble Minister. The Minister gave a patient hearing to ICAB team and assured that Government will not enact any new law conflicting with any existing Law. He also assured that before finalization of the FRA bill,

Government would consider all professional bodies/stakeholders opinion/comments on this matter.The key issues for the discussion were definition of auditor, clarification of alleged complain about auditing by a professional body, formation of Council, inclusion of MoC, MoL, FBCCI, expert & CAs keeping in mind the very concept of conflict of interest, including CA’s role in standard setting and provision penalties. Other members of the ICAB Team were Member Council & Past Presidents Md.

Humayun Kabir FCA, Md. Syful Islam FCA, Md. Abdus Salam FCA, Member Council Masih Malik Chowdhury FCA and Past President A K Chowdhury FCA.

ICAB held a Workshop on latest SAFA Evaluation Criteria for improving the quality of Published Accounts and Reports ICAB on 19 June 2014 evening at ICAB Council Hall, Dhaka. Inaugurating the discussion meeting, ICAB President Showkat Hossain FCA said that this type of meeting will largely encourage our listed entities for improving their annual reports in near future and ensure more transparency & accountability among share holders.

He urged the chief financial officers (CFOs) of all respective companies to maintain proper standards in preparing their annual reports."As the efforts will help you garner the Best Presented Reports award given by ICAB, maintaining continuation of the country's best performance at the South Asian Federation of Accountants (SAFA) Award will take out image to a new height," ICAB president Showkat Hossain FCA said.

The workshop was arranged for the CFOs of different banks, non-banking financial institutions and multi-national organisations to make them more conversant to the criteria followed by two award review committees in selecting the best Presented Annual Reports for the awards.Abbas Uddin Khan FCA, ICAB council member and chairman of its Review Committee For published Accounts and Reports (RCPAR), presided over the programme while Mahbub Ahmed Siddiqui FCA, director (technical) of the ICAB, made a presentation on the criteria that are followed by the awards committees.In his presentation, Mr Ahmed pointed out some lackings which generally occur in preparing the annual reports, and discussed how the companies can avoid those problems and make their annual reports more efficiently.About 25 CFOs of different intuitions participated at the workshop. They also took part in a panel discussion. A total number of 32 participants (mainly CFOs/Head of Accounts) from the listed companies and NGOs attended the Workshop.

IICAB team Meets Finance Minister

Workshop on Latest SAFA Evaluation Criteria Held at ICAB

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June 2014No. 296

ICAB team met Fazle Kabir, Secretary, Finance Division on 15 June 2014 and briefed him about the limitations and conflict-ing parts of draft FRA 2014. ICAB also sought his support and cooperation in this regard. Finance Secretary assured all possible cooperation to make this act more realistic.The ICAB team was comprised of member council & past presidents Md. Humayun Kabir FCA, Md. Syful Islam FCA, Md. Abdus Salam FCA, member council Masih Malik Chowdhury FCA and past president A K Chowdhury FCA which was led by ICAB President Showkat Hossain FCA.

ICAB President Showkat Hossain FCA and his team met Md. Ghulam Hussain, Chairman, National Board of Revenue (NBR) in latter’s office on 20 June 2014. The team discussed about some sections of the proposed finance bill 2014-15 with Chairman. Latter, an ICAB’s letter along with section wise recommendations in this regard was also handed over to the NBR Chairman. The Chairman gave a patient hearing to ICAB team and assured to look after these issues before passing the Finance Bill 2014-15 in Jatiayo Shangshad.

Government considered the ICAB’s recommendations and withdrew the sections allowing Cost & Management Accountants for Auditing Accounts Statements in the Finance Bill 2014-15. Now only Chartered Accountants would have the authority to do the job.

Other members of the ICAB team were Member Council & Past Presidents Md. Humayun Kabir FCA, Md. Syful Islam FCA, Md. Abdus Salam FCA, Member Council-ICAB Masih Malik Chowdhury FCA, Past President A K Chowdhury FCA and ICAB Secretary AKM Rahmatullah FCA.

