Financial Reporting Act, 2015

(Act No. 16 of 2015)

[September 09, 2015]

To bring in a well-regulated framework for the financial reporting activities of public

interest organizations, to formulate provisions for the establishment of a Council for the
Establishment of Standards of Accounting and Auditing Professionals, Proper
Compliance, Implementation, Supervision and other related functions.

Whereas, bringing financial reporting activities of public interest organizations under a well-
regulated framework, formulating accounting and auditing profession standards, proper
compliance, implementation,It is expedient and necessary to make provision for the
establishment of a Council for the supervision and performance of other related functions;
  
  Therefore, it is hereby enacted as follows: -

CHAPTER ONE
Early

Short title 1. (1) This Act may be called the Financial Reporting Act, 2015 .
and   (2) This Act shall come into force immediately.
introduction

Definitions   2. If there is nothing contrary to the subject or context, in this Act -

  (1) "auditing standards" means the auditing standards made under
section 40;
  (2) "financial year" means the period during which, whether it is a full
year or not, its profit and loss account is presented at the general
annual meeting of the public interest body;
  (3) "financial statements" means interim or final balance sheets,
income statements or profit and loss accounts, details of equity
changes, cash flow statements, notes and other statements and
explanatory statements on them;

  (4) "appellate authority" means the appellate authority constituted

under section 54;
  (5) "committee" means any committee constituted under section 18;

  (6) "Council" means the Financial Reporting Council constituted

under section 3;
  (6) "Chairman" means the Chairman of the Council;
  (6) "Public Interest Agency" means -

  (A) the body which shall meet any one of the following criteria,
namely:
  (I ) 'Bank-Company' as defined in Section 5 (o ) of the Banking-
Companies Act, 1991 (Act No. 14 of 1991);
  (Ii) any securities issuing body which is obliged to submit a report to
the Securities and Exchange Commission under the Bangladesh
Securities and Exchange Commission Act, 1993 (Act No. 15 of 1993);
  (E) 'financial institution' as defined in section 2 (b) of the Financial
Institutions Act, 1993 (Act No. 26 of 1993);
  (6) 'microfinance institution' as defined in section 2 (21) of the
Microcredit Regulatory Authority Act, 2006 (Act No. 32 of 2006);
  ( A) 'insurer' as defined in section 2 (25) of the Insurance Act, 2010
(Act No. 13 of 2010);
  (N) any organization whose annual revenue has exceeded the
financial limit prescribed by the Council by notification in the official
Gazette in the previous financial year;
  (6) Any company which fulfills any of the following two (two)
conditions at the end of the previous financial year, if-
  (1) It appoints the minimum number of persons prescribed by
regulations,
  (2) its total assets exceed the limits set by the Council by notification
in the Official Gazette, and
  (3) the total liability, excluding the equity of its shareholders, exceeds
the limit of liability determined by the Council by notification in the
Official Gazette;

  (B) The following institutions fulfilling the criteria mentioned in sub-

clause (a) shall also be included, namely:
  (Ii) state-owned companies or commercial entities;

  (Ii) statutory authority;

  (E) a non-governmental organization conducting voluntary activities in

the private sector; And
(6) any other similar organization or institution;
  (9) "listed auditor" means any auditor listed in accordance with the
provisions of Chapter V for conducting activities as an auditor of a
public interest organization under this Act;
  (10) "section" means the section of this Act;

  (11) "prescribed" means prescribed by rules or regulations made

under this Act;
  (12) "Registration" means any accountant registered as a member of
a professional accountancy firm;
  (13) "auditor" means a single person or the owner, partner of an audit
firm or any person involved in the audit service activities in which he
is registered as a member of a professional accountancy firm;
  (14) "audit practice" means the audit service provided by the auditor
or audit firm;
  (15) "audit firm" means any organization or firm operating audit
services in a single or joint partnership, whether it is registered or not;
  (17) "audit service" means services rendered in accordance with
section 210 to 220 of the Companies Act, 1994 (Act No. 17 of 1994)
and similar services operated under other statutory laws;
  (17) "Director" means a director or a member of the board of a
statutory government body or organization as defined in section 2 (i)
of the Companies Act, 1994 (Act No. 18 of 1994);
  (17) "Professional accountant" means the members of the two
institutions under section 2 (19). The members of the Institute of
Chartered Accountants of Bangladesh shall be governed by the
Bangladesh Chartered Accountants Order, 1973 and the members of
the Institute of Cost and Management Accountants of Bangladesh
shall be governed by the Institute of Cost and Management
Accountants Ordinance, 1973;

  (19) "Professional Accountancy Institute" means the Institute of

Chartered Accountants of Bangladesh (ICAB) established under the
Bangladesh Chartered Accountants Order, 1973 (PO No. 2 of 1973)
and The Cost and Management Accountants Ordinance, 1977
(Ordinance No. Institute of Cost and Management Accountants of
Bangladesh under LIII of 1977);

  (20) "regulation" means a regulation made under section 70;

  (21) "Financial Reporting Standards" means the Financial Reporting

Standards made under section 40;
  (22) "Annual Report" means the financial statements and audit
reports of the public interest bodies and the documents published on
an annual basis reflecting the activities of the concerned public
interest bodies, including the report of the Board of Directors;
  (23) "rule" means a rule made under section 69;
   (24) "member" means a member of the Council;

  (25) "recognized university" means any university established by or in

force for the time being in force, and any other university declared to
be recognized by the appropriate authority; And

  (27) "Government" means the Finance Department of the Ministry of

Finance of the Government of the People's Republic of Bangladesh,
for the purposes of this Act.

CHAPTER TWO
Establishment, composition, etc. of the council

Establishment 3. (1) After the enactment of this Act, the Government shall, by notification
of the in the Official Gazette, establish a Council called the Financial Reporting
Council Council.
  (2) The Council shall be a statutory body and shall have a permanent
continuity and general seal and, subject to this Act or the rules or
regulations made thereunder, shall have the power to acquire, possess or
transfer both immovable and movable property and use it in its own
name. Can be filed and a case can also be filed against it.

Council 4. The head office of the Council shall be at Dhaka and the Council may,
Office if necessary, with the prior approval of the Government, establish its
branch offices anywhere in the country.

