President’s Communication : March-April 2020
Dear Fellow Members and colleagues,as COVID 19 cases continue to mount across Bangladesh, it has become imperative that we maintain social distancing and stay safe at home. Undoubtedly, the whole world is confronted with uncertainties that did not exist before in such scale. Bangladeshis is not new to disasters or major humanitarian crises. The COVID 19 pandemic, however, is a crises of a completely different magnitude and we all are affected individually and collectively. It is at this backdrop, I am writing to you in our News Bulletin to let you know how we are mitigating the circumstances that we are in.
With the nationwide shutdown, the Institute have remained closed over a prolong period. We do not exactly know as to when we would be able to resume our normal office functions. This has created both functional and financial impediments for us at various ends.
To respond to urgency, a number of discussion meetings were held online through web conferencing which included discussion meeting of the Council members as well as other committees’ meetings. According to the decision, some important official letters were prepared and sent electronically to various authorities to address our concerns. I shall highlight them in the succeeding paragraphs.
ICAB came up with a guideline for all its members on how to address in the preparation and audit of financial statements. The detail guidelines were prepared by the technical and research committee of ICAB. Electronically, the guidelines were sent to all members. On 18 April, electronically, letters were sent to Regulatory Authorities including FRC, BSEC, IDRA and MRA regarding those of ICAB's efforts to assist the members of ICAB addressing the impact of COVID-19 outbreak in Financial Reporting and Auditing.