July 2011

Monthly News briefing from the Institute of Chartered Accountants of Bangladesh

ICAB News BulletinNo. 261

MEMBER OF:

International Federation ofAccountants (IFAC)

International Accounting

Standards Board (IASB)

South Asian Federation ofAccountants (SAFA)

Confederation of Asian andPacific Accountants (CAPA)

p IFRS Training

p President'sCommunication

p CPD Seminars

p Student's Achievement

p Campus News

p Monthly ActivitiesDhaka

p Member's Achievement

p NAC elects new office bearers

p SAFA Events at Karachi

p DD received trainingfrom UK

p Monthly ActivitiesChittagong

p Members' Status

p President Visits UK Chapter

ISSN 1993-5366

The Institute of Chartered Accountants ofBangladesh (ICAB) organizesInternational Financial ReportingStandards (IFRS) Training Course for trainers andtrainees. In this connection, anInaugural Ceremony was held onFriday, 01 July 2011 at 5-00 p.m. atICAB Auditorium, C A Bhaban, 100Kazi Nazrul Islam Avenue, KawranBazar, Dhaka-1215.Dr. Atiur Rahman, Governor,Bangladesh Bank graced the occasionas Chief Guest.Mr. Jamal Uddin Ahmad FCA, PastPresident, ICAB and Former DeputyPrime Minister, GoB acted as theSession Chairman in the ceremony.Ms. Parveen Mahmud FCA,

President, ICAB said that as a statutory selfregulatory body of accounting professionals inBangladesh, ICAB bears the big responsibility ofupgrading our local accounting and financial

reporting standards and practices asearly as feasible to those required byInternational Accounting Standards(IAS) and International FinancialReporting Standards (IFRS). ThePresident highlighted ICAB’sprogress in ongoing and newinitiatives in this direction; includingthe ICAB-ICAEW twinning project,issuance of a new set of financialreporting standards for SMEs inBangladesh based on IFRS, QualityAssurance Visits under the Quality

Assurance System, and the round of

Dr. Atiur Rahman, Governor, Bangladesh Bank delivering his speech as the Chief Guest of the IFRS Training Course.

IFRS Training Course will upgrade theAccounting and Auditing Standards

IN THIS ISSUE

Parveen Mahmud FCAPresident-ICAB

BB Governor at the Ceremony

ICAB News Bulletin No. 261

July 20112

A section of audience of the IFRS Training.

IFRS training courses for accountingprofessionals in financial and non-financialcorporate now being kicked off.

Chief Guest, Dr.Atiur Rahman,G o v e r n o r ,Bangladesh Banksaid that we are allaware thatinvestment andoutput activities inBangladesh havepicked up sharply in

FY11, with our economy stepping on tohigher growth trajectory, on track to reachthe middle income country group threshold(GNI of USD 996 per capita) by 2015.Sustaining this growth momentum needsattracting substantial new foreign equityand debt inflows in our investmentprojects. For investment projects inBangladesh to attract joint venture partnersand lenders from abroad, or for ourcorporate sector to attract equitysubscriptions from abroad, their financialstatements and disclosures will need toearn credence and confidence of foreignlenders and equity investors. Clearly, thiswill require accounting and auditingstandards and practices closely conformingto IAS and IFRS. Weakness in this area isone main reason why FDI inflows inBangladesh are quite low compared with

our neighboring economies. He further saidthat he would like to take this opportunityto urge our accounting profession and allour financial and non-financial businessesto rise to the challenge of attaining IAS andIFRS compliant standards and practicessooner rather than later. “I can assert fromBB’s own experience that a swift transitionto full IAS and ‘FRS convergence will beonerous but entirely feasible; we at BBinitiated the process in 2003 and completedit successfully within a year”, stated theGovernor After concluding his speech, theChief Guest formally inaugurated the IFRStraining.

As the SessionChairman Mr.Jamal UddinAhmad shared hisexperience and said,“We have beenworking for over 35years to associateICAB with theEnglish Institute of

Chartered Accountants. Most of the seniormembers spent a lot of time and energy tobring about this union. We all wanted to beas good as the English CharteredAccountants. To achieve that we dideverything possible. Today we are talkingabout International Reporting which is theword of past 35 years of this Institute”.

Mr. Jamal thanked all of the members whocontributed in this area. Standard ofAccounts keeping of Bangladesh Bank isas good as anywhere in the world, heopined. About the International Reporting he saidthis has become very important for us.Bangladesh is an emerging country. Thereis a good connection and potential all overthe world that the people are earningmoney in a corner of this world andtransferring this to the country within avery short time. So, Banking System has tobe tremendously important. If the BankingSystem is good then the whole process ofremittance is very easy for all concerned.

ICAB Secretary, Mr.N I ChowdhuryFCA, speaking onthe occassiondiscussed mainly ontwinning project. Heexplained on threeissues like ICABCurriculum which isprepared based on

ICAEW Curriculum, Quality AssuranceDepartment that has been workingrestlessly for the improvement of theQuality of CA firms and the IFRS TrainingProgramme, while he made the concludingremarks. n

Jamal Uddin Ahmad FCASession Chairman

Dr. Atiur RahmanChief Guest

N I Chowdhury FCASecretary, ICAB

ICAB News Bulletin No. 261

July 20113

Dear Fellow Members,

Monsoon Greetings to you all!

July 2011 we had significant activities on the roll. Today I would like toshare with you the major activities and initiatives we have undertakenin this month.

