President’s Communication : January 2020
Dear Fellow Members
Assalamu Alaikum, Greetings to you all,
At the beginning, I express my gratefulness to Almighty Allah for bestowing me with the responsibility to serve this prestigious Institute as President for 2020. My sincere thanks to the Members of the Council for their confidence and electing me as the president of the institute. Additionally, I would like to thank all the Members of this fraternity for electing me to the Council for consecutive three terms since 2013. I also recall the hard work and sacrifices of our predecessors to bring the institute as what we are today.
Dear members, we have both challenges and opportunities. We shall have to work unitedly to face any eventualities. We seek your cooperation to turn challenges into opportunities.
As you are aware, the different standing and non-standing committees of the Council 2020 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 development of the profession.
Now on a different note, it is with great pride that we congratulated Mr. AHM Mustafa Kamal FCA, Finance Minister, Government of Bangladesh for being the World’s Best Finance Minister and crowned with the Finance Minister of the Year for Asia Pacific and Global Award-2020. We are proud of Mr. Kamal who is a distinguished member of ICAB.
Now, let me highlight our activities for the first month of the year.
After the take over as President, I along with other office bearers including Secretary & CEO paid a number of courtesy calls on concerned ministers, secretaries, chiefs of regulatory bodies with a view to share the importance and significance of our profession in the development of business, economy and nation at large. We also conveyed our initiatives and efforts for the ongoing development of the institute and the profession and sought their cooperation.
On 06 January, a team of ICAB led by me paid a courtesy call on Mr. CQK Mustaq Ahmed, Chairman-Financial Reporting Council (FRC) at his office and discussed different professional issues specially on how the regulators can work together. A range of issues like the role of CAs in maintaining audit quality and strengthening the ICAB’s monitoring system to CA Firms, active involvement of ICAB in standard settings including ICAB's contribution in the process of review, adoption, training and dissemination of this standard over the years, were discussed. The members of ICAB team were Vice Presidents Mr. Sidhartha Barua FCA, Mr. Sabbir Ahmed and Mr. Mohammed Forkan Uddin FCA and Council Member Mr. Md. Shahadat Hossain FCA. ICAB expressed its wholehearted intention to cooperate and work jointly with FRC for the development of business and profession in coming days.
On January 29, to seek the knowledge and experiences from the past and to bridge the future, ICAB held its Advisory Committee meeting at CA Bhaban. ICAB office bearers and Past Presidents of the Institute participated in the meeting. The meeting was chaired by Mr. ABM Aziz Uddin FCA, Past President-ICAB. The meeting discussed the issues like quality audit, implementation of ICAB audit fees schedule, strengthening financial strength of the Institute, re-evaluation of examination system without quality being compromised, student’s enrolment, etc. I must thank our Past Presidents for their time and provide valuable guidance.
On January 25, ICAB organized certificate course on IFRS to enhance the competence of professionals serving in key positions of financial sector in Bangladesh. The training is designed to acquire in-depth knowledge on the preparation of financial statements in compliances with IFRS and the specific cases of IFRS applications. Professionals from all areas of financial institutions, Regulators & Auditors, High & Middle Level Professionals, Consultants dealing with Compliances and Reporting were the participants of course.
On January 23, I along with council member Mr. Md. Shahadat Hossain FCA participated in stakeholders’ meeting regarding the amendment of Companies Act particularly in relation to forms & procedure of one person company with a view to ease of doing business. The meeting was chaired by Mr. Md. Anisul Haque, MP, hon’ble Minister, Law, Justice and Parliamentary Affairs, Government of Bangladesh. Among others present in the meeting were Finance Minister Mr. AHM Mustafa Kamal FCA, Private Sector Industry and Investment Adviser to the Prime Minister, Mr. Salman F Rahman and Ex Commerce Minister Mr. Tofail Ahmed, MP. We placed our proposals to make the law more relevant and business friendly.
On January 16, We made a courtesy call on Mr. Md. Sirazul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) at his office where we discussed various professional issues and shared opinions about the role of Chartered Accountants in the development of various sectors of economy and focusing the protection of interest of the people of the land against the aggressive intrusion of foreign nationals in recent years. ICAB Vice President Mr. Sabbir Ahmed FCA and Secretary & CEO Maj Gen Muhammad Imrul Quayes, ndc, psc (retd) accompanied me during the meeting.
On January 15, a delegation from the Association of Chartered Certified Accountants (ACCA) Bangladesh led by Mr. Zarif Ludin, Head of Market Partnership, made a courtesy call on ICAB. We discussed the areas of mutual cooperation, the scopes and opportunities between the institutes and its members. ICAB Vice Presidents Mr. Sabbir Ahmed FCA and Mr. Mohammed Forkan Uddin FCA, Secretary & CEO Maj Gen Muhammad Imrul Quayes, ndc, psc (retd) and Director (Technical) Mr. Mahbub Ahmed Siddique FCA were present in the discussion.
On January 15, we paid a courtesy call on Mr. Md. Shafiqur Rahman Patwari, Chairman, Insurance Development & Regulatory Authority (IDRA) at his office to appraise the development of the institute and discussed professional issues including quality financial reporting in compliance with financial reporting standards as mandated for the insurance sector. ICAB offered its full cooperation in this regard.
On January 14, a delegation led by me paid a courtesy call on Mr. Mohammad Muslim Chowdhury, Comptroller and Auditor General of Bangladesh at latter’s office. We discussed concerned professional issues. Mr. Chowdhury expressed his willingness to work jointly with ICAB for the development of the country’s overall audit profession. ICAB Vice Presidents Mr. Sabbir Ahmed FCA, Mr. Mohammed Forkan Uddin FCA and Secretary & CEO Maj Gen Muhammad Imrul Quayes, ndc, psc (retd) were present in the meeting. The meetings focused on the scope of involvement of CAs in the quality audit reporting of state owned entities.
On January 07; I along with the current and immediate past office bearers held a meeting with the employees of the Institute to discuss challenges and way forward for the institute. We have been able to know some important areas where we need to put emphasis for the development of the institute.
Dear members, you would be happy to learn that as part of the Action Plan for 2020, we have agreed in a lively discussion of the first Committee meeting for Project Development & Capacity Building to prioritize the project to be undertaken in the following order:
- Strengthening Institutional Capacity of ICAB
- Establishment of a Specialized University- Chartered University
- Establishing a Second-tier Professional Qualification
- Strengthening the Capacity of Small and Medium Practices including the development of Audit Practice Software.
- Creation of Scholarship Fund
We need everyone’s participation to execute the project work.
Meetings of Council and Standing & Non-standing Committees
The following meetings of the Council, Standing and Non-Standing Committees of ICAB were held during the month of January 2020.
- 1st Council Meeting was held on 11 January 2020 at 2:00 pm.
- 1st Meeting of the Examination Committee was held on 15 January 2020 at 6:00 pm.
- 1st Meeting of the Executive Committee (EC) was held on 22 January 2020 at 5:30 pm.
- 1st Meeting of the Project Development & Capacity Building (CPDCB) was held on 26 January 2020 at 5:30 pm.
- 1st Meeting of the Professional Development Committee (PDC) was held on 28 January 2020 at 6:00 pm.
- 1st Meeting of the Advisory Committee Meeting was held on 29 January 2020 at 6:00 pm.
Wishing you all the best
With Warm Regards
Muhammad Farooq FCA