President's Communication July-2021

President’s Communication: July 2021

Dear Fellow Members and Colleagues

Assalamu Alaikum and  Greetings to you all,

At the very outset, please accept my heartfelt gratitude for being with me in all the activities of our beloved institute, as we passed 1st half of the year and stepped into the next half. I pray to Almighty Allah for everyone’s good health and mental well beings. Despite various challenges, we kept pursuing our desired goals to take the institute to a further height.

 

With that let me now update you with the activities of the Institute during July 2021

 

We organized members’ conference on ‘‘LDC graduation: Challenges and Opportunities’’ a timely topic of our national interest, on 26 July 2021. Speakers present at the virtual conference laid emphasis on a number of measures to reap benefit like the establishment of more fashion design institutes; raising competitiveness by increasing productivity while reducing cost of production; improving business climate; upgrading hard and soft business infrastructure; encouraging linkage industries and establishment of special economic zones including active pharmaceutical ingredient (API) park for the smooth and sustainable graduation of Bangladesh from LDC status by 2026.

 

Planning Minister M. A. Mannan MP graced the webinar as the chief guest while Sharifa Khan, Member (Secretary), Industry and Energy Division, Planning Commission, GoB was present as special guest. Welcome address was delivered by me, while ICAB Member Council and Past President Md. Humayun Kabir FCA presided over the webinar as the session chairman.  Shubhashish Bose, CEO-ICAB and former senior secretary, GoB presented the keynote paper.

 

Mostafa Abid Khan, Member, Bangladesh Tariff Commission (BTC), Ali Hussain Akber Ali FCA, Chairman, BSRM; Syed Nasim Manzur, Managing Director, Apex Group; and  Monzur Ahmed, Adviser, FBCCI were panel speakers of the webinar.

 

We held a virtual members’ conference about ‘Dynamics of Audit Quality in Bangladesh’ on 3 July 2021 Prof. Dr. Md. Salim Uddin FCA, Council Member of ICAB and Professor, Department of Accounting, University of Chattogram presented an exhaustive keynote paper. Speakers observed that following the high-profile corporate scandals, and the recent financial crisis, audit quality has become one of the top-priority issues for regulators, standard setters, researchers and practitioners.  Dewan Nurul Islam FCA, Chairman of the Investigation and Disciplinary Committee (IDC) and Past President-ICAB conducted the conference as the Session Chairman.  As panel speakers Muhammad Farooq FCA, Member Council and Immediate Past President ICAB; And Md. Abdul Kader Joaddar FCA, Vice President-ICAB took part in the conference. 

 

Address of Welcome was delivered by me. I pointed out that there is no way for Auditors to compromise the quality.  ICAB has strengthened its monitoring activities which include deploying dedicated employees, developing and updating frameworks, checklist and automation besides introducing integrated audit software. To eliminate malpractice ICAB developed an automated document verification system (DVS) to authenticate audited financial statements and find out unscrupulous business entities that used doctored reports to evade corporate tax. This effort of ICAB will remain on as it is a continuing process.

 

Online Training on ‘IFRS 15: Revenue from Contracts with Customers’ was held on 10 July 2021. Accountants in finance and reporting teams, external and internal auditors, financial and credit analysts and Accounting regulators and enforcement bodies were the participants of the training. The focus areas of the training were core principals of IFRS 15; the five-step model: contract criteria, performance obligations, transaction price determination, transaction price allocation, and revenue recognition; contract costs; disclosures; and this course also includes interactive learning elements and real-life application through case studies. Resource Person of the programme was Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants.