IFRS Training inaugural

1st International Financial Reporting Standards (IFRS) Training coursewas inaugurated by Dr Atiur Rahman, Governor, Bangladesh Bank onJuly 01, 2011. Honorable Session Chairman, was Mr. JamaluddinAhmed FCA, Former Deputy Prime Minister, GOB, Past President ofICAB, SAFA and International Federation of accountants (IFAC)s onlyBoard member representing ICAB. About fifty ICAB members areparticipating in the training course. Honorable ICAB Past Presidents,Council Members, Trainers and Trainees participated the inauguralprogram. The training is going on and scheduled to be continued uptoend of September, 2011. As this is the first such training, Trainers ofthis IFRS Training are ICAB Members who are not full time teachersand also because of hartal, we have to reschedule and makeadjustments frequently. IFRS trainers, Secretariat team and myself hada meeting on coordination of the training before inaugural. Later, again,all of them held a meeting on July 15, 2011 to review the way forward.Continuously, pros and cons of training schedule is under review andMs Sayema Banu, DD, LPD is coordinating the training. Besides fewteething problems, on the whole it is going on with great enthusiasm.

This is the beginning and this not the end, but, sure this end of thebeginning! In coming days, we will do the IFRS training through onlinelearning modules with sufficient study materials available to ourmembers, so they can remain updated and study in their own time. Wewill also strengthen training of trainers of IFRS training. Gradually, withincreased capacity we will enhance trainings beyond members of ICABto corporate houses, financial institutions etc.

I would like to acknowledge Government of Bangladesh and WorldBank’s support for financing the Training of Trainers on IFRS in the UKunder twinning arrangement with ICAEW and in Malaysia with CAPA in2008.

Meeting with Ministry of Commerce (MOC) and National Board of Revenue (NBR)

Mr. Md. Shahadat Hossain, FCA, Vice President, ICAB haveparticipated in the meeting of Ministry of Commerce on TradeOrganization Act 2011 and Societies (Registration & Control) Act2011and also participated in the meeting of National Board of Revenueon Direct Tax Act. It is pertinent to mention here that the governmenthas taken initiative to update the Trade Organization Act 1962 asTrade Organization Act 2011.From ICAB recommendation was sent toincorporate necessary section for mandatory audit of accounts ofTrade Organizations by the Chartered Accountants. In the draft Act thisprovision has been incorporated. Similarly the government has takeninitiative to update the Societies Registration Act 1860 as Society(Registration & Control) Act 2011.In the Draft Act necessary provisionas regards to audit of accounts of Society’s by the CharteredAccountants has been incorporated.

Meeting with Bangladesh Chartered Accountancy Chhatra Parishad (BCACP)

President, Secretary of the Bangladesh Chartered AccountancyChhatra Parishad (BCACP) met with President, Vice President-Education and Past President, Mr. Abbas Uddin Khan, FCA andSecretary, ICAB on the July 05, 2011 at C A Bhaban. We discussedvarious issues on student’s welfare and education related issues andscope of further improvements.

Progress with Twinningarrangement with ICAEW in the UK (July 07-14, 2011)

Mr. Mahbub Ahmed Siddique, ACA,Deputy Director (Technical), ICABwas in Milton Keynes, London, UKfrom June 27 - July 13, 2011 toparticipate an exposure visitfocused on- hand training onQuality Assurance Frameworkarranged by the Institute ofChartered Accountants of Englandand Wales (ICAEW).

I was in London, UK from July 07-13, 2011 to attend meetings with the ICAB- UK Chapter, ICAEW andwith few institutions to explore various prospects and technicalassistance to strengthen and implement ICAB’s new educationcurriculum for global opportunities.

We had a meeting with ICAEW on July 13, 2011 , at CA Hall, MoorgatePlace, London from 9 am – 5 pm. Mr. AKM Fazlur Rahman, FCA,Chairman, ICAB UK Chapter Management Committee joined usbriefly, during meeting with the Mr. Clive Parritt, President, ICAEW. Mr.Michael Izza, Chief Executive, ICAEW also attended the discussions.We had discussed on progress of ICAB under twinning arrangementsand way forward.

During our visit at ICAEW, we discussed and learnt from differentdepartments on various issues related to education, training, website,library etc. We had series of meetings with the following ICAEW teammembers: Mr. Vernon Soare, Executive Director, ProfessionalStandards, Mr. Martin Batsford, Contracts and Projects Manager, Ms.Jean Etridge, Head of International Affairs, Mr. Jonathan Worell, SeniorBusiness Development Manager, Mr. Sam Binks, Consultant todevelop case studies, Mr. Hazel Rogers, Professional EducationManager, Ms Susan Moore, Head of Library & Information Services,Mr. Jonathan Bushell, Senior Information Executives: LIS WebServices, Mr.John Pearce, Head of Digital Communications.Exposures on various issues and learning from ICAEW experienceswill help us to improve ICAB’s role and services to members, studentsand other stakeholders.

Events with ICAB- UK Chapter

During my visit in the UK, on July 09, 2011, I had a meeting withmembers of the ICAB UK Chapter at Mumbai Square, Middlesex,London. Mr AKM Fazlur Rahman, FCA, Chairman, ICAB UK ChapterManagement Committee made welcome speech. Dr Javed Siddiqui,made a presentation on his research on Auditing Profession inBangladesh. Mr. Mahbub Ahmed Siddique, ACA, Deputy Director(Technical), ICAB made presentation on ICAB’s initiatives on QADand, I updated members and guests on ICAB’s current status andtwinning arrangements. Mr. Anwaruddin Chowdhury FCA, CouncilMember and Past President, who was visiting UK also attended andspoke on the occasion. There was a lively questions and answerssession. We acknowledged, Mr. Rezaur Rahman, FCA, FounderPartner of Rahman Rahman & Huq, Chartered Accountants, for hisoutstanding services to our profession, especially the ICAB UKChapter. I was impressed, by the young UK qualified CAs, keen to bemember of ICAB.

