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  • The ICAB Issues Bangladesh Standards On Auditing (BSA) To Be Observed by Its Members. © C©C C C C CC

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    Ruthi Reza
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    The accounting and auditing practices in Bangladesh do not always follow internationally acceptable standards, as financial statements are sometimes inconsistent with these standards and audits are not always conducted properly. While Bangladesh Standards on Auditing are based on International Standards on Auditing, local standards are not always updated when international standards change. This can lead to different interpretations of standards among auditors. Additionally, Bangladesh has far too few chartered accountants relative to its population and economy, and the quality of accounting education and training is poor, affecting auditor competence. Corruption also affects practical training in some firms. The legal environment also makes it difficult to discipline auditors.

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    The accounting and auditing practices in Bangladesh do not always follow internationally acceptable standards, as financial statements are sometimes inconsistent with these standards and audits are not always conducted properly. While Bangladesh Standards on Auditing are based on International Standards on Auditing, local standards are not always updated when international standards change. This can lead to different interpretations of standards among auditors. Additionally, Bangladesh has far too few chartered accountants relative to its population and economy, and the quality of accounting education and training is poor, affecting auditor competence. Corruption also affects practical training in some firms. The legal environment also makes it difficult to discipline auditors.

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    12 views1 page

    The ICAB Issues Bangladesh Standards On Auditing (BSA) To Be Observed by Its Members. © C©C C C C CC

    Uploaded by

    Ruthi Reza
    The accounting and auditing practices in Bangladesh do not always follow internationally acceptable standards, as financial statements are sometimes inconsistent with these standards and audits are not always conducted properly. While Bangladesh Standards on Auditing are based on International Standards on Auditing, local standards are not always updated when international standards change. This can lead to different interpretations of standards among auditors. Additionally, Bangladesh has far too few chartered accountants relative to its population and economy, and the quality of accounting education and training is poor, affecting auditor competence. Corruption also affects practical training in some firms. The legal environment also makes it difficult to discipline auditors.

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    The accounting and auditing practices in Bangladesh suffer from institutional weaknesses in regulation, compliance, and enforcement of standards

    and rules. The preparation of financial statements and conduct of audits, in many cases, are not consistent with internationally acceptable standards and practices.

    The ICAB issues Bangladesh Standards on Auditing (BSA) to be observed by its members. An ICAB committee sets and issues local auditing standards following the same process as for setting accounting standards. Although BSAs are based on ISAs, no attempt is made to update the local standards when the international standards are revised. Thus, many new ISAs are not yet reflected in BSAs. No implementation guidelines on BSA or ISA exist from ICAB or any other authority, so the approach of interpretation and implementation may differ from auditor to auditor.

    Developing accounting and auditing profession in Bangladesh With a population of 150 million, Bangladesh has only 750 Chartered Accountants; far too few to meet the needs of the growing economy. The Institute of Chartered Accountants of Bangladesh (ICAB) signed a memorandum of understanding with its counterpart the Institute of Chartered Accountants in England and Wales (ICAEW) to jointly work to develop the accounting and auditing professions in Bangladesh. Under the MoU, ICAB and ICAEW will continue to work for developing the new ICAB qualification, which will be based on full implementation of the changes made with the assistance from the ICAEW. The Ministry of Finance and Ministry of Commerce, along with the World Bank facilitated the MOU Signing.
    Due to Bangladesh s socio-economic scenario, the profession has failed to attract the best quality students. This, coupled with the poor standard of the accounting education at tertiary and professional levels, has severely affected the competence of the auditors. Also, the practical training requirements have been affected by corrupt practices, generally in smaller audit firms. Besides, the legal environment in Bangladesh acts as a major obstacle for implementing disciplinary procedures against auditors.

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