A few conflicting amendments was proposed in the Finance Bill 2014-15 Bill by virtue of which cost and management accountants would be allowed to audit and certify financial statements along with chartered accountants. This is a clear violation of The Bangladesh Chartered Accountants Order, 1973 and The Cost and management Accountants Ordinance, 1977 which would also tantamount to violation of the national and international regulations, ethics, standards and distinctly different practices of both the chartered accountants and the cost and management accountants.

The Institute of Chartered Accountants of Bangladesh was established under The Bangladesh Chartered Accountants Order, 1973{Presidential Order No. 2 of 1973) (herein after referred to as ICAB Order, 1973) for the purpose of regulating the profession of chartered accountants. This clearly identified the chartered accountants to be the only professionals qualified to render service of auditing or verifying financial transaction, books, accounts, records, financial statements, financial accounting out to the public as an accountant. They will also render professional services regarding matters of accounting method, systems, and techniques including management consultancy services.

On the other hand The Cost and Management Accountants Ordinance, 1977 (Ordinance No. LII1 of 1977) (herein after referred to as CMA Ordinance, 1977) was promulgated only for the purpose of rendering services of costing or pricing of goods, services accounting and management accounting .

Not only in Bangladesh alone, the Chartered Accountants are the only authorized professionals to audit and certify financial statements in countries around the world. In neighboring India, Pakistan, Sri Lanka and also UK and elsewhere in the world Cost and Management Accountants are neither allowed to audit nor certify any financial statements. Moreover as per section 18(4) of CMA Ordinance, 1977 the auditing of the Institute of Cost and Management Accountants of Bangladesh has to be conducted by a qualified Chartered Accountant of ICAB.

Meeting with Finance Division Secretary

ICAB Team Meets NBR Chairman

Meeting with Secretary of Legislative & Parliamentary Affairs DivisionA 5-Member ICAB Team comprising Mr. Showkt Hossain FCA, President-ICAB, Member Council & Past Presidents Md. Humayun Kabir FCA, Md. Syful Islam FCA, Md. Abdus Salam FCA and Past President A K Chowdhury FCA met Md. Shahidul Haque, Secretary of Legislative & Parliamentary Affairs Division, MOLJ&PA on 17 June 2014 at latter’s office and discussed about draft FRA 2014 issues. Secretary assured ICAB team that his Division will consider ICAB’s opinion/comments on the draft FRA 2014 before the finalization of the draft.

Admission as FellowThe following member has been admitted as Fellow of the Institute with effect from the date mentioned against his name:

Name Effective Date

Mr. Mohammad Ebadat Hossain Bhuiyan FCA (1007) 29 April 2014Group Financial Controller & Company SecretaryUnited GroupUnited Centre, House No. NW (J)-6Road No. 51, Gulshan-2Dhaka-1212

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June 2014 No. 296

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 Showket Akber FCA

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, FCMA

Mr Md Abdus Salam FCA

Mr Gopal Chandra Ghosh FCA

Mr Masud Khan FCA-India

Mr Ranjan Kumar Bhowmik

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 NewsThe 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- December 2014. The session will continue up to 28 August 2014. There are 485 students in the Session of June- August 2014.

As a result, the cumulative number of participated students of ICAB new curriculum has been added to 7,126 till June 25, 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 commenced from Monday, 01 September 2014 at ICAB Academic Campus. A Notice has already been issued in this regard and all 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 organized 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 (September-November

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 start

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.

Resource Persons: ICAB Academic Campus (Session: June-August 2014)

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June 2014No. 296

The Institute of Chartered Accountants of Bangladesh (ICAB) organised Workshop on "Public Financial Management (PFM) Systems and Regulatory Framework" for its members at ICAB Auditorium on 21 June 2014. Md. Humayun Kabir FCA Council

Member and Past-President-ICAB was the session chairman in the Workshop.

Mohammad Muslim Chowdhury Director (Additional Secretary) Component 2: Public Financial System Deepening MTBF and Strengthening Financial Accountability Project Finance

Division, Ministry of Finance was the resource person.

ICAB Council Member and Past President Md Syful Islam FCA distributed certificates to the participants at the end of the workshop.