Composition 5. (1) The Council shall consist of the following members, namely:
of council,  (  A) a Chairman appointed by the Government;
etc.   (B) an additional secretary of any department under the Ministry of
Finance nominated by the Government;
 (  C) an Additional Secretary nominated by the Ministry of Commerce;
  (D) a Deputy C&AG nominated by the Auditor General and Controller of
Bangladesh;
  (E) a Deputy Governor nominated by the Governor of Bangladesh Bank;
  (F) a member nominated by the Chairman of the National Board of
Revenue;
  (G) a Commissioner nominated by the Chairman of the Bangladesh
Securities and Exchange Commission;
  (H) President of the Institute of Chartered Accountants of Bangladesh
(ICAB);
  (I) President of the Institute of Cost and Management Accountants of
Bangladesh (ICMAB);
  (J) a professor in the Department of Accounting of a public university
nominated by the Government (for a fixed term);
  
 (K) President of the Federation of Bangladesh Chambers of Commerce
and Industries (FBCCI); And
  (L) An Executive Director nominated by the Chairman of the Council, who
shall also be its Member-Secretary.
  (2) The Chairman shall be the Chief Executive of the Council.
  
Procedure . (1) Members referred to in clauses (a), (h), (i) (k) and (l) of sub-section
to be (1) of section 5 may be removed from their membership, if he-
followed in  (  A) is unable to perform his duties due to physical or mental disability or
case of refuses to perform his duties; Or
removal of  (  B) fails or refuses to perform his duties for more than 3 (three) months
any without reasonable cause; Or
member of
  (C) becomes ineligible to be a member in accordance with the provisions
the Council
of section 11; Or
 (  D) does any work which is harmful to the Council; Or
  (E) conduct such conduct, or use one's position in a manner that
interferes with the purpose or public interest of this Act.
 (  2) The Government shall constitute an inquiry committee to verify the
accuracy of the reasons stated in sub-section (1) and the procedure,
scope, time limit for submission of report, essential matters mentioned in
the investigation report, recommendations for removal and related
matters shall be determined by rules.
  (3) Any member removed under this section shall be ineligible for
reappointment as a member of the Council or to any other office of the
Council.

General . The general objectives of the Council shall be as follows, namely:

Objectives   (A) setting accounting and auditing profession standards, ethical
of the standards, etc .;
Council   (E) improving the quality of accounting and auditing services;
  (C) development of accounting and auditing professions;
  (D) ensuring the highest standards of accounting and auditing work of the
auditors listed in the Council;
  (E) enhancing the credibility of financial reports;
  (F) provide assistance in ensuring the integrity, transparency and capacity
building of professional accounting and auditing activities; And
  (G) To motivate the public interest organizations to prepare high quality
financial and non-financial information reports.

Powers and . (1) For the proper performance of the functions of the Council, the
functions of Council may, subject to the provisions of this Act, exercise all necessary
the council powers and perform its functions.
 (  2) The Council may, without compromising the totality of sub-section (1),
exercise its powers and perform its functions in the following matters,
namely:
  (A) formulate and implement standards in line with internationally
accepted and standardized financial reporting and auditing standards in
view of the socio-economic condition of Bangladesh;
  (B) ensure compliance with internationally accepted and standardized
standards set by the International Accounting Standards Board (IASB),
the International Auditing and Assurance Standards Board (IASB) or other
related international bodies;
  (C) to ensure effective compliance, monitoring and implementation of the
Financial Reporting and Auditing Standards formulated by the Council;
  (D) to ensure the necessary rules, regulations, standards, guidelines,
codes, formulations and their implementation for the purpose of ensuring
the quality of financial reporting, accounting and auditing;
  (E) monitoring of auditors' practice and practice in order to maintain a
high standard of professional conduct;
  (F) provide advice and information services as a central repository of
information on accounting and auditing functions;
  (G) enrollment of auditors and maintenance and disclosure of related
information registers;
  (H) to ensure compliance with the reporting requirements prescribed
under any other law;
  (I) to provide recommendations and co-operate in the development of
educational certificates, courses and professional standards conducted by
professional accountancy institutions in various educational, training,
internship, articleship and research activities;
  (J) monitoring of professional development activities conducted by
professional accountancy institutions for the purpose of this Act;
 (  K) to encourage and, as the case may be, to encourage and fund
research on financial matters, accounting, auditing and corporate
governance by the Council, professional accountancy institutes or any
other related body;
  (L) to make necessary rules or regulations for the proper conduct of
accounting and auditing activities;
  (M) to conduct investigations and related activities under this Act;
  (6) adoption and implementation of appropriate procedures or schemes
for conducting the objectives and activities of the Council;
  (O) to be involved in any local or international institutional initiative that is
related to or aided by the objectives and functions of the Council or,
where applicable, execute memoranda and agreements;
  (P) determination of charges and fees for services rendered by the
Council;
  (Q) imposition of fines under this Act and the rules made thereunder;
  (R) to make recommendations or advises to the Government on financial
reports, non-financial reports, financial statements, annual reports,
 accounting and audit or related matters; And
  (S) For the purpose of fulfilling the purposes of this Act, to perform such
other functions as the Council may deem necessary for the purpose of
implementing the general purposes and functions of the Council.

Council 9. (1) Subject to the other provisions of this section, the council may
meeting determine the procedure of its meetings.
  (2) The meeting of the council shall be held at the place and time fixed by
its chairman.
  (3) At least one meeting of the Council shall be held every 3 (three)
months, but in case of emergency a meeting may be called with the
shortest notice.
  (4) A total of 3 (three) members may request in writing to the Chairman to
convene a special meeting of the Council for the purpose of holding a
discussion or taking a decision on a particular subject and the Chairman
shall convene a meeting within 15 (fifteen) days of receipt of such
request.
 (  5) At least one-third of the total number of members of the Council shall
be required for the formation of quorum at the meeting of the Council.
 (  6) The Chairman shall preside at all meetings of the Council and in his
absence a member nominated by him in writing shall preside at the
meeting.
  (6) Each member of the Council shall have one vote and the decision
shall be taken by majority vote, but in the event of equality of votes, the
person presiding over the meeting shall have the power to cast a second
or casting vote.
  (6) No act or proceeding of the Council shall be invalid merely due to the
vacancy of any member post or defect in the constitution of the Council or
any question may be raised in that regard in any court or anywhere else.
  
CHAPTER THREE
Chairman of the Council, Officer etc.

