Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh Number 308

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1 ICAB NEWS BULLETIN Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh Number 308 ICAB organised Discussion on Post Budget Scenario 2015 ICAB organised discussion on Post Forkan Uddin appeared in Ekushey TV live Members Conference on Emotional President s Communication 04 ICAB received Grant from ICT Division... Meeting with Senior Secretary, MoF, GoB Meeting with Senior Secretary, MoC, GoB Mahfel Huq & Co.,CA become... Workshop on "Effective Presentation... Record of Workshop/ Training Program... Congratulations Aleya Ferdous Joined as HR Manager in ICAB ICAB to resume occupation of 2nd... A Milad and Doa Mahfil for Late Members, ICAB We Mourn Campus News Quarterly Meeting with BSEC and ICAB held Participation in an Iftar & Dinner with Prime... Mahsudur Rahman achieved Bronze Medal Anwaruddin Chowdhury participated in CAPA... Member Conference on Financial System... ICAB President in SATV live Talk-show The Institute of Chartered Accountants of Bangladesh (ICAB) organised a discussion on Post Budget Scenario 2015, at the National Press Club on 18 June 2015 which was attended by ICAB Past Presidents and Council Members. In the discussion ICAB President Masih Malik Chowdhury FCA said that the appellate tribunal members are appointed by the National Board of Revenue (NBR) generally Masih Malik Chowdhury from its incumbent and retired officials. They might lack the judicial insight, he commented." "The tax appellate tribunal needs to be turned into a quasi-judicial one in true sense, he said. He suggested the inclusion of representatives from the judiciary in the tribunal. Lauding the increase of manpower at NBR, he also called for improving their work efficiency, accountability and transparency to score the expected revenue target by capacity building. In his 11-point post-budget recommendations, Mr Chowdhury also emphasised on taking adequate measures by the authorities concerned like checking fake audit reports which could facilitate the 30 per cent increase in revenue collection. He urged the government for not hiking the tax at source from existing 10 per cent on different professionals, especially the chartered accountants. "They also have to pay 15 per cent value added tax (VAT) which is unexpected.", he added. Moderated by ICAB Council Member Md. Humayun Kabir FCA, the discussion was also addressed, among others, by its Vice Presidents A F Nesaruddin FCA, Kamrul Abedin FCA, Past Presidents and Council Members Abbas Uddin Khan FCA, Md. Syful Islam FCA and Md. Abdus Salam FCA. Vice President AF Nesaruddin urged the Government to reduce the corporate tax rate to 25 per cent comparing to that of other countries like AF Nesaruddin India, Thailand, Vietnam, in order to attract foreign direct investment. Critising the provision of whitening black money by giving additional 10 percent tax, government should give tax holiday ISSN

2 in particular items so that it could attract foreign investors in the country, he said. Echoing other discussants, Vice President Kamrul Abedin FCA appreciated the p r o p o s e d Kamrul Abedin provisions for the punishment of unauthorised foreigners working in the country. He said that Government s step for making uniform financial year closing for all companies (excepting banks, insurance companies and non banking financial institutions) from this fiscal year is an effective step towards bringing transparency in their respective area. He further added that tax rebate on some areas from the professional institutions and public universities is appreciable. ICAB Past President and Council Member Abbas Uddin Khan called for making the Monitoring and Abbas Uddin Khan Evaluation Division (IMED) of the Planning Commission more active and vibrant to implement the annual development programme (ADP) effectively. He also stressed the need for helping the farmers to market their products and thus get due price of their crops. If the subsidized facilities could reach to the farmers, the production of agro products would increase and it would help to attain the targeted Growth, he opined. Opposing the recent changes, made by the s t a n d i n g committee in the provisions of Md. Syful Islam p r o p o s e d Financial Reporting Act (FRA), ICAB Past President and Council Member Md. Syful Islam FCA said the changes are unnecessary and contradictory with many existing laws in the country. He also demanded reinstatement of the provisions as 'recommended by the cabinet' in the previous version of FRA. Past President and Council Member Md. Abdus Salam FCA underscored the need for going to accrual-based Md. Abdus Salam accounting and strengthening the auditing in the public sector, and developing a cooperation between the public and private sector auditors in order to make ADP spending Md. Shahadat Hossain more prodent and effective. ICAB Council Member Md. S h a h a d a t Hossain FCA said revenues from direct tax sources is increasing day by day. NBR needs to be careful so that the tax at source would not be turned into indirect tax. He also said that government would borrow from the commercial banks to meet the revenue deficit. Government, however should take appropriate measures so that it would not affect the private borrowing for investment. Md. Humayun Kabir ICAB Past President and Council Member Md. Humayun Kabir FCA gave answers to many queries from the journalists. On a query, he said, "It is needed to make the appellate tribunal independent to ensure proper collection of revenue." Among others, ICAB Vice President Nasim Anwar FCA, Council Members, Mohammad Farooq FCA, Dewan Nurul Islam FCA, Dr. Abu Sayed Khan FCA and representatives from the different print and electronic media, were present in the discussion. Forkan Uddin appeared in Ekushey TV live Interview Mohammed Forkan Uddin FCA, Partner, Masih Muhit Haque & Co., Chartered Accountants in a live TV interview talked about the proposed Financial Reporting Act The interview was broadcast in Ekushey Television on 29. He spoke about capital market, audit, cost and management audit, financial reporting, etc. Mr. Forkan said that FRA has been introduced to regulate the auditors and the company. Some recommendations brought by the Parliamentary Standing Committee in proposed FRA are also irrelevant and it would create contradictory and confusion over stakeholders, he said. Inclusion of CMAs in the definition of Accountants in the Act is unnecessary because they are not the party to be regulated through this Act and the objective of the Act does not match with this provision, he added. He said that with the recommendations by the JS Committee, the definition of the financial reporting is not defined in the Act. Thereby possibility to distort the very purpose of FRA prevails, he said. 2