LPD-ICAB has organized a total 24 (Twenty Four) number of workshops and trainings in the last six months (January to June 2014). A half yearly report of the workshop & training is hereunder furnished:

PFMRF Workshop for ICAB Members

Records of Training & Workshop organized By ICAB

Sl. # Name of the Training Period&

Duration No of Participants Core Contents Facilitators Venue

1. Financial Management for The Officials of NGOs-MFIs

1-2 February, 2014, 2 Days

Officials of NGOs-MFIs 40 (Forty)

Financial Management

ICAB Members ICAB Training Room (6th floor)
























Financial Management for The Officials of NGOs-MFIs


7. QAD Workshop 08-09 March 2014, 2 Days

ICAB Members & Article Students 25 (Twenty five)

How to Maintain Quality in Audit and Assurance


8. Workshop on "The Art of Leadership" (1st Batch)

29-30 March 2014, 2 Days Long

ICAB Members 33 (Thirty three)

"The Art of Leadership"

Prothom Alo Jobs & ICAB Members

ICAB Training Room (6th floor)

9. Workshop on "Anti-Money Laundering"

7 April 2014, 1 Day

ICAB Members 54 (fifty four)

Anti-Money Laundering & Terrorist Financing

Trainer of The Bangladesh Bank, Dhaka


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June 2014 No. 296



10. Working session on ICAEW ACA Advanced Stage Classes-2014

9 April 2014, 1 Day

ICAB Members, No.16 (Sixteen)

ICAEW ACA Advanced Stage Classes-2014

Mr. Jonathan Worrell, Tutor-KAPLAN, UK


11. Training Programme on Public Financial Management (Treasury Rules, General Financial Rules, Budget etc.) (1st batch) for Qualified CAs of ICAB

11 – 13 April, 2014

ICAB Members & Partly Qualify Student, No.40 (Forty)

Public Financial Management

Resource Persons, NAPD

National Planning Academy (NAPD)

12. Public Financial Management (Treasury Rules, General Financial Rules, Budget etc.) (3rd Batch) for tomorrow’s members

18 – 20 April, 2014

ICAB Members & Partly Qualify Student, No. 40 (Forty)


Resource Persons, NAPD

NAPD

13. Working session on ICAEW ACA Advanced Stage Classes-2014

18 April 2014, 1 Day

ICAB Members,No.26 (Twenty six)

ICAEW ACA Advanced Stage Classes-2014

Mr. Justin West, Tutor-KAPLAN, UK


14. Workshop on "The Art of Leadership" (2nd Batch)

26-27 April 2014, 2 Days

ICAB Members 31 (Thirty)


Prothom Alo Jobs & ICAB Members


15. Training Programme on Public Financial Management (Treasury Rules, General Financial Rules, Budget etc.) (5th Batch) for Qualified CAs of ICAB

06-08 May 2014

ICAB Members & Partly Qualify Student 40 (Forty)


NAPD

16. Workshop on "The Art of Leadership" (3rdBatch)

24-25 May 2014, 2 Days

ICAB Members 33 (Thirty three)



17. "Anti-Money Laundering"

27 May 2014, 1 Day

ICAB's Employees 29 (twenty five)


Trainer of The World Bank, Dhaka, Bangladesh

ICAB Council Room (8th Floor)


28 May 2014, 1 Day

ICAB Members 51 (Fifty one)



ICAB Auditorium (9th Floor)


29 May 2014, 1 Day

ICAB Members 43 (Forty three)




20. IFRS & IAS Training for Bangladesh Bank Officials

01 June to 26 June, 2014

Bangladesh Bank Officials, 35 (Thirty five)

IFRSs & IASs ICAB Members ICAB Training Room (6th floor)

21. Written test for the post of Audit Officer for Pubali Bank Ltd.

06 June 2014 Total Number of Candidate 108

Written test for the post of Audit Officer

ICAB Members and Employees

ICAB Central Library (7th Floor)

22. Public Public Procurement Rules (Advance level from the Audit Perspective), (9th Batch)

06, 07 & 13 June 2014

ICAB Members & Partly Qualify Student 40 (Forty)

Public Procurement Rules

NAPD

23. Public Procurement Rules (Advance level from the Audit Perspective), (11th Batch) for Qualified CAs of ICAB


"Public Sector Auditing Standards"

Mr. Burhanuddin Ahmed FCA, Project Adviser, ICAB Bob Shambler, Consultant, OCAG Rajesh Dayal, International Consultant

ICAB Training Room (6th floor) & ICAB Council Room (8th Floor)

24. Workshop on "Public Financial Management (PFM) Systems and Regulatory Framework".


"Public Financial Management (PFM) Systems and Regulatory Framework".