Selection 10. (1) The Government shall, by notification in the Official Gazette,
Committee constitute a selection committee for the purpose of recommending the
appointment of Chairman and Executive Director, namely: -
 (  A) the Auditor General and the Comptroller and Auditor General of
Bangladesh - the President;
 (  B) nominated by the Chairman of the Bangladesh Public Service
Commission - Member; And
  A member
  (C) Secretary, Finance Department - Member.
  (2) In the case of appointment of the Executive Director, the Chairman of
the Council shall also be a member of the Selection Committee referred
to in sub-section (1).
   (3) The committee constituted under sub-section (1) shall determine the
procedure of its meeting.
  (4) The Finance Department shall provide necessary secretarial
assistance for the performance of the Selection Committee.
  (5) The Selection Committee constituted under sub-section (1) shall have
2 (two) persons against the vacant post of chairman and on the basis of
the unanimous decision taken at its meeting subject to the observance of
the provisions of sections 11 and 12 and a combination of sub-sections
(1) and (2). Based on the decision of the formed selection committee,
each executive director will prepare a list of 2 (two) suitable persons
against the vacant post and submit it to the government with
recommendations.
 (  6) The Government shall appoint the Chairman on the recommendation
of the Selection Committee constituted under sub-section (1) and the
Executive Director on the basis of the recommendation of the Selection
Committee constituted under sub-sections (1) and (2).
  Explanation: This section shall also include senior secretary in the sense
of 'secretary'.

Chairman's 11. (1) The Government shall appoint a person with a minimum of 15
appointment, (fifteen) years of executive work experience from a recognized university
qualifications, with a master's degree in accounting or business administration or
etc. economics or law or finance or banking as chairman for a term of 4 (four)
years:
  Provided, however, that no person shall be eligible for appointment as
Chairman for more than 2 (two) terms in a row or in any other manner.
  (2) If the office of the Chairman becomes vacant or the Chairman is
unable to perform his duties due to his absence, illness or any other
reason, until the new Chairman assumes office in the vacant post or the
Chairman is able to perform his duties again, any member of the Council
nominated by the Government Will act as.

Recruitment, 12. (1) Sub-section (1) of section 22 of this Act-

qualifications,   (A) Candidates for the post of Executive Director of the department
etc. of referred to in clauses (a), (b) and (c) must have at least 10 (ten) years of
executive business administration or accounting, or a master's degree in economics
directors or law or finance or banking or professional degree in accounting Must
have real experience; And
  (B) In order to be appointed to the post of Executive Director of the
Department of Enforcement referred to in clause (d), the candidate must
have at least a bachelor's (honors) degree in law from a recognized
university and at least 10 (ten) years of experience in the work related to
that department.
  (2) The Executive Directors shall hold office for a term of 4 (four) years
from the date of their appointment and shall be eligible for re-appointment
 for a similar term.
  (3) The Executive Directors may at any time, before the expiration of the
period prescribed under sub-section (1), resign by giving 3 (three)
months' written notice to the Government in a letter signed by itself:
  Provided that the resignation shall not take effect until the resignation
letter has been accepted by the Government.

Disqualification 13. No person shall be eligible to be appointed or to be the Chairman or

of Executive Director of the Council, if he -
Chairman   (A) not become a citizen of Bangladesh; Or
and   (B) is declared bankrupt by the appropriate court; Or
Executive   (C) is declared a defaulter by any bank or financial institution; Or
Directors
  (D) is convicted of a criminal offense and sentenced by a court to
imprisonment for a term not less than 3 (three) years; Or
  (E) is unable to discharge duties due to physical or mental illness; Or
  (F) receives any financial benefit, directly or indirectly, from any matter
which the Council has the power to determine; Or
 (  G) engages in accounting or auditing services as a professional
accountant or, as the case may be, as a lawyer, after being appointed in
his own name or in the name of any other person, directly or indirectly in
exchange for or without any exchange; Or
  (H) attains the age of 65 (sixty-five) years; Or
  (I) be punished by any professional body; Or
  (J) Punished for tax evasion.

Remuneration 14. The Government shall determine the remuneration, allowances,

and benefits and other conditions of service of the Chairman and Executive
benefits of Directors by rules:
Chairman   rovided, however, that until the said rules are enacted, the conditions
 P
and laid down by the Government by issuing a general order to this effect
Executive shall remain in force.
Directors  

Honorable 15. The members participating in the meetings of the Council and the
members of any committee constituted under this Act shall receive
honorarium from the funds of the Council in the manner and at the rate
prescribed by rules.

Responsibilities16. The duties and responsibilities of the Chairman shall be as follows,

and duties namely: -
of the   (A) conduct the administration of the Council;
Chairman,   (B) the proper management and administration of the functions and
etc.
matters prescribed by the Council;
  (C) preparation of annual budget and programs; And
  (D) perform any other duties assigned by the Council from time to time.
Committee, 16. (1) The Council may, for the purpose of fulfilling the purposes of this
etc. Act, constitute one or more committees consisting of one or more
members or any of its officers or any local or foreign expert with
experience in any matter to assist in the exercise of any power or
function.
  (2) In addition to the committee referred to in sub-section (1), the Council
may, for the purpose of drafting, examining and reviewing the practical
aspects of the Financial Standards, Auditing Standards, Audit Standards
Code, Ethics Code, Guidelines or similar documents under this Act. If
necessary, one or more technical committees consisting of a number of
local and foreign professionals and amateur experts with experience in
the practical application of International Financial Reporting Standards
and International Auditing Standards may be formed.
  (3) The Council may, in the order for the formation of committees referred
to in sub-sections (1) and (2), determine the responsibilities, procedures,
time limit for submission of report, secretarial assistance, remuneration,
benefits, etc.

Recruitment 16. (1) The Council may, with the prior approval of the Government,
of officers appoint such number of officers and employees as may be necessary for
and the proper performance of its functions.
employees   (2) The procedure for appointment of officers and employees of the
of the Council and the conditions of service shall be determined by regulations.
Council,   
etc.

Recruitment 19. (1) The Council shall, if necessary, request the Government to appoint
of deputed officers and employees.
manpower   (2) The person appointed under sub-section (1) shall continue to work in
on the same disciplinary and regulatory manner as the other employees of
deputation the Council, but in case of any question of imposition of penalty on him,
the matter shall be referred to the appointing authority.

Delegation 20 The Council may, by written order, subject to the conditions set forth in
of power the Order, delegate all or any of its powers under this Act to the Chief
Executive, the Executive Director, any officer of the Council or any other
person.

Annual 21. (1) The Council shall, within not more than 3 (three) months of the end
Report of of its financial year, submit to the Government an annual report on the
the Council functions performed by it in the previous financial year.
  (2) The report submitted under sub-section (1) shall include, among other
things, the following matters, namely: -
  (A) accounts and information of annual income and expenditure;
  (B) a comprehensive review of the Council's activities;
   (C) a description of the objectives of the Council;
  (D) a summary of all the goals of the Council which have not been
achieved, including reasons;
  (E) a brief biography of the members of the Council and information on
remuneration, honorarium and other benefits received; And
 (  F) Details of attendance of members at council meetings.
  (3) The annual income and expenditure account of the Council referred to
in clause (a) of sub-section (2) shall be audited by the Auditor General
and the Comptroller and Auditor General of Bangladesh.
  (4) For the purpose of audit under sub-section (3), the Auditor General or
any person authorized by him may inspect all the records, documents,
cash or bank deposits, securities, reserves and other assets of the
Council and If necessary, you can question any member, officer and
employee of the council.
  (5) The Minister in charge of the Ministry of Finance shall make
arrangements to present the report submitted under this section to the
Parliament as soon as possible.

