Institute of Chartered Accountants of Bangladesh (ICAB) and The Institute of Chartered Accountants in England and Wales (ICAEW) signed a Memorandum of Understanding (MoU), confirming their commitment to jointly work to develop the accounting and auditing professions in Bangladesh. The agreement between the two bodies was signed on 26 October 2009, by ICAB President Nasir Uddin Ahmed FCA and ICAEW President Martin Hagen at a ceremony in Dhaka, attended by leaders of the profession, government and the business community.
The MoU builds on the two professional bodies' close working relationship developed through a two-year project; awarded by the Ministry of Commerce, Government of the People's Republic of Bangladesh and funded by the World Bank, to strengthen the accountancy profession in Bangladesh. Under the agreement the ICAEW and the ICAB will continue their joint work to develop a new ICAB qualification, work that was started as part of the Ministry of Commerce project. In addition, the two bodies have agreed to look at examination requirements allowing members of one body to access the other, cooperate on developing membership support and liaise on technical matters.
Martin Hagen, ICAEW President, said: "The ICAEW and the ICAB have over the last couple of years developed a very fruitful relationship through the joint work to strengthen the accountancy profession in Bangladesh. We look forward to taking our relationship to the next level, as the ICAEW is keen to work in partnership with accountancy bodies across the world to enhance the accountancy profession globally.