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