3 Members Conference on Emotional Intelligence In association with Nimai Management Consultants Limited, leading advisory firm headquartered in Dubai, ICAB organised a Members Conference on Emotional Intelligence on June 8, 2015 at CA Bhaban. Satish Mandora presented the keynote paper which is the original work of Daniel Goleman. ICAB President Masih Malik Chowdhury in his welcome address stated that the Emotional Intelligence could help navigating the social complexities encountered in the workplaces. In his delivery, he said many companies are now considering the emotional intelligence (EI) as an important technical ability, for which they arrange EQ testing before hiring manpowers. Management of mental stresses, maintaining social relationship as well as sharing knowledge on diversification of cultures and its understanding could enable one to recognize, manage & better control A partial view of the audience ICAB President Masih Malik Chowdhury FCA speaks at the Conference over the situation and appreciation of others feelings, he went on. This keynote presenter, also a Certified Practitioner of Rational Emotive allows us to communicate Behavior Therapy (REBT) said, effectively and forge stronger globally organizations and relationships, both at work and in personal life, he stated. ICAB Vice President AF Nesaruddin FCA observed that the contents and nature of the topic of seminar was individuals are now-a-days working towards improving their Emotional Quotient (EQ) for achieving and nurturing success. He said some exquisite qualities like unique in terms of value despite it management skills, conflict not being directly related to the professional subjects. EQ would definitely augment our career to success, he said. resolution, business negotiations, personal relationships, knowledge on cultural diversity, effective team dynamics are very important to While delivering the speech, the increase an unconditional self acceptance in work place and inner peace in personal life. Self awareness, self-regulation, motivation, empathy, and social skills are the major components of emotional intelligence, he narrated. EQ would bring success in profession, he said. Mental pressure greatly impacts on thoughts and knowledge on cultural diversity & self awareness EQ would minimize the pressure, he said while replying to a question from an audience. 3

4 President s Communication Avw`g m wó w`em nb Z µ g cövpx ii ci cövpxi D V Q R g m cövpxi gviv fvw½qv P jwq, hzb P jwq ZZB ` jwq, R vjv q P jwq cyäxf Z m å g kög bi P q c~r f ewq kö g wesk kzvãx - KvRx briæj Bmjvg Dear Fellow Members, Assalamu Alaikum and Greetings to you all, Since assuming the office of ICAB way back in January 2015 I particularly gave attention to strengthen the strategic relationship between ICAB and the government bodies. These include but not are limited to Ministries and other regulatory bodies like Bangladesh Bank, NBR, IDRA, MRA and BSEC. We advocated for arranging trainings & workshops for enhancing the skills & capacities of the members pertaining to regulators compliance issues. Enhancing the image of ICAB in National and International arena was in my purview of strategic Action Plan The path towards this end is not even. It was being hindered by many unexpected happenings. We are still confronting the outstanding issue of the Institute; the Proposed Financial Reporting Act (FRA). It is unfortunate that the Parliamentary Standing Committee very recently recommended some changes of the provisions of the proposed Act just before enactment of the law, far different & deviated from the spirit of the Act. This forced me along with the Council to divest the time and efforts from our regular affairs to stand between time & untoward happening. On behalf of the Council-ICAB, I am confident that we would bring it into the Cabinet approved format away from the misleading changes in the Act proposed by standing committee of JS. Our Council Members are working with passionate attention & relentless efforts to stop it from happening. Members at large have extended their hands to us also. Now, let me update you on some major activities accomplished and the initiatives launched during the month of : Discussion on Post Budget Scenario 2015 For the first time ICAB organised a discussion on Post Budget Scenario 2015 at the National Press Club on 18. A number of ICAB s Council Members participated in it. I have presented the ICAB s thoughts on Budget while the session was moderated by Past President Md Humayun Kabir FCA. Our gratitude and thanks to Vice Presidents Mr. AF Nesaruddin FCA, Mr. Kamrul Abedin FCA, Council Members & Past Presidents Mr. Abbas Uddin Khan FCA, Mr. Md Syful Islam FCA and Mr. Md Abdus Salam FCA and Council Member Mr. Md. Shahadat Hossain FCA. They all poured into it thoughtful comments and suggestions on the proposed budget 2015 approved by JS. My written paper on the budget 4

5 proposals was the key subject in the discussion. Certainly the government would be benefited from this discussion, should it like. ICAB s another Vice President Mr. Nasim Anwar FCA, Council Members Mr. Mohammad Farooq FCA, Mr. Dewan Nurul Islam FCA, Dr. Abu Sayed Khan FCA attended the discussion. I record my deep appreciation and special thanks to them. I also thank the National Press Club authority for their professional patronage & help during the discussion. Also my gratitudes remain to print & electronic media representatives for their proper cognizance of the programme. My heartfelt appreciation and laurels are also due to ICAB organisers for this event making a success. Members Conference on Emotional Intelligence In association with Nimai Management Consultants Limited, leading advisory firm headquartered in Dubai, ICAB organised a Members Conference on Emotional Intelligence (EQ) on June 8, 2015 at CA Bhaban. Mr. Satish Mandora, CEO of Square Circles presented the keynote paper which was the original work of Mr. Daniel Goleman. In my welcome address I told that the Emotional Intelligence could help navigating the social complexities encountered in the workplaces. I also mentioned that many companies are now regarding the emotional intelligence (EI) as an important technical ability. This is why they undergo EQ Testing before hiring HR. I think this conference would allow us to communicate effectively and forge stronger conviction at work place and personal lives. Member Conference on Financial System Stability: Key Issues and Challenges A members conference titled Financial System Stability: Key Issues and Challenges was held at ICAB on 16. A large number of ICAB members were present in the conference. Mr. Dipok Kumar Roy ACA presented the keynote paper and ICAB s Past President Mr. AK Gulam Kibria FCA moderated the conference as Session Chairman. In the deliberation, I endeavored to describe the importance of the financial stability. In sideline of my speech, I also discussed about present scenario of proposed FRA before the members. I also sought suggestions & cooperation from them for the Council in dealing with the issue. At the end the Session Chairman eloquently summed up the the conference mentioning some important aspects of the discussion. Workshop on Effective Presentation through Power Point ICPE has organised a three workshops on "Effective Presentation through Power Point" from12 to 14 at ICAB Training Room for ICAB Members. It mainly focused on topics including basics of presentation, type of slide, importance of a good title slide, characteristics of a good slide, designing effective presentation slide, animation in presentation, practical presentation tips and tricks, incorporation of details information with presentation, user notes and presenter s view for effective presentation, efficiently control the modes of presentation and minimizing common mistakes. Mr. Md. Anowar Hossain Fakir and Mr. A. Z. M. Akhlaqur Rahman from Robi Axiata Limited conducted the workshops as ardent resource persons. Bravo! Participation in an Iftar & Dinner with Prime Minister On a cordial invitation from the Ministry of Finance, GoB, I attended an Iftar function followed by Dinner with Hon ble Prime Minister Sheikh Hasina as Chief Guest at BICC on 30. A number of Ministers, Parliamentarians, government high Officials, Heads of Regulators, Secretaries, dignified Citizens, foreign Diplomats and Representatives from Donor Agencies among others, attended the program. It was a great honour for me. I had the opportunity to exchange views with our stakeholders, some Ministers & Secretaries concerned in the midst of Iftar. Meeting with Senior Secretary, MoC, GoB I also led an ICAB team to meet Mr. Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB at the Bangladesh Secretariat on 18. We discussed about the proposed Financial Reporting Act and the changes recommended by the Parliamentary Standing Committee concerned. The Secretary paid a patient hearing to our submissions and assured us of his all out cooperation for betterment of the profession in particular and for the economy of the country at large. The other members of the team were ICAB Vice President Mr. AF Nesaruddin FCA, Council Members and Past Presidents Mr. Akhter Sohel Kasem FCA, Mr. Abbas Uddin Khan FCA, Mr. Md. Humayun Kabir FCA and Mr. Md. Syful Islam FCA. Meeting with Senior Secretary, MoF, GoB On the same issue I along with my above teammates met Mr. Mahbub Ahmed, Senior Secretary, Finance Division, Ministry of Finance, GoB at the Bangladesh Secretariat on 18 June We, interalia discussed about the proposed Financial Reporting Act and the changes recommended. He assured to look into the matter in line with our previous discussions with him. Quarterly Meeting with BSEC Chairman A delegation led by me participated in the Quarterly Meeting with Bangladesh Securities and Exchange Commission (BSEC) on 08 at BSEC office. BSEC Chairman Prof. Dr. M. Khairul Hossain, Commissioners Prof. Md. Helal Uddin Nizami, Mr. Arif Khan FCMA, Mr. Md. Amzad Hossain, Executive Director Mr. M. Hasan Mahmud and Director Mr. Prodip Kumar Basak took part in the meeting from BSEC side. We discussed on QAD clearance, joint working group, view exchanging meeting with listed company auditors, audit fees, investigation and disciplinary actions and the next quarterly meeting between ICAB and BSEC, etc. After ICAB s courtesy call in February 2015, it was the 2nd quarterly meeting between ICAB and BSEC. The other ICAB Members of the delegation were Vice Presidents Mr. A F 5