 

We organised an online certificate course on Finance for Non-Finance Professionals with a view to enhancing the competence of non-finance professionals which commenced on 27 July 2021. Managers, supervisors and staffs from different organizations participated in the programme. The resource person was Masud Khan, Chairman of Unilever Consumer Care Ltd. The course addressed relevant areas of accounting and the accounting cycle, identify the major rules and principles of accounting under the International Financial Reporting Standards (IFRS), demonstrate knowledge of the basic accounting equation, double-entry bookkeeping, and the new automated accounting systems, listed the key financial statements (balance sheet, income statement, changes in shareholders’ equity and cash flow statement) and their components and practice financial statements adjustments at month and year-end.

 

We also held an interactive Online training session on “Online Microsoft Power BI Course” which commenced on 28 July 2021. Professionals in business, finance & accounts, IT, sales & marketing and compliance, Regulators, Internal Auditors & External Auditors participated in the programme. Md. Mahbub Sarker, ACA, Budgetary Control & Reporting Lead, Expo Group, Bangladesh, an expert of BI tools and a certified Power BI trainer was the resource person of the training session. Microsoft Power Business Intelligence (BI) is one of the most widely used business intelligence and data analytics platforms in the world. This is unique because it enables users to do data mining, data discovery and dashboards with the same design tool.

 

ICAB organised a Virtual Webinar on ‘The economic, social and political impact of artificial intelligence’ on 17 July 2021. Speakers present observed that artificial intelligence might cause the staggering of wealth and increased the inequalities among the people which also needs to be addressed. To address the probable threats of AI, the paper presenter recommended measures like formulation of National AI Strategy, include AI in national curriculum, redefine personal freedoms and civil liberties, nationalize vital state assets, control capital markets, etc. N M Zeaul Alam PAA, Senior Secretary, Information and Communication Technology Division, GoB was present as the Chief Guest.  I delivered address of welcome while Kamrul Abedin FCA, Member Council and Past President-ICAB presided as the Session Chairman. Akhter Matin Chaudhury FCA, Former Chairman & Managing Director of Nuvista Pharma Limited presented the keynote paper at the Webinar. ICAB Vice President Maria Howlader FCA made the closing remarks. I thanked all of them for holding such an excellent session.

 

ICAB launched BPA award process automation on 28 July 2021. Technology has great influence on working environment specially during this pandemic time when remote working has become order of the day. The benefits of ICT based automation are very clear; it reduces the over burden of tasks, free up time to work on that adds genuine value to the work process, allows more innovation in the work process. Information Minister, Muhammad Hasan Mahmud, MP, inaugurated the ceremony as the Chief Guest. Address of Welcome was delivered by me, while Md. Moniruzzaman FCA, Council Member and Chairman Review Committee for Published Accounts & Reports (RCPAR) chaired the programme as session chairman. CEO-ICAB Shubhashish Bose made introductory remarks and ICAB Vice President Maria Howlader FCA delivered closing remarks.

 

Information Minister Muhammad Hasan Mahmud said, accountancy profession is valued around the world for their expertise in financial management and government revenue generation and building confidence for investment. I informed the audience that ICAB has already introduced a web-based ‘Document Verification System (DVS)’ which would enhance transparency of financial information of organisations. Both the initiatives will establish good corporate practice in organisations and create financial reporting eco-system in the country.

 

Before I conclude, I express my deep sorrow having lost two of our honourable members Mr. Jnanankur Roy Chowdhury FCA (Enrl. No. 170), Proprietor, J R Chowdhury & Co., Chartered Accountants who passed away on 6 July 2021 at London and Mr. Kazi Ehsanul Huq FCA (Enrl. No. 581) who passed away due to COVID-19 on 30 July 2021 at Senior Citizen Hospital, Baridhara, Dhaka. On behalf of the Institute, I express deep condolence to the bereaved families and pray for the eternal peace of departed souls.

 

No more today

 

May the Almighty help us sail through this challenging time. 

 

With profound regards

Mahmudul Hasan Khusru FCA

President

Update Date : 31/08/2021

President’s Communication: June 2021

Dear Fellow Members and Colleagues

Assalamu Alaikum and  Greetings to you all,

At the very outset, I pray to Almighty Allah for everyone’s good health and mental well beings. Despite the constraints caused by COVID -19, the month of June was one of the successful months as we succeeded in materialising a number of significant events during that time.