CHAPTER FOUR
Council's division of labor, responsibilities, code, etc.

Division of 22. (1) For the purpose of this Act, the working division of the Council
Action of shall consist of the following divisions, namely: -
the Council   (A) Standards Setting Division;
 (B) Financial Reporting Monitoring
 Division);
 (C) Audit Practice Review Division; And
 (D) Enforcement Division ”
 (2) There shall be one Executive Director in each of the departments
referred to in sub-section (1) and he shall be the head of that department.
  
Responsibilities23. (1) It shall be the duty of the Criteria Determining Department to make
of the appropriate proposals for financial reporting, pricing, actuarial standards,
criteria formulation of auditing standards, renewal, development and adoption in
setting accordance with the provisions of this Act and submit them to the Council
department for approval.
  (2) For the purpose of this Act, the Council may, with the prior approval of
the Government, by notification in the Official Gazette, determine the
areas and procedures for carrying out the duties of the Criteria
Determining Department without compromising the totality of sub-section
(1).

Responsibility 24. (1) The Financial Reporting Monitoring Division shall be responsible
for financial for monitoring, analyzing and identifying whether any financial reporting
report
monitoring and auditing standards, codes or guidelines made under this Act or any
department other Act are being properly followed by the public interest organization.
  (2) For the purpose of this Act, the Council may, with the prior approval of
the Government, by notification in the Official Gazette, formulate
regulations and determine the scope and method of discharge of duties of
the Financial Reporting Monitoring Department.
  (3) In the case of performance under this Act, the said department shall
inform the concerned public interest organization or any other
organization in writing that if there is any objection regarding any action
taken by such department, such organization or organization may raise
the matter directly with the Financial Reporting Monitoring Department.
 (  4) If it appears to the Financial Reporting Supervision Department at the
time of performance under this Act that the Financial Reporting and
Auditing Standards, Code or Guidelines are not being followed by any
public interest body, then the said Department has its opinion on the
matter to take action in this regard. And inform the department
implementing the recommendation.
  (5) Subject to the provisions of this Act and the regulations made
thereunder, the Financial Reporting Monitoring Department shall conduct
its monitoring work following the procedure prescribed by it.

The audit 25. (1) The responsibilities of the audit practice review department shall
practice is be as follows, namely: -
the   (A) monitoring of audit activities of professional accountancy institutions;
responsibility   (B) a review of the audit practices of any organization which assists the
of the auditor, audit firm or auditor listed on a random basis for the purpose of
revision this Act;
department   (C) to determine whether compliance with the Audit Practice Code or
Auditing Standards enacted under this Act by any listed auditor, audit firm
or auditor and an audit firm in violation of such terms or conditions of the
said code or standard; And
 (  D) Every 3 (three) years once the concerned institution -
  (I) review of regulatory measures;
  (Ii) to review whether necessary steps have been taken to develop the
accountancy profession while maintaining professional standards; And
  (E) to review whether it is fulfilling its duty to safeguard the public interest
by fulfilling the objectives of other public interest matters mentioned in its
charter.
  (2) For the purpose of this Act, the Council may, with the prior approval of
the Government, by notification in the Official Gazette, determine the
areas and procedures for the performance of the Department of Audit
Practice Review by enacting regulations.
 (  3) The Audit Practice Review Department shall notify the concerned
person or organization in writing of the review report prepared by him and
 if the person or organization has any objection in that regard, it may
submit it directly to that department.
  (4) If any failure is identified during the performance of work under this
Act, the Audit Practices Review Department shall inform the enforcing
department of its views and recommendations on the matter and the said
department may take appropriate action on the basis of the opinions and
recommendations received.
  (5) Subject to the provisions of this Act and the regulations made
thereunder, the Department of Audit Practices Review shall carry out its
review following the procedure prescribed by it.

Functions 26. (1) The chief duty of the enforcing department shall be to consider any
of the matter referred to the council directly by any other body for failure or
implementing violation of the standards and opinions sent by other departments of the
department Council or in pursuance of standards made under any other law. To
recommend possible disciplinary action for such violation or failure under
the Act and to inform the parties concerned thereof.
  (2) For the purpose of fulfilling the purposes of this Act, the Council may,
with the prior approval of the Government, by notification in the Official
Gazette, determine the areas and procedures for the performance of the
duties of the enforcing department by making regulations.
  (3) The enforcement department under this Act shall not make any
recommendation for taking disciplinary action without giving the person or
institution concerned a fair hearing on the alleged violation or failure.
  
Formulation 26. (1) The Council may, by notification in the Official Gazette, formulate
of audit audit practices, codes, guidelines or regulations for the purpose of
practice controlling financial reporting activities by listed auditors and public
codes, interest organizations.
regulations,   (2) Notwithstanding anything pursued by a professional accountancy
etc. institution, if audit practice code, guideline or regulation is formulated
under sub-section (1), it shall come into force immediately and shall
prevail.
  
Professional 26. The Council may formulate a code of professional conduct and ethics
code of in order to establish standards of professional conduct in the discharge of
conduct its responsibilities and duties by its members and officers-employees.
and ethics

Collaboration 29. The Council may, if deemed fit by it, for the purpose of exchanging
with other information for the performance of its functions under this Act, in
organizations concluding memorandums of understanding or legal documents with
Bangladesh Bank, Bangladesh Securities and Exchange Commission,
Insurance Regulatory Authority and any other statutory body. You can.
Prohibition 30 Without the consent of the Council, no member or member of any of its
of committees or any officer or employee of the Council may use any
disclosure information obtained directly or indirectly for the benefit of the individual or
of any other person, including disclosure of any information:
information   Provided, however, that in accordance with the provisions of the Right to
Information Act, 2009 (Act No. 20 of 2009), nothing shall be hindered in
ensuring the free flow of information and the right to information of the
people.
  Explanation: For the purpose of this section, "disclosure of information" or
"use of information" means to allow the access of any other person to any
record or document in the custody or control of a member of the council
or a member of the committee or an officer or employee of the council.
Shall include.

CHAPTER FIVE
Enrollment, renewal etc.

List of 31. (1) Notwithstanding anything contained in any other law for the time
auditors being in force, after the coming into force of this Act, no auditor or any
audit firm shall be eligible to be appointed as an auditor of any public
interest entity without registration with the Council or to provide any audit
related services.
  (2) If any listed auditor or any partner of an audit firm resigns or joins the
firm, the Council shall be notified in writing of the resignation or joining
within not more than 15 (fifteen) days.

