Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

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1 ICAB ICAB NEWS BULLETIN Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh ISSN Number 297 ICAB Held Discussion Meeting on Proposed Finance Act, 2014 and Financial Reporting Act (FRA) ICAB Held Discussion Meeting on... Act (FRA) 01 ICAB President Attends ATN Business...Programme 02 SAFA International Conference... Nepal 03 ICAB President Showkat Hossain FCA delivering his speech in Discussion and Way Forward Meeting; Re: Finance Act, 2014 and Financial Reporting Act (FRA) at ICAB Auditorium on 05. President s Communication ICAB President Showkat... Express Campus News Members Meeting at Chittagong by CRC ICAB organized meetings ICAB Congratulated Mustafa Kamal... President ICAB President in ATN Bangla... Performance Member s Achievement We Mourn ICAB organised a meeting of members under the title Discussion and Way Forward Re: Finance Bill 2014, and proposed Financial Reporting Act (FRA) at the Institute s auditorium on 05 to make the members conversant about Finance Bill 2014 and apprised different activities and steps taken by the Institute on proposed FRA. ICAB President Showkat Hossain FCA delivered his welcome speech in the meeting. In his deliberation, Mr. Showkat briefed on the activities and progress of the Institute after his assumption of office as the President of the Institute in January 2014, and focused on proposed Financial Reporting Act and the Finance Bill 2014, in particular. During the year ICAB organized 13 trainings and workshops for ICAB members, Officials of Bangladesh Bank, NBR, OCAG and NGOs five CPD seminars, a Banker s recruitment examination as well as ICAB s actively participated in seven international programmes in the last six months, he informed the meeting to the audiance. About the Financial Reporting Act, he said, the issue surfaced in 2003 through World Bank s ROSC report which recommended 20 points recommendations proposing the enactment of Financial Reporting Act. He said that the government brought the FRA issue forefront after the share market debacle in 2010 and in the last year the Cabinet okayed the draft Financial Reporting Act. Mr. Showkat thanked his ancestors particularly Md. Abdus Salam for pursuing the FRA issue rigorously in the year 2013 and said that from the beginning of this year, ICAB has been monitoring the issue and gave highest priority to convince the government to enact anything only after the consultation with ICAB. Referring to a meeting with Finance Minister, he said that ICAB pointed out five grey areas like definition of auditors, Standard setting responsibility, issuance

2 of practicing certificates, Selection of Members for FRC, Penalty clause and urged to modify all those. The ICAB President advised the members present in the meeting for signing of proper accounts and giving independent audit opinion even if it costs them highly. The ICAB President also spoke about Finance Bill 2014 and gave thanks to the government for rightly omitting CMAs from auditor s definition in Section-35 of the Finance Bill as it was no way related to them. He also thanked Past President and Council Members Md Syful Islam FCA, Md Humayun Kabir FCA and council members Masih Malik Chowdhury FCA, A F Nesaruddin FCA, Md. Shahadat Hossain FCA beside others for their valuable time and efforts for the Institute regarding FRA issues. A partial view of the Members attended the Meeting. The Members attending the meeting had Past President and Council Members Md the privileges to give their opinion. In Syful Islam FCA, Md Humayun Kabir FCA their opinion some members suggested and council member Muhammad Farooq that such programme should be FCA, A F Nesaruddin FCA and Gopal arranged routinely to make the members Chandra Ghosh FCA also spoke on the aware about the on going happenings occasion. related to professional aspects. ICAB President Attends ATN Business & Finance Programme ICAB resident Showkat Hossain FCA participated in ATN business & finance live talk show that was broadcast on 23. The program was on Capital Market. The other participants of the program was Moinuddin, CEO, Sheltek Brokerage. A good number of TV viewers also participated in the program through telephone. The participants answered the questions of the viewers about stock market and Proposed Financial Reporting Act (FRA) in the program. About stock market, ICAB President said, share prices mostly depends on supply and demand. He said investors should invest in the share market considering balance sheet and fundamentals of the company. Investors could be benefited, if they invest their money on long term basis, he opined. On a query Mr. Hossain said that ICAB works on setting accounting standards in the country, CAs audit the accounts while CMAs do not play any role there. About proposed Financial Reporting Act, he said CMAs inclusion in the FRC will be unprecedented. Already ICAB is performing the same job which FRC is likely to be assigned to do. However, he reiterated, ICAB always favoured the government s initiatives to bring transparency and accountability but that should not be counter productive and at the cost of our country s overall economic peril, he added. 2