6 Nesaruddin FCA, Mr. Kamrul Abedin FCA and Council Member & Past President Mr. Md. Syful Islam FCA. ICAB nominated for Govt. Innovative Fund Upon submission of a project proposal by ICAB on "Computer Assisted Audit Techniques and Tools (CAATT)"to ICT Division for nomination of Government Innovative Fund, the ICT Division picked up the proposal and recommended the Fund for ICAB". Recently, Shyam Sunder Sikder, Secretary, ICT Division, Ministry of Information and Technology, GoB has handed over a cheque as grant money for the innovative project to ICAB. On behalf of ICAB, Sayma Banu, SDD (LPD) and Mohammad Deloar Hossain, Manager(IT) received the cheque under leadership of VP Mr. Kamrul Abedin FCA. Earlier, a team headed by myself had paid a courtesy call on Shaym Sunder Sikder, Secretary, ICT Division, Ministry of Information and Technology, GoB on 15 January this year and requested for the grant. New and expanded Campus Building for CA students After legally scrutinizing the documents ICAB hired a new campus building of about square feet area including 20/25 car parking. It is diagonally opposite to northwest corner of CA Bhaban. Secretary-ICAB signed a long term lease agreement with Mr. AH Anwaruddin Ahmed, the owners attorny for the Campus on 15 June 2015 at ICAB Council Room. Myself and Vice Presidents AF Nesaruddin FCA, Kamrul Abedin FCA, Past Presidents Abdul Hafiz Choudhury FCA & Md Abdus Salam FCA were also present on the occasion. The agreement takes effect from September 01, Renovation and refurbishment on the owner are now in the offing. It is expected that after renovation of the building from 1 June to August 2015, the ICAB Academic Campus will formally be shifted to the new building before classes start there from 1 st of September The new campus will be well equipped with all modern facilities for students. Thanks to the Council for its unabated supports. Resumption of 2nd floor, CA Bhaban Due to our continuous discussions & follow up with authority of the Daily Prothom Alo during my tenure, ICAB will be taking over the 2 nd floor of CA Bhaban on 1 August 2015 from the Daily Prothom Alo. Thanks are due to its Editor Mr. Matiur Rahman & his team. Upon our repeated & consistent persuasions since the start of this year, the authority of the Daily Prothom Alo has informed us of their decision in a letter on 07 about vacating the 2 nd floor of CA Bhaban with effect from 1 August The 2 nd floor will be renovated soon and the entire floor will be used for ICAB s Examination purposes, if the council gives it s green nod. Especial thanks are owed to VP Mr. AF Nesaruddin FCA & Council Member Mohammad Farooq FCA. We Mourn We express our deep sorrow and heartfelt prayers at the sad demise of Mr. Rezaur Rahman FCA (Enrollment No-11) and Mr. Mohamed Abdul Baree FCA (Enrollment No-482), Past President of ICAB & Partner of Hoda Vasi Chowdhury & Co., Chartered Accountants in this month (Innah Lillahe... Rajeun). Mr. Rezaur Rahman breathed his last on 1 July 2015 in London. He was the founder Partner of Rahman Rahman Huq, Chartered Accountants way back in 1962 and Senior Vice President of the then Institute of Chartered Accountants of Pakistan where the Secretary, Ministry of Finance, Central Government of Pakistan was the Ex-officio President. Our another Senior Member Mr. Baree a teacher of the University of Dhaka in 1970s and the National University of Singapore in early 1980s, breathed his last on 11 at United Hospital, Dhaka. He was President ICAB s journey in professional excellence to the date has been immensely augmented by the dedicated contribution of late Mr. Rahman and Mr. Baree. May Allah (swt) shower his immense mercy on their eternal rest. A Doa Mahfil will be held at ICAB on 9 July 2015 for seeking eternal peace of the departed souls of all deceased members of the Institute including Mr. Rezaur Rahman. Meetings of Council and Standing & Non-standing Committees The following meetings of the Council, Standing and Non-standing Committees and Sub-committees of ICAB were held during the month of : Standing Committees: - 4 th Meeting of the Investigation & Disciplinary Committee (IDC) was held on 15 at 5:00 pm. - 3 rd Meeting of the Review Committee for Published Accounts & Reports (RCPAR) was held on 16 at 5:00 pm th Council Meeting (Urgent) was held on 16 at 2.00 pm th Council Meeting was held on 27 at 1.30 pm. Non-standing Committees: - 2 nd Meeting of the Professional Development Committee (PDC) was held on 18 at 6:00 pm. - 1 st Meeting of the Professional Accountants in Business (PAIB) was held on 25 at 4:00 pm. Standing and Non-standing Sub-committees: - 9 Members Sub-committee on Articled Students was held on 15 at 6:30pm. - 4 Members Sub-committee on Land Purchase was held on 23 at 4:00 pm. - 2 nd meeting of the 5-Members Sub-committee (constituted by the Council, ICAB) was held on 24 at 2:00 pm. Fellow members, I hope you have found these 6 months really eventful. I however, seek your unstinted supports in the way forward. Profound regards. Masih Malik Chowdhury FCA President-ICAB 6