Enrollment 32. (1) For the purpose of enrollment under this Act, any auditor shall
application, apply to the Council on the terms and conditions prescribed by rules.
etc.   (2) The Council shall issue a Certificate of Enrollment to the auditor listed
under this Act, which shall specify the conditions applicable to the
enlistment referred to in this Act or the rules, regulations, guidelines,
standards or directives made thereunder.
  (3) Verification of application for enrollment under this section, selection of
fees, submission papers, decision to enlist or not enrollment, preservation
of printed and electronic copy of enrollment certificate, recording of
required information in general or in e-register, deadline, informing the
applicant, auditor Or any change of information recorded in the register or
related matters shall be prescribed by rules.

Enrollment 33. (1) If any listed auditor is convicted under section 46, the Council
certificate may, if necessary, discuss the matter in the meeting and take one or
suspended, more of the following measures, namely: -
revoked
   (A) issue warning notices to listed auditors; Or

   (B) issuing orders with instructions to submit regular reports imposing

one or more conditions; Or
    (C) suspend the conduct of its activities as a listed auditor for a fixed
period not exceeding 2 (two) years; Or
   (D) cancel the enrollment by written order, giving the listed auditor a
reasonable opportunity to show cause; Or

   (E) send the professional accountancy firm against the listed auditor
to take disciplinary action in accordance with the relevant law and
inform the Council of the action taken within the prescribed time; Or
   (F) The professional accountancy institution shall send against the
listed auditor to take necessary action for cancellation of registration
in accordance with the relevant law and shall inform the Council of
the action taken within the prescribed time.
   (2) If at any stage of conducting activities under this Act it appears to
the Chairman or Executive Director of the Council or any other officer
of the Council that an auditor has committed an offense under sub-
section (1), the matter shall be presented in writing at the immediate
next meeting of the Council. .
   (3) The Council may, if it deems it necessary to take action under this
section, conduct further investigation, written or private hearing, etc.
in the manner prescribed by it.

   (4) The matter of suspension or revocation of enrollment certificate

under this section shall be published regularly in the form of update
on the Council's website.
 
Unauthorized 34. (1) The public interest body shall not engage in audit by any person
audit whose enrollment has been suspended by the Council or whose
practice enrollment has been canceled by the Audit Council or against whom the
necessary action has been taken by the professional accountancy firm on
the recommendation of the Council.
  (2) No listed auditor may conduct audit in the name of any audit firm
without informing the Council of the following matters, namely: -
  (A) in the case of partnership transactions, the names of the partners of
the firm and the signature of the identifier;
  (B) in the case of the use of the letterhead of the audit firm, a copy
thereof; And
  (C) If the name of the audit firm is similar to any regional or international
network or the firm belongs to any regional or international network or the
letterhead of the firm or any other document indicates that the firm is part
of any regional or international network. Or details, including documentary
evidence of a relationship with an international network.
  (3) No listed auditor shall sign any account, statement, report or any other
document executed by any other auditor unless he is satisfied with it and
assumes full responsibility for the work performed.
Auditor's 35. (1) In preparing an audit report on the financial statements of a public
report and interest entity, the auditor shall give an affidavit in the form prescribed by
opinion regulations to the effect that the report has been prepared in compliance
with applicable auditing standards and the relevant provisions of this Act
and any other Act.
  (2) No listed auditor shall express an opinion in his report without
following the auditing standards framed by the Council under section 40.
  (3) In the event that the directors or authorized officers of an organization
express an opinion in its annual report that the report has been prepared
in compliance with the Corporate Governance Code or any other
regulatory system, the auditor shall include the said code or regulatory
system in his report. He will mention whether it has been prepared with
consistency in mind.

Serious 36. (1) If the auditor listed in the public interest organization is satisfied
irregularities with the conduct of the audit or has reasonable grounds to believe that
serious irregularities have taken place in the institution, he shall, without
delay, -
 (  A) notify the members of the Board of Directors of the public interest
organization in writing of the details of such irregularities; And
 (  B) Every person referred to in clause (a) shall, individually or collectively,
request the concerned public interest body to take appropriate action in
respect of such irregularity.
  (2) If the concerned public interest body does not take any action
regarding the said irregularity within 30 (thirty) days of notification in
writing under sub-section (1), the listed auditor shall, with other
information deemed appropriate by him, the council, professional
accountancy institution, concerned regulator. Inform the organization and
any other statutory body or organization as required in accordance with
the law or rules thereof.

Freedom of 36. (1) A listed auditor shall perform his duties completely independently
the auditor and shall not engage in any act contrary to the Audit Practice Code
in framed by the Council or engage in any such act which would infringe
discharging upon his independence as a listed auditor.
duties  (  2) The Council may, by regulation, inspect the audited practice by the
auditor listed in the regulations and provide necessary information on the
conduct of the audit.
  
Conflict of 36. While a listed auditor is employed as a statutory auditor of a public
interest interest organization, he / she shall not perform any work which may
cause conflict of interest other than audit work.

Public 39. (1) The Council and Professional Accountancy Institutions, individually
interest and collectively, shall ensure public oversight by taking effective
monitoring measures for the expansion and development of the accountancy
in profession, including maintaining the highest standards of professional
collaboration and business conduct specified in the Charter of Professional
with Accountancy Institutions.
professional   (2) The Council and the Professional Accountancy Institution shall meet at
accountancy least 2 (two) times a year to review the overall work plan, including
institutes financial reporting, development of audit practices and strategy and
policy-making matters for review under this Act.

CHAPTER SIX
Setting and monitoring standards, publications, etc.

Formulation 40 (1) The Council, for the purpose of providing professional accounting
of services to public interest organizations-
standards,   (A) Financial Reporting Standards consistent with the International
etc. Accounting Standards issued by the International Accounting Standards
Board; And
  (B) Formulate and issue auditing standards by the International Auditing
and Assurance Standards Board in accordance with the International
Auditing Standards and the Declaration of Assurance and Ethics.
  (2) The Council shall issue guidelines necessary for the successful
implementation of the Auditing Standards.
  (3) Every listed auditor shall follow the rules, regulations, codes or
guidelines issued under this Act in compliance with the minimum
conditions mentioned in the auditing standards by the Council in
discharging his professional duties.
  (4) Notwithstanding anything contained in sub-section (1), the Council
may formulate separate simplified financial reporting frameworks and
standards for small and medium enterprises in accordance with
international best practice.
  (5) The Council shall regularly update the auditing standards and financial
reporting standards formulated under this section and publish and
disseminate them for the information of all concerned.