3 SAFA International Conference and SAFA Board Meeting in Nepal On the occasion of the Oath Taking Ceremony of its newly elected President CA. Mahesh Guragain and Vice President CA. Narendra Bhattarai, the Institute of Chartered Accountants of Nepal (ICAN) organized a SAFA International Conference on the theme Governance for Creating Enabling Environment for Economic Development on 18th and 19th July, The Seminar focused on the contemporary and emerging issues on Corporate Governance and their impact on creating enabling environment for economic development of the country. Resource Persons of the seminar were Dr. Yuba Raj Khatiwada, Governor, Nepal Rastra Bank, CA. Subodh Agrawal, President, SAFA, Mr. Sujeewa Mudalige, President CAPA delivered the key note address on corporate governance. Eminent personalities and experts on the subjects from Nepal, Bangladesh, India, Pakistan and Sri Lanka presented and commented on technical papers and provided the participants with a unique learning opportunity. It is mentioned that a delegation headed by President-ICAB Showkat Hossain FCA, Member Council & Past President-ICAB The Participants of 34th SAFA Board Meeting pose for photograph held on 20 July 2014 in Nepal. Abbas Uddin Khan FCA, President-ICAN CA. Subodh Kumar Agrawal, Vice President, ICAN Arjuna Herath and World Bank Representatives were present in the Board meeting. In the meeting a wide range of issues like Preparation of comparative study of Transfer Pricing and International Taxation Provisions in SAFA Countries, especially in regard to Double Taxation Avoidance Treaties; Concept paper on the need for Quality Assurance and the relaxation for certain conditions for MSP s; Preparation of model Quality Control Review Framework in SAFA countries; Gap Analysis on Quality Control Mechanism being followed by SAFA Members bodies; Prepare detailed guidelines for evaluation of BPA Awards; Comparative study on the status of Audit Firm Rotation in the countries of SAFA member bodies; Work towards IFAC Regional Organization Status for SAFA; SAARC Arbitration Council; etc were discussed in the Meeting. Proposed establishment of training Institute in SAFA region by the World Bank was approved in principle by the Board. The Audience of the SAFA International Conference held on 19 in Nepal organised by ICAN. 3

4 President s Communication Dear Fellow Members, Assalamu Alaikum and Greetings to you all. Hope you all had a pleasant Eid with the family. As the biggest religious festival Eid-ul-Fitre fell in this month and number of working days were very minimum, this affected our activities. However, we tried our best to use all working days to keep the month eventful. I take this opportunity to update you on some major activities accomplished and initiatives we have undertaken during July Major Activities in Discussion Meeting on Finance Act, 2014 and Proposed FRA A Discussion and Way Forward meeting on Finance Bill 2014 and proposed Financial Reporting Act (FRA) was held at ICAB Auditorium on 05 to make members conversant about the Finance Bill 2014 and progress of the Institute, as a whole. In my welcome speech I briefed about the activities and progress of the Institute after assuming my office as the President-ICAB, proposed Financial Reporting Act and the Finance Bill Drawing attention to FRA issues, I opined that we had to spend much time to the issue of FRA and the recent inclusion of CMAs as Auditor in the Finance Bill 2014 which compelled us to divert time and energy to address the issues in fast hand particularly in six month tenure of my presidency. About Financial Reporting Act, I briefed that the issue surfaced in 2003 through World Bank s ROSC Report which recommended 20 points including the proposal for Financial Reporting Act. Government took the FRA seriously after share market debacle in I thanked my predecessor Md. Abdus Salam for putting great effort to stop such issue in I added that from the beginning of this year, ICAB has been monitoring the issue and gave highest priority to convince the government to enact the Act only after proper consultation with ICAB, if it is a must. However, ICAB organized 13 trainings and workshops for its members, Officials of Bangladesh Bank, NBR, OCAG and NGO s organizations, five CPD seminars, a Banker s recruitment examination. Beside, ICAB actively participated in seven international programmes in the last six 4