With that let me now update you with the activities of the Institute during June 2021.

ICAB organized a Global Webinar on ‘Future ready SMEs and SMPs: Vital for Sustainable Economy’ on 27 June 2021 to mark International SMEs/SMPs day 2021. Speakers observed that the SME’s Contribution to GDP is Very Low in Comparison to Other Emerging Economies and stressed the needs of SMPs' Support for the Revival of the Sector.

Mr. Tipu Munshi, MP, Honorable Minister, Ministry of Commerce, GoB kindly grace the webinar as the Chief Guest. Ms. Maria Howlader FCA, Vice President of ICAB and Christopher Arnold, Head of SME/SMP and Research, International Federation of Accountants (IFAC) jointly presented the keynote paper.  Address of welcome was delivered by me. ICAB CEO Shubhashish Bose delivered opening remarks while Vice President Md. Abdul Kader Joaddar FCA made closing remarks. AKM Aftabul Islam FCA, Principal Partner, Islam Aftab Kamrul & Co, Chartered Accountants moderated the session as session chairman,

A group of distinguished panel speakers namely Dr. Md. Masudur Rahman, Chairman, Small & Medium Enterprise Foundation;  Anwar-ul Alam Chowdhury, President, Bangladesh Chamber of Industries (BCI); and Tina Jabeen, Managing Director & CEO, Startup Bangladesh Limited joined the programme and shared their views.

Auditing Software Launched; ICAB  organised  a virtual inauguration programme of Audit Practice Software in Bangladesh under a project "Implementation and Dissemination of Audit Practice Software for CA Firms in Bangladesh" where Mustafa Jabbar, Honorable Minister, Posts & Telecommunications Division, GoB graced the occasion as the Chief Guest. Address of welcome was delivered by me and Maria Howlader, Vice President- ICAB and Chairman of the Project on " Implementation and dissemination of Audit Practice Software for CA Firms in Bangladesh." presented about the details on the introduction of audit software and its importance while ICAB CEO Shubhashish FCA spoke on the theme. Through zoom application live session on audit practice software: CaseWare Working Paper was conducted by Ken Chan, Product Specialist of CaseWare Asia Pte Ltd.

Undoubtedly, Digitalizing Audit Practice will ensure the quality and transparency of audit and earned confidence of clients. This is truly a remarkable event for us as the regime of paperless audit begins.

Muhammad Farooq, Immediate Past President-ICAB, Vice President Md. Abdul Kader Joaddar FCA among others also attended the inaugural programme. I express my heartfelt thanks to those who all have put their efforts to make this happen.

ICAB organized the webinar on ‘Ease of doing business: perspective of Companies Act’ on 24 June 2021 where Tapan Kanti Ghosh, Secretary, Ministry of Commerce, GoB was present as the Chief Guest. As Panel Speakers AHM Ahsan, Registrar (In charge), Office of the Registrar of Joint Stock Companies & Firms (RJSC&F), Jibon Krishna Saha Roy, Director, Bangladesh Investment Development Authority(BIDA), Barrister Nihad Kabir, President, MCCI, Dr. M. Masrur Reaz, Chairman of Policy Exchange of Bangladesh  and Mohammad Enamul Huque, Managing Director & Head of Corporate, Commercial and Institutional Banking, Standard Chartered Bank, attended the programme. Md. Humayun Kabir FCA, Council Member and Past President, ICAB moderated the programme. Experts pointed out to a number of provisions of companies act which still needs to sort out for improving ease of doing business for our country.