Exemption 41. The Council may, if necessary, exempt small enterprises from
in separate simplified financial reporting standards.
compliance
with
standards

Assist in 42. The Council shall seek the advice and assistance of a professional
the accountancy firm for the formulation of Financial Reporting Standards and
formulation Auditing Standards under this section and shall be obliged to provide
of necessary advice and assistance if any such advice and assistance is
standards sought.
Pre- 43. If the Council seeks to formulate or amend any financial reporting and
publication auditing standards, a notice shall be published on the Council's website
of inviting objections or comments or opinions from interested persons within
standards 60 (sixty) days and at least 1 (one) in Bengali and 1 (1) widely circulated.
One) will be published in English daily newspapers for 3 (three)
consecutive days.
  (2) If any person wishes to submit an objection or comment or opinion on
the applicable standards, he may submit it in writing to the Council within
the time specified in the notice after the publication of the notice
mentioned in sub-section (1).
 (  3) The Council shall consider the objections or comments or opinions
filed under sub-section (2) for the purpose of formulating or amending the
Financial Reporting and Auditing Standards under this section.

Adherence 44. Immediately after the enactment of this Act, if a public interest body is
to obliged to prepare a financial statement under any other law, the body
standards shall ensure that the financial statement is audited by the auditor listed by
by public the said Act and the Council under this Act. , Codes, instructions, rules or
interest regulations are prepared in the following order.
organizations

Monitoring 45. (1) If a financial statement and annual report are submitted by a public
of financial interest organization to a government department or authority, the Council
statements or any official authorized by it in writing may review whether such financial
and annual statement and annual report have been prepared in pursuance of this Act.
reports   (2) The Council or any officer authorized by it in writing may, for this
purpose, seek information or explanation from the following persons,
namely: -
  (A) any officer or director of a public interest organization;
  (B) the officer of the public interest body responsible for the preparation of
the financial statements;
  (C) an auditor or audit firm appointed to audit the financial statements and
reports of public interest entities; And
 (  D) The auditor performing the cost audit.
  (3) If a public interest body submits its annual financial statement to any
government department or authority, it shall submit a copy of the financial
statement to the Council in the manner prescribed by regulations.
 (  4) The Council may, with the fee and information prescribed by the
regulations, order the submission of its financial statement from any
public interest organization within the time prescribed by it.

Review of 46. Any officer authorized by the Council or in writing to do so may review
audit the audit practice of a listed auditor and for this purpose-
practices of   (A) may inspect, examine and collect all records, documents, annual
public balance sheets, cash or bank deposits, securities, reserves or other
interest assets, etc., which are in the possession or control of the concerned
auditors auditor or his partner, employee or helper. ; And
  (B) may seek information or explanation from any partner, employee or
associate.

Obligation 48. (1) If it appears to the Council that a public interest entity has failed to
to follow follow any financial reporting and auditing standards, codes or guidelines
financial enacted under this Act, or has seriously distorted the financial statements
reporting of the public interest entity, the Council shall alert the Public Interest
and Institution. May do so or may promptly change or amend its financial
auditing statements in pursuance of such standards.
standards   (2) If an instruction is given to a public interest organization under sub-
section (1), the public interest organization shall amend or change its
financial statement within 30 (thirty) days of receipt of such instruction and
the financial statement prepared in revised or altered form shall Will
resubmit to the authorities.

CHAPTER SEVEN
Crimes, investigations, fines and penalties, appeals, etc.

Crimes and 48. It is an offense for a person to be registered as an auditor or to violate

punishments any provision of this Act or the rules, regulations, guidelines, standards or
etc. guidelines made thereunder or by providing dishonest methods or
providing false information. For this he will be punished with imprisonment
of not more than 5 (five) years or a fine of not less than 5 (five) lakh
rupees or both.

Investigation 49. (1) The Council may, in the manner prescribed by rules, take
of measures for proper investigation of any of the following allegations,
allegations, namely: -
etc.   (A) any allegation of malpractice, negligence or professional misconduct
raised against a listed auditor;
  (B) violation of the Audit Practice Code by any listed auditor;
  (C) the occurrence of serious irregularities under section 37; And
  (D) Violation of any of the conditions mentioned in this Act or the rules,
regulations, guidelines, standards or instructions made thereunder.
  (2) For the purpose of this Act, any public interest organization, its
director, officer or employee or auditor, if directed by the council or any
member or officer of the council empowered by it, to present any
information, relevant book, record or document in its possession or
control or Will be obliged to submit.
  (3) No matter referred to under sub-section (2) shall be denied in answer
to a confidential or related question.
  
Administrative 50. (1) If any listed auditor refuses or fails to comply with any order or
fines for instruction of the Council given under this Act, the Council may impose
violation of such amount on the listed auditor in the manner prescribed by rules and
orders etc. as an administrative penalty.
  (2) The fine imposed under sub-section (1) shall be recoverable as Public
Demands under the Public Demands Recovery Act, 1913 (Act No. III of
1913).

Enforcement 51. The Code of Criminal Procedure, 1898 (Act V of 1898) shall apply to
of the Code the investigation and trial of offenses referred to in any provision of this
of Criminal Act other than the administrative fines referred to in section 50 .
Procedure,  
1898

Objections 52. (1) A public interest agency, a listed auditor, an audit firm or a
and professional accountancy institution may file an objection to any
hearings on recommendation of the enforcement department.
the   (2) Submission of objections under sub-section (1), formation of panel for
recommendationsconsideration and hearing of objections, its procedure, disposal of
of the objections and related matters shall be prescribed by rules.
enforcement   
department

Appeal 53. (1) Subject to the other provisions of this Act, if any party agrees
against the against any decision made by the Council, he may lodge an appeal with
decision of the Appellate Authority within not more than 30 (thirty) days of being
the council informed of such decision and submit other related matters to the
Appellate Authority. Will go
 (  2) In the case of an appeal filed under sub-section (1), the decision of the
appellate authority shall be final.
  
