Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh Number 331

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1 ICAB NEWS BULLETIN Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh Number 331 ICAB Organised CFOs Conferences on Evaluation Criteria for SAFA BPA Award ICAB organised CFOs Conferences... Award Meeting between ICAB and MRA Meeting with IDRA ICPE News President s Communication Jamaluddin Ahmed and Forkan... programme Blood Donation Program organized... Accountants Campus News Permission to Join as Partner Permission to Start Practice Permission to train Articled Students Member s Achievement Meeting with Commerce Secretary Humayun Kabir and Shahadat... on VAT Shahadat Hossain joins Board... Company Ltd CRC-ICAB organized... BAS-12: Income We Mourn Recognition of ICAB Membership by CIPFA, UK Anwaruddin Chowdhury in CAPA Events...China Workshop for CA Articled Students Report on Disciplinary Actions ISSN The Institute of Chartered Accountants of Bangladesh (ICAB) organised the Conference of Chief Financial Officers (CFOs) of Banking, Insurance and Non Banking Financial Institutions (NBIs) on 13 May at its Council Hall. Another Conference of Chief Financial Officers (CFOs) of manufacturing, public sectors, NGOs and other entities was held on 14 at the same venue. Co-Chairman of Review Committee of Published Accounts & Reports Md. Shahadat Hossain FCA, ICAB nominated SAFA IT Committee member Dewan Nurul Islam FCA, Council Member & Past President Nasir Uddin Ahmed FCA and Council Member Nesaruddin Ahmed FCA were present in the conference. ICAB urged the CFOs to maintain proper standards in preparing their annual reports which will be submitted for nomination of the Award. If any changes are made in the existing criteria, the Institute will inform duly. However, the existing criteria will be applicable on the Financial Statements for the year The outcome of conferences will help to garner the "Best Presented Annual Reports" Awards, given by SAFA to maintain continuation of the country's best performance in this region. The Bangladeshi organizations will touch a new height among the SAFA countries by getting highest number of Awards, ICAB expects. The two conferences were arranged for the CFOs to make them well conversant with the SAFA evaluation criteria. About 30 CFOs of different Banking, Insurance and NBFIs participated in the 1st conference and 25 CFOs of manufacturing, public sectors, NGOs and other entities participated in 2nd conference. They also took proactive part in the discussion.

2 FROM THE DESK OF CHAIRMAN EDITORIAL BOARD Dear Fellow Members & Friends, On the 1st May, we have celebrated the International Workers' Day. The day is observed across the world every year since 1886 commemorating the supreme sacrifices of the workers at Hay Market, Chicago, in the USA for eight-hour working day and upholding the rights of the working class. Working people sacrificed their lives on May 1, This year s May Day gives us a more vigour as it is celebrated at a time when the Great Russian Revolution of 1917 marks its centenary celebration. We join the working people who celebrate the May Day all over the world with warmth and encouragement and salute all the working comrades who sacrificed their lives, raised their voices and shed blood and sweat for the human freedom and labour rights. The month of May was also an eventful month, like many other programs ICPE organizes a 25 days long training program on International Financial Reporting standards (IFRS) for 35 senior officials of Bangladesh Bank. This type of training program for the officials like Bangladesh Bank will reach the prominence of ICPE to a new height. This month the Holy month of Ramadan has commenced which is anxiously awaited by all the Muslims. Ramadan holds a special place in Islam and among Muslims because of two major reasons: Firstly, the book of eternal guidance the Holy Quran was revealed upon Prophet Muhammad (PBUH) in this month; secondly, the 30days of fasting in this month lead to the glorious and auspicious occasion of Eid ul Fitr for Muslims. The month is given great importance by Muslims in each part of the world with all the reverence, prestige and dedication it deserves. Allah (swt) said in the Holy Quoran: O you who believe, fasting is prescribed for you as it was prescribed for those before you, so that you may guard against evil. (The Holy Quran, 2:183) I take this opportunity to wish all my fraternity every success in your noble endeavour during the sacred month of Ramadan, and hope that the results of such merits would lead to greater happiness, success and the fulfillment of your wishes. Ramadan Mubarak. Dr. Jamshed S A Choudhury FCA Ajoint meeting between ICAB and Microcredit Regulatory Authority (MRA) was held on 23 at the Conference Room of Microcredit Regulatory Authority office. Baro Mogbazar Ramna, Dhaka. Amalendu Mukherjee, Executive Vice Chairman (EVC) of Microcredit Regulatory Authority (MRA) presided over the meeting while ICAB Council Member & Chairman, Professional Development Committee (PDC) Muhammad Farooq FCA led the ICAB team. Other members of the ICAB team were Secretary Major General Muhammad Imrul Quayes, (Retd.), Members PDC Mohiuddin Ahmed FCA, Fokrul Alam Patwary FCA, Abdullah Al Mamun ACA and Deputy Secretary Md. Shahjahan Siraz. At the outset, Amalendu Mukherjee, Executive Vice Chairman of Microcredit A delegation from ICAB held a meeting with the Member & Acting Chairman of Insurance Development & Regulatory Authority (IDRA) Gokul Chandra Das at his office on 25 May The members of the ICAB delegation were Council Member Muhammad Farooq FCA, Senior Fellow Members Mohammed Forkan Uddin FCA, Selim Reza FCA, Mohammed Sabir Ahmed FCA, Meeting between ICAB and Microcredit Regulatory Authority (MRA) Meeting with IDRA Regulatory Authority (MRA) thanked and welcomed the team members of ICAB. The MRA Executive Vice Chairman informed the ICAB team that they have recently decided to update their list of audit firms. He also said that fresh enlistment of audit firms with MRA is going on. After preparing, the list would be vetted by ICAB, he added. Furthermore, the Chairman informed the ICAB team that they have some observations of the audit report of CA firms. Muhammad Farooq FCA, team leader of ICAB assured the MRA that the ICAB would extend all out cooperation to MRA regarding the audit of MRA organizations. He said that ICAB would take the initiatives including Workshop for the auditors and prepare an audit guide line for MRA audit. Mohammad Shibbir Hossain FCA, ICAB Secretary Maj Gen Imrul Quayes (Retd.) and Deputy Secretary Md. Shajahan Siraj. They discussed about various professional matters including audit reports and recruitment of CFOs in Insurance companies. Both the organizations are willing to hold more meetings in future to foster mutual cooperation regarding professional issues. 2

