Cases

Basis of Investigation

Summary of Findings

Disciplinary Actions

Effective Date

Case # 01

Mr. Ak Abdul Matin FCA (559), Mr. Netai Chand Talukder FCA (706) and Mr. Md. Liaquat Ali Khan FCA (851), Partners of A Matin & Co., Chartered Accountants

The IDC found Mr. Ak Abdul Matin FCA (559), Mr. Netai Chand Talukder FCA (706) and Mr. Md. Liaquat Ali Khan FCA (851), Partners of A Matin & Co., Chartered Accountants guilty of professional misconduct under clauses # 21, 22 and 33 of Schedule-C (Part-1) of ICAB Bye-laws 2004 for:

•Not providing the required number of working paper files for some of the audit engagements;

•Non-compliance in maintaining audit files without relevant contents/documents of audit files (i.e. permanent audit files and current audit files)

•Sufficient and appropriate audit documentation was not maintained in the working paper files and audit reports were issued without obtaining sufficient and appropriate audit evidences as per ISA 230;
 
•Appeared that adequate human resources were not available for conducting audit engagements.

•Appropriate procedures for client and audit acceptance/continuation in relation to written consent letter, documentation for confirmation of appointment, professional clearance, office copy of Form 23B and engagement letters were not performed properly;

•Failing to perform/conduct the audit in accordance with the International Auditing Standards and also obtain sufficient information to warrant the expression of the opinions.

•Non-compliance in maintaining audit fee as per ICAB prescribed Fee Schedule.

The Council-ICAB decided to revoke the Certificate of Practice (CoP) of Mr. Ak Abdul Matin FCA (559), Mr. Netai Chand Talukder FCA (706) and Mr. Md. Liaquat Ali Khan FCA (851) for a period of 05 (five) years, 04 (four) years and 03 (three) years respectively along with imposition of monetary penalty of Tk. 500,000 (Taka five lac) only on Mr. A K Abdul Matin FCA (559), Tk. 400,000 (Taka four lac) only on Mr. Netai Chand Talukder FCA (706) and Tk. 300,000 (Taka three lac) only on Mr. Md. Liaquat Ali Khan FCA (851). In case of non-payment of monetary penalty within 03 months, their CoP will be revoked for a further period of 01 (One) year from the date of expiry of the said 03 months.

18.05.2022

Case # 02

Mr. Md Anisur Rahman FCA (548), Proprietor of Anisur Rahman & Co., Chartered Accountants

The IDC found Mr. Md Anisur Rahman, Proprietor of Anisur Rahman & Co., Chartered Accountants guilty of professional misconduct under clauses # 21, 5, 22 and 33 of Schedule-C (Part-1) of ICAB Bye-laws 2004 for:

•Not providing the required number of working paper files for some of the audit engagements;

•Non-compliance in maintaining all audit files without relevant contents/documents of audit files (i.e. permanent audit files and current audit files);

•Appropriate procedures for client and audit engagement acceptance/continuation in relation to written consent letter, communication with predecessor auditor (i.e. professional clearance),

office copy of Form 23B were not performed properly;

•Sufficient and appropriate audit documentation was not maintained in the working paper files and audit reports were issued without obtaining sufficient and appropriate audit evidence as per ISA 230;

•Appeared that adequate human resources were not available for conducting audit engagements; 

•Accepting audit clients without communicating predecessor auditors.

•Failing to perform/conduct the audit in accordance with the International Auditing Standards and also obtain sufficient information to warrant the expression of the opinions.

•Non-compliance in maintaining audit fee as per ICAB prescribed Fee Schedule. 

18.05.2022

Case # 03

Mr. ASM Ataul Karim FCA (66), Managing Partner and  Mr. Imrul Kayas FCA (1821),  Ex-partner of Mohammad Ata Karim & Co., Chartered Accountants

The IDC found Mr. ASM Ataul Karim FCA (66) and Mr. Imrul Kayas FCA (1821) guilty of professional misconduct under clauses # 21, 5, 22 and 33 of Schedule-C (Part-1) of ICAB Bye-laws 2004 for:

•Not providing the required number of working paper files for some of the audit engagements;

•Non-compliance in maintaining all audit files without relevant contents/documents of audit files (i.e. permanent audit files and current audit files)

•Sufficient and appropriate audit documentation was not maintained in the working paper files and audit reports were issued without obtaining sufficient and appropriate audit evidence as per ISA 230; 

•Appeared that adequate human resources were not available for conducting audit engagements. 

•Showing negligence in conducting professional duties.

•Accepting clients without communicating predecessor auditors and office copy of Form 23B and engagement letters were not performed for some audit engagements;

•Failing to perform/conduct the audit in accordance with the International Auditing Standards and also obtain sufficient information to warrant the expression of the opinions.