5 months, which is undoubtedly a remarkable achievement. Referring a meeting with Finance Minister I informed that ICAB pointed out five grey areas; definition of auditor, issuance of practicing certificates, ICAB s participation in the FRC, penalty clause and standard setting activities. Regarding Finance Bill 2014, I thanked the Govt. for omitting CMAs from auditor s definition in Section-35 of the Finance Bill. I also thanked the Past Presidents and Council Members for their invaluable attachment to the Institute and their hard work over the issue of the FRA specially Md Syful Islam FCA, Md Humayun Kabir FCA,, Md Abdus Salam FCA, Masih Malik Chowdhury FCA, A F Nesaruddin FCA and Md. Shahadat Hossain FCA. Past President and Council Members Md Syful Islam FCA, Md Humayun Kabir FCA and Council Members Muhammad Farooq FCA, A F Nesaruddin FCA and Gopal Chandra Ghosh FCA also spoke in the meeting. I hope that this type of meeting will create awareness among members about the activities of ICAB towards development of ICAB and the profession. Meeting on 'Six months' performance of CRC-ICAB' A meeting of the Chittagong Regional Committee (CRC) of ICAB was held at CRC Conference Hall on 12 to discuss Six months' performance (January-July), Finance Act 2014 and Proposed Financial Reporting Act". A total number of 70 ICAB Members attended the meeting. Nasim Anwar FCA, Vice President ICAB also attended presented a technical paper in the meeting. SAFA Conference and 34 th SAFA Board Meeting in Kathmandu A two member ICAB delegation headed by myself and Abbas Uddin Khan FCA, Member Council & Past President ICAB participated in the SAFA International Conference and 34 th SAFA Board Meeting at Kathmandu, Nepal from 18 to 20 July ICAN organized a 2-day long Conference titled Governance for Creating Enabling Environment for Economic Development at Hotel Radisson, Kathmandu from 18 to 19. In the 3 rd Plenary Session of the Conference on 19, I participated as one of the Panel Speakers on the topic Role of Professionals in Improving Governance. In my deliberation I focused on the role of Professionals particularly Accounting Professionals in improving governance and strengthening financial reporting supply chain preparers, auditors, regulators and financial analysts etc. in Corporate Sector and Public Sector for creating/enabling environment for economic development in South Asia. In the valedictory Session, Abbas Uddin Khan FCA wrap up the technical Sessions as Rapporteur. Our contributions in the Conference were highly appreciated by the audience. As a Board Member of SAFA, I participated in the 34 th SAFA Board Meeting held on 20 at Hotel Radisson, Kathmandu. Abbas Uddin Khan FCA also participated in the Board meeting. We contributed on different issues for strengthening the activities of SAFA including suggestion on professional matters which were given due weight by the SAFA Board. Meetings on LGSP- II Audit ICAB organized meetings on LGSP- II Audit on 22 July at Council Room and 23 at ICAB Auditorium where Team Leaders and Representatives from Reviewer Firms, Audit Firms and the Institute Representatives were present. In the meeting I emphasized on Uniformed Reporting on Union Parishads and requested the Audit Firms for producing quality audit report. I also informed the meeting that LGSP- III phase is waiting to pass which will bring greater scope for work of audit firms. The Meeting discussed on the two sets of reporting format on uniform Bangla Reporting Format developed by S. F. Ahmed & Co. and ACNABIN. Meeting also suggested one uniform set of reporting with some modifications and requested S.F Ahmed & Co. to incorporate those changes and finalize it. About Signatory of the Report, the Meeting decided that all the Firms under Consortium/ JV will sign the Report, the first signatory will be the Auditor of the UP and the Last Signatory will be the Lead Firm unless the Lead Firm is the Auditor of the UP. The meeting also decided that the Audit Firms will submit their full and complete Report to the Reviewer Firms within 15 August 2014 so that the Reviewer Firms may continue their review and submit the Report within the deadline to the LGD. Among others Vice President Kamrul Abedin FCA, Senior Local Govt. Audit Specialist, LGSP-II, LGD Ajit Kumar Paul FCA and ICAB Secretary AKM Rahmat Ullah FCA were present in the meeting. ICAB s participation in Print and Electronic Media Programs As part of our ongoing effort to build positive image of the Institute, I participated in different live TV talk shows, gave interview in the national dailies and presented the ICAB s role for the economic development of the country. ATN Business & Finance TV Talk Show I participated in the ATN Business & Finance live Talk Show on Evaluation in Banking Sector Performance telecasted 5