7 ICAB received Grant from ICT Division for Innovative Project Shyam Sunder Sikder, Secretary, ICT Division, Ministry of Information and Technology, GoB handed over a cheque to ICAB in a ceremony on 30 June, 2015 in ICT Division Office. On behalf of ICAB, Sayma Banu, SDD(LPD) and Mohammad Deloar Hossain, Manager(IT) received the cheque from the Secretary. ICAB submitted a project proposal for developing specialized software titled Computer Assisted Audit Techniques & Tools (CAATT)" to ICT Division for nomination of Government Innovative Fund. On 01 April 2015, Mr. Deloar Hossain, Manager (IT) along with Ms. Sayma Banu SDD (LPD) gave a presentation on proposed project before the Selection Committee of ICT Division explaining various features and usefulness of the proposed project. ICT Division accepted the proposal and recommended Fund for ICAB". Earlier, a team headed by ICAB President Masih Malik Chowdhury FCA paid a courtesy call on Mr. Shaym Sunder Sikder, Secretary, ICT Division, Ministry of Information and Technology, GoB on 15th January, 2015 at the latter s office. ICAB President informed the Secretary that ICAB has taken a number of recurrent initiatives to develop Information System of the Institute in consonance with and compatible to building Digital Bangladesh. Meeting with Senior Secretary, MoF, GoB On the FRA issue ICAB President along with ICAB Council Member & Past Presidents met Mahbub Ahmed, Senior Secretary, Finance Division, Ministry of Finance, GoB at the Bangladesh Secretariat on 18. It discussed about the proposed Financial Reporting Act and the changes recommended. After hearing in brief from the ICAB delegation, the Secretary assured that he would look into the matter with due importance. The other members of the team were ICAB Vice President AF Nesaruddin FCA, Council Members & Past Presidents Akhter Sohel Kasem FCA, Abbus Uddin Khan FCA, Md. Humayun Kabir FCA and Past President Md. Syful Islam FCA. Meeting with Senior Secretary, MoC, GoB An ICAB team led by ICAB President Masih Mailk Chowdhury FCA met Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB at the Bangladesh Secretariat on 18. They discussed about the proposed Financial Reporting Act and the changes recommended by the concerned Parliamentary Standing Committee. The Secretary paid patience hearing to ICAB s submissions and he assured all out cooperation for the betterment of the profession and the economy of the country, at large. The other members of the team were ICAB Vice President AF Nesaruddin FCA, Council Members & Past President Akhter Sohel Kasem FCA, Abbus Uddin Khan FCA, Md. Humayun Kabir FCA and Md. Syful Islam FCA. Mahfel Huq & Co., Chartered Accountants becomes Independent Member Firm of AGN International Mahfel Huq & Co., Chartered Accountants became an Independent Member Firm of AGN International Ltd, UK. Mahfel Huq & Co., Chartered Accountants was independently reviewed and satisfied with the membership requirements of AGN international Ltd, a Worldwide Membership Association of separate and independent accounting and advisory businesses. 7

8 Workshop on "Effective Presentation through Power Point" ICPE has organised three days long workshop on "Effective Presentation through PowerPoint" from 12 to 14 at ICAB Training Room for ICAB Members. The workshop primarily covered the topics including basics of presentation, type of slide, importance of a good title slide, characteristics of a good slide, designing effective presentation slide, animation in presentation, practical presentation tips and tricks, incorporate of details information with presentation, use notes and presenter s view for effective presentation, efficient control of presentation including common mistakes. As resource persons Md. Anowar Hossain Fakir and A. Z. M. Akhlaqur Rahman from Robi Axiata Limited conducted in the workshop. ICAB President Masih Malik Chowdhury FCA awarded certificates to the participants at the closing session while Council Member Gopal Chandra Ghosh FCA was present. Record of Workshop/Training Program organised by ICAB-ICPE ICAB Center for Professional Excellence (ICPE) has organised a total 15 (Fifteen) number of workshops and trainings in the last six months (January to ). A half yearly report of the workshop & training is hereunder furnished: Sl. # Name of the Training Period& Duration No of Participants Core Contents Facilitators 1. "ERP Software (SAP- FICO)" -3rd batch 2. Workshop on "Code of Ethics for Professional Accountants" 3. Workshop on "Code of Ethics for Professional Accountants" 4. Training on "Advanced Excel and Financial Modeling" 5. Workshop on "Transfer Pricing Regulations & Practice" 10 January to 14 February 2015, 12 days ICAB Members 20 (twenty) 13 February 2015 ICAB Members 52 (fifty two) 13 March 2015 ICAB Members 52 (fifty two) 14 March to 11 April 2015 ICAB Members 24 (twenty four) 21 March 2015 ICAB Members 36 (thirty) SAP Training General Application of the Code, Professional Accountants in Public Practice & Professional Accountants in Business General Application of the Code, Professional Accountants in Public Practice & Professional Accountants in Business "Advanced Excel and Financial Modeling" "Transfer Pricing Regulations & Practice" ICAB Members & SAP Trainer ICAB Members ICAB Members Mr. Md. Anowar Hossain Fakir & Mr. A. Z. M. Akhlaqur Rahman ICAB Member & Members of NBR 8

