President’s Communication: March 2021

President’s Communication: March 2021

Dear Fellow Members and Colleagues

Assalamu Alaikum and  Greetings to you all,

At the very outset, I pray to Almighty Allah for everyone’s good health and mental well beings. The COVID -19 Pandemic begins its second wave affecting us in a multitude of ways; hospitals are overwhelmed, and again the economy appears to be heading downward.

Nevertheless, we are constantly pursuing our desired goals. Besides regular online committee meetings and other events, we submitted budget proposals to NBR; we also held a CPD (Members’ Conference) through digital platform. The response of the members was praise worthy.

With that let me now update you with the activities of the Institute during March 2021.

ICAB submits budget proposal to NBR on 21 March 2021. In our budget proposals, we urged the government to impose fine, scrap taxes and bond facilities of the firms those are recruiting foreign nationals without the approval of the authority concerned.

A team of ICAB led by its President Mahmudul Hasan Khusru FCA submitted the budget proposals to the National Board of Revenue (NBR) on 21 March 2021 at a pre-budget meeting held at NBR office. NBR Chairman Abu Hena Md Rahmatul Muneem presided over the meeting virtually. We submitted 44 income-tax, 21 VAT related proposals along with five customs related proposals for the upcoming budget of the next fiscal year.

The budget recommendations of the ICAB also included improving the ease of doing business index, reducing the corporate tax rate by 2.5 percent for all listed and non-listed companies except banks and financial institutions, mobile phone operator companies, tobacco manufacturing companies and amendment related to the provision of central registration, existing VAT payment system etc. ICAB proposed harsher punishments for companies hiring foreigners without first availing permission of the appropriate authorities.

While placing budget recommendations, I demanded that the NBR should impose specific fines, scrap tax and bond related facilities of the firms hiring foreign nationals without approval and suggested to the NBR to strictly monitor those foreign nationals who entered Bangladesh with a business visa.

Memorandum of Understanding (MoU) with Bangladesh Securities and Exchange Commission (BSEC); Memorandum of Understanding (MoU) was signed between ICAB and BSEC regarding the use of Document Verification System on 10 March 2021 at BSEC office. I, on behalf of ICAB and Professor Dr. Md. Mizanur Rahman, Commissioner, Bangladesh Securities and Exchange Commission (BSEC), on their behalf, signed a Memorandum of Understanding (MoU). Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC was present during the MoU signing ceremony.

ICAB Vice President Ms. Maria Howlader FCA, immediate Past President Mr. Muhammad Farooq FCA, Council Members, Mr. Gopal Chandra Ghosh FCA, Mr. Sabbir Ahmed FCA, Mr. Md. Moniruzzaman FCA, Mr. Mohammed Forkan Uddin FCA, ICAB Chief Executive Officer (CEO) Mr. Shubhashish Bose, were present on the occasion.

ICAB’s organized programme on Women’s Day 2021; ICAB Women Members Empowerment and Leadership Development Committee organized a programme on International Women’s Day 2021 at CA Bhaban, Kawran Bazar, Dhaka. Dr. Dipu Moni, MP, Hon’ble Minister, Ministry of Education, Government of the People’s Republic of Bangladesh graced the occasion as the Chief Guest. I along with Ms. Maria Howlader FCA, Chairperson, SAFA Women Leadership Committee and Vice President-ICAB, Ms. Afroja Khan, Former Secretary to the Government and Managing Director, Joyeeta Foundation; Ms. Sharifa Khan, Member (Secretary), Planning Commission, Industry and Energy Division, Ministry of Planning, GoB; Ms. Suraiya Zannath Khan FCA, Lead Governance Specialist, FM Global Unit, Washington DC & South Asia Region, The World Bank; and Dr. Mahmuda Akter, Executive President, BICM , ICAB Vice President Mr. Md. Abdul Kader Joaddar FCA and Chief Executive Officer (CEO) Mr. Shubhashish Bose participated in the programme and spoke on the occasion. I am extremely happy that the ceremony was very colourful and held in a befitting manner.