Snehasish  Barua  FCA,  Partner,  Snehasish Mahmud & Co., Chartered Accountants and Mr. Tanjib-ul Alam, Barrister-at-Law (Lincoln’s Inn), Advocate, Appellate Division, Supreme Court of Bangladesh jointly presented the keynote paper. ICAB CEO Shubhashish Bose made introductory remarks and ICAB Vice President Sidhartha Barua FCA  delivered closing remarks in the Webinar. I thanked them all for their endeavor to make it a successful webinar.

Inauguration of ICAB Digital Library; I pay a debt of gratitude to Chief Guest Mohibul Hassan Chowdhoury, MP, Deputy Minister, Ministry of Education, GoB who attended the inaugural programme of ‘Digital Library and Automation of Library Management System’ organized by ICAB on 09 June 2021 digitally.

I delivered address of welcome. Abdul kader Joaddar FCA, Vice President -ICAB delivered a brief note on the automation activities of ICAB. ICAB Chief Executive Officer Shubhashish Bose delivered introductory remarks while Vice President Sidhartha Barua FCA delivered the closing remarks.

ICAB installed Integrated Library Management software ‘koha’ to automate the typical procedure of the Library such as acquisition, cataloguing, circulation, serial control and reporting and also Online Public Access Catalogue (OPAC) for users. Additionally, ICAB launched Library Website to make available all the information created by Drupal, a website maintenance and content creation Software.

Press Conference on National Budget 2021; as part of our noble responsibility to disseminate our expert opinion, this year also we held a Press Conference on National Budget 2021 on 5 June 2021 through Zoom platform. I delivered address of welcome; Md. Shahadat Hossain FCA, Council Member-ICAB and Snehasish Barua FCA jointly delivered the conference paper while Md. Humayun Kabir FCA moderated the programme. A good number of observations came up at the press conference and was covered by electronic and printing media with due importance. The salient features of the Press Conference are covered in this News bulletin

MoU signed between ICAB and CA ANZ; this was indeed a historical event that the Institute of Chartered Accountants of Bangladesh (ICAB) and Chartered Accountants Australia & New Zealand (CA ANZ) have signed a Memorandum of Understanding (MoU) on 16 June 2021. The ceremony was held virtually. Under this MoU both the Institutes will recognize their members based on pathway program. The MoU was signed by me and CA ANZ CEO Ainslie van Onselen from respective sides.

This MoU stipulated that ICAB members living in Australia or New Zealand having five years post qualification experience at anywhere will be eligible to be member of CA CANZ after successful completion of CA ANZ International Pathway Program (IPP).

The words of President-CAANZ Dr. Nivos Botica Rodmayno “CA professionals are difference makers” was truly inspiring and we echo with her that we shall be able to make a difference in terms of education, sharing learning and members’ benefits in future.

ICAB Vice President Md. Abdul Kader Joaddar FCA, Council Member & Past President Nasir Uddin Ahmed FCA, Council Member Sabbir Ahmed FCA, CEO Shubhashish Bose, CA ANZ CEO Ainslie van Onselen and Manager International Liaison, International Development Navini Peiris CA, ICAB Asia Pacific Chapter Chairman Hamiduddin Ahmed FCA and Secretary Abu Haider Mohammed Kibria FCA spoke in the occasion.

Mentioned that CA ANZ operates in six jurisdictions namely Australia, New Zealand, Hong Kong, Singapore, Malaysia and the United Kingdom and has more than 128,000 members globally.

We have introduced a unique programme titled Chartered Accountancy-A Career Choice. Under Season-1, Episode -1, on 3 June 2021, virtually we held the programme where Uuniversity teachers, students and members of ICAB participated. They exchanged views on the CA profession and why it should matter to the students.

Amirus Salat , Associate Professor, AIS, University of Dhaka and Rabita Sabah, Assistant Professor, AIS, Jaggannath University participated in the program and shared their views.  

