THE INSTITUTE - A BRIEF OUTLINE

Order under which ICAB established :


The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body in Bangladesh, 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. 


Administrative Ministry :


The Ministry of Commerce, Government of the People's Republic of Bangladesh is the Administrative Ministry of The Institute of Chartered Accountants of Bangladesh (ICAB).


Vision :


ICAB members hold a widely respected professional accounting qualification which supports enterprise, corporate governance and sustainable growth in the business environment.


Mission :


  • To promote and regulate high quality financial reporting and auditing in Bangladesh
  • To develop and maintain the competence of professional accountants  and
  • To enhance the reputation of the accounting profession in all sectors of the economy

Values :


  • Integrity                    To uphold the highest professional integrity and ethical standards
  • Expertise                   To conduct professional responsibilities with a high level of knowledge, competency and skill.
  • Transparency          To conduct activities in a clear and transparent way.
  • Accountability         ICAB members to be responsible for their actions.

Strategic Goals :


  • Increase number of members, students and financial strength
  • Align with members' careers
  • Enhance ICAB's image within the country and internationally
  • Further enhance the reputation for professionalism and high standards of integrity.
  • Ensure compliance with requirements of IFAC (International Federation of Accountants) membership.

Aims & Objectives:


To accomplish its mission, ICAB has been endeavoring to:

  • Regulate the Accountancy Profession and matters connected therewith
  • Administer its members and students
  • Ensure professional ethics and code of conduct
  • Provide specialized and professional training in Accounting, Auditing, Taxation, Corporate Laws, Management Consultancy, Information Technology and related subjects.
  • Impart Continuing Professional Development (CPD) to members.
  • Foster acceptance and observance of International Accounting Standards/ International Financial Reporting Standards (IAS/IFRS) and International tandards on Auditing /International, Auditing Practices Standards, (ISA/IAPS) and adopt the same in Bangladesh as Bangladesh Accounting Standards/ Bangladesh Financial Reporting Standards (BAS/BFRS) and Bangladesh Standards on Auditing/ Bangladesh Auditing Practices Standards (BSA/BAPS) respectively.
  • Foster acceptance and observance of International Accounting Standards/ International Financial Reporting Standards (IAS/IFRS) and International Standards on Auditing /International Auditing Practices Standards (ISA/IAPS) and adopt the same in Bangladesh as Bangladesh Accounting Standards/ Bangladesh Financial Reporting Standards (BAS/BFRS) and Bangladesh Standards on Auditing/ Bangladesh Auditing Practices Standards (BSA/BAPS) respectively
  • Foster acceptance and observance of International Accounting Standards/ International Financial Reporting Standards (IAS/IFRS) and International Standards on Auditing /International Auditing Practices Standards (ISA/IAPS) and adopt the same in Bangladesh as Bangladesh Accounting Standards/ Bangladesh Financial Reporting Standards (BAS/BFRS) and Bangladesh Standards on Auditing/ Bangladesh Auditing Practices Standards (BSA/BAPS) respectively
  • Keep abreast of the latest developments in Accounting techniques, Audit methodology,Information technology, Management consultancy and related fields and
  • Liaise with international and regional organizations to strengthen mutual cooperation.

Governance:


The Council-ICAB is the supreme authority responsible for the administration and management of the Institute in accordance with P.O. No. 2 of 1973 and ICAB Bye-Laws 2004. The Council is composed of twenty members elected by the members of the Institute from its two regional constituencies in Bangladesh for every three years. The President and the Vice-Presidents of the Institute are elected by the Council every calendar year to manage the affairs of the Institute. The President who is the Chief Executive of the Council heads the Council. The Council is assisted by various Standing and Other (Non-Standing) Committees and Boards. For the purpose of assisting the Council and the committees/Boards in matters concerning their functions, the Council is empowered to constitute Regional Committees, the members of which are elected by the general members of the respective constituencies. Currently there are two Regional Committees in Dhaka, Chittagong and Overseas Chapters: UK Chapter Management Committee, North American Chapter and Asia-Pacific Chapter. The day to day activities of the Institute is delegated to the Secretariat, headed by the Secretary as Administrative Head.


Membership:


The total number of Members of the Institute is 1583 as of 01 July 2016 of whom 1419 are residing in Bangladesh and 164 in abroad. There are 973 Fellows and 610 Associates enrolled with the Institute. Out of 1583 members, 366 are practicing as public accountants and the rest 1217 are either serving in various key positions in public and private organizations, both at home and abroad, and self employed running their own business. However, up to December 2016, total number of members is 1610 which includes 102 female members.

Service Rendered:


While almost all the non-practicing chartered accountants serve in key positions of various government and non-government organizations, banks, autonomous & semi-autonomous bodies, listed and other types of corporate and non-corporate entities, educational institutions, etc. within the country and abroad, the practicing Chartered Accountants mainly carry out audits of financial statements of various enterprises as public accountants under the banners of various CA firms approved by the Institute.

Apart from specialization in traditional accounting and auditing services, CA Firms are also engaged in

  • Taxation services
  •  Information Technology
  • Statutory and Liquidation services
  • Management consultancy services encompassing, inter alia, the following areas
    • Valuation of business and shares
    • Designing of accounting, internal control and operational systems for organizations
  • Rendering of miscellaneous services like maintaining computerized financial accounts of companies business processes-engineering, management selection and recruitment, disinvestments of governmententerprises, etc
  • Due diligence study, feasibility study etc

International Affiliation:


ICAB is an active member of the following international and regional accounting bodies:

>  The International Federation of Accountants (IFAC)
>  The International Accounting Standards Board (IASB)
>  The Confederation of Asian and Pacific Accountants (CAPA)
>  International Financial Reporting Standards (IFRS)
>  The South Asian Federation of Accountants (SAFA)


MOU & MRA:


ICAB has Memorandum of Understanding (MoU) and the Mutual Recognition Arrangement (MRA) with the following national & international organizations:

  •  MoU with the Institute of Chartered Accountants in England & Wales (ICAEW), UK
  •  MRA with CPA Ireland
  •  MoU with IFRS
  •  MoU for Local Governance Support Project in Bangladesh
  •  MoU with Office of the Comptroller & Auditor General of Bangladesh (OCAG)

ICAB Publications:


ICAB publications include, inter alia, a quarterly Journal titled The Bangladesh Accountant' and a monthly mouthpiece 'ICAB News Bulletin'. In the Journal articles of ICAB Members and others are published. Articles on various aspects of Auditing, Accounting, Financial and Economic issues are published in the Journal whereas the latest ICAB events and related to the profession and the institute unfold in the News Bulletin. ICAB also publishes books and booklets on accounting profession and their interest.


For any enquiry about Institute matters:


Please contact:

Secretary
The Institute of Chartered Accountants of Bangladesh
Chartered Accountant Bhaban
100 Kazi Nazurl Islam Avenue
Dhaka-1215
Bangladesh
Telephone: +880 2 9115340, 9117521, 9137847 (Off.)

Fax: 880 2 8119399
E-mail: secretary@icab.org.bd
Web: www.icab.org.bd


 

Update Date : 26/01/2017

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