Virtual Members’ Conference; A Virtual Members’ Conference on ‘Impact of Public Financial Reforms in Bangladesh on Public Sector Financial Reporting and Public Sector Auditing’ was organized by ICAB on 20 March 2021.

Mr. Mohammad Muslim Chowdhury, Hon'ble Comptroller and Auditor General of Bangladesh (CAG) and Former Secretary, Ministry of Finance, Government of the People’s Republic of Bangladesh graced the Conference as the Chief Guest. Mr. Md Humayun Kabir FCA, Member Council and Past President of ICAB presided over the Members’ Conference as the Session Chairman. I delivered address of welcome in the conference.

Mr. Toufique Shafiqul Islam, BCS (Audit & Accountant) Implementation Support Consultants of Strengthening PFM to Enable Service Delivery (SPFMS), Finance Division, Ministry of Finance and Former Director, Research & Development, Office of the CAG and Mr. Sk. Ashik Iqbal ACA, CPA Partner, Nurul Faruk Hasan & Co., Chartered Accountants jointly presented the keynote paper.

Mr. Md. Ekhlasur Rahman, Additional Secretary, Finance Division, Ministry of Finance, GoB; Ms. Bilquis Jahan Rimi, Joint Secretary (currently on Lien), Finance Division, Ministry of Finance, GoB and Mr. Winston P O Cole, Lead Governance Specialist, Financial Management, The World Bank joined the conference as panelists.

Meeting with Economic Reporters’ Forum (ERF); For the first time, ICAB Office Bearers led by me held a view exchange meeting with the Leaders of Economic Reporters’ Forum (ERF) on 20 March 2021 at Council Hall, CA Bhaban, Dhaka.We discussed various issues related to business reporting in print & electronic media. We also discussed as to how we can work together on the intricate national issues. The meeting was very interactive and fruitful.

Training on ‘Acceptance Procedures, Audit Planning and Preparation of working paper files’ was organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on 4, 7,9 & 11 March 2021, through online. The resource persons of the training were Mr. Mohammad Salahuddin Chowdhury FCA, Assistant Professor (Department of Finance), University of Dhaka; Mr. Sk. Md. Tarikul Islam FCA, Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants; Mr. Sk. Ashik Iqbal ACA, CPA (USA); and Mr. Sukanta Bhattacharjee FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants.

Training on ‘Audit of Banks and NBFIs’ through both online and in person at its Training Room, was held by ICAB on14, 16, 18 & 21 March 2021. The resource persons of the training were Mr. Sabbir Ahmed FCA, Member Council-ICAB & Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants; Mr. Mohammad Monowar Hossain FCA, Financial Controller, Standard Chartered Bank; Mr. Shaikh Hasibur Rahman FCA, Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants; and Mr. Joydeb Samadder FCA, Associate Director, Audit & Advisory Services, Rahman Rahman Huq, Chartered Accountants.

ICAB celebrated 26 March Independence Day and Golden Jubilee of Independence of Bangladesh with due solemnity and held discussion session on the occasion where lead speakers were Dr. Atiur Rahman, Professor (Honorary), Department of Development Studies, University of Dhaka and former Governor, Bangladesh Bank and Mr. AAMS Arefin Siddique, Former Vice Chancellor, University of Dhaka.

Ajit Kumar Sarkar, eminent journalist and researcher presented the keynote paper on স্বাধীনতা ও মুক্তির দিশারী বঙ্গবন্ধু

Among others spoke on the occasion were, ICAB Vice President Mr. Md. Abdul Kader Joaddar FCA, and ICAB Chief Executive Officer (CEO) Shubhashish Bose and Secretary of Dhaka Regional Committee-ICAB Md. Hasib Swadagor FCA. CA Bhaban was illuminated on this occasion.

ICAB observed 17 March 2021 and ICAB organized a discussion meeting and sliced cake marking the birth anniversary of Bangabandhu Sheikh Mujibur Rahman on 17 March 2021. We spoke on the eventful life of Bangabandhu. Among others spoke on the occasion were ICAB Vice President Mr. Md. Abdul Kader Joaddar FCA, Council Members Mr. Md. Moniruzzaman FCA, Mohammed Forkan Uddin FCA and CEO-ICAB Mr. Shubhashish Bose.