6 on 02. I spoke about transparency and accountability in banking sector. Moderated by Ismat Jerin Khan, other two prominent bankers Syed Mahbubur Rahman, Managing Director of Brac Bank Ltd and AKM Majedur Rahman, Managing Director of Premier Bank Ltd. also participated in the Talk Show. I also participated in ATN Business & Finance Talk Show on Capital Market broadcasted on 23. Moinuddin, CEO of Sheltek Brokerage also participated in the Talk Show. Viewers joined in the Talk Show through telephone and asked some questions to the guests about Stock Market and Proposed Financial Reporting Act (FRA). During discussion I opined that as share prices are depended on supply and demand, investors should invest in the share market considering balance sheet and fundamentals of the company. Investors could be benefited, if they invest their money on long term basis. In reply of a question on proposed FRA, I spoke that ICAB works on setting accounting standards in the country, CAs audit the accounts in which CMAs do not play any role. I also added that CMAs inclusion in the FRC is not necessary. Although ICAB is performing the same job which FRC will be assigned to do, ICAB always favours the government s initiatives provided it makes the body fully effective. Interview with the Financial Express on proposed FRA I gave an exclusive interview with the Financial Express in this month about ICAB s stand on the proposed Financial Reporting Act (FRA) and the recent development of the Institute. In my interview I spoke that ICAB agrees to accept the proposed FRA, under which Financial Reporting Council (FRC) will be formed to oversee functions of the auditors provided it brings accountability and transparency in true sense. I however, placed a five-point demand before the government for their consideration to incorporate before finalization of the draft which will help shun various impediments in ensuring quality audit and achieve purposes of the law. I added that ICAB s five-point demands also submitted to Hon ble Finance Minister, GOB in written for incorporation in the proposed FRA for the greater interest of the standard audit practice in Bangladesh. I spoke in the interview that ICAB still thinks that strengthening its existing Investigation and Disciplinary Committee (IDC) as like as the proposed FRC in terms of composition, power and function should be an acceptable alternative to the formation of FRC as a separate body. Detailed interview was published in the daily The Financial Express on 21 July 2014 and is available in the web link: 014/07/21/46418 Felicitation letter to Mustafa Kamal FCA, President of ICC Felicitation letter of President ICAB was sent on 01 to AHM Mustafa Kamal FCA, MP, Hon'ble Minister, Ministry of Planning, GoB for his being elected as the President of the International Cricket Council (ICC). He will serve as President of ICC for one year on. In my letter, I hoped that under visionary leadership of AHM Mustafa Kamal, the ICC would be able to contribute significantly towards development of global cricket and achieve the highest order of excellence in ICC events. Mr. Md. Abu Sayeed Miah FCA (Enrl # 444) passes away We were deeply shocked and saddened to hear the news of the death of Mr. Md. Abu Sayeed Miah FCA (Enrl. # 444) passed away on 9 in a local hospital in Dhaka due to cardiac arrest. (Inna lillahe..rajeun). I, on behalf of the profession, expressed profound grief on his demise and pay heartfelt tribute to the departed soul. In my condolence message as President ICAB, I expressed my deepest sympathy to the family members and prayed to Almighty Allah for the eternal peace of the departed soul. Monthly Meetings of Council, Standing and Non-standing Committees The following meetings of the Council, Standing and Non-standing Committees and Sub-committees of ICAB were held during the month of : - 12 th Meeting for 2014 of Council-ICAB was held on 24 at Noon; Non-Standing Committees: - 1 st Meeting of Organizing Committee for holding SAFA International Conference 2014 was held on 7 July 2014 at 3.00 PM - 5 th Meeting of the Sub-Committee under Continuing Professional Development Committee (CPDC) was held on 13 at 3.00 PM - 3 rd Meeting of the 11-Member Council Sub-Committee on FRA was held on 16 at 4.30PM Thanks and best regards! Showkat Hossain FCA President-ICAB 6