9 Sl. # Name of the Training Period& Duration No of Participants Core Contents Facilitators 6. Workshop on "Transfer Pricing Regulations & Practice" 7. Workshop on "Code of Ethics for Professional Accountants" 8. Workshop on "Transfer Pricing Regulations & Practice" 9. Training on "Advanced Excel and Financial Modeling" 10. Seminar on "ICAEW ACA Advanced Stage Exam Technique" 11. QAD Workshop May 2015, 2 Days 12. Workshop on "Compliance with Rules, Regulations & Accounting Standards and Preparation of Financial Statements of Life Insurance Companies" 04 April 2015 ICAB Members 48 (thirty) 17 April 2015 ICAB Members 25 (twenty five) 18 April 2015 ICAB Members 36 (thirty six) May 2015 ICAB Members 23 (twenty three) 09 May 2015 ICAB Members & Student of Advance Statuse Lavel 40 (forty) ICAB Members 27 (twenty seven) 26 May 2015 Chief Financial Officer (CFO) and Head of Internal Audit of Life Insurance Companies 37 (thirty seven) "Transfer Pricing Regulations & Practice" General Application of the Code, Professional Accountants in Public Practice & Professional Accountants in Business "Transfer Pricing Regulations & Practice" "Advanced Excel and Financial Modeling" ICAEW ACA Advanced Stage Exam Technique" How to Maintain Quality in Audit and Assurance Services "Compliance with Rules, Regulations & Accounting Standards and Preparation of Financial Statements of Life Insurance Companies" ICAB Member & Members of NBR ICAB Members ICAB Member & Members of NBR Mr. Md. Anowar Hossain Fakir/ Mr. A. Z. M. Akhlaqur Rahman/ Mr. Placid Gomes ACA Mr. Justin West Head of New Business Opportunities, ICAEW Resource Persons: ICAB Members Dr. Mosharraf Hossain FCA/ Mr. Sultan-ul-Abedine Molla/ Mr. KM Mortuza Ali/ Mr. Sabbir Ahmed FCA 13. Workshop on "Compliance with Auditing Standards, Accounting Standards Rules & Regulations Applicable for Life Insurance Companies" 14. Workshop on "Compliance with Rules, Regulations & Accounting Standards and Preparation of Financial Statements of Life Insurance Companies 15. Workshop on "Effective Presentation through PowerPoint" 28 May 2015 External Auditors (Members of ICAB) 18 (eighteen) 31 May 2015 Chief Executive Officer (CEO) of Life Insurance Companies 18 (eighteen) ICAB Members 25 (twenty five) "Compliance with Auditing Standards, Accounting Standards Rules & Regulations Applicable for Life Insurance Companies" "Compliance with Rules, Regulations & Accounting Standards and Preparation of Financial Statements of Life Insurance Companies "Effective Presentation through PowerPoint" Mr. Sabbir Ahmed FCA/ Mr. Sultan-ul- Abedine Molla/ Mr. KM Mortuza Ali/ Mr. Abu Kamal Mohammod Pasha ACA Mr. Das Deba Prasad/ Dr. Mosharraf Hossain FCA/ Mr. Sultan-ul- Abedine Molla Mr. Md. Anowar Hossain Fakir/ Mr. A. Z. M. Akhlaqur Rahman Source: ICPE 9

10 Admission as Associate The following member has been admitted as Associate of the Institute with effect from the date mentioned against his name: Name Effective Date Mr. Abu Kamal Mohammod Pasha ACA (1708) 20 May 2015 Manager (Audit & Assurance) Hoda Vasi Chowdhury & Co. Chartered Accountants BTMC Bhaban (8th floor) 7-9 Kawran Bazar C/A Dhaka Admission as Fellows The following members have been admitted as Fellows of the Institute with effect from the dates mentioned against their respective names: Name Effective Date Ms. Zareen Mahmud Hosein FCA (1152) 26 April 2015 Partner Snehasish Mahmud & Co. Chartered Accountants House # 10 (3rd floor) Road # 9, Block # J Baridhara Dhaka Mr. Sheikh Harun Or Rashid FCA (1120) 30 April 2015 Deputy Accounts Manager The Bengal Works Ltd Novo Tower (10 th floor) 270, Tejgaon, I/A Dhaka-1208 Permission to Start Practice as Partner The following members have been permitted to Start Practice as Public Accountants and Partners with effect from the date mentioned against their respective names: Name Effective Date Mr. Mesbah Uddin ACA (1533) 06 May 2015 Partner Pinaki & Company Chartered Accountants AHSANDELL 2/A, Mymensingh Road (2 nd floor) Shahabag Dhaka-1000 Congratulations Name Effective Date Mr. Shaiful Alam FCA (946) 14 May 2015 Partner S R Islam & Co. Chartered Accountants 137/D Arambagh (2 nd floor), Motijheel Dhaka-1000 Mr. Md. Abdur Rahman FCA (163) 01 July 2015 Partner Shafiq Mizan Rahman & Augustine Chartered Accountants 137/D/1, Jahanara Garden Flat No 3-A, 2 nd Floor Green Road Dhaka-1205 Mr. ABM Hussain Ahmed FCA (242) 01 July 2015 Partner Shafiq Mizan Rahman & Augustine Chartered Accountants 137/D/1, Jahanara Garden Flat No 3-A, 2 nd Floor Green Road Dhaka-1205 Mr. Md. Abdullah Al Amin ACA (1463) 01 Partner Syful Shamsul Alam & Co. Chartered Accountants Paramount Heights (Level-6) 65/2/1 Purana Paltan Dhaka-1000 Mr. Sheikh Hasibur Rahman ACA (1512) 01 Partner Syful Shamsul Alam & Co. Chartered Accountants Paramount Heights (Level-6) 65/2/1 Purana Paltan Dhaka-1000 Mr. Md. Rafiqul Islam FCA (432) 01 July 2015 Partner Syful Shamsul Alam & Co. Chartered Accountants Paramount Heights (Level-6) 65/2/1 Purana Paltan Dhaka-1000 Source: Secretariat-ICAB 10

11 ICAB to resume occupation of 2nd floor, CA Bhaban soon After a series of negotiations with the Authority of the Daily Prothom Alo, in this year, ICAB is going to resume the occupation of 2nd floor of CA Bhaban on 1 August Upon the rigorous persuasions made by the Real Estate Committee-ICAB, Prothom Alo in a letter to President Masih Malik Chowdhury FCA on 07 expressed their willingness to vacate the 2nd floor of CA Bhaban. The 2nd floor will be renovated soon and the entire floor will be used for ICAB s Examination and other purposes upon green nod from the Council. Management Corner Aleya Ferdous Joined as HR Manager in ICAB We Mourn We express our deep sorrow and heartfelt prayers at the sad demise of Mr. Rezaur Rahman FCA (Enrollment No. 11) in London on 1 July 2015 (Innah Lillahe... Rajeun). In fond memory he was the founder Partner of Rahman Rahman Huq, Chartered Accountants way back in 1962 and Vice President of the then Institute of Chartered Accountants of Pakistan where the Secretary, Ministry of Finance, Central Government of Pakistan was the Ex-officio President. ICAB s journey in professional excellence to date has been immensely augmented by the dedicated contributions of late Mr. Rahman. May Allah (swt) shower his immense mercy on his eternal rest. Aleya Ferdous joined in the Institute of Chartered Accountants of Bangladesh (ICAB) as Deputy Secretary (HR Manager) on 11. Before joining she served the Microcredit Regulatory Authority (MRA) as HR Associate for 6 and a half years. She did her MA in English, MBA in HRM and Post Graduate Diploma in Personnel Management. A Milad and Doa Mahfil for Late Members, ICAB The Institute of Chartered Accountants of Bangladesh (ICAB) arranged a Milad and Doa Mahfil for the salvation of departed souls of late Members of the Institute at ICAB Auditorium on 17. Before starting Milad and Doa Mahfil, the relatives, colleagues, friends and well wishers of the deceased Members recalled their contributions to the Nation and the Institute as well. They prayed to the Almighty Allah for the eternal peace of the departed souls of ICAB s deceased Members, who died over the past years. We express our deep sorrow and grief on the death of Mr. Mohamed Abdul Baree FCA (Enrollment No. 482), Past President of the Institute & Partner of Hoda Vasi Chowdhury & Co., Chartered Accountants. He breathed his last on 11 at United Hospital, Dhaka at the age of 70 (Innah Lillahe... Rajeun). May Allah bless him in peace eternity. Late Mr. Baree was a teacher of University of Dhaka in 1970s and the National University of Singapore in early 1980s. One of the senior outstanding Chartered Accountants of the country, late Mohamed Abdul Baree had been in the Council of ICAB for many years and was the President of ICAB in Formally; he was a Partner of Rahman Rahman Huq & Co., Chartered Accountants. He has left behind his wife, son and daughter to mourn his death. ICAB President Masih Malik Chowdhury FCA, Council Members, Members of the Institute and employees attended the Milad & Doa Mahfil conducted in solemnity and due honour. 11