I attended A CPD Seminar as Chief Guest, titled “Tax Amnesties” onJuly 11, 2011, at Idea Store, White Chapel, London. Keynote paperwas presented by Mr. Sean Wakeman, Partner, Crowe Clark Whitehill,Chartered Accountants, UK. Besides, myself attending as Chief guest,Mr. Mahbub Ahmed Siddique ACA, Deputy Director (Technical)-ICABalso attend the CPD Seminar.

President's Communication – July 2011

ICAB News Bulletin No. 261A meeting was held on July 12, 2011 with ICAB UK ManagementCommittee at La Indes Porte, London, UK. We have discussed manyoutstanding issues to increase connectivity and strengthen ICAB UKChapter. I would like to thank the ICAB UK Chapter for their hospitalityand dynamicism, especially Mr. AKM Fazlur Rahman, FCA, Chairmanfor his relentless effort to keep the Chapter proactive.

Meeting with ACCA

We had a meeting on July 11, 2011 with Ms Helen Brand, ChiefExecutive, ACCA and discussed various issues on Mutual RecognitionArrangements and possibilities of collaboration in imparting IFRSTraining in Bangladesh.

Meeting with BPP & KAPLAN

On July 12, 2011 we had an extensive meeting with BPP LearningMedia regarding our education materials development, training ofteachers of ICAB academic faculty and IFRS training. On the sameday, we had another meeting with KAPLAN on the same issues. Weare following up with the discussions we had there.

SAFA Assembly and International Conference and Institute ofchartered Accountants of Pakistan (ICAPs) Golden Jubilee, atKarachi, Pakistan

Three member team, lead by ICAB, President attended SAFAAssembly on July 25, 2011 followed by International Conference onJuly 26-27, 2011, arranged by the Institute of Chartered Accountantsof Pakistan (ICAPs) on their Golden Jubilee, at Karachi, Pakistan. Mr.A. K. Chowdhury, FCA, Managing Partner, Hoda Vasi Chowdhury &Co, and Mr. Syful Islam, FCA, Council Member-ICAB and ManagingPartner, Syful Shamsul Alam & Co. were in the team. I participated inthe panel discussion: “Fostering Talent for Leadership- A RegionalPerspective”.

CPD Seminars

Dhaka

10th CPD Seminar on Compliance with Corporate GovernanceReporting by “Listed Companies in Bangladesh” was held on July 02,2011. Mr. Md. Salim Uddin FCA, Professor Department of Accountingand Information Systems University of Chittagong was keynote PaperPresenter. Session Chairman was Mr. ABM Azizuddin FCA, PastPresident, Chairman Board of Studies, ICAB. Mr. Mahbubur Rahman,President, International Chamber of Commerce Bangladesh was theChief Guest, Mr. Arif Khan, Member, Securities and ExchangeCommission (SEC) was special guest. While Mr. Mamun Rashid,Professor & Director BRAC Business School, Dhaka and Mr. Md. AkterHossain Sannamat, FCA, Chief Consultant, Aziz Halim KhairChoudhury, Chartered Accountants were panel speakers.

11th CPD Seminar on “Role of Professional Accountants in Business”held on July 30, 2011. Mr. Humayun Kabir FCA, Council Member,Chairman PAIB Committee and Past President presented the keynotepaper. Mr. Thevakumar Kandiah, Country Director, Asian DevelopmentBank (ADB) was chief guest, Mr. Yusuf Abdullah Harun, FCA wasSession Chairman. Panel speakers were Ms. Shama Rukh Alam, FCA,Group Finance Director, Duncan Brothers (Bangladesh) and Mr.Ahmed Raihan Shamsi FCA, Deputy CEO Chief Financial Officer(CFO), Grameenphone Ltd.

Chittagong

4th CPD Seminar on “National Budget 2011-2012” was held on July08, 2011. Chief guest was Mr. Alihussain Akberali FCA, Vice President,Chittagong Metropolitan and Chamber of Commerce and Chairman,Bangladesh Steel Re-Rolling Mills Ltd. and Keynote Paper Presenterwas Mr. Akhter Matin Chaudhury, FCA Council Member and Chairman,Editorial Board. Panel Speakers were, Mr. Shahadat Hossain FCA,Vice President ICAB and Mr. C.R.Mazumder FCA, Partner, SahaMazumder & Co, Chartered Accountants. Session Chairman was Mr.

A. K. Chowdhury, FCA, Past President and Managing Partner, HodaVasi Chowdhury & Co.

5th CPD seminar was held on July 28, 2011 in Chittagong titled“Professional Ethics, Conflicts and Auditors’ Independence. KeynotePaper Presenter was Mr. Sabbir Ahmed, FCA, Director, Hoda VasiChowdhury & Co, while Mr. Mahbubul Alam, Senior Vice President,Chittagong Chamber of Commerce, was the Chief Guest. Mr. ShowkatHossain FCA, Council Member and Resident Partner, Hoda VasiChowdhury & Co was the Session Chairman.