3 ICPE News Training Program on International Financial Reporting Standards (IFRS) A25 days long training program on International Financial Reporting Standards (IFRS) was organized by the Institute of Chartered Accountants of Bangladesh (ICAB) for the officials of Bangladesh Bank. A total number of 35 senior officials of Bangladesh Bank participated in the training program. Certificate awarding ceremony of the training program was held on 23 May 2017 at CA Bahaban. Md. Abdul Mannan, Additional Secretary, Ministry of Commerce was the Chief Guest at the ceremony. AKM Aftabul Islam FCA, Director, Board of Directors, Bangladesh Bank chaired the program. Md. Muslem Uddin, Executive Director, Bangladesh Bank was Special Guest while Qazi Enayet Hussain, General Manager, Bangladesh Bank was present as guest. Mostafa Kamal FCA, Vice President-ICAB, Major General Muhammad Imrul Quayes, ndc, psc (retd), Secretary-ICAB, other guests, resource persons of the course and officials of ICAB were present in the program. Workshop on ICAEW Pathway Membership for ICAB Members ICAB Centre for Professional Excellence (ICPE) has organized a Workshop on ICAEW Pathway Membership for ICAB Members on 8 at ICPE training room. A total number of 120 participants participated in the programme. ICAB Vice Presidents Mostafa Kamal FCA, Md. Mahamud Hosain FCA, Secretary Major General Muhammad Imrul Quayes ndc, psc (retd.) and Director (Technical). Mahbub Ahmed Siddique FCA were present in the inauguration session of the training. Justin West, Head of New Business Opportunities was the resource person. Six month long training on Certificate Course on Information Systems Audit ( IS Audit) - 1st Batch & 2nd Batch The six month long training on Certificate Course on Information Systems Audit ( IS Audit) -1st & 2nd Batch started from 7 January and 20 March 2017 respectively is going on very successfully. Resource persons of the training course are Imran Ahmed FCA, Md. Tohidur Rahman Bhuiyan, Mohammed Zahirul Kium FCA, M. A. Qaium Khan, Md. Zahid Iqbal Assurer, Md. Borhanul Islam, ASM Mahfuz and Mohammad Shahadat Hossain. The course for 1st batch will be ended on 24 June and 2nd batch on 30 October Workshop on New VAT Act 2012 and Rules Highlights and Challenges ICAB Centre for Professional Excellence (ICPE) has organized a Workshop on New VAT Act 2012 and Rules Highlights and Challenges on May 2017 at ICAB Auditorium. A total number of 60 participants participated in the Workshop. ICAB President Adeeb Hossain Khan FCA inaugurated the session. In the concluding session Vice President (E & T) Mostofa Kamal FCA was present and distributed the certificates. The resource persons of the training were Muhammad Mehedi Hasan FCA and First Secretary, VAT, NBR Dr. Md. Abdur Rouf. 3

4 President s Communication Dear Fellow Members, Assalamu Alaikum and greetings to you all. In this month ICAB organised a number of vigorous trainings and workshops for the members, stakeholders and the regulatory bodies including Bangladesh Bank and held meetings with ministries and regulatory bodies to discuss professional issues. A 25-day long training programme on International Financial Reporting Standards (IFRS) was organized by ICPE for the officials of Bangladesh Bank at ICAB Training Room. A total of 35 senior officials from the Bangladesh Bank participated in the programme. Certificate awarding ceremony of the training programme was held on 23 where Mr. Md. Abdul Mannan, Additional Secretary, Ministry of Commerce was the Chief Guest and Mr. AKM Aftabul Islam FCA, Director, Board of Directors, Bangladesh Bank chaired the programme. Mr. Md. Muslem Uddin, Executive Director, Bangladesh Bank was the Special Guest while Qazi Enayet Hussain, General Manager, Bangladesh Bank was present as guest of honour. ICPE has organized another Workshop on ICAEW Pathway Membership for ICAB Members on 8 at ICPE training room. 120 members participated in the programme. ICAB Vice Presidents Mr. Mostafa Kamal FCA, Mr. Md. Mahamud Hosain FCA, Secretary Major General Muhammad Imrul Quayes (retd.) and Director (Technical) Mr. Mahbub Ahmed Siddique FCA were present at the inauguration session of the training. Mr. Justin West, Head of New 4

