President’s Communication: February 2021
Dear Fellow Members
Assalamu Alaikum, Greetings to you all,Hope you are all fine. Though unfortunately, we are in a situation where the number of people infected by Covid-19 has been again in rise triggering a fresh woe, and making us re-thinking its impact on our economy. We know that our society, economy, business have already been hit hard by the COVID Pandemic. We also do know that as professional, we have the knowledge, experience and ability of understanding the successful survival plan and the knowledge to overcome challenges caused by this pandemic.
For successful survival from this situation, transformation of business is significant. The potential and possibilities of our world to change is endless, no doubt. We must embrace the change, otherwise we will be overwhelmed by it.
Endowed with an entrepreneurial mind, a social heart, and an ecological soul; I believe, Chartered Accountants are the best fit to build the agile, inclusive, and sustainable businesses of the 21st Century.
With this prelude, I would like to update you on major activities that we undertook during the Month of February 2021.
Workshop on Audit Practice Software for CA Firms in Bangladesh
ICAB organized day long workshop on “Audit Practice Software for CA Firms in Bangladesh” on 24 February 2021. I delivered address of welcome. Mr. Shubhashish Bose, CEO-ICAB introduced the “Theme of Workshop” and Ms. Maria Howlader FCA, Vice President- ICAB and Chairman of the Project demonstrated the Importance of Audit Practice Software and how CA Firms can be benefitted by overcoming the challenges of Existing paper based manual audit system.
Through zoom application, Live Demo Session on Audit Practice Software was conducted by Mr. Ken Chan, Product Specialist of CaseWare Asia Pte Ltd.
Mr. Muhammad Farooq FCA, Immediate Past President & Member Council-ICAB and Mr. Kamrul Abedin FCA, Past President & Member Council-ICAB demonstrated the methods and the opportunities to move forward from Paper Based Manual Audit System to Automated License Compliance Software.
Mr. Anwarul Karim FCA, Executive Director of FRC Bangladesh was present in the programme while Mr. Md. Abdul Kader Joaddar FCA, Vice President- ICAB made closing remarks. About 70 partners of different CA Firms participated in the workshop.
A virtual members’ conference on ‘Financial Reporting in Insurance Sector of Bangladesh’ was organized by ICAB on Monday, 08 February 2021 through Online Zoom App.
Dr. M. Mosharraf Hossain FCA, Chairman, Insurance Development and Regulatory Authority graced the occasion as the Chief Guest. I delivered address of welcome. Mr. Muhammad Farooq FCA, Member Council and Past President-ICAB introduced the Keynote Speaker and chaired the session while ICAB Chief Executive Officer (CEO) Mr. Shubhashish Bose delivered introductory speech.
Mr. M Ala Uddin Ahmad FCA, General Manager, MetLife Bangladesh; Mr. Mohammad Mohiuddin Ahmed FCA, Executive Director, Financial Report Monitoring Division, Financial Reporting Council Bangladesh, Mr. Md. Alamgir Hossain, Member (Income Tax Policy), National Board of Revenue; Mr. Nurun Nahar, Executive Director, Deposit Insurance Department, Bangladesh Bank were present as special guests. Mr. Abdul Kader Joaddar FCA, Vice President, ICAB delivered closing remarks of the conference.
Mr. Sk. Md. Tarikul Islam FCA, Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants and Mr. Ala Uddin FCA, Chief Financial Officer, American Life Insurance Company (MetLife) presented keynote papers in the conference.
ICAB Delegates Met with Deputy Governor, Bangladesh Bank
ICAB delegates held a view exchange meeting with Mr. Kazi Sayedur Rahman, Deputy Governor, Bangladesh Bank at the latter’s office on 24 February 2021. The delegation was led by me and the other members were Vice Presidents Mr. Md. Abdul Kader Joadder FCA & Ms. Maria Howlader FCA, Chief Executive Officer (CEO) Mr. Shubhasish Bose and Fellow Member Mr. Mohammad Al Maruf Khan.