CA Student’s Achievement

Ms Rubaba Ferdous, an articled Student at Knowledge Level ofAhmed Khan & Co., Chartered Accountants, ICAB attended All IndiaCA Student’s Conference at Nagpur, India on 23-24 July, 2011. Totalnumber of participants were about 1000 and 27 technical papers werepresented by the students all together. Ms Rubaba have been awardedfor the best SAFA presentation on the Technical Paper “EmpoweringExcellence” and secured the 2nd position in order of merit among all.She is the daughter of Mr Haider Ahmed Khan, FCA and Mrs WahidaNasreen Khan. In the 10th Council meeting, Ms Rubaba Ferdous wasgiven a memento and a certificate of appreciation on her achievementby Mr Sheikh A. Hafiz, FCA, Council Member, Past President ICABand SAFA.

Standing and Other Committee Meetings Held

The following standing and other committee meetings were held inJuly:1st meeting of the Committee on Professional Accountants in Business(PAIB) was held on July 5, 2011Information & Communication Technology Committee Sub-Committeemeeting was held on July 5, 20114-Member Interview Sub-Committee was held on July 9, 20111st meeting of the Real Estate Committee was held on July 11, 20119-Member Council Sub-Committee meeting was held on July 12, 2011regarding Study Manual on Advanced Stage6th meeting of Editorial Board was held on July 13, 20113rd meeting of Project Development & Implementation Committee washeld on July 14, 20113rd meeting of Technical & Research Committee was held on July 16,20119th Council Meeting was held on July 21, 2011

4th meeting of Project Development & Implementation Committee washeld on July 25, 20113rd meeting of Articled Students Committee was held on July 26, 20112nd meeting of Professional Development Committee was held on July27, 20112nd meeting of the Committee on Professional Accountants inBusiness (PAIB) was held on July 27, 20112nd meeting of the Committee for Amendment of CA Order & Bye-Laws was held on July 28 20116th Executive Committee meeting was held on July 31, 2011 10th Council Meeting was held on July 31, 2011 Wish you all Ramadhan Mubarak. May Allah keep all of us and ourfamily healthy and let us keep in our prayers well being of ourselves,family, profession, business community and our economy.

Best Regards,

Parveen Mahmud, FCAAugust 08, 2011

July 20114

ICAB News Bulletin No. 261

July 20115

The Institute of Chartered ofChartered Accountants ofBangladesh (ICAB) organized aCPD Seminar on Compliance withCorporate Governance Reporting by ListedCompanies in Bangladesh held onSaturday, 02 July 2011 at 05-00 p.m. atICAB Auditorium, C A Bhaban, 100 KaziNazrul Islam Avenue, Kawran Bazar,Dhaka-1215.Mr. Mahbubur Rahman, President,International Chamber of CommerceBangladesh graced the occasion as ChiefGuest.Mr. Arif Khan, FCMA, Member,Securities and Exchange Commission(SEC) was present as Special Guest.Mr. Mamun Rashid, Professor & DirectorBRAC Business School, Dhaka and Mr.Md. Akter Hossain Sannamat FCA,Chief Consultant, Aziz Halim Chaudhury& Co., Chartered Accountants werepresent as Panel Speakers.Mr. ABM Azizuddin FCA, PastPresident-ICAB conducted the session asSession Chairman.Mr. Md. Salim Uddin FCA, Professor,Department of Accounting & InformationSystem, University of Chittagong

presented the keynote paper.Ms. ParveenMahmud FCA,President, ICABsaid that as aregulatory body ofa c c o u n t i n gprofessionals inBangladesh, ICABhas demonstrated itsinherent strengthand strongwillingness to

improve its professional knowledge tocome up to the world standard. This willnecessitate intensive training and higherlevel of professional expertise. Members ofICAB are equipping themselves with theknowledge and skill required to uphold theprestige of ICAB as sound, capable andtransparent body, she added.Mr. Md. Salim Uddin, FCA focused onthe impact of corporate governancereporting on listed companies, with astrong emphasis on shareholders’ welfare;this aspect is particularly present incontemporary public debates anddevelopments in regulatory policy (seeregulation and policy regulation.

He stressed that itmay be said thatc o r p o r a t egovernance is stillessential, and alsodemonstrated that itmust be applied inthis spirit. It issuggested that theexisting code ofc o r p o r a t e

governance should be made compulsory tocomply so that the company will take allprescribed codes seriously forimplementation.Corporate governance is the set ofprocesses, customs, policies, laws, andinstitutions affecting the way a corporation(or company) is directed, administered orcontrolled. An important theme ofcorporate governance is the nature andextent of accountability of particularindividuals in the organization, andmechanisms that try to reduce or eliminatethe principal-agent problem, he added.Mr. Mamun Rashid said, in emergingmarkets, good corporate governance servesa number of public policy objectives. It

Speakers at the SeminarTransparency and Accountability essential

ingredients for Good Governance

Mr. Mahbubur Rahman, President, International Chamber of Commerce Bangladesh, delivering his speech as the Chief Guest of the Seminar.