12 ICAB Academic Campus News The Pre-Examination Evening Coaching Classes for Professional Stage- Knowledge Level (12th Batch, Sections: I-VI) has started from Monday, 01 for Examination Session: November-December The session will continue up to 30 August A number of 453 students have enrolled and 74 teachers are engaged for the Class; Session : June-August The cumulative number of participated students of ICAB under new curriculum has rose to 8,964 till June 27, On the other hand, a- new session for the students of Professional Stage-Application Level (11th Batch) & Advanced Stage (10th Batch) will be commenced from Tuesday, 01 September 2015 at ICAB Academic Campus. A Notice has already been issued in this regard and all concerned students are advised to enroll for the classes by 26 August 2015, and join the classes accordingly. Meanwhile, the 2nd Teachers Discussion Session of Professional Stage-(Knowledge & Application Levels) and Advanced Stage was held on Saturday, 13 at11:00am at ICAB Auditorium. There were 88 teachers participated in the session. The session was chaired by Mr. Masih Malik Chowdhury FCA, President of the Institute, and among others Vice Presidents Mr. A F Nesaruddin FCA, Mr. Kamrul Abedin FCA and Council Members Md Syful Islam FCA, Mr. Gopal Chandra Ghosh FCA and Mr. Dewan Nurul Islam FCA also were present. At the outset of the session, the Chairman and the President of ICAB, Mr. Masih Malik Chowdhury FCA, welcomed all the teachers and sought their full support and cooperation for betterment of accounting profession of the country. He also stated that for the 2nd time, ICAB arranged such program where teachers are getting opportunity to openly exchange their views, ideas and constructive suggestions to improve the quality of ICAB s education systems. He briefed about the status of previous sessions recommendations. He thanked about students passed rate which should increase. He also pointed out that the success entire system depends on combined efforts of students, teachers, questions setters and examiners. The institute shall accept suggestions from all stakeholders to tackle the challenges of the profession. He told that the proposals which will be placed today s session would be consulted with the respective committees of ICAB. He also requested the teachers to come up with the proposals, ideas and suggestions. Mr. A F Nesaruddin FCA, Vice President (E&T)-ICAB requested all the teachers to change in their teaching technique. Lectures should be given in such a way that will focus on real life scenario relating to the pattern of questions in examinations. He also advised for creating awareness among students and be regular in classes. He stated that now a day s many brilliant students are coming in teaching profession which is good sign for the profession. He pointed out that students are the professional basic resources. Today s student will be tomorrow s member of the Institute as well as the leader of the profession. He thanked the teachers for their thoughtful comments. 12 The Chairman of the session and the President of the Institute, Mr. Masih Malik Chowdhury FCA, also pointed out that teachers should give their best effort to develop the quality and to motivate the students toward studies for successful completion of their examinations. He also stressed that the Institute needs quality input to meet-up the requirements of ICAEW learning process and environment. He further added by this time, library and study materials have been more enriched for the students. Students and teachers will be getting a well equipped and modernized campus from the next session of classes. He expressed his satisfaction for spontaneous opinions from the teachers for the betterment of the CA profession. He assured that all reasonable and practical proposals will be implemented by the Institute gradually. The session ended with exchanging thanks and good wishes to and from the chair. As part of the institute s recent initiatives, ICAB has already rented and a new academic campus, we hope to settle there by September The Library has been renovated in recent time. Due to increase of students, Library for PS-KL students will be shifted taken to new campus. All study material including suggested answers are now under process for finalization and hoped to publish with update information very soon. The Programme and Session had been organised by the Additional Director & Team at ICAB Academic Campus under the supervision of the Vice President (Education & Training)-ICAB, Mr. A F Nesaruddin FCA and President-ICAB Masih Malik Chowdhury FCA.

13 Campus News Cont d ICAB signed a Deed for a New and Spacious Academic Campus Building for CA students at Kazi Nazrul Islam Avenue The existing Academic Campus of ICAB is located at Panthapath which is a six storied building having total space of 8,512 sqft only. The present Campus space was not adequate to accommodate all levels of classes for the increasing number of students. The issue was also discussed in recently held Teachers Discussion Session and Students Feedback Session. Thus, a suitable Campus building was necessary to accommodate the increased number of students. Hence, a rigorous search was carried out and ICAB finally could avail in befitting Campus Building. It is located in one of the prominent place at Kazi Nazrul Islam Avenue. The address is Kawran Bazar which is close to CA Bhaban. The building is 4 storied having 27,000 sqft area which has got 20/25 parking area, as well. Secretary-ICAB AKM Rahmat Ullah FCA signed a long term lease agreement for 5 years with AH Anwaruddin Ahmed, representative-owners of the building, for new and expanded Academic Campus on 15 at ICAB Council Hall, in the presence of President Masih Malik Chowdhury FCA, Vice Presidents AF Nesaruddin FCA, Kamrul Abedin FCA, Past President Abdul Hafiz Choudhury FCA, Council Member & Past President Md Abdus Salam FCA and other high officials of ICAB. The agreement would take effect from September 01, The renovation work is underway now. As soon as the renovation work gets completed, ICAB Academic Campus will be formally shifted to the new building. The new campus will be equipped with all modern facilities and spacious class rooms being capable of housing rapidly i n c r e a s i n g number of students. Some of the office activities like counseling room, book corner, store room, part of library will also operate from the newly hired Academic Campus. The Premises is taken lease for a period of 60 (sixty) months from 01 September 2015 to 31 August 2020 renewable for a further period on mutual agreement of both the parties. The physical look of the premises will be made in tip-top condition at the cost of the owner. All out efforts are under way to make it a suitable Academic Campus Building at the earliest possible time. For that purpose, the owner will spend Tk. 50 lacs. Accordingly the renovation of the owner s part as has already been started. The renovation work from ICAB s side will be carried out by prominent architect firm of the country. The renovation of newly hired campus is expected to be over before the end of August