7 ICAB President Showkat Hossain in an Interview with the Financial Express on 16, President Office, CA Bhaban P resident of ICAB Showkat Hossain FCA gave an exclusive interview with the Financial Express about ICAB s stand on the proposed Financial Express and the recent development of the Institute. the interview in the print media is a part of his ongoing activities to create and update about the ICAB s activities towards development of the country s economy. The interview is as follows. The Institute of Chartered Accountants of Bangladesh (ICAB) has agreed to accept the proposed Financial Reporting Act (FRA), under which Financial Reporting Council (FRC) will be formed to oversee functions of the auditors. The institute, however, placed a five-points demand before the government for its consideration in finalising the FRA draft as it, ICAB said, will help shun various impediments in ensuring quality audit and achieve purposes of the law. "We have recently submitted five-point proposal before the Finance Minister for incorporation in the proposed FRA for the greater interest of the standard audit practice and the country," ICAB president Showkat Hossain FCA told the FE in an interview recently. In a query, Mr Hossain said that ICAB still thinks that strengthening its existing Investigation and Disciplinary Committee (IDC) as like as the proposed FRC in terms of composition, power and function is a better alternative to the formation of FRC as a separate body. By strengthening the IDC, it is veritably possible to achieve purposes of the proposed FRC. "To do so, it will be needed just to bring some necessary changes in the Presidential Order No 2 of 1973, under which the ICAB was established," he said. However, against the government's resolution to pass the FRA and form FRC, the ICAB finally placed the five-point proposal to make the FRC effective in ensuring transparency and accountability in the audit practice instead of binding its functions with bureaucratic red tape, Mr Hossain said. Explaining the first of the five proposals, he said that the definition of 'auditor' was mentioned as 'professional accountant' that was further defined as 'member of ICAB and ICMAB (Institute of Cost and Management Accountants of Bangladesh)' in the drafted FRA. Strongly opposing the definition, he said that the Cost and Management Accountants (CMAs) are not 'auditors of the financial statement'; rather they are empowered to audit only cost accounts according to Section 220 of the Companies Act So, "We requested him (finance minister) to exclude the members of ICMAB from the definition of auditor." Secondly, the ICAB requested to raise its representatives from one to three, include representative from the law and commerce ministries along with the finance ministry and exclude ICMAB representative at the proposed 13-member FRC. Substantiating its demand to exclude ICMAB, he said that as the FRC is for overseeing functions of CAs, then why CMAs will be included here. He rather floated to make another FRC, if necessary, for the CMAs and not to include CAs there. Disagreeing with the draft provisions that empowered FRC to give licence to CAs, ICAB further proposed to include provisions, under which the institute will continue giving By strengthening the IDC, it is veritably possible to achieve purposes of the proposed FRC. "To do so, it will be needed just to bring some necessary changes in the Presidential Order No 2 of 1973, under which the ICAB was established," he said. licence under a set of rules and regulations and FRC will give final clearance to the CAs to start their audit practice. Because, if the FRC was empowered to give licence, there will be bureaucratic red tape on the issue, causing lack of CAs for audit in the country. Fourthly, Mr Hossain said that ICAB is member of different standard setting bodies including SAFA, CAPA, IFAC and IASB. Accordingly, ICAB receives any new standard immediately after they are set, and "we then incorporate it in the Bangladesh perspectives after necessary examination." Because of not having such connection with international standard setting bodies, FRC will not be able to do the task; rather it will take 5-7 years for FRC to be acquainted to all of these. In the meantime, Bangladesh will lag behind than others. So, ICAB proposed to continue its function of