Various Membership Fees and Charges (w.e.f. 01 July 2010)

Nature of Fees	For Members in Service		For Members in Practice
	Associate Taka	Fellow Taka	Associate Taka	Fellow Taka
Annual Membership Fees	6,000/-	7,500/-	6,000/-	7,500/-
Annual Fees for Certificate of  Practice	-	-	9,000/-	12,500/-
Sub-total =	6,000/-	7,500/-	15,000/-	20,000/-
Other charges
Annual Contribution to ICAB Members Welfare Fund	500/-	500/-	500/-	500/-
Cost of List of Members & Firms	200/-	200/-	200/-	200/-
Sub-total =	700/-	700/-	700/-	700/-
Total=	6,700/-	8,200/-	15,700/-	20,700/-

FEES SCHEDULE FOR PRACTICING MEMBERS 

[Effective from 01 July 2004]

BASIS OF CHARGING MINIMUM FEES FOR AUDIT AND OTHER PROFESSIONAL
SERVICES RENDERED BY CHARTERED ACCOUNTANTS IN PRACTICE OR
FIRMS OF SUCH CHARTERED ACCOUNTANTS

PART-I

The Institute of Chartered Accountants of Bangladesh (ICAB) was established under the Bangladesh Chartered Accountants Order 1973 (President's Order No. 2 of 1973) for the purpose of regulating the profession of Accountants and for matters connected therewith in the country.

Schedule C (Part-1) of the Bangladesh Chartered Accountants Bye-Laws 1973 framed under the aforementioned Order, stipulates, inter alia , that a Chartered Accountant in practice shall be guilty of professional misconduct if he:

1. accepts a position as Auditor previously held by another Chartered Accountant without first communicating with him in writing;

2. accepts an appointment as Auditor of a Company without first ascertaining from it whether the requirements of Section 210 of the Companies Act 1994 in respect of such appointment have been duly complied with;

3. accepts a position as Auditor previously held by some other Chartered Accountant in such conditions as to constitute undercutting;

4. solicits clients or professional work either directly or indirectly by circular, advertisement, personal communication or interview or by any other means;

PART-II

The Council of the Institute resolved that a Chartered Accountant in practice or a firm of such Chartered Accountants may:

a . respond to advertisements inviting applications for appointment of Auditors;

b . respond to tenders or circulars inviting quotations for professional services restricted to Chartered Accountants either by statute or in terms of such tenders or circulars;

c . request for inclusion of the firm-name in the panel for appointment as Auditors; and

d . quote fees within the framework of the enclosed Fees Schedule as approval by the Council-ICAB in its meeting held on 18, April 2004.

It shall not, however, be permissible for a Chartered Accountant in practice or a firm of such Chartered Accountants to pay earnest money, security deposit, etc. in reply to such advertisements, tenders, circulars or enquiries.

Part-II: of the Fees Schedule will not be applicable for non-audit work.

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PART-III

FEES SCHEDULE

A. PRIVATE LIMITED COMPANIES :

B. PUBLIC LIMITED COMPANIES :

C. SECTOR CORPORATIONS INCLUDING INSURANCE, AUTONOMOUS AND SEMI-AUTONOMOUS BODIES:

D. BANKS AND OTHER FINANCIAL INSTITUTIONS EXCLUDING INSURANCE:

E. NON-GOVERNMENT ORGANIZATIONS :

F. PROPRIETORSHIP CONCERNS, PARTNERSHIP FIRMS, PROVIDENT FUNDS AND CHARITABLE INSTITUTIONS, VOLUNTARY ORGANIZATIONS AND OTHERS NOT COVERED UNDER PARAGRAPHS A, B, C, D AND E ABOVE:

G. EDUCATIONAL INSTITUTIONS:

In view of national importance of education and educational institutions being non-trading in nature, audit fees as prescribed by the concerned appointing authorities in consultation with ICAB from time to time shall be acceptable.

H. CO-OPERATIVE SOCIETIES :

The audit fees chargeable for auditing the accounts of co-operative societies including co-operative banks shall be as per provisions of the Co-operative Societies Act, 1940 and the Co-operative Societies Ordinance, 1984.

I . MINIMUM HOURLY RATES OF FEES CHARGEABLE IN RESPECT OF ALL PROFESSIONAL WORK AS REFERRED TO UNDER PARAGRAPHS A TO H ABOVE:

2.00 RATES OF FEES AS APPROVED UNDER CLAUSE 1.00 OF PART III ABOVE SHALL BE UNIFORMLY CHARGED BY ALL CHARTERED ACCOUNTANTS IN PRACTICE OF FIRMS OF SUCH CHARTERED ACCOUNTANTS OF BANGLADESH WHILE UNDERTAKING AUDIT AND OTHER PROFESSIONAL WORK WITHIN THE TERRITORY OF BANGLADESH , SUBJECT TO THE PROVISIONS AS CONTAINED IN THE FOLLOWING SUB-CLAUSES:

a. For the purpose of charging the minimum audit fees as approved under paragraphs A, B and C of Clause 1.00 of part III above, 150% of the previous year's audit fees shall be deemed to be the minimum audit fees of the year if the fees calculated on the basis of the approved rates exceed 150% of the previous year's audit fees;

b. For the purpose of calculating the minimum audit fees as approved under paragraphs D and F of clause 1.00 of part III above, Gross Assets shall mean and include total fixed assets and current assets excluding fictitious assets, if any, of an organisation as appear on the balance sheet under audit;

c. While charging fees, members in practice may quote fees, broadly based on the afore-mentioned minimum rates of fees;

d. Notwithstanding anything contained in the normal definition of Gross Turnover, for the purpose of calculating the approved minimum audit fees of any organization, �Gross Turnover' shall mean and include;

i . Total amount of sales including all other income and earnings of the year in case of all manufacturing and trading organizations;

ii. Total gross premium income including all other income and earnings of the year in case of all insurance organisations ;

iii. Total amount of interest, discount, commission, exchange brokerage and all other income and earnings of the year in case of banks and other financial institutions;

iv. Total amount of commission including all other income and earnings of the year in case of travel agencies, indentors , brokers and other organizations running on commission earning basis;

v. Total income in the form of contributions, subscriptions, donations, grants, aids and all other income and earnings of the year in case of provident funds, charitable institutions and voluntary organisations ; and

vi. Total receipt/bills accounted for and all other income and earnings of the year in case of construction companies and other organisations not covered under i to v above.

e. Appointment of Auditors for any special audit of branches of banks, insurance corporations/companies or other organisations shall be treated as an appointment relating to a separate audit , and audit fees payable for such special audits shall be treated as part of the approved annual or statutory audit fees payable by the clients concerned;

f. In case of organisations under installation/awaiting commissioning, acceptance of minimum audit fees at a reduced rate of 50% of the approved minimum audit fees, may be considered until such time as such organisations go into commercial production;

g . In case of dormant companies (i.e. companies not in commercial operation), acceptance of minimum audit fees shall be subject to mutual consent of the clients and the Auditors;

h. In the context of the above-stated approved rates of minimum audit fees , �under-cutting' shall not include any reduction of fees which may arise due to natural reduction of Gross Assets, Gross Turnover or Gross Grants, as appropriate, of the year under audit as compared to those of the previous year, of any organization;

i . The minimum audit fees calculated at the rates as approved under paragraphs A ,B,C , D and E of clause 1.00 of part III above, shall mean minimum audit fees payable to each of the Joint Auditors where more than one Auditor is appointed.

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