Dear members, our heart goes out to the bereaved families who have lost their dear ones in this month. We all pray for the salvation of the departed souls.

No more today

May the Almighty help us sail through this challenging time. 

Mahmudul Hasan Khusru FCA

President

Update Date : 01/05/2021

President’s Communication: February 2021

Dear Fellow Members

Assalamu Alaikum, Greetings to you all,Hope you are all fine. Though unfortunately, we are in a situation where the number of people infected by Covid-19 has been again in rise triggering a fresh woe, and making us re-thinking its impact on our economy. We know that our society, economy, business have already been hit hard by the COVID Pandemic. We also do know that as professional, we have the knowledge, experience and ability of understanding the successful survival plan and the knowledge to overcome challenges caused by this pandemic.

For successful survival from this situation, transformation of business is significant. The potential and possibilities of our world to change is endless, no doubt. We must embrace the change, otherwise we will be overwhelmed by it.

Endowed with an entrepreneurial mind, a social heart, and an ecological soul; I believe, Chartered Accountants are the best fit to build the agile, inclusive, and sustainable businesses of the 21st Century.

With this prelude, I would like to update you on major activities that we undertook during the Month of February 2021.

Workshop on Audit Practice Software for CA Firms in Bangladesh

ICAB organized day long workshop on “Audit Practice Software for CA Firms in Bangladesh” on 24 February 2021.  I delivered address of welcome. Mr. Shubhashish Bose, CEO-ICAB introduced the “Theme of Workshop” and Ms. Maria Howlader FCA, Vice President- ICAB and Chairman of the Project demonstrated the Importance of Audit Practice Software and how CA Firms can be benefitted by overcoming the challenges of Existing paper based manual audit system.

Through zoom application, Live Demo Session on Audit Practice Software was conducted by Mr. Ken Chan, Product Specialist of CaseWare Asia Pte Ltd.

Mr. Muhammad Farooq FCA, Immediate Past President & Member Council-ICAB and Mr. Kamrul Abedin FCA, Past President & Member Council-ICAB demonstrated the methods and the opportunities to move forward from Paper Based Manual Audit System to Automated License Compliance Software.

Mr. Anwarul Karim FCA, Executive Director of FRC Bangladesh was present in the programme while Mr.  Md. Abdul Kader Joaddar FCA, Vice President- ICAB made closing remarks. About 70 partners of different CA Firms participated in the workshop.

A virtual members’ conference on ‘Financial Reporting in Insurance Sector of Bangladesh’ was organized by ICAB on Monday, 08 February 2021 through Online Zoom App.

Dr. M. Mosharraf Hossain FCA, Chairman, Insurance Development and Regulatory Authority graced the occasion as the Chief Guest.  I delivered address of welcome. Mr. Muhammad Farooq FCA, Member Council and Past President-ICAB introduced the Keynote Speaker and chaired the session while ICAB Chief Executive Officer (CEO) Mr. Shubhashish Bose delivered introductory speech.

Mr. M Ala Uddin Ahmad FCA, General Manager, MetLife Bangladesh; Mr. Mohammad Mohiuddin Ahmed FCA, Executive Director, Financial Report Monitoring Division, Financial Reporting Council Bangladesh, Mr. Md. Alamgir Hossain, Member (Income Tax Policy), National Board of Revenue; Mr. Nurun Nahar, Executive Director, Deposit Insurance Department, Bangladesh Bank were present as special guests. Mr. Abdul Kader Joaddar FCA, Vice President, ICAB delivered closing remarks of the conference.

Mr. Sk. Md. Tarikul Islam FCA, Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants and Mr. Ala Uddin FCA, Chief Financial Officer, American Life Insurance Company (MetLife) presented keynote papers in the conference.

ICAB Delegates Met with Deputy Governor, Bangladesh Bank

ICAB delegates held a view exchange meeting with Mr. Kazi Sayedur Rahman, Deputy Governor, Bangladesh Bank at the latter’s office on 24 February 2021. The delegation was led by me and the other members were Vice Presidents Mr. Md. Abdul Kader Joadder FCA & Ms. Maria Howlader FCA, Chief Executive Officer (CEO) Mr. Shubhasish Bose and Fellow Member Mr. Mohammad Al Maruf Khan.