5 Business Opportunities, ICAEW was the resource person. The training was organized under joint collaboration programme with ICAEW. A workshop on New VAT Act 2012 and Rules Highlights and Challenges was organized by ICPE on at ICAB Auditorium where 60 members participated. I inaugurated the first session. At the end of the workshop ICAB Vice President Mr. Mostofa Kamal FCA distributed the certificates to the trainees. The resource persons of the training were Mr. Muhammad Mehedi Hasan FCA and First Secretary, VAT, NBR Dr. Md. Abdur Rouf. The CFOs Conferences on Evaluation Criteria for SAFA Best Presented Accounts Award was organized by ICAB with participation of the Chief Financial Officers (CFOs) from Banking, Insurance and Non Banking Financial Institutions (NBIs) on 13 May and CFOs from manufacturing, public sectors, NGOs and other entities on 14 May 2017 at the Council Hall. Co-Chairman of Review Committee of Published Accounts & Reports Mr. Md. Shahadat Hossain FCA, ICAB nominated SAFA IT Committee member Mr. Dewan Nurul Islam FCA, Council Member & Past President Mr. Nasir Uddin Ahmed FCA and Council Member Mr. Nesaruddin Ahmed FCA were present in the programme. The conference was arranged for the CFOs to make them conversant with the SAFA evaluation criteria for ICAB BPA Awards Besides, the trainings and workshops ICAB continues to work with government and regulatory bodies to discuss emerging professional matters. A joint meeting between ICAB and Microcredit Regulatory Authority (MRA) was held on 23 at the Conference Room of Microcredit Regulatory Authority office. Mr. Amalendu Mukherjee, Executive Vice Chairman (EVC) of Microcredit Regulatory Authority (MRA) presided over the meeting while ICAB Council Member & Chairman, Professional Development Committee (PDC) Mr. Muhammad Farooq FCA led the ICAB team. Other members of the ICAB team were Secretary Major General Muhammad Imrul Quayes, (Retd.), Fellow Members & Members PDC Mr. Mohiuddin Ahmed FCA, Mr. Fokrul Alam Patwary FCA and Mr. Abdullah Al Mamun ACA. Mr. Mohammad Farooq FCA, team leader of ICAB assured the MRA that the ICAB would extend all out cooperation regarding the audit of organizations under MRA and would take the initiatives including a workshop for the auditors of MRA. On 28 a five-member team nominated by ICAB participated in a meeting with the Acting Secretary, Ministry of Commerce Subhasish Basu on draft Company Act 2016 at conference room at the Ministry of Commerce. The members of the team were ICAB Council Member & Past President Mr. Md. Humayun Kabir FCA, Vice President Mr. Mostafa Kamal FCA, Council Member Mr. Md. Shahadat Hossain FCA, Secretary Maj Gen Imrul Quayes (Retd.), Director (Technical) Mr. Mahabub Ahmed Siddique FCA. They placed ICAB s proposals regarding the new Act and discussed matters connected therewith. A delegation from ICAB held a meeting with the Member & Acting Chairman of Insurance Development & Regulatory Authority (IDRA) Gokul Chandra Das at his office on 25. The members of the ICAB delegation were Council Member Mr. Mohammad Farooq FCA, Senior Fellow Members Mr. Mohammed Forkan Uddin FCA, Mr. Selim Reza FCA, Mr. Mohammed Sabir Ahmed FCA, Mr. Mohammad Shibbir Hossain FCA and ICAB Secretary Maj Gen Imrul Quayes(Retd). They discussed various professional matters including audit reports and recruitment of CFOs in Insurance companies. We express our deep sorrow at the sad demise of Mr. Md. Mukhlisur Rahman Khan FCA (Enrl. No. 214), 5

6 a senior Chartered Accountant and Proprietor, M R Khan & Co., Chartered Accountants who died on 13 (Innah Lillahe... Rajeun). On behalf of the Council I sent a condolence letter to the bereaved family and prayed for eternal pace to the departed soul. Meetings of Council and Standing & Non-standing Committees and Sub-committees The following meetings of the Council, Standing and Non-standing Committees and Sub-committees of ICAB were held during the month of : Standing Committees: - 5 th Meeting of the Investigation & Disciplinary Committee (IDC) was held on 6 at 4:00 pm. - 6 th Meeting of the Investigation & Disciplinary Committee (IDC) was held on 20 at 3:00 pm. - 9 th Meeting of the Council was held on 22 at 5:00 pm. - 2 nd Meeting of the Articled Students Committee (ASC) was held on 24 at 6:00 pm. Non-standing Committees: - 2 nd Meeting of the Review Committee for Published Accounts & Reports (RCPAR) was held on 3 at 6:30 pm. - 4 th Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 4 at 6:30 pm. - 2 nd Meeting of the Committee for Amendment of CA Order & Bye-laws was held on 9 May 2017 at 6:00 pm. - 2 nd Meeting of the Real Estate Committee (REC) was held on 14 May 2016 at 6:00 pm. - 1 st Meeting of the Committee on Professional Accountants in Business (PAIB) was held on 17 at 6:00 pm. - 1 st Meeting of the Project Development & Implementation Committee (PDIC) was held on 23 at 6:00 pm. - 1 st Meeting of the Public Finance and Public Sector Accounting was held on 30 at 3:30 pm. Standing and Non-standing Sub-committees: - 2 nd Meeting of the Working Group of Professional Development Committee (PDC) for BSEC, DSE, CSE, RJSC and BIDA was held on 02 at 6:00 pm. - 1 st Meeting of the Working Group of Professional Development Committee (PDC) for Insurance was held on 03 at 6:00 pm. - 3 rd Meeting of the Real Estate Committee (REC) Sub-committee regarding to renovation work was held on 14 May 2016 at 4:00 pm. - 4 th Meeting of the 8-Member Council Sub-Committee Regarding to Qualifications of other Institutes/organizations was held on 15 at 6:00 pm. - 1 st Meeting of the Working Group of Professional Development Committee (PDC) for Tax and VAT was held on 16 at 6:00 pm. - 2 nd Meeting of the 10-Member Articled Students Sub-committee was held on 17 at 6:00 pm. - 2 nd Meeting of the Working Group of Professional Development Committee (PDC) for Professionals and Combating/Addressing Professional Difficulties was held on 25 at 6:00 pm. With best wishes. Adeeb Hossain Khan FCA President 6

7 Jamaluddin Ahmed and Forkan Uddin Participated NTV s Market Watch Live Programme Blood Donation Program Organized by ACNABIN, Chartered Accountants ICAB Past President and Bangladesh Bank Board of Director Dr. Jamaluddin Ahmed FCA and ICAB Fellow Member Forkan Uddin FCA participated NTV's Market Watch live programme on 31. They talked about Capital Market, impact of Islami Bank Ltd. in the market and the National Budget ACNABIN, Chartered Accountants organized a blood donation program in co-ordination with Shandhani Dhaka Medical College Unit on 27 April 2017 at ACNABIN premises. The slogan of the program was Donate blood Save Life about 43 students/staff including 7 (seven) women from ACNABIN donated blood. ACNABIN has been awarded with a Certificate of Appreciation from Shandhani Dhaka Medical College Unit as an acknowledgement of the remarkable contribution. Accountancy Age Report FRC fines PwC 5m over Connaught audit PwC has been severely reprimanded and slapped with a record 5m fine by financial watchdog the Financial Reporting Council (FRC), over misconduct relating to their 2009 audit of Connaught. The FTSE 250 company was a property services group that went into administration in Retired PwC audit partner Stephen Harrison was also reprimanded and fined 150,000 for his role in the audit. PwC were also ordered to compensate for the FRC s Executive Counsel s legal costs and to make an interim payment of 1.5m. The FRC found misconduct in three areas: mobilisation costs, long-term contracts and intangible assets. The Accountancy and Actuarial Discipline Board first announced an investigation in PwC s audit of Connaught in November Last year, two former Connaught finance directors were bannedby the FRC over a 4m accounting misstatement. PwC said in a statement: Since 2010 when the case began, we ve worked hard to improve our procedures and processes. Audit quality is of paramount importance to PwC and the FRC s annual audit quality assessments have shown a trend of improvement in our work over several years. FRC investigates PwC over Redcentric audit The Financial Reporting Council (FRC) has launched an investigation into the conduct of PwC in relation to the audit of IT managed services provider Redcentric plc. The investigation relates to financial statements for the years ending 31 March 2015 and 31 March On 7 November 2016, Redcentric announced that an internal review by the company s audit committee had found misstated accounting balances, prompting a forensic review of the group s historic balance sheets by Deloitte and law firm Nabarro. CFO Tim Coleman resigned on 6 November and was replaced by Peter Brotherton on 28 November. FRC launches investigation into KPMG s Rolls-Royce audit The Financial Reporting Council (FRC) has announced that it has begun an investigation into KPMG s audit of the financial statements of the Rolls-Royce Group. The decision follows the approval of a Deferred Prosecution Agreement (DPA) between Rolls-Royce and the Serious Fraud Office (SFO) in January 2017, relating to 12 counts of conspiracy to corrupt, false accounting and failure to prevent bribery. Under the DPA, Rolls-Royce agreed a UK settlement of m plus 13m costs. Additional agreements with the US Department of Justice and Brazil s Ministério Público Federal brought total payment to approximately 671m. The investigation into KPMG s audit relates to the financial statements of Rolls-Royce Group for the year ending 31 December 2010, and Rolls-Royce Holdings for the years ending 31 December 2011 to 31 December