setting audit standard and simultaneously empower the FRC to finally approve that standard. Lastly, the ICAB pleaded to drop the provision of jail sentence proposed in the FRA for the CAs keeping other penalty provisions as it is drafted. Regarding the ICMAB's request for its inclusion in the FRC, he said that they (CAMs) might want their inclusion in the FRC in an intention to place demand later to allow them to audit. "CMAs do not audit anywhere in the world. If they are allowed to audit financial statements, there is no necessity of having two organisations -- ICAB and ICMAB; then, it is better to merge them. Otherwise, it will create chaos," he said. About ICAB's objection on composition of FRC, Mr Hossain said that in the drafted FRA, the Bangladesh Bank governor was made chairman of FRC, Continued Back Page 7

8 Resource Persons: ICAB Academic Campus (Session: June-August 2014) Name of Resource Persons (Sections- I-V of PS-KL-10th Batch) Mr Abdullah-Al-Mamun ACA Mr Al-Amin Siddiki ACA Mr Kamruzzaman FCA Mr Kutub Uddin Ahmad FCA Mr Nirmol Chandra Sarker FCA Mr Anup Kumar Mukherjee ACA Mr Mahbub Alam FCA Mr Uttam Kumar Saha ACA Mr Muhammed Forkan Uddin FCA Mr Zakir Hossain FCA Mr Md Amirul Islam FCA Mr Abdullah-Al-Mahmud FCA Mr Md Raghib Ahsan FCA Mr Gopal Chandra Ghosh FCA Mr Muhammed Moshiur Rahman FCA Mr Shaheduzzaman Choudhury FCA Mr Shahriar Istiaq Halim ACA Mr Mohammad Imtiaz Khan ACA Mr Masud Khan FCA (India)-GT Mr Mahmudul Hasan Khusru FCA Mr Md Jehad Uddin Mr Md Din Islam Miah FCA Mr Yasin Miah FCA Mr Md Saiful Hasan ACA Mr Mohammad Abdul Matin Mr Mohammed Sabir Ahmed FCA Mr Mohammed Zakaria FCA Mr Mohammad Redwanur Rahman FCA Mr Md Abu Bakar FCA Mr Masud Parvez FCA Mr Mohammad Salahuddin Chowdhury ACA Mr Shankar Chandra Karmaker FCA Mr Muraheb Malik Chowdhury ACA Mr Ranjan Kumar Bhowmik FCMA Mr Rakesh Saha FCA Mr Md Selim Reza FCA Mr Tariquzzaman Khan FCA Mr Mohammed Ariful Hoque ACA Mr Md Abdullah-Al-Amin ACA Mr Md Mashudur Rahman FCA Mr Md Fokrul Islam FCA Mr Shib Pada Dey FCA Mr Shekhar Kumar Halder ACA Mr Faker Ahmed ACA Mr Mohammad Aslam FCA Mr Amiya Bhousan Bhowmik ACA Mr S M Rahmatul Mujeeb ACA Mr Md Mahamud Hosain FCA Mr Jone Kumer Gupta ACA Dr Jakerul Abedin Mr Badal Chandra Rajbangshi ACA Mr Shamim-Al-Mamun ACA Mr Mohammad Rostam Hossain ACA Dr ASM Hossain Tayiab FCA Mr Sk. Ashik Iqbal ACA Mr Muhammad Aminul Hoque ACA Mr Md Arshadul Kabir ACA Mr Bibhuti Bushan Biswas ACA Mr Mohammad Nazim Uddin ACA Mr Md Lutfar Rahman ACA Mr Mustaq Ahammed FCA Mr Mohammad Abdul Ohab Miah FCA Mr Md Razib Hossain ACA Mr Wahid Murad ACA Mr Tanvir Hasan ACA Mr Palash Mollick Mr Md Jamal Uddin ACA Visiting Faculties (for Ongoing Session) Name of Visiting Faculties Mr Dewan Nurul Islam FCA Mr. ABM Azizuddin FCA Mr Anwaruddin Chowdhury FCA Mr Md Syful Islam FCA Mr Md Abdus Salam FCA Mr. Masih Malik Chowdhury FCA Mr Gopal Chandra Ghosh FCA Mr Masud Khan FCA-India Mr Abdul Khalek FCA Mr Md Amirul Islam FCA Mr Sabbir Ahmed FCA (E-770) Mr Mohammad Mehdi Hasan FCA Mr A H Mostafa Kamal Khan Dr. Jakerul Abedin Mr. Md Jehad Uddin ICAB Academic Campus News The Pre-Examination Evening Coaching Classes for Professional Stage-Knowledge Level (10th Batch, Sections: I-V) started from Sunday, 01 June 2014 for Examination Session: November- December The session will continue up to 28 August A number of 485 students joins for the Class Session of June- August As a result, the cumulative number of participated students of ICAB new curriculum has reached at 7,126 till July 31, On the other hand, a- new session of classes for the Students of Professional Stage-Application Level (9th Batch) & Advanced Stage (8th Batch) will begin from Monday, 01 September 2014 at ICAB Academic Campus. A Notice has already been issued in this matter, and all the concerned students are advised to enroll the classes by 27 August 2014 at ICAB Academic Campus. The Programme on the mentioned Levels of classes have been organised by the Additional Director at ICAB Academic Campus under the supervision of the Vice President (Education & Training)-ICAB, Mr. Dewan Nurul Islam FCA with the consent and guidance of the Chairman of Board of Studies-ICAB, Mr.ABM Azizuddin FCA & President- ICAB, Mr Showkat Hossian FCA. Announcement (Next Session of Classes) The New Session (September- November 2014) for the Students of Professional Stage-Knowledge Level (10th Batch, Section # : 6 & 7), Professional Stage-Application Level (9th Batch) and Advanced Stage (8th Batch) will commence from Monday, 01 September 2014 at ICAB Academic Campus. A Notice has already been issued in this regard, and all the concerned students are advised to enroll the classes by 27 August 2014 at ICAB Academic Campus. 8