Mr. Mohammad Muslim Chowdhury Director (Additional Secretary)


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June 2014No. 296

A 25-day long Training Program (2nd Phase) on IFRS and IAS for Bangladesh Bank Officials was held from 1 June to 26 June 2014 at Training Room (6th Floor) of CA Bhaban, Dhaka. Md. Abul Quasem, Deputy Governor, Bangladesh Bank

inaugurated the Training Program as the Chief Guest on 1st June 2014 evening at ICAB auditorium. Md. Abul Quasem in his speech said that Bangladesh Bank is keenly interested to achieve advanced and

pragmatic technical knowledge on Accounting especially on IFRS and hoped that training organized by ICAB for BB officials will meet the requirement of banking regulation at large.

A total of 35 mid level Bangladesh Bank Officials including Joint Directors, Deputy Directors and Assistant Directors participated in the training. Eleven number of ICAB Members conducted the classes.



Up Coming Training After Holy Ramadan 25. "ERP Software (SAP-

FICO)" (1st batch) 09 August to 05 September 2014

Total Number of Candidate 20

SAP Training SAP Trainer ICAB Training Room (6th floor)

26. "ERP Software (SAP-FICO)" (2nd batch)

11 October to 8

November 2014

Total Number of Candidate 20

SAP Training SAP Trainer ICAB Training Room (6th floor)


August to September 2014

Officials of NGOs-MFIs 375 (three hundred seventy five)



28. Workshop on "The Art of Leadership"

20-21September,2014(4th Batch)

Members-ICAB,35Participants

Art of Leadership

ICAB Members ICAB Training Room (6th floor

Nurul Faruk Hasan & Co becomes Member Firm of BDONurul Faruk Hasan & Co (nufhas) has become a Member Firm of BDO International Limited, a UK Company Limited by guarantee, with effect from 01 June 2014.

BDO is the 5th largest network of audit, tax and advisory firms in the world. BDO’s global network spans over 144 countries with over 56,000 people working through 1,200 offices worldwides (as at 30 September 2013) to provide seamless services to its valued clients worldwide.

Mozer Abid Vasi FCA (Enrlment No. 29), died on 26 June 2014 in USA (Innah Lillahe... Rajeun). He had been suffering Cancer for a long time. On behalf of the Council members of the Institute, President-ICAB expressed deep sorrow at the demise of Mr. Mozer Abid Vasi and prayed to Almighty Allah, the most merciful for salvation of his departed soul and give the bereaved family the strength and courage to bear the irreparable loss.Mozer Abid Vasi FCA

We Mourn

Showkat Hossain FCA, President-ICAB, Nazneen Sultana, Deputy Governor, Bangladesh Bank and Council Member and Past Presidents Md. Syful Islam FCA and Md Abdus Salam FCA pictured attending a Certificate awarding ceremony of a month-logn training on International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) for Bangladesh Bank Officials.

ICAB and World Bank Held Meeting on ROSC Progress ReportA meeting between technical team of ICAB and representatives of World Bank was held at ICAB Council Hall on 24 June 2014 to discuss the updates of the ROSC report. The ROSC report was introduced by the World Bank in 2003 Bangladesh perspective and it pointed out 20 recommendations for greater transparency and accountability in country’s accounting, auditing and the financial sectors. ICAB team informed that the Institute in collaboration with the government, has implemented 19 recommendations out of 20. They also informed that over the years ICAB has remarkably improved on setting accounting standards and performing auditing. In this perspective the World Bank representative said the World Bank is considering further review of the report.