In this episode, the guest participant was Md. Mustaq Ahmed FCA, Senior Manager, Banglalink Digital Communication Ltd. Students from Dhaka University Business Faculty, North South University and Bangladesh University of Professionals also took part in the discussion. Md Nazib Ullah ACA moderated the session

Chartered Accountancy-A Career Choice - Season-1, Episode -2, was also held on 17 June 2021 and the guest participants were Abdullah Al Mamun FCA, Sujan Kumar Saha FCA and Md. Maruf Hasan ACA. Md Nazib Ullah ACA moderated the session. Address of welcome was delivered by me while Vice President Md. Abdul Kader Joaddar FCA gave closing remarks.

A number of training programme was also delivered on line through virtual platform

We organised Online Certificate Course on ‘Information Systems Audit (IS Audit-5th batch)’ for the professionals in business, IT, finance, Banking Sectors, accounts and compliance, Regulators, Internal Auditors & External Auditors  and Individuals intending to become Information Systems Auditor and Assurer. The program started since 5 June 2021 for 3 Months.

We also organized a comprehensive online certificate course on Audit Methodology based on International Standards on Auditing (ISA) with a view to enhancing the competence of professionals in auditing. The training started from 20 June 2021 for consecutive 5 weeks.

ICAB Practicing Members of ICAB, Students of professional accounting and finance and Internal auditors and members of those charged with governance of an organization participated in the training.

We organised Training on ‘Minimum audit documentation for each audit client’  virtually for practicing members of ICAB and authorized representatives from CA firms. The training program started from 21 June 2021 and closed on 1 July 2021.  This training focused on how to prepare and keep minimum audit documents for audit engagements. More specifically, the training prescribed the minimum documents  in  Audit Permanent File, development of Audit Plan, etc.

We thank all the resource persons and all those who successfully conducted the training programme despite constraints.

A number of Meetings further added the month of June an eventful one.

Meeting with NBR Chairman; A delegation of ICAB led by me met Abu Hena Md Rahmatul Muneem, Chairman National Board of Revenue (NBR) and Senior Secretary of Internal Resource Division of Ministry of Finance, GoB on 17 June 2021 at NBR Boardroom.

Other members of the delegation were ICAB Vice President  Maria Howlader FCA, Council Member  Md. Moniruzzaman FCA,  Mohammed Forkan Uddin FCA and CEO Shubhashish Bose. NBR Member (Tax Policy)  Md. Alamgir Hossain and Director of Central Intelligence Cell (CIC)  Shabbir Ahmed were also present. We discussed a number mutually beneficial issues.

Meeting with CAG Bangladesh; A delegation of ICAB led by me met Comptroller and Auditor General (CAG)  Mohammad Muslim Chowdhury on 17 June, 2021 at the Audit Bhaban.

Other members of the delegation were ICAB Vice President  Maria Howlader FCA, Immediate Past President Muhammad Farooq FCA, Council Member Md. Moniruzzaman FCA and CEO Shubhashish Bose. Deputy Comptroller and Auditor General (Accounts and Reports) Md. Rafiqul Islam was also present. We also discussed a number mutually beneficial issues.

ICAB Team paid a courtesy call on newly appointed Commerce Secretary, GoB;

A delegation of ICAB led by me paid a courtesy call on Tapan Kanti Ghosh on his taking over as the Secretary of the Ministry of Commerce, GoB. The meeting was held on 7 June, 2021 at the Secretary's office.

Other members of the delegation were ICAB Vice President  Maria Howlader FCA, Council Member  Md. Moniruzzaman FCA and CEO Shubhashish Bose. During the meeting, we congratulated Tapan Kanti Ghosh on assuming the charge of Commerce Secretary and sought his cooperation in the activities of the institute. The Secretary assured of his full cooperation from the ministry to the Institute in coming days.

To conclude, our heart goes out to the bereaved families who have lost their dear ones in this month. We all pray for the salvation of the departed souls.

 

No more today

May the Almighty help us sail through this challenging time.

Mahmudul Hasan Khusru FCA

President

Update Date : 30/07/2021

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