9 Members Meeting at Chittagong by CRC Ameeting of members was held on six months' performance of ICAB, Finance Act 2014 and Proposed Financial Reporting Act" at Conference Hall, ICAB-Chittagong Regional Office (CRC) on 22. In the meeting President ICAB Showkat Hossain FCA, Vice President Nasim Anwar FCA attended the meeting. President ICAB apprised different steps taken by ICAB on Finance Act 2014, FRA etc. and urged all members to perform their responsibilities without tear or favour and with highest professional acumen. A total number of 70 ICAB Members of Chittagong area attended the meeting. ICAB Organized Meetings on LGSP- II Audit ICAB organized meetings on LGSP- II Audit on 22 July at its Council Hall and 23 at Auditorium where Team Leaders and Representatives from Reviewer Firms, Audit Firms and the institute were present. Showkat Hossain FCA, President-ICAB, Kamrul Abedin FCA, Vice President-ICAB, Ajit Kumar Paul FCA, Senior Local Govt. Audit Specialist, LGSP-II, LGD and AKM Rahmat Ullah FCA, Secretary of the Institute attended the meetings and gave their valuable suggestions in various aspects of quality reports. For smooth functioning and producing quality audit report, ICAB President emphasized on Uniformed Reporting on Union Parishads. He also informed that the LGSP- III phase is waiting to pass which would bring greater scope for working on audit. The Meetings reviewed and discussed on the two sets of reporting on uniform Bangla Reporting Format developed by S. F. Ahmed & Co. and ACNABIN. After discussion, the meeting made some changes in the Reporting Format and requested S. F Ahmed & Co. to incorporate those changes and finalize one uniform set of reporting format. About Signatory of the Report, the Meeting decided that all the Firms under Consortium/ JV will sign the Report, the first signatory will be the Auditor of the UP and the Last Signatory will be the Lead Firm unless the Lead Firm is the Auditor of the UP. The meeting also decided that the Audit Firms will submit their full and complete Report to the Reviewer Firms within 15 August 2014 so that the Reviewer Firms may continue their review and submit the Report within the deadline to the LGD. The Meeting suggested that the Reviewer Firms will communicate their findings to the respective Audit Firms and both of them together will resolve the differences in line with the best professional practices. The Meeting discussed on material defect level 10 to 20 percent of the expenditure of a UP for that year as Qualified Audit Report and above 20 percent as Adversely Qualified Report. The meeting also decided that the report should be adversely qualified when the misstatement is material and pervasive. Audit Report of the UP should also be Adversely Qualified for any one of the major non compliance matters like Issuance of cash cheque; Schemes not endorsed by BGCC; Schemes not initiated from the Ward Sava; Schemes undertaken which are included in the negative list stated in UPOM; Sign boards are not found; Work not awarded to third party; Payments made before completion of works, Non availability of Assets Register incorporating all assets so far acquired by the UP, etc. In continuation ICAB held Meetings on LGSP-II with the representatives of assigned audit firms on 8 July and 10 at ICAB premises. Meetings discussed different issues related to the Union Parishad Audit. ICAB Congratulated Mustafa Kamal FCA for Being Elected as ICC President AHM Mustafa Kamal FCA, MP ICAB congratulated AHM Mustafa Kamal FCA, MP Hon'ble Minister, Ministry of Planning, Government of Peoples Republic of Bangladesh for his being elected as the President of the International Cricket Council (ICC). On behalf of the Council, ICAB President Showkat Hossain FCA delivered a Letter of Congratulation to the Minister on 1 for being elected as the President of ICC. In the letter, ICAB President wished every success of Mr. Kamal in his new assignment to carry out the responsibilities as President of ICC and hoped that under visionary leadership of Mr. Kamal, ICC would be able to contribute significantly towards the development of global cricket and achieve the highest order of excellence in ICC events. President ICAB also invited Mr Kamal to visit ICAB. Mentioned that AHM Mustafa Kamal is a Fellow Member of the Institute. 9