8 ICAB Academic Campus News The Pre-examination Classes for Professional Stage-Knowledge Level (15 th Batch, Sections: J, K & L), Application Level (14 th Batch, Sections: A-C) and Advanced Stage (13 th Batch, Section: A) which were started from last 08 March 2017 at ICAB Academic Campus for Examination Session: May-June 2017 ended on 29. There were 481 students joining with 159 teachers for the Class Session: March-. As a result, the cumulative number of participated students of ICAB under new curriculum has arisen at 12,961, till May 31, The regular classes for the students of Professional Stage-Knowledge Level (16 th Batch) will commence from Monday, 12 June 2017 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka A Notice has already been issued in this regard and all the concerned students are advised to attend the classes at the Campus as per schedule. On the other hand, Day Time Classes for Knowledge Level (1st Batch) which were started from 08 March 2017, and closed smoothly on 22 April Now all students will be appearing in the final exam to be held from 07 June The schedule for the 2nd Batch of Day Time-Knowledge Level classes will be announced very soon. Meanwhile, the Mock Exams on "Assurance, Accounting, Taxation-1 & Management Information" for Professional Stage-Knowledge Level students were held on 7, 21, 28 April & 05 at ICAB Academic Campus, under the guidance of Dhaka Regional Committee (DRC)-ICAB. Moreover, the feedback session ensued for 'Taxation-1' and 'Management Information' Mock Exams on 26 May 2017 at Campus. Actually, the omissions and errors found in answers script further means and ways to discover for doing well in the final exams. Matters and techniques were forecasted there, by a- group of resource persons. The concerned examinees, teachers, office bearers and members' council of Institute joined in the session and also made the progframme effective. Within the month of, the Hon'ble Vice President (E&T)-ICAB, Mostafa Kamal FCA has visited the ICAB Academic Campus on 5, 12, 19, 23 & 27, during the class-hour in the evening shift and Fridays' session. He met with the students and faculty members, to know about the areas needed to improve with a view to make the campus environment, services and activities more congenial for study. He advised all the concerned for proper implementation of the outcomes of his visits as well. Besides, the refurbishments of ICAB Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, has mostly been done, and the rest works of mezzanine floor would be completed by July The Programme and Session have been organised by the Additional Director & Team at ICAB Academic Campus, under the supervision of the Vice President (Education & Training)-ICAB, Mostafa Kamal FCA, with the guidance of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, Adeeb H. Khan FCA. Resource Persons: ICAB Academic Campus (March-) Name of Resource Persons (Sections- A of PS-KL-1 st Batch, Day Time Classes) Md Anisuzzaman FCA Md Abdul Wahab Akanda ACA Bhola Nath Kundu ACA Naima Sultana ACA Obaidur Rahman FCA Sk. Md Tarikul Islam FCA Muhammad Aminul Hoque FCA K S Omar Faruk FCA Abdul Hamid FCA Lingkon Mondal FCA Muhammad Mahbub Alam FCA Md Ziaul Alam ACA Mohammad Imtiaz Khan FCA Afzal Ahmed ACA Md Sayduzzaman Tuhin ACA AKM Mesbahul Karim ACA Md Mahamud Hosain FCA Nirmal Chandra Biswas ACA Tariquzzaman Khan FCA Dr Md Rizwanul Islam AHM Ariful Islam FCA Nazmul Hussain Siddique ACA Name of Resource Persons (Sections- J, K & L of PS-KL-15 th Batch, Evening Shift) Md Al- Amin Siddiki FCA Ajit Kumar Paul FCA (GT) Muhammed Moshiur Rahman FCA Md Mustaq Ahmed ACA Abdul Hamid FCA Lingkon Mondal FCA Mohammad Showket Akber FCA Mohammad Shafikul Islam ACA Mohan Adhikari ACA Abu Hena Mustafa Kamal FCA Nirmal Chandra Biswas ACA Tariquzzaman Khan FCA Syed Mohammed Kowser Hossain Abdulla-Al-Mahmud FCA Palash Mallik Md Anisuzzaman FCA Tasnima Nur ACA G S Ashiqur Rahman Bhuyian FCA Sheuly Akter ACA Anup Kumar Mukherjee FCA Muhammad Mahbub Alam FCA Mohammad Imtiaz Khan FCA Afzal Ahmed ACA Md Jashim Uddin Ahmed Abdul Khalek FCA G M Latiful Quader FCA Muhammed Asaduzzaman Nur AHM Ariful Islam ACA Mazhar Khan Mohammed Zakaria FCA Md Faruk Hossain ACA Md Kamruzzaman ACA 8