14 Campus News Cont d Resource Persons: ICAB Academic Campus (Session: June-August 2015) Name of Resource Persons (Sections- A - F of PS-KL-12th Batch) Mr Mohammed Tofazzul Hussain FCA Mr Abdullah-Al-Mamun FCA Mr Kamruzzaman FCA Mr Kutub Uddin Ahmad FCA Mr Nirmol Chandra Sarker FCA Mr Anup Kumar Mukherjee FCA Mr Mahbub Alam FCA Mr Uttam Kumar Saha FCA Mr 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 FCA Mr Mohammad Showket Akber FCA Mr Masud Khan FCA (India) Mr Md Mahamud Hosain FCA Mr Jone Kumer Gupta ACA Mr Md Din Islam Miah FCA Dr Jakerul Abedin 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 FCA Mr Shankar Chandra Karmaker FCA Mr Muraheb Malik Chowdhury ACA Mr Mohammad Abdul Ohab Miah FCA Mr Md Reajul Islam FCA Mr Imtiaz Lutful Baset FCA Mr Md Selim Reza FCA Mr Palash Mollick Mr Md Mashudur Rahman FCA Mr Md Fokrul Islam FCA Mr Shib Pada Dey FCA Mr Shekhar Kumar Halder FCA Mr Faker Ahmed FCA Mr Md Ziaul Alam ACA Mr Md Sayeed Ahmed FCA Mr Mahmudul Hasan Khusru FCA Mr Md Mohiuddin Ahmed FCA Mr Yasin Miah FCA Mr Tariquzzaman Khan FCA Mr Shamim-Al-Mamun FCA Dr ASM Hossain Tayiab FCA Mr Md Al- Amin Siddiki ACA Mr Muhammad Aminul Hoque FCA Mr Sk. Md Tarikul Islam ACA Mr Bibhuti Bushan Biswas FCA Mr Amiya Bhousan Bhowmik FCA Mr Md Lutfar Rahman ACA Mr Mustaq Ahammed FCA Mr Ranjan Kumar Bhowmik FCMA Mr Rakesh Saha FCA Mr Tanvir Hasan ACA Mr Syed Mohammed Kowser Hossain Mr Nazmul Hussain Siddique ACA Mr Shah Md Mohin Uddin ACA Mr S M Ashfaqur Rahman ACA Mr Md Saiful Hasan ACA Mr Anup Kumar Sarker ACA Mr Mohammad Aslam FCA Mr K M Atiqul Islam ACA Mr Md Arshadul Kabir ACA Mr Md Ali Akther Rezvi FCA 14 Mr Md Razib Hossain ACA Mr Wahid Murad ACA Mr Sheikh Noor Mohammad Mr Md Abdullah-Al-Amin ACA Visiting Faculties (for Ongoing Session) Name of Visiting Faculties Mr. Masih Malik Chowdhury FCA Mr. A F Nesaruddin FCA Mr. ABM Azizuddin FCA Mr. Anwaruddin Chowdhury FCA Mr. Md Syful Islam FCA Mr. Md Abdus Salam FCA Mr. Gopal Chandra Ghosh FCA Mr. Abdul Khalek FCA Mr. Md Amirul Islam FCA Mr. Sabbir Ahmed FCA (E-770) Mr. Mohammad Mehdi Hasan FCA Mr. Ajit Kumar Paul FCA Dr. Jakerul Abedin Mr. Md Jehad Uddin Mr. Syed Mohammed Kowser Hossain Mr. Sheikh Noor Mohammad Mr. A H Mostafa Kamal Khan Announcement (Classes of Next Session) The New Session (September- November 2015) for the Students of Professional Stage-Knowledge Level (12th Batch, Section #: G-K), Professional Stage-Application Level (11th Batch) and Advanced Stage (10th Batch) will start from Tuesday, 01 September 2015 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 26 August 2015 at campus. Source: ICAB Campus

15 Quarterly Meeting with BSEC and ICAB held 12th Council Meeting of ICAB A delegation led by ICAB President Masih Malik Chowdhury FCA participated in the quarterly meeting with Bangladesh Securities and Exchange Commission(BSEC) on 08 JUNE 2015 at BSEC office. BSEC Chairman Prof. Dr. M. Khairul Hossain, Commissioners Prof. Md. Helal Uddin Nizami, Arif Khan FCMA, Md. Amzad Hossain, Executive Director M. Hasan Mahmud and Director Prodip Kumar Basak participated in the meeting. In the meeting, they discussed on QAD clearance, joint workgroup, view exchanging meeting with listed company, auditor audit fees, investigation and disciplinary actions and the quarterly meeting between ICAB and BSEC, etc. After courtesy call on February 2015, it was the 2nd quarterly meeting between ICAB and BSEC. Both ICAB and BSEC representatives appreciated the initiative of quarterly meetings. The other ICAB Members of the delegation were Vice Presidents A F Nesaruddin FCA, Kamrul Abedin FCA and Council Member & Past President Md. Syful Islam FCA. ICAB President Masih Malik Chowdhury FCA presiding over the 12th Council Meeting of ICAB at its Council Hall on 27. As part of regular activities of the Institute, the Meeting discussed about various professional issues Participation in an Iftar & Dinner with Prime Minister On a cordial invitation from the Ministry of Finance, GoB, ICAB President Masih Malik Chowdhury FCA attended an Iftar followed by Dinner with Hon ble Prime Minister Sheikh Hasina as Chief Guest at BICC on 30. A number of Ministers, Government high Officials, Secretaries, dignified Citizens, foreign Diplomats and Representatives from Donor Agencies among others, attended the program. Every year government arranges this annual dinner after the end of Jatiya Sangsad Budget Session on 30th. Mahsudur Rahman achieved Bronze Medal Md. Mahsudur Rahman (Enrollment No-815), FCA, FCMA achieved Bronze Medal in the Asian Bodybuilding Championship held in Japan from 5-7. Japan won the Gold Medal and South Korea won Silver Medal in the competition. Earlier, Mr. Rahman was also ranked Top Five (5th) in the Championship held in Colombo last year. When we have our health we can pursue our wealth and enjoy it! When we lose our health, we expense our wealth trying to get our health back again, Take a proactive approach to Heath and avoid a reactive approach to illness. 15