10 ICAB President in ATN Bangla Talks about Evaluation in Banking Sector Performance President ICAB Showkat Hossain FCA joined in ATN business & finance live talk show on 02 July The programme was on Evaluation in Banking Sector Performance. The other participants of the programme were Syed Mahbubur Rahman, Managing Director, BRAC Bank Ltd and AKM Majedur Rahman, Managing Director, Premier Bank Ltd. ICAB President spoke about different aspects of transparency and accountability of banking sector and measures that can be taken to improve the situation. The programme was moderated by Ismat Jerin Khan. They also replied the queries made by the viewers. Syed Mahbubur Rahman, Managing Director, BRAC Bank Ltd, ICAB President Showkat Hossain FCA, AKM Majedur Rahman, Managing Director, Premier Bank Ltd and programme moderator Ismat Jerin Khan pictured in ATN Business & Finance programme broadcast on 02. Member s Achievement Mr. Al Maruf Khan, FCA (667) has assumed the position of Vice Chairman of Kunming International Logistics and Finance Association (ILFA), China. ILFA is a Chinese Government supported organization based in Kunming to promote Bangladesh China India Myanmar (BCIM) Economic corridor integration initiative. Mr. Khan is also Mr. Al Maruf Khan, FCA appointed as Principal Advisor of South Asian Federation of Exchanges (SAFE) in its Executive Board meeting held on 08th June, 2014 in China. Mr. Khan was the President of Chittagong Stock Exchange Ltd, and immediate past Chairman of South Asian Federation of Exchanges, apex body of all stock exchanges of South Asian Region. Mr. Khan is a Fellow member of the ICAB and ICAE&W and a CPA of the Institute of Chartered Accountant of Ontario. We Mourn With deep sorrow, we regret to inform you that one of our veteran Chartered Accountants Mr. Md. Abu Sayeed Miah FCA (ICAB Md. Abu Sayeed Miah FCA Membership # 444) passed away on 9th July, 2014 at 12:15am in Square Hospitals due to cardiac arrest. To recollect his vibrant life and career, it is mentionable that Abu Mr. Md. Abu Sayeed Miah completed his academics from Dhaka University before starting his career as a Lecturer in Management at Shibpur Shaheed Asad Degree College, Narsingdi. After that he joined Bangladesh Bank and worked there for about four years. During this time he passed Banking Diploma Examination of the Institute of Bankers, Bangladesh securing 1st Place (Gold Medal) in Part-I (May 1977) and 2nd Place (Silver Medal) in Part-II (Nov 1977). Later he joined Rahman Rahman Huq Chartered Accountants and became a qualified Chartered Accountant in His next professional associations included 7 years in Dhaka Match Industries Co. Ltd. in the role of Finance Manager, 3 years in 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: Chittagong: HBFC Building (3rd Floor), 1/D Agrabad Commercial Area, Chittagong, Bangladesh, Tel: , Fax: , icabctg@yahoo.com UK Chapter: 782, Garratt Lane, London SW17 0LZ, UK, Tel: , Fax: , frahman101@aol.com North American Chapter: 3244 Lawrence Avenue East, Scarborough ON MTH TA4, Ontario, Canada, Tel: , awahid@ncn.ca 10 ICAB President Showkat Hossain Interviewed From page 7 securities regulator and insurance regulators' chairmen and some others were made its members; but all of them are stakeholders and beneficiaries of the CAs' reports; "On one hand, they will get their reports certified by us (CAs) and on the other hand will oversee functions of the CAs. That's why we protest it," he said. He further said that the ROSC Report of 2003 made 20 recommendations; ICAB already complied with 19 of them; only FRA was left. In another query, the ICAB president said that "transparency and accountability at the accountancy profession will definitely be enhanced" if the proposed FRC is constituted prudently and function efficiently instead of being like many other ineffective bodies. Saying that base of the unscrupulous CAs would be enervated with formation of the FRC, he hoped the FRA to truly facilitate to bring the errant CAs into book and develop the economy in the country. The ICAB already started creating awareness among the CAs about provisions of the proposed FRA so that they increase their efficiency and ensure quality of audit. The interview was published in the Financial Express on 21. Rahimafrooz Group as Chief Manager (Finance), 11 years in Uttara Group of Companies as Director (Accounts and Finance). Finally he was working at the capacity of a Partner at Ahmed Khan & Co. Chartered Accountants since A humble honest person by nature, Mr. Md. Abu Sayeed Miah was well known to closed ones for his ever-reliable integrity & accountability, friendly behavior and his simple lifestyle. He leaves behind his wife and two sons along with a grandchild. May the Almighty give his family, relatives and friends the strength and patience to bear this great loss. May his great soul rest in peace, Ameen.