Appellate 54. (1) For hearing appeals under this Act, the Government may, by
Authority notification in the Official Gazette, constitute an appellate authority and it
shall be called the Accounting and Audit Appellate Authority.
 (  2) The appellate authority referred to in sub-section (1) shall be
constituted as follows, namely: -
 (  A) a person with at least 20 (twenty) years of executive work experience,
including a bachelor's (honors) degree in economics, business
administration, accounting, law, finance and banking, management or
trade or financial management, or a retired secretary, who shall also be its
chairman;
  (B) a legal expert with at least 15 (fifteen) years of practical experience in
the legal profession or legal practice, including a bachelor's (honors)
degree in law; And
  (C) Must have at least 15 (fifteen) years of practical experience in
Economics, Business Administration, Accounting, Law, Finance and
Banking, Management or Commerce or Financial Management with
Bachelor's (Honors) or Professional Degree in Accounting.
   (3) The appellate authority shall determine its procedure.
  (4) The appellate authority may uphold or amend, change or revoke any
decision of the council or may issue any interim order suspending the
effect of the decision.
  (5) The decision shall be taken on the basis of the opinion of the majority
of the members of the Appellate Authority.
  (6) If a decision is made against the appellant in accordance with the
provisions of this section, the appellate authority may order the appellant
to bear all the costs related to the appeal.
  (6) All expenses of the Appellate Authority shall be executed in the
manner prescribed by the Rules and from the funds of the Council.
  
CHAPTER VIII
Council Financial Matters

Council 55. (1) The Council shall have a fund called the Financial Reporting
funds Council Fund and the following funds shall be deposited in it, namely: -
  (A) grants made by the Government;
  (B) fees, charges and administrative fines recoverable under this Act;
  (C) money received for services rendered by the Council; And
  (D) Money received from any other lawful source.
  (2) The money of the fund shall be deposited in the name of the Council,
in a scheduled bank in the manner prescribed by the Council and the
funds may be withdrawn in the manner prescribed by the Council.
  (3) The salary, allowances, remuneration and other incidental expenses of
the Chairman, members, appellate authority, officers and employees of
the Council shall be met from the funds of this fund.
  (4) The Commission shall, after discharging all its expenses in each of its
financial years, deposit the surplus money in the joint fund of the
Republic.
  Explanation. For the purposes of this Act, "Scheduled Bank" means
"Scheduled Bank" as defined in The Bangladesh Bank Order, 1972 (PO
No. 127 of 1972).

Accounting 57. (1) The Council shall, accordingly, prepare its accounts and
and statements of accounts.
auditing   (2) The Auditor General and the Comptroller and Auditor General of
Bangladesh shall audit the accounts of the Council every year and shall
submit to the Government and the authorities the required number of
copies of the audit report.
  (3) If any objection is raised to the audit report referred to in sub-section
(2), the Council shall take appropriate action immediately to settle it.
 (  4) For the purpose of auditing the accounts of the Authority, the Auditor
General and the Comptroller or any person authorized by him may
 examine all the records, documents, annual balance sheets, cash or bank
deposits, reserves or other assets, etc. of the Council and the Chairman,
May question any officer or employee of the member or authority.

Annual 57. The Council shall, at least 3 (three) months before the
budget commencement of each financial year, submit to the Government the
statement annual budget statement for the next financial year, stating the amount of
money required from the Government in that financial year.

Formulation 57. The council will formulate an action plan and action plan every year
of annual and submit it to the government for information.
action plan
and
strategy

CHAPTER IX
Ancillary amendments to certain laws

O. No. ৫৯। Bangladesh Chartered Accountants Order, 1973 (P. O. No. 2 of 1973)
Amendment এর-
of 2 of 1973  (A) After sub-clause (d) of clause (1) of Article 2, the following new sub-
clause (dd) shall be inserted, namely: -
   (dd) “Financial Reporting Council (FRC)” means the Financial Reporting
Council established under section 3 of the Financial Reporting Act, 2015;”
 (B) After Article 8, the following new Article 8A shall be inserted, namely:
 ””8A. The Institute shall ensure that all members of the Institute shall
comply with the Financial Reporting Standards and Auditing Standards
issued by the Financial Reporting Council (FRC) pursuant to section 40 of
the Financial Reporting Act, 2015.;
 (C) The semicolon (;) shall be substituted for the fullstop (.) At the end of
sub-clause (vi) of Article 9 and then the following new sub-clause (vii)
shall be added, namely: -
 “(vii) has been removed from the membership of the Institute on being
found on inquiry not to have complied with the Financial Reporting
Standards and Auditing Standards issued by the Financial Reporting
Council (FRC) pursuant to section 40 of the Financial Reporting Act,
2015.”; এবং
 (D) After Article 13, the following new Article 13A shall be inserted,
namely: -
 “13A. The functions of the Institute shall be subject to the public interest
oversight of the Financial Reporting Council (FRC) in accordance with the
Financial Reporting Act, 2015, which shall ensure that the Institute meets
its responsibilities to maintain high professional standards and develop
the accounting profession.”|
 
Amendment 60 Sub-section (1) of section 37 of the Banking Companies Act, 1991 (Act
of Act No. No. 14 of 1991) shall be followed by the insertion of two new sub-sections
14 of 1991 (1a) and (1b), namely:
  (1) Notwithstanding anything contained in sub-section (1), any banking
company established as a public interest entity as defined in section 2 (6)
of the Financial Reporting Act, 2015 shall have the duty of financial
reporting prepared in accordance with the provisions of section 40 of the
said Act. Present necessary documents including auditor's report
prepared in accordance with the standards and auditing standards.
 (  1b) The Registrar of Bangladesh Bank and Joint Stock Company shall
not accept any financial statement or similar statement or report
submitted by any institution established as a 'public interest institution' as
defined in Section 2 (6) of the Financial Reporting Act, 2015 , unless it is
accompanied by a report of a listed auditor. Is presented. "
  
Amendment 61. After section 23 of the Financial Institutions Act, 1993 (Act No. 26 of
of Act No. 1993), a new section 23A shall be inserted, namely:
26 of 1993  ' ' 23a. Ability to refute auditor's report. Any financial institution established
as a "public interest entity" as defined in Section 2 (6) of the Financial
Reporting Act, 2015 shall be responsible for the reporting of the auditors
prepared in accordance with the provisions of Section 40 of the said
Financial Reporting Standards and Auditing Standards. ''.
  