16 ICAB participates in CAPA Tokyo Meetings Anwaruddin Chowdhury, Member Council and Past President ICAB and Director CAPA Board, participated in the Confederation of Asian and Pacific Accountants (CAPA) AGM, Board and Directors meetings and in the PSFM Committee meeting held on May 2015, at the Keio Plaza Hotel, Tokyo, Japan. The CAPA meetings and related events were hosted by the Japanese Institute of Certified Public Accountants (JICPA). Public Sector Financial Management Committee (PSFMC) Meeting held on 28 May, discussed the strategic Activities of the Committee including its Action List, Update on Financial Reforms for Economic Development (FRED) 2 in Seoul, Korea, and CAPA Paper on Attracting and Retaining Finance Personnel in Public Sector. Chief Executive briefed the Committee about recent public sector related events, CAPA's public sector activities and about IFAC's strategies around public sector related matters, including Accountability. Now. As ICAB representative Anwaruddin briefed the PSFMC on the progressive status of public sector accounting and auditing, particularly as regards the implementation of IPSAS (and IFRS) and ISSAIs (and ISAs) by the OCAG and public sector institutions, entities in Bangladesh. He updated the Committee on conclusive status of WB funded ICAB Project on Promoting PPP for Improved Audit Quality Assurance and on the supportive role of the WB in strengthening public sector reporting and auditing in Bangladesh. As requested by ICAB CAPA Director, the PSFMC agreed to hold the next outreach meeting in Dhaka, tentatively in March 2016, possibly with a Roundtable and/or a mini Conference. CAPA Directors Meeting, held in three sessions on 28, 29 and 30 May, dealt on administrative and governance matters and reflecting on the Board meeting. CAPA Directors deliberated on strategic issues relating to new memberships; stratification of membership fees based on PAOs total members and revenue levels; Risk register; Compliance policy; Office relocation in KL; and strategic discussions and Anwaruddin Chowdhury, Member Council & Past President-ICAB and CAPA Director seen at the decisions on Board CAPA Board Meeting held in Tokyo on 29 May 2015 composition and Value proposition model. previous six months- including the Election of President and Vice 30th CAPA Board Meeting was held Presidents for 2015, MoU Renewal on 29 May (full day) chaired by Signing with ICAEW, 14th ICAB President CAPA, assisted by the CE, National Awards ceremony, ICAB and participated by Board Directors Convocation and on important CPD from Australia, Bangladesh, China, seminars and workshops held. As a India, Japan, Korea, New Zealand, Panel discussant, Anwaruddin briefed Pakistan and USA, and their Technical the meeting on the adoption and Advisers. It was also attended by implementation status of the IFRS and observers- members and affiliates, from the ISAs, (and that of IPSAS and the ICAEW and ACCA (UK), IPA ISSAIs), as well as ICAB compliance Australia, PICPA Philippines and AAT status of IFAC SMOs. SL. The CAPA President, Sujeewa Mudalige and Chief Executive, Brian Blood presented their Reports, followed by presentation of three Committee In the 14th AGM, held on 29 May evening, the members approved all items as set in the Meeting Agenda, Reports by the Chair of PAO, PSFMC including the Audited Financial and GAC. As CAPA Board Director, Anwaruddin Statements for the year ended 31 December 2014 and reappointment of Chowdhury elucidated on Member Wong Bros & Co, CPAs, as CAPA Body Report (ICAB) updates over the Auditor for

17 Member Conference on Financial System Stability: Key Issues and Challenges Members conference on Financial System Stability: Key Issues and Challenges was held at ICAB on 16. A large number of ICAB members were present in the conference. Mr. Dipok Kumar Roy ACA presented the keynote paper and ICAB s Past President Mr. AK Gulam Kibria FCA moderated the conference as Session Chairman. ICAB President Masih Malik Chowdhury FCA in his speech described the importance of the financial stability. In sideline of his speech, he also discussed about ICAB President Masih Malik Chowdhury FCA participated in a live talk show on Middle Income Status Bangladesh; Budget Thoughts 2015 which was broadcast live in SATV channel on 4 at 1 pm. Dr. Jamaluddin Ahmed FCA, BEA Secretary moderated the program. The other participant of the program was Dr. Salehuddin Ahmed, Ex-Governor, Bangladesh Bank. About empowering the Regulators, Masih Malik Chowdhury echoing in the common vice said, Regulators have to abide by the rules & laws of the country. To bring discipline in the financial sector, he was in the opinion of strengthening the Regulators through providing logistic supports from the government. About Budget , ICAB President said discussions on revised budget are required a more instead of discussion only on tax related issues in Parliament. He emphasized the need for holding quarterly discussion in Parliament on Revised Budget. It would bring more present scenario of proposed FRA before the members and sought suggestions & cooperation from them in dealing with the issue utmost priority. ICAB President in SATV live Talk-show transparency & accountability in the implementation process of the budget, he commented. Mr. President also suggested for wider tax net, capacity building of the revenue authority and to set up a Research Wing in NBR which would help increasing the collection of revenues. About professional misconduct, the ICAB Chief said the Institute is firm to take action against CAs/Firms if found guilty through ICAB IDC & QAB s investigating reports. He also told the audience that ICAB as Regulatory Body had taken punitive actions against 52 professionals including CA firms last year. More punitive actions are waiting to get approval from the Council, he informed. He said the structural reforms have been made in the procedure of awarding punishment by ICAB. Stressing on people s wrong perceptions about the role of auditors, he cautiously said, auditors make audit opinion. They do not prepare the accounts, despite that they are At the end the Session, Chairman eloquently drew the end of the conference mentioning some important aspects of the discussion. frequently blamed for such unfortunate happenings. Schedule of Trainings and Workshops in August & September The tentative schedule of the ICPE organised Trainings and Workshops in August & September 2015 are furnished below: Title Date IFRS & IAS Training for 02 Aug. to 14 Bangladesh Bank Sept Officials (Customized training) Workshop on "Public 01 Aug Procurement Regulations and Practices" "ERP Software (SAP- 14 Aug. to 08 FICO)" 4th Session Sept How to Maintain Quality 11 Aug in Audit and Assurance Services (CA Student for Advanced Stage) Workshop on "Transfer 29 Aug Pricing Regulations & Practice" Workshop on "Import 12 Sept Process" Workshop on "Effective Sept. Presentation through 2015 PowerPoint" Source: ICAB Centre for Professional Excellence (ICPE) 17

18 ICAEW and ICAB Partnership Renewals 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: , Website: 18 Chittagong Regional Committee: Chairman Mr. Abdul Awal FCA, HBFC Building (3rd Floor), 1/D Agrabad Commercial Area, Chittagong, Bangladesh, Tel: , Fax: , UK Chapter: Chairman Mr. AKM Fazlur Rahman FCA, 77, Valleyfield Road, Streatham, London SW 16 2HX UK, Tel: , Fax: , North American Chapter: Chairman Mr. AKM Asaduzzaman FCA, 54 Pharmacy Avenue, Scarborough, ON M1L 3E5, Canada, Tel: ,