Parveen Mahmud FCAPresident, ICAB

Md. Salim Uddin FCAPaper Presenter

ICAB News Bulletin No. 261

July 20116

reduces vulnerabilityof the financialcrises, reinforcesproperty rights,reduces transactioncost and cost ofcapital and leads tocapital marketd e v e l o p m e n t .C o r p o r a t e

governance concerns the relationshipamong the management, board of directors,controlling shareholders, minorityshareholders and other stakeholders. Acorporate governance system is comprisedof a wide range of practices andinstitutions, from accounting standards andlaws concerning financial disclosure, toexecutive compensation, to size andcomposition of corporate boards. Acorporate governance system defines whoowns the firm, and dictates the rules bywhich economic returns are distributedamong shareholders, employees,managers, and other stakeholders. As such,a county’s corporate governance regimehas deep implications for firmorganisation, employment systems, tradingrelationships, and capital markets. Interestin corporate governance is growing at anexponential rate. Improvements incorporate governance practice are beingorchestrated at a global level

Mr. Akter HossainSannamat, FCAsaid that basicallyGovernance beginsat home inside theBoard Room amongthe Directors. Themindset of theDirectors is thebiggest challenge for

establishing a good Corporate Governancesystem in corporate houses in Bangladesh.“The Board is no doubt internallyresponsible for leadership and guidance ofthe companies but they are also externallyresponsible to the share holders as well asthe wide stakeholders. Structure andcomposition of a Board cannot issue theeffectiveness of a Board. It is theknowledge, skills, independence of theDirectors which ensures the effectiveness

of the Board”, henoticed. Mr. Arif Khan,FCMA andMember, SEC saidensuring goodc o r p o r a t egovernance in thepublic listedcompanies is one ofthe highest priorities

of SEC. About ensuring good governance,

Mr. Khan said human quality is the bestquality and honesty is the best policy. Hesaid that the subject Corporate Governanceis actually the corner stone of today’smarket economy. When we talk about thepublic listed company those are managedby one group of people, owned by differentpeople and among the owners the smallinvestors that we call minority interest, donot represent themselves in the Boardroom, they do not know what is happeningbut they are all expecting that they will getgood dividends and good return. Whenever an entrepreneur gets moneyfrom small investors, entrepreneurs shouldthink that they are the partner of thatbusiness. It is actually more acceptableconcept that we bring money from theindividual people from the society,managed their money and at the end of theday assure them that we will give you fulltransparent picture of the business and wewill share the profitability with them.

Chief Guest Mr.M a h b u b u rRahman, said thatno economicallysound activity wouldbe possible withoutaccountancy. GoodGovernance cannotbe ensured in listedcompanies in the

Mamun RashidPanel Speaker

Akter Hossain Sannamat FCAPanel Speaker

A section of audience of the CPD Seminar.

Arif Khan, FCMASpecial Guest

Mahbubur RahmanChief Guest

The Institute of Chartered Accountants of Bangladesh(ICAB) organized a CPD Seminar on “Role of ProfessionalAccountants in Business” on Saturday, 30 July 2011 at 05-00 p.m. at ICAB Auditorium, C A Bhaban, 100 KaziNazrul IslamAvenue, Kawran Bazar, Dhaka-1215.Mr. Thevakumar Kandiah, Country Director, Asian DevelopmentBank (ADB) graced the occasion as Chief Guest.Mr. Ahmed RaihanShamsi FCA, Deputy CEO & Chief FinancialOfficer, Grameenphone Ltd and Ms. Shama Rukh Alam FCA,Group Finance Director, Duncan Brothers (Bangladesh) Ltd.werethe Panel Speakers.Mr. Yussuf Abdullah Harun FCA, Chairman, Incontrade Ltd., &Former President, FBCCI conducted the Seminar as SessionChairman.Mr. Md. HumayunKabir FCA,Council Member & Past President,ICAB and Chairman, PAIB Committee of Council-ICABand ChiefExecutive, BEXIMCO Jute Division presented the keynote paper.Chief Guest Mr. Thevakumar Kandiah said that the tasks of the

accountant include holding, centralizing,opening, stopping, monitoring, rectifying andconsolidating the accounts of companies andorganizations. Demonstrating the regularityand fairness of the balance sheets and incomestatements, organizing accounts andanalyzing the situation of companies in theeconomic, legal, financial and social aspectsare key ingredients in this process.These tasks must be performed according toa number of rules stipulated in standard

accounting principles. The general standards are the basic rules,and they relate to performance, work and reporting.Professional Accountants in business play an important role,specially, in mid-sized enterprises. They are enablers of theperformance of the mid-sized enterprises. They provide crucialcontributions to streamlining business plans, installing andimproving management information systems, implementing

Thevakumar KandiashChief Guest

ICAB News Bulletin No. 261country without transparency,independence and cooperation. “Whenthere is cooperation, there can betransparency. Without cooperation andtransparency, corruption cannot beeliminated or diminished,” he said. Beyondthe information it provides on the financialposition and profitability of operations, it isthe foundation of the countries’ fiscalsystems and it plays a key role in corporategovernance. Disclosure is depending on the wishes andthe pleasures of the owners. It is not only

the private limitedcompanies, thepublic listedcompanies, it isalmost everywhere,he added. Past President andSession Chairman,Mr. A B MAzizuddin, FCA

summed up the session by saying thatcorporate government framework shouldensure that timely and accurate disclosure

is made on allmaterial mattersregarding the firmincluding thefinancial situation,p e r f o r m a n c e ,ownership and thegovernance of thefirm.

Vice President Mr. Md. Abdus SalamFCA offered the vote of thanks. n

July 20117

ABM Azizuddin FCASession Chairman

Md. Abdus Salam FCAVice President, ICAB

Mr. Thevakumar Kandiah, Country Director, Asian Development Bank (ADB), delivering his speech as the Chief Guest of the Seminar.