Topics ranging from Financial Reporting, Financial Statements, Accounting Policy, Statement of Cash Flow and Adaptation of International Financial Reporting Standards, etc. were discussed on the 25-days training programme.

After ending the training, certificates were distributed among the participants in a simple ceremony held on 26 June 2014 at a city local hotel where Ms. Nazneen Sultana, Deputy Governor, Bangladesh Bank was present as the Chief Guest. Showkat Hossain FCA, President-ICAB, Md. Syful Islam FCA, Past President & Council Member-ICAB and Md Abdus Salam FCA, ast President & Council Member-ICAB were present in the occasion.


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June 2014 No. 296

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: 880-02-8119399 E-mail: [email protected] Website: www.icab.org.bd

Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: [email protected] Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail: [email protected] American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: [email protected]

6-Member ICAB delegation headed by Vice President Nasim Anwar FCA participated in the 33rd SAFA Board,

different Committees/Task Force meeting and SAFA Conference in Maldives from 8 to 10 June 2014.

They attended the SAFA Committees and Task Force meetings; SAFA Committee on Professional Ethics and Independence; SAFA Committee on International Affairs; SAFA Committee for Improvement in Transparency, Accountability & Governance(ITAG), SAFA Committee on Accounting and Auditing Standards, SAFA Committee on Harmonization of Fiscal and Tariff Regimes, SAFA Committee on Small & Medium Practices Committee (SMP), SAFA Committee on Quality Control, SAFA Task Force to develop Strategy to Combat Corruption in SAARC Region, and SAFA Task Force to implement Basel-II Report in SAARC Countries.

The delegation led by , Vice President Nasim Anwar FCA participated in the 33rd SAFA Board meeting held on 9 June 2014 at Maldives and contributed on different issues for strengthening the activities of SAFA including suggestion on professional matters which were given due weightage by the SAFA Board.

They also participated a daylong SAFA Seminar on 'Efficiently Managing SMPs' organized by Auditor General Office of Maldives in Male on 10 June 2014. Nasim Anwar FCA, Vice President ICAB presented a technical paper titled ‘Types of Audit Opinions’ in the seminar.

A large number of CPA Maldives Members and some other invited participants including senior officials of Auditor General Office of Maldives and Teachers of

Maldives National University attended the seminar. ICAB Vice President’s paper was largely appreciated among the participants.

Other members of the ICAB delegates were Member Council & Past Presidents Abbas Uddin Khan FCA, M. Farhad Hussain

FCA, ASM Nayeem FCA, Md. Humayun Kabir FCA and Deputy Secretary & SAFA Nodal Officer-ICAB Md. Nasrat Hasan.

A

ICAB participates in SAFA Board Meeting, SAFA Conference and Different Committee Meetings in Maldives

he Chittagong Regional Committee (CRC) of ICAB organized a CPD

Seminar on 'Integrated Reporting: Challenges and Opportunities' on Saturday, 21 June 2014 at the Conference Hall of ICAB-CRC office, Chittagong.

Professor Md. Helal Uddin Nizami, Commissioner, Bangladesh Securities and Exchanges Commission graced the occasion as Chief Guest, Mr. Showkat Hossain FCA, President-ICAB & Resident Partner, Hoda Vasi

Chowdhury & Co., Chartered Accountants was present as Special Guest and Mr. Md. Salim Uddin MBA, FCMA, FCA, Professor, Department of Accounting & Information Systems, University of Chittagong was Session Chairman. Mr. Anwaruddin Chowdhury FCA, Member Council & Past President, ICAB and Director CAPA Board presented the valuable Key-note paper in the seminar. A total number of 61 ICAB Members attended the seminar.

T

CRC Holds CPD Seminar on 'Integrated Reporting: Challenges and Opportunities'

Council Member & Past President-ICAB Mr. Anwaruddin Chowdhury FCA delivering Key-note Paper in the CPD Seminar held at Chittagong.

Number 296 ICAB Organizes Members’ Conference on … President-ICAB Showkat Hossain FCA was visiting the Library, ICAB on 6 May 2014, when a written test for Pubali Bank Audit Officer

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