President’s Communication : August 2020
Dear Fellow Members and colleagues
It is still puzzling that, despite some countries' initial successes in curbing the pandemic, the virus is now spreading like never before. Virologists were already predicting a second wave of coronavirus infections months ago. The more people break the rules of conduct and restrictions introduced to curb the pandemic, the greater the risk of such a second wave. Now, it seems to be rolling in. People's desire to travel is on the rise. Too many people are congregating in too small spaces. The risk of infection is rising, worldwide. We are no exception. The country was passing through the first wave of COVID-19 infections and it was unknown how long the first wave would continue.
When fear and uncertainty is the order of the day, we are trying to perform our core activities as much as possible. Challenges and difficult times do provide learning lessons crucial for success. I believe, targets will be achieved if we remain resolved to our goals.
Dear members of fraternity, you are the mentors of financial mitigation in business and economy. I believe pandemic could not stop us from rendering our services to the businesses truly needed in this critical juncture of global economic slowdown.
Dear members, in the month of August 2020, keeping pace with the new normal, ICAB held a good number of events in virtual platform.
Let me now highlight important activities of the Month of August 2020:
I am delighted that we successfully organized the virtual members’ conference on ‘Bond Market Development in Bangladesh’ on 26 August 2020. Professor Shibli Rubayat-Ul-Islam, Chairman, Bangladesh Securities and Exchange Commission (BSEC) graced the occasion as the Chief Guest. Two commissioners of BSEC, Dr. Shaikh Shamsuddin Ahmed, and Professor Dr. Md. Mizanur Rahman attended the conference as special guests. Address of welcome was delivered by me, and Mr. Adeeb Hossain Khan FCA, Member Council and Past President ICAB moderated the session. I believe the knowledge emanated from this discussion would benefit the members of the Institute.
I take pleasure to let you know that ICAB organised a very timely virtual members’ conference on ‘Financial Reporting Act 2015 – Roles and Responsibilities of Professional Accountants’ on 23 August 2020. Mr. C.Q.K. Mustaq Ahmed, Former Chairman, Financial Reporting Council of Bangladesh graced the conference as the Chief Guest. Besides making address of welcome by me, opening remarks was made by Mr. Sabbir Ahmed FCA, Vice President and Chairman Technical and Research Committee (TRC). Mr. Mahbub Ahmed Siddique FCA, Director Technical, ICAB presented the keynote paper. Executive Director, Audit Practice Review of FRC Mr. Md. Sayeed Ahmed, Executive Director, Financial Report Monitoring Mr. Mohammad Mohiuddin Ahmed FCA, and Executive Director, Standard Setting, Mr. M Anwarul Karim FCA spoke on the occasion and shared their experiences. Mr. Muhammed Farhad Hussain FCA wrapped up the session.
It is remarkable that SAFA Foundation Day Webinar was held on 22 August 2020 where a panel discussion on COVID 19 Pandemic: Changing Dynamics of the Accountancy Profession was held. This webinar was the kind of engagement the profession needed. The impressive lineup of speakers from around the region participated in the discussion as panelists, besides me, who were Mr. Md. Jasim Uddin Akond, President, ICMA Bangladesh, CA. Atul Kumar Gupta, President, ICA India, CMA Balwinder Singh, President, ICAI, CA. Madan Krishna Sharma, President, ICA Nepal, Mr. Khalilullah Shaikh, President, ICA Pakistan, Mr. Zia Ul Mustafa Awan, President, SAFA and President, ICMA Pakistan, Mr. Manil Jayesinghe, President, CA Sri Lanka and Prof. Lakshman R Watawala, President, CMA Sri Lanka. This was indeed, an enriching session for all of the participants. I briefly spoke on a segment of the discussion on Companies’ adaptation to survive through COVID19 and the business agility for the long-term, post COVID-19.
A team of ICAB led by me paid a courtesy call on Dr. Md. Jafar Uddin, Secretary, Ministry of Commerce (MoC), GoB at Bangladesh Secretariat on 12 August 2020. The other members of the team were ICAB Vice President Mr. Mohammed Forkan Uddin FCA, Council Member Mr. Md. Shahadat Hossain FCA and Secretary, ICAB. The Secretary, MoC assured ICAB delegates of continued supports of the Ministry in overall development of the Institute and the profession.
I along with Vice Presidents Mr. Sabbir Ahmed FCA, Mr. Mohammed Forkan Uddin FCA, Council Members Mr. Md. Abdul Kader Joaddar FCA, Mr. Md. Moniruzzaman FCA and Secretary,ICAB paid a courtesy call on Professor Shibli Rubayat-Ul-Islam, Chairman, Bangladesh Securities and Exchange Commission (BSEC) at his office on 13 August 2020. The ICAB delegates interacted with the BSEC Chairman about the ongoing activities and development of the Institute.
The Cabinet of Bangladesh Government approved the Chartered Accountants Order 1973 (P.O 2of 1973). The ICAB had been pursuing the Ministry of Commerce for making necessary amendments to the Bangladesh Chartered Accountants Order instead of passing a new act. On behalf of the Institute and its President Chairman of the Regulatory & Trade Body Affairs and Coordination Committee of the Council of ICAB (including CA Order and Bye law) Mr Md Shahadat Hossain FCA is pursuing the issue with the Prime Minister opffice. Recently, the Cabinet decided not to repeal any Order or Act which was enacted during the period from 1972 to 15 August 1975, instead to amend these Orders or Acts, if needed. We appreciated the decision and express our heartfelt thanks.
The members of National Board of Revenue (NBR) Task Force headed by Mr. Md. Shabbir Ahmed, Director, Central Intelligence Unit visited ICAB on 27 August 2020. I along with Vice Presidents Mr. Sabbir Ahmed FCA and Mr. Mohammed Forkan Uddin FCA besides some of our Council Members and Secretary, ICAB had a meeting with the team. We discussed ways and means to authenticate audited financial reports. Mentioned that ICAB and NBR are jointly working to develop Document Verification System (DVS) which will be highly effective to verify the financial information.
ICAB observed 45th Death Anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and National Mourning Day on 15 August 2020. On the day the Institute organized Milad Mahfil and distributed food among the poor people.
With this, let us pray for all of our comrades whom we lost due to COVID 19. We will be missing them! May their soul rest in eternal peace. Meanwhile, we pray for each other to Almighty to make our life safe from this pandemic.
With warm regards
Muhammad Farooq FCA