ADB Country Director at a CPD SeminarProfessional accountants can lead the way in running

businesses profitably, efficiently and ethically

process improvements, mitigating risks,strengthening relations with banks andinvestors and attracting capital and otheractivities that enable the current and futuresuccess of their companies, he added. InBangladesh more professional accountantsare required to attend in the developmentprogramme of the country in differentmanner. We need to staff each branch oftrade, industry and commerce withqualified financial experts which willensure optimum utilization of our scarceresources, he also stressed. The efforts of ICAB in strengthening theaccounting profession in Bangladesh arereally appreciable. He expressed hishopethat the members of ICAB would equipthemselves with the knowledge and skillrequired to uphold the prestige of ICAB assound, capable and transparent body.

Ms. ParveenMahmud FCA,President, ICABdelivered thewelcome address.She said almost twothirds of ourmembers areworking in differentcapacities in

business and contributing to the economyat home and abroad “Now a daysprofessional leadership developmentstrategy needs to compose not only theaccountants in practice but also those inbusiness to further the profession and itspeople as a whole. As today’s accountantsare almost two thirds of our membership ,so this year ICAB introduced a non-standing committee called ProfessionalAccountants In Business (PAIB)” sheinformed the audience.The Institute is entrusted with theresponsibility of providing CharteredAccountants having necessary professionalknowledge and expertise to serve thenation with the high standard and quality ofperformance expected of them. In therecent years Institute has produced a goodnumber of qualified Chartered Accountantsto meet the country’s increasing demand,she noticed. Panel Speaker Mr. Ahmed RaihanShamsi FCA said the traditional role of

p r o f e s s i o n a laccountants has beenchanged. Now theyare expected to bebusiness managers.Mr. Shamsi thoughtthat the attitudeshould be a qualityfor the professionalaccountants, which

is very important for modern business withother qualities like standards, ethics andcompetence. To run a business to asustainable way and to achieve the goal,appropriate corporate governance is veryessential. He saidthat the roles performedby Professional Accountants in Businessinclude implementing and maintainingoperational and fiduciary controls,providing analytical support for strategicplanning and decision making, ensuringthat effective risk management processesare in place, and assisting management insetting the tone for ethical practices.

Another PanelSpeaker Ms. ShamaRukh Alam FCAsaid that the role ofp r o f e s s i o n a laccountants inbusinesses is full ofp o s s i b i l i t i e s ,challenges andexcitements. The

main thing is that the public expects theaccountants to lead in an ethical fashion.Professional accountants have to beperceived to be transparent and to do theright thing all time. Ms. Shama thoughtthat the public trust is number one priorityin accountancy profession. Accountantshave to projectthe reputation in their work,whatever they do and say. That image willbe carried through and enhance the value

of the company inthe world at large,she added.Session Chairman,Mr. YussufAbdullah HarunFCA, whilesumming up, saidthat the accountancyprofession plays an

important part in the development ofnational law as well as guidance, standardsand framework of information reportingthe assurance. ICAB has a big role to playin advocacy and policy formulation. Wehave to be pro active and this is how wecan sustain our leadership in the country.Sustainability is very important forBangladesh. The concept of accountancyprofession and professionally qualifiedaccountants reflect the acknowledgment ofsociety’s expectations as to howaccountants should respond emergingdemands. These expectations revolvearound competence and the ethicaljudgment, he added.

In the theme paperMr. HumayunKabir described thatalthough the role ofC h a r t e r e dAccountants inc o r p o r a t egovernance isg e n e r a l l yunderstood in thecapacity as an

auditor, according to me, CharteredAccountant can play a significant role inpracticing good corporate governance, ascompared to an ordinary person in hisdifferent capacities like - (i) as shareholder or stakeholder of acompany(ii) as an employee or part of managementteam of the company(iii) as a member of the board of directorsor any of its sub-committees(iv) as a promoter(v) as a auditor - internal or externalSo it can be said that we, as auditors needto serve the entrepreneurs, captains ofindustry and corporate as change agentsand help in wealth creation and achievingcorporate excellence. He expressed thehope that Bangladesh’s resilient corporate

structure would riseup to the occasionand set higheststandards ofe f f i c i e n c y ,p r o d u c t i v i t y ,innovation and bestbusiness practices.Mr. Md. AbdusSalam FCA offeredthe vote of thanks.

ICAB News Bulletin No. 261

July 20118

Parveen Mahmud FCAPresident, ICAB

Ahmed Raihan Shamsi FCAPanel Speaker

Shama Rukh Alam FCAPanel Speaker

Yussuf Abdullah Harun FCASession Chairman

Md. Humayun Kabir FCAPaper Presenter

Md. Abdus Salam FCAVice President, ICAB

Ms Rubaba Ferdous, an articled Student at Knowledge Level of Ahmed Khan & Co., Chartered Accountants, ICAB attended All India CA Student’sConference at Nagpur, India on 23-24 July, 2011 and secured the 2nd position in order of merit among all for SAFA presentation on the TechnicalPaper “Empowering Excellence” In the 10th council meeting, Ms Rubaba Ferdous was given a memento and a certificate of appreciation on herachievement by Mr Sheikh A. Hafiz, FCA, Council Member, Past President ICAB and SAFA. On behalf of the Editorial Board of Council ICAB, verywarm congratulations to you for this achievement..