•Non-compliance in maintaining audit fee as per ICAB prescribed Fee Schedule. 
 

The Council-ICAB decided to revoke the Certificate of Practice (CoP) of Mr. ASM Ataul Karim FCA (66), partner of Mohammad Ata Karim & Co., Chartered Accountants for a period of 05 (five) years together with the imposition of monetary penalty of Tk. 500,000 (Taka five lac). In case of non-payment of monetary penalty within 03 months, his CoP will be revoked for a further period of 01 (One) year from the date of expiry of the said 03 months;

Considering the context of cognizance of few number of audit working files, the Council-ICAB decided to reprimand Mr. Imrul Kayas FCA (1821) in lieu of suspension of his COP and/or ICAB Membership. 
 

Case # 04

Mr. Md Hafiz Ahmed FCA (530), Proprietor of
Hafiz Ahmed & Co., Chartered Accountants

The IDC found Mr. Md Hafiz Ahmed FCA (530) guilty of professional misconduct under clauses # 21, 5, 22 and 33 of Schedule-C (Part-1) of ICAB Bye-laws 2004 for:

•Not providing the required number of working paper files for some of the audit engagements;

•Non-compliance in maintaining all audit files without relevant contents/documents of audit files (i.e. permanent audit files and current audit files).

•Sufficient and appropriate audit documentation was not maintained in the working paper files and audit reports were issued without obtaining sufficient and appropriate audit evidence as per ISA 230;

•Appropriate procedures for client and audit acceptance/continuation in relation to written consent letter, professional clearance (i.e. communication with predecessor auditor), office copy of Form 23B and engagement letters were not performed for some audit engagements. Besides, documentation for confirmation of appointment was not found for some of the reviewed audit engagements.;

•Appeared that adequate human resources were not available for conducting audit engagements.

•Accepting clients without communicating predecessor auditors.

•Failing to perform/conduct the audit in accordance with the International Auditing Standards and also obtain sufficient information to warrant the expression of the opinions.

•Non-compliance in maintaining audit fee as per ICAB prescribed Fee Schedule.

Case # 05

Mr. Nazrul Islam FCA (39), Proprietor of
M N Islam & Co., Chartered Accountants

The IDC found Mr. Nazrul Islam FCA (39) guilty of professional misconduct under clauses # 21, 5, 22, 33, 2 and 16 of Schedule-C (Part-1) of ICAB Bye-laws 2004 for:

•Not providing the required number of working paper files for some of the audit engagements;

•Non-compliance in maintaining all audit files without relevant contents/documents of audit files (i.e. permanent audit files and current audit files).

•Sufficient and appropriate audit documentation was not maintained in all of the working paper files and audit reports were issued without gathering sufficient and appropriate audit evidence as per ISA 230; 

•Appeared that adequate human resources were not available for conducting audit engagements;

•Showing gross negligence in conducting professional duties.

•Accepting clients without communicating predecessor auditors and office copy of Form 23B and engagement letters were not performed for some audit engagements;

•Failing to perform/conduct the audit in accordance with the International Auditing Standards and also obtain sufficient information to warrant the expression of the opinions.

•Non-compliance in maintaining audit fee as per ICAB prescribed Fee Schedule.                           

•Allowing a Non-member to practice in his name as a Chartered Accountant to sign on his behalf or on behalf of his firm in the audit report and the financial statements required by his client. 
 

Case # 06

Mr. A H Mostafa Kamal FCA (1500), Proprietor
Mostafa Kamal & Co., Chartered Accountants

The IDC found Mr. A H Mostafa Kamal FCA (1500) guilty of professional misconduct under clauses # 21, 5, 22 and 33 of Schedule-C (Part-1) of ICAB Bye-laws 2004 for:

•Not providing the required number of working paper files for some of the audit engagements;

•Non-compliance in maintaining all audit files without relevant contents/documents of audit files (i.e. permanent audit files and current audit files).

•Sufficient and appropriate audit documentation was not maintained in the working paper files and audit reports were issued without obtaining sufficient and appropriate audit evidence as per ISA 230;

•Appropriate procedures for client and audit engagement acceptance/continuation in relation to written consent letter and engagement letters were not performed for all reviewed audit engagements. Besides, professional clearance (i.e. communication with predecessor auditor), office copies of Form 23B and documentation for confirmation of appointment were not found for some of the reviewed audit engagements;

•Appeared that adequate human resources were not available for conducting audit engagements.

•Accepting clients without communicating predecessor auditors.

•Failing to perform/conduct the audit in accordance with the International Auditing Standards and also obtain sufficient information to warrant the expression of the opinions.

•Non-compliance in maintaining audit fee as per ICAB prescribed Fee Schedule.