9 Rajib Kumar Saha ACA Mashruna Alam Chowdhury ACA Md Fuad Hasan ACA Md Sayduzzaman Tuhin ACA AKM Mesbahul Karim ACA Md Mahamud Hosain FCA Abdul Khalek FCA Mrs Nasreen Begum (GT) Dr Jakerul Abedin Nazmul Hussain Siddique ACA ABM Ahasan Ullah Name of Resource Persons (Sections- A-C of PS-AL-14 th Batch) Md Anisuzzaman FCA Abdullah-Al-Mamun FCA Mohammad Aminul Hoque FCA Md Amran Hossan ACA Gopal Chandra Ghosh FCA Sabbir Ahmed FCA Sujan Kumar Saha ACA Md Shafiqul Alam FCA Masud Khan FCA-India Md Ziaul Alam ACA Zakir Hossain FCA Anup Kumar Mukherjee FCA Md Lutfar Rahman FCA K M Atiqul Islam ACA Mohammed Forkan Uddin FCA Snehasish Barua FCA Mohammad Abdul Ohab Miah FCA Mohammad Zakir Hossain Md Amirul Islam FCA Yasin Miah FCA Abdulla-Al-Mahmud FCA Palash Mallick Mohammed Ariful Hoque FCA Md Mahsudur Rahman FCA Shafiq Musharrof FCA Md Sarwar Hossen FCA Muhammad Abu Hanif Meah ACA Md Mahamud Hosain FCA Md Abdur Rouf FCA S M Rahmatul Mujeeb FCA Md Abdul Ahad ACA A H Mostafa Kamal Khan Dipok Kumar Roy FCA Rasedul Islam ACA Syed Adnan Huda, CFA Sayeed Ahmed FCA Masud Khan FCA-India Sk. Md Tarikul Islam FCA Mahmudul Hasan Khusru FCA Abdul Khalek FCA Md Selim Reza FCA Md Jehad Uddin Dr Jakerul Abedin Md Md Abdur Rouf (GT) Abdullah Al Yousuf Mohammad Abdul Matin ABM Ahasan Ullah MAKH Hasif Sowdagar FCA Muhammad Aminul Hoque FCA Ajit Kumar Paul FCA Md Kishlur Rahman FCA Obaidur Rahman FCA Mohammad Redwanur Rahman FCA Anup Kumar Sarker ACA Md Kamruzzaman ACA Shahriar Istiaq Halim FCA Mohammad Aslam FCA Mohammad Nazim Uddin FCA Md Abdur Razzaque FCA Shaheduzzaman Choudhury FCA Mohammad Anowar Hossain FCA Bibhuti Bushan Biswas FCA Mohammad Imtiaz Khan FCA Md Arshadul Kabir ACA Ranjan Kumar Bhowmik FCMA Md Reajul Islam FCA Jone Kumer Gupta FCA Md Razib Hossain ACA Md Tareq Kamal ACA Md Din Islam Miah FCA Tariquzzaman Khan FCA Mrs Nasreen Begum (GT) Syed Mohammed Kowser Hossain Mohammad Showket Akber FCA Muhammed Asaduzzaman Nur AHM Ariful Islam FCA Nazmul Hussain Siddique ACA Md Abdullah-Al-Amin ACA Name of Resource Persons (Sections- A of AS-13 th Batch) Gopal Chandra Ghosh FCA Mohammad Mehedi Hasan FCA Md Mahamud Hosain FCA Mohammed Forkan Uddin FCA Imran Ahmed FCA Sabbir Ahmed FCA Snehasish Barua FCA Abdullah-Al-Mamun FCA Shahriar Istiaq Halim FCA Sk. Md Tarikul Islam FCA Masud Khan FCA-India Sayeed Ahmed FCA Snehasish Barua FCA Parul Das FCA Sujan Kumar Saha ACA Wasequl Huq Reagan ACA Visiting Faculties (for Ongoing Session) Name of Visiting Faculties Adeeb H. Khan FCA Mostafa Kamal FCA Md Mahamud Hosain FCA Moddassar Ahmed Sidique FCA ABM Azizuddin FCA Anwaruddin Chowdhury FCA A S M Nayeem FCA Muhammed Farhad Hussain FCA Md Humayun Kabir FCA Md Syful Islam FCA Md Abdus Salam FCA Kamrul Abedin FCA Gopal Chandra Ghosh FCA A F Nesaruddin FCA Mahmudul Hasan Khusru FCA Masud Khan FCA-India Abdul Khalek FCA Md Amirul Islam FCA Md Akbar Hossain FCA Sabbir Ahmed FCA (E-770) Mohammad Mehedi Hasan FCA Mrs.Nasreen Begum Ajit Kumar Paul FCA Md Abdur Rouf Md Abu Bakar FCA Dr. Jakerul Abedin Syed Mohammed Kowser Hossain Muhammed Asaduzzaman Nur Abdullah Al Yousuf Md Zakir Hossain Md Jehad Uddin Md Jashim Uddin Ahmed A H Mostafa Kamal Khan Announcement (Classes of Next Session) The New Session (June- August 2017) for the Students of Professional Stage-Knowledge Level (16th Batch) will start from Monday, 12 June 2017 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka A Notice has already been issued in this matter and all the concerned students are advised to attend the classes at Campus as per schedule. Source: ICAB Campus 9