S T U D E N T S ACHIEVEMENT

ICAB News Bulletin No. 261

July 20119

Monthly Activities-DhakaDate Meeting/Programmes1-27 July-11 Inauguration of IFRS Training Courses2/7/2011 CPD Seminar on "Compliance with Corporate Governance

Reporting by Listed Companies in Bangladesh"4/7/2011 Meeting with Ministry of Commerce, GoB5/7/2011 Meeting with BCACP, • Meeting of the Committee on PAIB, • ICTC

Sub-Committee on PAIB and • ICTC Sub-Committee Meeting7-14 July-11 President, ICAB Visit ICAB UK Chapter9/7/2011 4-Member Interview Sub-Committee Meeting10/7/2011 REC Meeting12/7/2011 9-Member Council Sub-Committee on Study Manual on Advanced Stage13/7/2011 Editorial Board Meeting14/7/2011 PDIC Meeting15/7/2011 Meeting of IFRS Trainers16/7/2011 TRC Meeting21/7/2011 Council Meeting23/7/2011 Meeting of Interview Sub Committee25/7/2011 ICAB Delegation Attends SAFA Events at Karachi25/7/2011 PDIC Meeting26/7/2011 ASC Meeting27/7/2011 PDC Meeting and • PAIB Meeting28/7/2011 Committee for Amendment of CA Order and Bye-Laws30/7/2011 CPD Seminar on "The Role of Professional Accountants in Business"31/7/2011 Executive Committee Meeting and • Council Meeting

ICAB Campus NewsThe classes of Professional Stage-Knowledge Level (4th batch) of 418number of students (sections: 1 to 5;which was started earlier from 01 June2011) will be ended by 27 August 2011.Besides, as a new session: September-November 2011 of next 03 batches;classes of 184 students of PS-KL (4thbatch, sections: 6 & 7), ProfessionalStage-Application Level (3rd batch),Advanced Stage (2nd batch) are goingto commence simultaneously from 05& 10 September 2011 at Campus.Meanwhile, classes of ConversionCourse of PS-KL (5th batch) and PS-AL (1st batch) had been closed on 08August 2011 and the same of 02-LevelConversion Course next batch will bestarted from 23 September 2011. Allthe concerned students have alreadybeen advised by a notice to contact atICAB Academic Campus for theenrolment of classes. n

'

Mr. Abdul Quadir, a

Chartered Accountant

was formally elected to

the role of Mayor of

Camden on 11th May

2011. After graduation

from Dhaka University

he taught in a

secondary school in

Bangladesh. In 1971

while studying for his

C h a r t e r e d

Accountancy qualification in the UK he

was heavily involved in the liberation

movement of Bangladesh.

Mr. Quadir first served as a Camden

Councilor from 2002-2006 when he

served for two years as a member of the

Overview and Scrutiny Commission and

was Deputy Mayor in 2005-2006. He

also served on many Scrutiny Panies. He

was Vice-Chair of Pension Sub-

Committee and Vice-Chair Licensing

Committee.

He worked for a number of accountancy

firms in London including Camden. He

has been actively involved in the

challenging areas of education and

community affairs. He

was instrumental in

setting up numerous

national and local

voluntary organizations

and served as chairs and

management committee

members on many of

them. Quadir has

extensive experience of

being involved in

various forums raising

achievement of Bangladeshi Children

and young people and was founder Chair

of The Bengali Education Centre,

established in 1985.

Mr. Quadir hopes to promote Camden as

an accessible and welcoming borough

for the deaf community and people who

are hard of hearing.

He wishes to promote understanding and

awareness of hearing loss across the

borough throughout his mayoral year

and help to remove barriers, reduce

stigmas associated with deafness and

encourage greater awareness to make

Camden a place where people value their

hearing. n

ICAB News Bulletin No. 261

July 201110

NAC elects newChairman, Secretary

Md Abdul Wahid FCAChairman

M. Atique Ullah ACASecretary

Mr. Md Abdul Wahid FCA was electedChairman and Mr. Mohammad AtiqueUllah ACA was elected Secretary for theManagement Committee of NorthAmerican Chapter (NAC) on 29 May2011. The management Committee alsoelected other members of NAC. Thesemembers are; Mr. Moshiur Rahman FCA,Mr. Syed D Bakht FCA and Mr. ZainulAbedin Chowdhury FCA. n

Member's Achievement

Abdul Quadir FCA

Ms. Parveen Mahmud FCA, President, ICAB with three member team, attended SAFA Assembly on July 25, 2011 followed by InternationalConference on July 26-27, 2011, arranged by the Institute of Chartered Accountants of Pakistan (ICAPs) on their Golden Jubilee, at Karachi,Pakistan. Mr A.K.Chowdhury, FCA, Partner, Hoda Vasi Chowdhury & Co, and Mr Syful Islam, FCA, Council Member were in the team. Presidentparticipated, in the panel discussion: “Fostering Talent for Leadership- A Regional Perspective”.