We discussed the ongoing activities of the Institute and the different matters relating to CA profession.
Meeting with Planning Minister, GoB
I along with Vice President Ms. Maria Howlader FCA and Chief Executive Officer (CEO) Mr. Shubhashish Bose paid a courtesy call on Planning Minister Mr. Muhammad Abdul Mannan, MP at latter’s office on 23 February 2021. We discussed matters relating to the profession.
Meeting with Commerce Minister, GoB
ICAB delegation led by me also met Mr. Tipu Munshi, MP, Minister, Ministry of Commerce, GoB on 17 February, 2021. The other members of the delegation were Vice Presidents- Mr. Md Abdul Kader Joaddar FCA and Ms. Maria Howlader FCA, Council member Mr. Md Moniruzzaman FCA and Chief Executive Officer, ICAB Mr. Shubhashish Bose. Mr. Mohammad Mashooqur Rahman Sikder, PS (Deputy Secretary) to Commerce Minister and Mr. Md. Aminul Islam, Deputy Secretary of the same Ministry were also present in the meeting.
ICAB Delegates Met with NBR Member (Implementation & IT)
A team of ICAB led by me met Dr. Abdul Mannan Shikder, Member (Implementation & IT), National Board of Revenue (NBR) at the latter’s office on 09 February 2021. We discussed issues relating to professional interest. Other members of ICAB team were Council Members Mr. Md. Moniruzzaman FCA, Mr. Mohammed Forkan Uddin FCA, Chief Executive Officer(CEO) Mr. Shubhashish Bose and Fellow Member Mr. Snehasish Barua FCA.
International Conference by South Asian Federation of Accountants (SAFA)
I also participated as a speaker in International Conference of South Asian Federation of Accountants (SAFA) titled Digitalization of Accounting & Auditing: Challenges and Opportunities” Use of Blockchain, Robotics and Process Automation” on 5 February 2021
I stressed on the need to be updated with latest technology, digitalization and professional knowledge and apply that knowledge in development of economy and nation building.
Reception to Newly Qualified CAs
ICAB organized a reception to Newly Qualified CAs on 24 February 2021 where I along with Vice President Ms. Maria Howlader FCA, Council Members Mr. Md Shahadat Hossain FCA, Mr.Gopal Chandra Ghosh FCA, Mr.Md. Moniruzzaman, Mr.Mohammed Forkan Uddin FCA, Past Past President Mr.Muhammad Farooq FCA and Chief Executive Officer (CEO), ICAB Mr.Shubhashish Bose were present on the occasion. We shared our experiences and advised them as to how careers could be advanced.
Workshop on ‘Project Management and Strategic Leadership’
ICAB organized a workshop on ‘Project Management and Strategic Leadership’ on Friday & Saturday, 26 & 27 February 2021 at ICAB Training Room, CA Bhaban, Dhaka. I spoke at the closing session of the workshop and handed over certificates to the participants. ICAB Vice President Ms. Maria Howlader FCA, Council Members Mr. Md. Moniruzzaman FCA, Mr. Mohammed Forkan Uddin FCA, Chief Executive Officer (CEO) Mr. Shubhashish Bose and Chief Operating Officer (COO) Mr. Mahbub Ahmed Siddique FCA, among others were present in the closing session of the workshop.
Resource person of the workshop was Mr. Md. Lutfur Rahman, Project Manager (Sr. Asst. Secretary), Export Competitiveness for jobs (EC4J) Project. About 40 members of this Institute took part in the workshop.
Finally, I would like to pay profound respect for those who sacrificed their lives for the dignity of our Mother language in this month of February and international community rightly have acknowledged 21 February being ‘International Mother Language Day' for the world. We owe so much to them!