10 Permission to Join as Partner Mohammed Abdul Alim ACA (1532) & Reza Humayun Morshed Hayat ACA (1064) have been permitted to form partnership and continue practice under the name and style of: Name Effective Date M/s. Mohammad Ata Karim & Co. 25 April 2017 Chartered Accountants 87, Purana Paltan Line Paltan Tower (7 th Floor) Suite #706, Dhaka-1000 The other partner of the Firm: ASM Ataul Karim FCA (66) and AH Mostafa Kamal ACA (1500). Permission to Start Practice The following members have been permitted to Start Practice as Public Accountants with effect from the date mentioned against their respective names: Name Effective Date Reza Humayun Morshed Hayat ACA (1064) 25 April 2017 Partner Mohammad Ata Karim & Co., Chartered Accountants 87, Purana Paltan Line Paltan Tower (7 th Floor) Suite # 706, Dhaka-1000 Mohammed Abdul Alim ACA (1532) 25 April 2017 Partner Mohammad Ata Karim & Co. Chartered Accountants 87, Purana Paltan Line Paltan Tower (7 th Floor) Suite # 706, Dhaka-1000 Permission to train Articled Students The following members have been granted permission to train Articled Students with effect from the dates mentioned against their names: Name Effective Date Mohammad Fakhrul Alam Patwary FCA 12 March 2017 Partner M Z Islam & Co. Chartered Accountants Chamber 10(4-7) Eastern View (10th floor) 50, DIT Extension Road Naya Paltan, Dhaka-1000 Md. Shamsur RahmanFCA 15 March 2017 Partner Nurul Faruk Hasan & Co. Chartered Accountants Branch Office Vertex Prominent (1st floor) GA 16/1, Mohakhali, Dhaka-1212 Change of Office Address Name and New Address Effective Date M/s. Rahman Rahman Huq 16 Chartered Accountants Makkah Madinah Tower (13th Floor) 78, Agrabad C/A, Chittagong Member s Achievement Mohammod Masud Rana FCA (Enrolment No. 773) has been appointed as Chief Financial Officer, Standard Chartered Bank, Bangladesh recently. Mr. Masud joined the Bank in 2006 as Financial Controller. Before joining Standard Chartered, he worked for MJ Abedin & Co. and SF Ahmed & Co. as Manager Audit & Assurance. Dr. Chowdhury Mohammad Wasiuddin FCA (Enrolment No. 1019) has been appointed as Chief Executive Officer (CEO) of Padma Islami Life Insurance Ltd recently. Mohammod Masud Rana FCA He has been working as Chief Financial Officer (CFO) and Financial Consultant/Adviser in different organizations, Dr. Chy. Mohammad Wasiuddin FCA and gathered vast experiences in the fields of designing accounting system, project management, project financing through debt and equity, business negotiation and regulatory Compliance, etc. He also actively participated in various prestigious seminars, training programs, conference and workshops in home and abroad. Muraheb Malik Chowdhury FCA (Enrolment No. 1186) FCCA, ACA (ICAEW) have joined Board of Directors of Janata Capital & Investment Ltd (JCIL) recently. Mr. Chowdhury is a partner of Masih Muhith Haque & Co., Chartered Accountants & a faculty with ICAB Academic Campus. He attended many seminars, workshops & conferences at home & abroad. He serves ICAB as member in few committees. 10

11 A five-member team nominated by ICAB participated in a meeting with the Acting Secretary, Ministry of Commerce Subhasish Basu on draft Company Act 2016 held at conference room at the Ministry of Commerce on 28. The members of the team were ICAB Council Member & Past President Md. Humayun Kabir FCA, Vice President Mostafa Kamal FCA, Council Member Md. Shahadat Hossain FCA, Secretary Maj ICAB Council Member and Past President & Chairman, Taxation & Corporate Laws Committee Md. Humayun Kabir FCA and Council Member Md. Shahadat Hossain FCA participated in a roundtable organised by The Daily Star on 13 May 2017 at its office on the proposed VAT law and its implications on the economy. Country's renowned economists, business analysts and policy makers also participated in the programme. Mahfuz Anam, editor and publisher of The Daily Star, moderated the discussion. Meeting with Commerce Secretary Gen Imrul Quayes (Retd.), Director(Technical) Mahabub Ahmed Siddique FCA. In the meeting ICAB placed its proposals regarding the new act and discussed the matters connected therewith. The Commerce Secretary gave a patient hearing to the ICAB s opinions and said relevant points emanated from the discussion would be helpful to prepare a pragmatic Company Act for the country. Humayun Kabir and Shahadat Hossain Participated in Daily Star Roundtable Discussion on VAT Shahadat Hossain joins Board of Directors of Agrani SME Financing Company Ltd Md. Shahadat Hossain FCA Md. Shahadat Hossain FCA, Council Member of ICAB, has been nominated as Director of the Board of Agrani SME Financing Company Ltd recently. Agrani SME Financing Company Ltd is a subsidiary of Agrani Bank Ltd. His nomination was made by the Board of Directors of Agrani Bank Limited. Mr. Hossain is also a Partner of FAMES &R, Chartered Accountants. We Mourn Md. Mukhlisur Rahman Khan FCA (Enrl. No. 214), a senior Chartered Accountant and Proprietor, M R Khan & Co., Chartered Accountants died due to heart attack at Khidmah Hospital on 13. Md. Mukhlisur Rahman Khan FCA (Innah Lillahe... Rajeun). He was 76. He left behind his wife and 4 sons. On behalf of the Council of ICAB, President Adeeb Hossain Khan FCA sent a condolence letter to the bereaved family and sought eternal peace to the departed soul. CRC-ICAB Organized Workshop on BAS-12: Income The Chittagong Regional Committee (CRC) of ICAB organised a workshop on BAS-12: Income on 13 at Agrabad Hotel, Chittagong. Md. Mahamud Hosain FCA, Vice President (F&A), ICAB and consultant, World Bank conducted the session as Session Chairman. M. Moddsssar Ahmed Siddique FCA, Vice President (Technical), ICAB and Group CFO, KDS Group presented the Keynote paper in the programme. 11