Amendment 72. Companies Act, 1994 (Act No. 18 of 1994)
of Act No.  (  A) After sub-section (2) of section 175, the following two new sub-
18 of 1994 sections (2a) and (2b) shall be inserted, namely: -
 (  2) Notwithstanding anything contained in sub-section (2), any company
established as a "public interest body" as defined in section 2 (6) of the
Financial Reporting Act, 2015 shall be liable in accordance with the
provisions of section 40 of that Act. Present necessary documents
including reports of listed auditors prepared in accordance with the
Financial Reporting and Auditing Standards.
  (2b) The Registrar of Joint Stock Companies shall not accept the annual
report submitted by such company unless it is accompanied by the report
of the listed auditor.
  (B) After sub-section (1) of section 190, the following new sub-section
(1a) shall be inserted, namely:
  (1a) No company established as a public interest entity as defined in
section 2 (6) of the Financial Reporting Act, 2015 may file a financial
statement unless the standards framed by the Financial Reporting
Council in accordance with section 40 of the same Act are prepared. Is. '';
 (  C) Sub-section (4) of section 212 shall be followed by the following new
sub-section (5), namely:
 (  5) No person shall be eligible to be an auditor of a company established
as a public interest entity unless he is listed as an auditor by the Financial
 Reporting Council under Section 31 of the Financial Reporting Act, 2015.
" And
  (D) After sub-section (3) of section 220, the following new sub-section (4)
shall be added, namely: -
  (4) No person shall be eligible to be an auditor of a company established
as a public interest entity unless he is listed as an auditor by the Financial
Reporting Council under Section 31 of the Financial Reporting Act, 2015.
"

Amendment 63. Subsection (3) of section 32 of the Insurance Act, 2010 (Act No. 13 of
of Act No. 2010) will be followed by the addition of two new sub-sections (4) and (5),
13 of 2010 namely: -
  (4) Notwithstanding anything contained in this Act, the insurer established
as a "public interest entity" as defined in Section 2 (6) of the Financial
Reporting Act, 2015 shall be responsible for the Financial Reporting
Standards and Auditing made in accordance with the provisions of
Section 40 of that Act. Present the required documents to the authorities
along with the auditor's report prepared following the standards.
  (5) The said authority shall not accept any annual report unless it is
presented with the report of a listed auditor.

No. 64. After section 14 of the Cost and Management Accountants Ordinance,
Insertion of 1977 (Ord. No. LIII of 1977), the following new section 14A shall be
new section inserted as follows:
14A in LIII  “14A. The function of the Institute shall be subject to the public-interest
of 1977 oversight of the Financial Reporting Council in accordance with section 40
of the Financial Reporting Act, 2015 which shall ensure that the Institute
meets its responsibilities to maintain highprofessional standards and
develop the accounting profession.” |
 14B. The Institute shall ensure that all members of the Institute shall
comply with the Financial Reporting Standards and Auditing Standards
issued by the Financial Reporting Council (FRC) pursuant to section 40 of
the Financial Reporting Act, 2015.
 14C. A person shall not be entitled to have his name entered in or borne
on the Register if he has been removed from the membership of the
Institute on being found on inquiry not to have complied with the Financial
Reporting Standards and Auditing Standards issued by the Financial
Reporting Council (FRC) pursuant to section 40 of the Financial Reporting
Act, 2015.
 
Amendment 65. Subsection (3) of sub-section (3) of section 22 of the Microcredit
of Act No. Regulatory Authority Act, 2006 (Act No. 32 of 2006), the following new
32 of 2006 sub-sections (4) and (5) shall be added, namely: -
  (4) Notwithstanding anything contained in this Act, the microfinance
institution established as a "public interest entity" as defined in Section 2
(6) of the Financial Reporting Act, 2015 shall be responsible for the
 Financial Reporting Standards made in accordance with the provisions of
Section 40 of that Act. Submission of necessary documents to the
authority along with the auditor's report prepared following the auditing
standards.
  (5) The said authority shall not accept any annual report unless it is
presented with the report of a listed auditor.
  
CHAPTER TEN
Miscellaneous

Not to . (1) The proceedings or measures taken under this Act, rules or
undermine regulations shall be in addition to the measures taken under any other law
the system and shall not invalidate the measures taken under any other law.
under other  (2) The provisions of this Act shall not apply to the Comptroller and
laws Auditor General (Additional Functions) Act, 1974 (Act No. XXIV of 1974).

Publications . (1) The Council may publish periodic, circulars, notices, notices,
quarterly or half-yearly or annual periodicals, etc., for the purposes of
professional accountancy institutions, listed auditors, public interest
organizations and all others concerned.
  (2) Matters published under sub-section (1) shall be published on the
Council's website without delay and in the form of a notification in the
national daily newspaper.
  (3) The Council shall publish this Act or the rules, regulations, existing
standards, guidelines, statutory notifications and legal documents related
to the purposes of this Act in the form of Financial Reporting Code in
regular and updated form and also publish it on the Council's website.

Special . The provisions of Chapter VI of this Act shall not apply to the institutions
provisions referred to in Section 2 (6) (b) till June 30, 2016.

Preservation 69 Unless otherwise provided in this Act, the Financial Reporting and
of Auditing Standards adopted and published by the Professional
standards Accountancy Institution for the purpose of providing professional
issued by accounting services to auditors shall remain in force until such standards
professional are enacted by rules or regulations under this Act. Made under this Act.
accountancy
firms

Ability to 60 (1) For the purpose of this Act, the Government may, by notification in
make rules the Official Gazette, make rules.
  (2) The Government shall take the advice of professional accountancy
institutes for the purpose of making rules under sub-section (1), and shall
pre-publish it by notification in the official gazette, inviting the views,
suggestions or objections of all others concerned.
  
 (3) If any person has any opinion, suggestion or objection on the pre-
published subject under sub-section (2), it shall be sent in writing to the
Government within 30 (thirty) days of its pre-publication in the Gazette.
  (4) The Government shall, after considering the opinions, suggestions or
objections received under sub-sections (2) and (3), publish the Gazette
within not more than 120 (one hundred and twenty) days of its pre-
publication.

Ability to 61. (1) The Council may, with the prior approval of the Government, make
make regulations for the purpose of this Act by notification in the Official
regulations Gazette.
  (2) The Council shall take the advice of professional accountancy
institutes for the purpose of making regulations under sub-section (1), and
shall pre-publish it by notification in the Official Gazette, inviting the views,
suggestions or objections of all others concerned.
  (3) If any person has any opinion, suggestion or objection on the matter
pre-published under sub-section (2), it shall be sent to the Council in
writing within not more than 30 (thirty) days of pre-publication.
  (4) The Council shall, after considering the opinions, suggestions or
objections received under sub-sections (2) and (3), publish the Gazette
within not more than 90 (ninety) days of its pre-publication.

The power 72. In case of any difficulty in enforcing the provisions of this Act due to
of the ambiguity about the powers and responsibilities of the Council, the
government Government may, in accordance with other provisions, provide
to resolve clarification or explanation of such provisions by notification in the Official
complexities Gazette.

Publish 63. (1) After the enactment of this Act, the Government shall, by
translated notification in the Official Gazette, publish a text of this Act translated into
text into English, which shall be the Authentic English Text of this Act.
English  (  2) The text translated into English published under sub-section (1) and
the Bangla text shall prevail in case of conflict between these Bengali
laws.
 

Copyright © 2019, Legislative and Parliamentary Affairs Division

Ministry of Law, Justice and Parliamentary Affairs