President’s Communication: January 2021
Dear Felow 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