No more today
Prayer for everyone to have safe days ahead
With warm regards
Mahmudul Hasan Khusru FCA
Update Date : 28/03/2021
President’s Communication: January 2021
Dear Fellow Members
Assalamu Alaikum, Greetings to you all, At the very outset, I express my gratefulness to Almighty Allah for bestowing me with the noble responsibility to serve this prestigious Institute as President for 2021. My sincere thanks to the Members of the Council for their confidence and electing me as the president of the institute. I believe everything that we enjoy is a result of someone's hard work. Some work is visible and other work goes unseen, but both are equally important. We would like to remember all of our predecessors who led the institute to this stage. With utmost solemnity, I recall the hard work and sacrifices of our predecessors to bring the institute as what we are today.
Dear members, we have been witnessing robust digital transformation; COVID has just expedited the process. It is really time for us to quickly adopt and be relevant to this changing world.
Now on a different note, as you are aware, the different standing and non-standing committees of the Council 2021 have already been approved. However, there are scopes to coopt members as the Committee and Boards think necessary. I hope, the chairmen and the members of these committees will spare their valuable times for the cause of the profession and the Institute.
Having this short prelude, now I would like to update you on some major activities and the initiatives undertaken during the Month of January 2021.
"Implementation status of IFRS in Banking Sector in Bangladesh" was our first members’ conference held at virtual platform on 16 January 2021. Mr. Kazi Sayedur Rahman, Deputy Governor, Bangladesh Bank attended the conference as the Chief Guest while Mr. Mohammad Shams-Ul Islam, Managing Director & CEO, Agrani Bank Ltd. and Mr. Syed Mahbubur Rahman, Managing Director & CEO, Mutual Trust Bank Limited graced as Special Guests. Mr. Mohammad Al Maruf Khan FCA, Partner, Howladar Yunus & Co., Chartered Accountants, presided over the Members’ Conference as the Session Chairman, while, address of welcome was delivered by me.
I thank Mr. Md. Abdul Kader Joaddar FCA, Vice President (Education & Examinations) of ICAB and Managing Director & Chief Financial Officer of Standard Chartered Bank, Bangladesh for presenting the keynote paper of the Conference in a befitting manner. In the conference, experts opined for strong collaboration among the regulators in banking sector and stressed the need to adjust the requirements between International Financial Reporting Standards (IFRS) and Local Laws and Regulations so that these help bridging the gaps in the preparation of the Financial Statements of Banks and NBFIs.
A group of distinguished personalities joined the conference and shared their views on the keynote papers of the Conference. They are Mr. M Anwarul Karim FCA, CPA (USA), CFE, Executive Director, Standard Setting Division, Financial Reporting Council of Bangladesh; Mr. Mohammad Mohiuddin Ahmed FCA, ACA (England and Wales), Executive Director, Financial Report Monitoring Division, Financial Reporting Council of Bangladesh; and Mr. Ashraf-Uz-Zaman Ali FCA, Director, Audit & Advisory Services, Rahman Rahman Huq, Chartered Accountants. I express my gratitude to all of them.
Visit of Commerce Secretary to CA Bhaban; we were extremely happy to receive Dr. Md. Jafar Uddin, Secretary, Ministry of Commerce, GoB who visited ICAB on 26 January 2021 and spoke on various initiatives of the government to strengthen the capacity of the Institute. Ms. Sharifa Khan, Additional Secretary, Ms. Maleka Khairunnesa, Additional Secretary, Mr. Abul Kalam Azad, Deputy Secretary, Mr. Mohammad Mashooqur Rahman Sikder, Deputy Secretary (PS to the commerce minister), and Mr. Pronob Kumar Ghosh, Sr. Assistant Secretary (PS to commerce secretary) of the ministry accompanied the secretary. Secretary Dr Jafar Uddin was quite upbeat about the vibrant role of the chartered accountants in trade and commerce with special emphasis on the contribution in the economy.