ICAB Delegation Attends SAFA Events at Karachi

Mr Mahbub Ahmed SiddiqueACA, Deputy Director(Technical), ICAB visitedICAEW offices in London and MiltonKeynes, UK from June 27 to July 13, 2011at the invitation of ICAEW to attainfirsthand training on Quality AssuranceFramework and its practical applications.The visit was arranged by the Institute ofChartered Accountants in England andWales (ICAEW). Mr. Siddique along with Ms ParveenMahmud FCA, President, ICAB also haddifferent meetings with ICAEWrepresentatives on different issues on July13, 2011, at CA Hall, Moorgate Place,London. Mr AKM Fazlur Rahman, FCA,Chairman, ICAB UK Chapter alsoparticipated briefly in their meeting withMr Clive Parritt, President, ICAEW, MrMichael Izza, Chief Executive, ICAEWalso attended the discussions. Theydiscussed the progress of ICAB underTwinning Arrangement funded by WorldBank and the way forward.During his visit, Mr Siddique was taken ona firm visit and observed firsthand thesystems and procedures currently followedby the Quality Assurance Department(QAD) of ICAEW and gained very usefulknowledge and experience. He was alsoinvited to attend a live disciplinary hearingof ICAEW members. Besides, MrSiddique attended several meetings onrelevant professional issues with differentdepartments of ICAEW namely QAD

Monthly Activities-ChittagongDate Meeting/Programmes4-22 July-11 Conversion Course Classes8/7/2011 CPD Seminar on National Budget 2011-1228/7/2011 CPD Seminar on Professional Ethics, Conflicts and Auditors' Independence28/7/2011 CRC Meeting15-26 July 11 Coaching Classes

Permission to Start PracticeThe following member has been granted permission to start Practice as Public Accountants witheffect from the date as shown against his name.Name Effective DateMr. Sultan Ahmed FCA (92) 01 July 2011PartnerAhmned Zaker & Co.Chartered Accountants45, Shahid Nazrul Islam SaraniSaiham Sky View Tower (2nd Floor), Bijoynagar, Dhaka-1000

ICAB News Bulletin No. 261

July 201111

DD, Technical receives training from ICAEW on QAF

Meeting with President ICAEW at CA Hall, Moorgate Place, London.

Administration, Professional ConductDepartment, International Affairs,Sustainability, Learning and ProfessionalDepartment, Audit and Assurance Faculty,Business Development and Delivery,Brand Marketing, Innovation & TechnicalDevelopment etc.He accompanied with the ICAB Presidentduring the discussion on maintenance andenhancement of the ongoing relationshipwith the ICAEW, briefly talked about thelearning materials specially on case study,upgrading of Institute’s website, libraryfacilities including e-library, arrangementof tuition for students and IFRS trainingetc. with the following ICAEW teammembers: Mr Vernon Soare, Executive

Director, Professional Standards, MrMartin Batsford, Contracts and ProjectsManager, Ms Jean Etridge, Head ofInternational Affairs, Mr Jonathan Worell,Senior Business Development Manager,Mr Sam Binks, Consultant to develop casestudies, Ms Hazel Rogers, ProfessionalEducation Manager, Ms Susan Moore,Head of Library & Information Services,Mr Jonathan Bushell, Senior InformationExecutives: LIS Web Services, Mr JohnPearce, Head of Digital Communications. ICAB expects that the knowledge acquiredby Mr Siddique will greatly assist theICAB in many respects and specially theQAD of ICAB in carrying out its assignedduties in line with best practicesworldwide. n

ICAB President visits ICAEW and UK Chapter in LondonICAB News Bulletin No. 261

July 201112

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: 880-02-8119399 E-mail: secretary@icab.org.bd Website: www.icab.org.bd

Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: icabctg@spctnet.comUK Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail: frahman101@aol.comNorth American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: shahed.sharfuddin@td.com

ICAB President, Ms Parveen Mahmud,FCA visited London, UK from July07-13, 2011 to attend meetings withthe ICAEW, ICAB- UK Chapter and withfew other institutions to explore variousprospects and technical assistance tostrengthen and implement ICAB’s neweducation curriculum leading to globalopportunities for ICAB members andstudents.During her visit to ICAEW, Ms. Parveenhad a meeting with ICAEW President, Mr.Clive Parritt and Mr. Michael Izza, ChiefExecutive, ICAEW, in which theydiscussed the progress of ICAB under theTwinning Arrangement and the wayforward. Chairman, ICAB UK Chapter, MrAKM Fazlur Rahman and ICAB DeputyDirector, Technical, Mr Mahbub Siddiquewere also present.ICAB President was also briefed on thework of the different departments inICAEW, including the Quality AssuranceDepartment (QAD), the Professional

Conduct Department (PCD), theDisciplinary Committee, the EducationDepartment. ICAEW pledged its support tocontinue its assistance in capacity

strengthening of ICAB and also in mattersof learning materials and training ofstudents.ICAB President attended a meeting onJuly 09, 2011 with members of the ICABUK Chapter at Mumbai Square,Middlesex, London. Mr AKM FazlurRahman, FCA, Chairman, UK Chapterwelcomed the visiting President anddiscussed matters of interest of the UKChapter members. Dr Javed Siddiqui,made a presentation on his research onauditing profession in Bangladesh. Ameeting was also held on July 12, 2011with ICAB UK Management Committee atLa Indes Porte, London, UK. There wasdiscussion on many outstanding issues toincrease connectivity and strengthen ICABUK Chapter. ICAB President also attended A CPDseminar as Chief Guest, titled “TaxAmnesties” on July 11, 2011, at Idea Store,White Chapel, London. Keynote paperwas presented by Mr Sean Wakeman,Partner, Crowe Clark Whitehill, CharteredAccountants, UK. n

ICAB President Ms. Parveen Mahmud FCA (2nd from right) is seen with (L-R) Mr. AKM FazlurRahman FCA, Chairman UK Chapter, Mr. Mahbub Ahmed Siddique ACA, DD, ICAB, Mr. CliveParritt, President, ICAEW and Mr. Michael Izza, Chief Executive, ICAEW.

President, ICAB presenting a crest to Mr. AKM Fazlur Rahman FCA, Chairman, UK Chapter.