12 Recognition of ICAB Membership by CIPFA, UK The members of the Institute of Chartered Accountants of Bangladesh (ICAB) are eligible to apply for membership of The Chartered Institute of Public Finance and Accountancy (CIPFA) - the globally recognised membership body for the public sector. Being a member of CIPFA will increase ICAB Members current professional status, respecting the relationship the members have with ICAB and provide additional services and support ICAB Members work in the public services and pave the way for strong public financial management in Bangladesh. Please note: CIPFA only accept applications where ICAB membership was attained through examination. Eligibility for CIPFA membership To apply applicant must be a member of ICAB, in good standing and with relevant work experience in the public sector, as outlined below: between ICAB and CIPFA. However, both ICAB and CIPFA agree that Public Sector is broadly Government (central or local), including either national, provincial, local level, or any organisation that provides or works with public services i.e. state owned enterprises. Public sector experience can be achieved by any involvement with Public Sector either as employment or consultants or auditor or through advisory services or by any means. Annual membership CIPFA full membership fee GBP 75. CIPFA Affiliate membership fee GBP 60. * If ICAB members are awarded CIPFA Affiliate membership, or working in non-public sector, the members can gain CIPFA status by successfully completing exams from the CIPFA qualification. ICAB members taking these exams pay no application or exemption fees and are exempted from CIPFA workplace practical experience requirements. Detail information to application for direct route to CIPFA Membership is available at the following link: ed-membership-form-2015 For more details, please visit: m-another-membership organisation# collapse_cbb281ab686f42028c5d0a6c 4777ae3f Please also find attached a Brochure detailing above CIPFA-ICAB agreement developed by CIPFA, UK. ICAB membership was attained through examination is the first criteria ICAB members have five or more years post-qualification public sector experience* full Membership of CIPFA as Chartered Public Finance Accountant (CPFA). ICAB members have fewer than five years post-qualification public sector experience* - Affiliate member of CIPFA (CIPFA Affil). ICAB members are a member in good standing with a good disciplinary record and no outstanding complaints against him. *Work experience in the public sector Public Service Experience' can be clarified by mutual understanding CIRCULAR (List of Members & Firms for ) ALL HONOURABLE MEMBERS OF THE INSTITUTE We have pleasure in informing all members of ICAB that institute plans to publish the List of Members & Firms with the photographs of the members very soon. All members, who are yet to send their photographs, are requested to kindly send their recent PP Size colour Photograph mentioning name & membership enrollment number on the opposite side of the photograph or send a soft copy through manager.it@icab.org.bd or amdad.it@icab.org.bd to ICAB IT Department by 25 June Your cooperation is our asset. Maj Gen Muhammad Imrul Quayes (Retd.) Secretary-ICAB 12

13 Anwaruddin Chowdhury in CAPA Events, Beijing, China Anwaruddin Chowdhury, Member Council and Past President ICAB, Director CAPA Board and Member IPSASB CAG, participated in CAPA Meetings & Events hosted by the Chinese Institute of Certified Public Accountants (CICPA) from 25 May to 27 at Haidian District, Beijing, China. He participated in Public Sector Financial Management (PSFM) Committee meeting on 25 May, Members Meeting & AGM on 26 may, Board Directors Meeting on 27. High power Delegates from Australia, Canada, India, Japan, Korea, Nepal, New Zealand, Pakistan, Sri Lanka and USA also participated in the events. Workshop for CA Articled Students The Chittagong Regional Committee (CRC) of ICAB organised a workshop on BAS-12: Income on 13 at Agrabad Hotel, Chittagong. Md. Mahamud Hosain FCA, Vice President (F&A), ICAB and consultant, World Bank conducted the session as Session Chairman. M. Moddsssar Ahmed Siddique FCA, Vice President (Technical), ICAB and Group CFO, KDS Group presented the Keynote paper in the programme. Report on Disciplinary Actions The Council-ICAB has taken disciplinary actions against some of its Members on 29 March 2017 based on the recommendation of the Investigation & Disciplinary Committee (IDC). The summary of those disciplinary actions is as follows: Cases Case # 01: Toha Anwar Rouf & Co, Chartered Accountants Basis of Investigation Recommendation of QAB based on the report of QAD Summary of Findings Mr. Khairul Islam Khan ACA (Enrolment No.1258) The Council-ICAB found Mr. Khairul Islam Khan ACA guilty of professional misconduct under clauses # 04, 07 and 08 of Part-II of Schedule- C, Part-II of ICAB Bye-laws 2004 for: declaring and showing himself as a practicing member of ICAB despite having fulltime engagement with Evince Textile Ltd; giving falsified and misleading information to the Institute regarding his engagement to get Certificate of Practice (CoP) and discrediting the image of Chartered Accountancy profession; and cheating with the Chartered Accountancy Profession as well as failing to act as a Chartered Accountant with the required sincerity and utmost value & image of this dignified profession. Disciplinary Actions The Council-ICAB to: decided Decision-1: impose monetary penalty of Tk. 50,000 (Fifty thousand) upon Mr. Khairul Islam Khan ACA (Enrolment No.1258). On non-payment of penalty amount within 03 (three) months from the date of communication, his membership with ICAB shall be suspended for a period of 01 (one) year from the date of expiry of three months. Effective Date

14 Cases Basis of Investigation Summary of Findings Disciplinary Actions Effective Date Mr. M.M. Abdur Rouf FCA (Enrolment No. 123) The Council-ICAB found Mr. M.M Abdur Rouf FCA partner of Toha Anwar Rouf & Co, Chartered Accountants, guilty of professional misconduct under clauses # 21, 24, 25 and 29 of Part-I of Schedule-C, Part-II of ICAB Bye-laws 2004 for: giving falsified and misleading information to the Institute regarding the employment of Mr. Khairul Islam Khan ACA (Enrolment No.1258) to get CoP of Mr. Khairul Islam Khan ACA and to show the Chartered Accountants Firm Toha Anwar Rouf & Co as a partnership; cheating with the Chartered Accountancy Profession as well as failing to act as a Chartered Accountant with the required sincerity & integrity and also utmost value & image of this dignified profession; Decision-2: suspend the membership of Mr. M.M Abdur Rouf FCA (Enrolment No. 123) with ICAB for 02 (two) years and also to impose monetary penalty of Tk. 200,000 (Two lac) upon Mr. M.M Abdur Rouf FCA with immediate effect. On non-payment of penalty amount within 03 (three) months from the date of communication, the membership suspension period of Mr. M.M Abdur Rouf FCA shall be extended by one more year not complying with the requirements regarding the student allowances under bye-law 115(3) and related circulars under reference 1/15/ICAB-2010 dated 28 June 2011 and 03 October 2011; and not complying with the requirements of BSQC-1 and ICAB circular # 1/15/ICAB dated ; Case # 02: Islam Quazi Shafique & Co, Chartered Accountants Recommendation of QAB based on the report of QAD The Council-ICAB found the partners of the firm guilty of professional misconduct under clauses # 21, 24, 25 and 33 of Part-I of Schedule-C, Part-II of ICAB Bye-laws 2004 for: not complying with the requirements under Article 7 of the Bangladesh Chartered Accountants order 1973 as Mr. Abu Taher FCA (Enrolment No. 94) and Mr. AKM Monirul Haque FCA (Enrolment No. 1135) were continuing public practice as a Chartered Accountants without having valid Certificate of Practice (COP) for the year and ; not complying with the requirements of student allowance as per bye-law 115(3) and related circular under reference 1/15/ICAB-2010 dated 28 June 2011 and 03 October 2011; and The Council-ICAB to: Decision-1: decided impose monetary penalty of Tk. 100,000 (One Lac) upon Islam Quazi Shafique & Co, Chartered Accountants. On non-payment of penalty amount within 03 (three) months from the date of communication, membership of the partners of the firm with ICAB shall be suspended for a period of 01 (one) year from the date of expiry of three months; and not complying with the requirements of BSQC-1 and ICAB circular # 1/15/ICAB dated ; Decision-2: to impose monetary penalty of Tk. 50,000 (Fifty Thousand) each upon Mr. Abu Taher FCA (Enrolment No.94) and Mr. AKM Monirul Haque FCA (Enrolment 14