I along with Vice President Mr. Sidhartha Barua FCA, Mr. Md Abdul Kader Joaddar FCA and Ms. Maria Howlader FCA, Chief Executive Officer Shubhashish Bose and some of our council colleagues warmly greeted Dr, Zafar Uddin, Secretary, Ministry of Commerce at ICAB premises. We exchanged views on different professional matters. In the opening remarks, I placed a number of proposal to strengthen the capacity of ICAB so that we could contribute more to the economy and be aligned to the government’s mission and vision. The secretary assured us of his highest cooperation in this regard.
ICAB Delegates Met with NBR Chairman; A team of ICAB led by me paid a courtesy call on Mr. Abu Hena Md. Rahmatul Muneem, Chairman, National Board of Revenue (NBR), GoB at his office on 06 January 2021. The members of the team were ICAB Vice President Mr. Md. Abdul Kader Joaddar FCA and Chief Executive Officer (CEO) Mr. Shubhashish Bose. We discussed professional issues related to audit automation, the role of ICAB for transparency and accountability in tax administration and aspect connected to revenue increase.
ICAB Delegates Met with FRC Chairman; I along with ICAB Vice President Md. Abdul Kader Joaddar FCA, Maria Howlader FCA, Council Member & Past President Muhammad Farooq FCA and Chief Executive Officer (CEO) Shubhashish Bose, paid a courtesy call on Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council (FRC), GoB at his office on 10 January 2021. During the meeting FRC Executive Directors Mr. M Anwarul Karim FCA, Mr. Mohammad Mohiuddin Ahmed FCA, Mr. Md. Sayeed Ahmed FCA and Dr. Ahamuduzzaman were present. We discussed professional issues related to audit practice & the role of ICAB. FRC Chairman lauded ICAB’s recent initiatives to develop the audit practice environment of the country and he assured his all-out supports and cooperation in the noble initiatives.
ICAB Delegates Met BIDA Executive Chairman; Under my leadership, a team of ICAB comprising Vice President Maria Howlader FCA and Chief Executive Officer (CEO) Shubhashish Bose paid a courtesy call on Mr. Md. Sirazul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA), GoB at his office on 13 January 2021. During the meeting BIDA Director Mr. Md. Ariful Hoque was also present. The meeting discussion was focused on professional issues related to FDI, environment of audit advisory services and aspect connected to the development of economy of the country.
SAFA Board Meeting held; Virtual 66th Board meeting of South Asian Federation of Accountants (SAFA) was held on 18 January 2021. I along with Mr. Mohammed Humayun Kabir FCA, Member Council & Past President ICAB and Technical Advisor SAFA actively participated & contributed in the SAFA Board meeting. Ms. Maria Howlader FCA, Vice President ICAB and Chairperson of SAFA Women Leadership Committee and Sabbir Ahmed FCA, Member Council-ICAB and Chairman of SAFA Committee on Professional Ethics & Independence presented their Action Plan 2021 at the SAFA Board meeting. Board Members of India, Pakistan, Sri Lanka, Nepal and Maldives participated in this Board meeting.
Virtual 93rd Assembly meeting of SAFA was held immediately after ending SAFA Board meeting in the same day. Presidents of SAFA member bodies participate in the Assembly meeting.
I congratulate Ms. Maria Howlader for being nominated as the Chairperson of Women Leadership Committee of South Asian Federation of Accountants (SAFA) for the year 2021-22.
Congratulations to Newly Qualified CAs !!
The Professional Examinations of November- December 2020 session-ICAB has witnessed a good number of students qualifying in their final examination. A total of 35 students passed in the Final Examinations and became eligible for the membership of ICAB as our associate members. I congratulate the Newly Qualified CAs and wish them success in their future career.
No more today. Before I wrap up, I would like to re-iterate that our efforts would be aimed to attract brilliant students to our profession in more numbers, ensure more connectivity with business, government and regulators and in turn create the value to our members and focus on digitalization.
Wishing you all the very best and continued progress and prosperity.
With Warm Regards
Mahmudul Hasan Khusru FCA
Update Date : 16/02/2021