We discussed the ongoing activities of the Institute and the different matters relating to CA profession.

Meeting with Planning Minister, GoB

I along with Vice President Ms. Maria Howlader FCA and Chief Executive Officer (CEO) Mr. Shubhashish Bose paid a courtesy call on Planning Minister Mr. Muhammad Abdul Mannan, MP at latter’s office on 23 February 2021. We discussed matters relating to the profession.

 Meeting with  Commerce Minister, GoB

ICAB delegation led by  me also met Mr. Tipu Munshi, MP, Minister, Ministry of Commerce, GoB on 17 February, 2021. The other members of the delegation were Vice Presidents- Mr. Md Abdul Kader Joaddar FCA and Ms. Maria Howlader FCA, Council member Mr. Md Moniruzzaman FCA and Chief Executive Officer, ICAB Mr. Shubhashish Bose.  Mr. Mohammad Mashooqur Rahman Sikder, PS (Deputy Secretary) to Commerce Minister and Mr. Md. Aminul Islam, Deputy Secretary of the same Ministry were also present in the meeting.

ICAB Delegates Met with NBR Member (Implementation & IT)

A team of ICAB led by me  met Dr. Abdul Mannan Shikder, Member (Implementation & IT), National Board of Revenue (NBR) at the latter’s office on 09 February 2021. We discussed issues relating to professional interest. Other members of ICAB team were Council Members Mr. Md. Moniruzzaman FCA, Mr. Mohammed Forkan Uddin FCA, Chief Executive Officer(CEO) Mr. Shubhashish Bose and Fellow Member Mr. Snehasish Barua FCA.

International Conference by South Asian Federation of Accountants (SAFA)

I also participated as a speaker in International Conference of South Asian Federation of Accountants (SAFA) titled Digitalization of Accounting & Auditing: Challenges and Opportunities” Use of Blockchain, Robotics and Process Automation” on 5 February 2021

I stressed on the need to be updated with latest technology, digitalization and professional knowledge and apply that knowledge in development of economy and nation building.

Reception to Newly Qualified CAs

ICAB organized a reception to Newly Qualified CAs on 24 February 2021 where I along with Vice President Ms. Maria Howlader FCA, Council Members Mr. Md Shahadat Hossain FCA, Mr.Gopal Chandra Ghosh FCA, Mr.Md. Moniruzzaman, Mr.Mohammed Forkan Uddin FCA, Past Past President Mr.Muhammad Farooq FCA and Chief Executive Officer (CEO), ICAB Mr.Shubhashish Bose were present on the occasion. We shared our experiences and advised them as to how careers could be advanced.

Workshop on ‘Project Management and Strategic Leadership’

ICAB organized a workshop on ‘Project Management and Strategic Leadership’ on Friday & Saturday, 26 & 27 February 2021 at ICAB Training Room, CA Bhaban, Dhaka. I spoke at the closing session of the workshop and handed over certificates to the participants. ICAB Vice President Ms. Maria Howlader FCA, Council Members Mr. Md. Moniruzzaman FCA, Mr. Mohammed Forkan Uddin FCA, Chief Executive Officer (CEO) Mr.  Shubhashish Bose and Chief Operating Officer (COO) Mr. Mahbub Ahmed Siddique FCA, among others were present in the closing session of the workshop.

Resource person of the workshop was Mr. Md. Lutfur Rahman, Project Manager (Sr. Asst. Secretary), Export Competitiveness for jobs (EC4J) Project. About 40 members of this Institute took part in the workshop.

Finally, I would like to pay profound respect for those who sacrificed their lives for the dignity of our Mother language in this month of February and international community rightly have acknowledged 21 February being ‘International Mother Language Day' for the world. We owe so much to them!

No more today

Prayer for everyone to have safe days ahead

With warm regards

Mahmudul Hasan Khusru FCA

President

Update Date : 28/03/2021

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