15 Cases Basis of Investigation Summary of Findings Disciplinary Actions No.1135), partners of the firm for continuing professional practice without having Certificate of Practice (COP) for the year and On non-payment of penalty amount within 03 (three) months from the date of communication, their membership with ICAB shall be suspended for a period of 01 (one) year from the date of expiry of three months. Effective Date Case # 03: MS Hoque & Co, Chartered Accountants Recommendation of QAB based on the report of QAD The Council-ICAB found Mr. Md. Shamsul Hoque FCA (Enrolment No. 153) guilty of professional misconduct under clauses # 21, 24, 25 and 33 of Part-I of Schedule-C, Part-II of ICAB Bye-laws 2004 for: The Council-ICAB decided to impose monetary penalty of Tk. 200,000 (Two Lac) only upon Mr. Md. Shamsul Haque FCA (Enrolment No. 153), Proprietor of the firm. not complying with the requirements under Article 7 of the Bangladesh Chartered Accountants order 1973 as Mr. Md. Shamsul Hoque FCA was continuing public practice as a Chartered Accountant without having valid Certificate of Practice (COP) for the year and ; On non-payment of penalty amount within 03 (three) months from the date of communication, his membership with ICAB shall be suspended for 02 (two) years. continuing public practice as Chartered Accountants without complying with the Council Directives # 1.14 dated 11 June 2002 regarding prescribed minimum requirements for office premises; not complying with the requirement of student allowance as per bye-law 115(3) and related circular under reference 1/15/ICAB-2010 dated 28 June 2011 and 03 October 2011; and not complying with the requirements of BSQC-1 and ICAB circular # 1/15/ICAB dated Case # 04: Arif Hussain & Co, Chartered Accountants Recommendation of QAB based on the report of QAD The Council-ICAB found Mr. Arif Hussain FCA guilty of professional misconduct under clauses # 12, 21, 24, 25, and 33 of Part-I of Schedule-C, Part-II of ICAB Bye-laws 2004 for: not carrying out the audit in accordance with ICAB rules and regulations as well as for not keeping proper audit working paper files; accepting audit clients without audit appointment letter or with appointment letter where audit fee was not mentioned; The Council-ICAB decided to impose a monetary penalty of Tk. 200,000 (Two lac) upon Mr. Arif Hussain FCA (Enrolment # 244) with immediate effect. On non-payment of penalty amount within 03 (three) months from the date of communication, the membership of Mr. Arif Hussain FCA (Enrolment # 244) of ICAB shall be 15

16 Cases Basis of Investigation Summary of Findings not paying student allowance as per byelaw # 115 (3) and related circular under reference 1/15/ICAB-2010 dated 28 June 2011 and dated 03 October Disciplinary Actions suspended for a period of 02 (two) years from the date of expiry of three months. Effective Date Case # 05: S R Islam & Co, Chartered Accountants Recommendation of QAB based on the report of QAD The Council-ICAB found Mr. Sarder Rabiul Islam FCA guilty of professional misconduct under clause # 21, 24 and 25(i) of Part-I of Schedule-C, Part-II of ICAB Bye-laws 2004 for continuing practice for the year and without Certificate of Practice. The Council-ICAB decided to impose monetary penalty Tk. 100,000 (One lac) upon Mr. Sarder Rabiul Islam FCA (Enrolment No. 167). On non-payment of penalty amount within three (03) months from the date of communication, the membership of Mr. Sarder Rabiul Islam FCA will be suspended for 02 years from the date of expiry of the above three months. Case # 06: Mohammad Ata Aslam & Co, Chartered Accountants Recommendation of QAB based on the report of QAD The Council-ICAB found Mr. Mohammad Aslam FCA had been trying to comply with the recommendations of QAD. However, the Council-ICAB found that Mr. Mohammad Aslam FCA: was not paying student allowances as prescribed by ICAB; and was not issuing audit report in compliance with Bangladesh Standards on Auditing (BSA) The Council-ICAB decided to reprimand Mr. Mohammad Aslam FCA. (Enrolment No. 859) Case # 07: Hussain Khaja & Co, Chartered Accountants Recommendation of QAB based on the report of QAD The Council-ICAB found Mr. Khaja Shiraj The Council-ICAB Uddin Ali Ahmed FCA and Mr. Md Afzal Hussain FCA guilty of professional misconduct under clauses # 21, 24, 25 and 33 of Part-I of Schedule-C, Part-II of ICAB Bye-laws 2004 for: not complying with the requirement of student allowance as per bye-law 115(3) and related circular under reference 1/15/ICAB-2010 dated 28 June 2011 and 03 October 2011; and decided to reprimand Mr. Khaja Shiraj Uddin Ali A hmed FCA (Enrolment No.248) and Mr. Md Afzal Hussain FCA (Enrolment No.276) Case # 08: not complying with the requirements of BSQC-1 and ICAB circular # 1/15/ICAB dated ; The order has been stayed by the Hon'ble High Court. N.B.: 1. As per decision of the Council-ICAB, the above report has been published in ICAB News Bulletin and ICAB Website under bye-law 131(1) of ICAB Bye-Laws Senior Assistant Director (SAD) PC-ICAB Senior Deputy Director (SDD) PC-ICAB Secretary- ICAB 16 Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB) 100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel , , , Fax: , secretary@icab.org.bd, Website: