ICAB NEWS BULLETIN
Number 369
Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh (ICAB)
Experts Stressed the need
to have Strong... Anomalies
MoU Between ICAB and
Local Government Division
Courtesy Call on Director
General of NGO Affairs Bureau
ICAB Team Met IDRA
Chairman
President’s Communication
Business Transformation
Must to Revive the Economy
Regulatory Updates
ICAB Team Met New
Chairman of FRC
Virtual Members’
Conference... Technology’
Online Certificate Course
on IFRS
Training for Internal Auditors
Online Training on ‘VAT and
SD Act 2012
Virtual Workshop on
'Contemporary... Auditing Issue
Admission as Associate
Admission as Fellows
Permission to Start Practice
Permission to Join as
Partner
Permission to train Articled
Students
Change of Firm’s Address
CA Firm Level Testing 10
Session on DVS
ICMAB Delegates Visit ICAB 10
Obituary 10
Campus News 11
Day-Long Training Session 11
on DVS
NBR Taskforce Team Met 11
ICAB President
Digitalization Improves 12
Monitoring... Quality of Audit
ISSN 1993-5366
October 2020
Experts Stressed the need to have
Strong Legal Framework to deal with
Financial Sector’s Anomalies
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E
xperts at a programme suggested for Bhuiyan spoke as the special guest, with former
8
good corporate governance and strong ICAB president Muhammed Farhad Hussain in
8 legal frame work to deal with financial the chair.
sector anomalies in the country. They also
8 ICAB President Muhammad Farooq delivered
pointed out that in the context of increasing
8 the welcome speech and associate professor at
digitalization, compliance to accounting
9 Alliance Manchester Business School, UK Dr
standards is essential for fair and transparent
9 Javed Siddiqui presented the keynote paper.
financial reporting.
9
Mohammad Muslim Chowdhury said, there are
The suggestions came at a virtual conference
many allegations that audit firms make
9 on 'Audit Regulatory Reforms in Bangladesh -
substandard financial reports, but attention
The Way Forward,' organised by the Institute of
should be paid as to its underlying causes, he
Chartered Accountants of Bangladesh (ICAB)
added.
on 17 October 2020.
"If good governance is not ensured in the
The Comptroller and Auditor General of
corporate sector, how will the audit firms
Bangladesh (CAG) Mohammad Muslim
prepare good audit reports for companies
Chowdhury addressed the programme as the
having weak audit committees and Independent
chief guest while Financial Reporting Council
Director of the Board?" he questioned.
(FRC) Chairman Professor Dr Md Hamid Ullah
October 2020
Editorial Note from
Chairman – Editorial Board
Dear Readers,
During the month, the institute has been
passing busy time as a number of
ceremonies are likely to take place at the
closure of the year such as, launching DVS
system, Award giving ceremony for best
published accounts and reports, Annual
General Meeting, meetings of different
sub-committees, and so on.
Apart from this, the institute witnessed 3
(three) Members' Conference during this
month. It needs no mention that having
virtual conference is now-a-days easy,
pervasive and largely participatory. The
institute is rightly taking the benefit of new
normal despite eventualities.
Besides regular calls on the chief of
regulatory bodies, in this month we signed
MoU with LGD which is actually the
continuation of previous years assignment.
The local administration is being benefited
by the service of our audit firms.
The institute is working hard to materialize
the Document Verification System (DVS)
and expecting to signing an MOU with the
National Board of Revenue very soon..
Once implemented, this will bring
significant impact in financial discipline and
also benefit our profession. Coordination
and training programme were organised
for NBR officials and discuss tidbits on the
way forward of implementing such
initiative.
Finally, it is important that we follow safety
guidelines as COVID-19 is continuing to
cost human lives as well affecting our
economy.
With best wishes to all.
Dr. Md. Abu Sayed Khan FCA
Ownership concentration and family
dominance in the corporate sector is
one of the biggest constraints to
ensure corporate governance in
Bangladesh, he said and added that
FRC might take regulatory initiative
to appoint independent director in
the Board based on his/her
academic background and
expertise, who could really perform
his duties independently.
Mr. Chowdhury said, the Financial
Reporting Act (FRA) covers the
compulsion of public interest entity
besides financial courses. Three
years after formation, FRC has not
been strengthened with its full
capacity, he said and suggested that
it should play a role of persuasion
rather than imposition in the next 4
to 5 years so that FRC could build up
its capacity during the time.
Referring to low auditing fees, he
said, ‘Audit firms can't survive by
only providing auditing services.
Firms should be allowed to provide
non-auditing services through
necessary regulatory reform for the
sector's better survival’.
Citing example of 'Big Four';
Deloitte, Ernst & Young, KPMG and
PricewaterhouseCoopers -- the
CAG said, these companies mainly
provide non-auditing services, which
attract their clients to take auditing
services too from those firms.
Citing one of his studies, the FRC
chairman said apart from lower fee
rates, audit firms don't have
sufficient resources to handle the
number of clients for preparing good
reports. CA firms should take
initiatives to encourage talented
youths coming to the profession,
who could really provide better
services, he said.
In his presentation, Dr Siddiqui said
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No. 369
the FRC can set minimum fees for
quality audit as the fees are one of
the lowest in the world. He also
suggested for delegation of some
responsibilities like Standard setting,
Quality control of audit firms and
Disciplinary actions to ICAB, under
close monitoring of the FRC, for at
least four to five years, the time FRC
requires to develop its capacity.
Stressing on developing Code of
Corporate Governance for
non-listed Public Interest Entities
(PIEs), Mr Siddiqui said, it is
required to ensure compliance with
agreed minimum audit fee threshold,
depending on size or turnover of
PIEs. He said the quality of financial
reports will not improve if corporate
governance in the country remains
the same.
ICAB President Muhammad Farooq
FCA said, as a primary regulator of
the CA profession, ICAB is
continuously paying efforts to
ensure the high quality audits by
incremental initiatives and
innovations.
The initiative has been taken to
develop an integrated audit software
for the CA Firms of Bangladesh with
a view to capacity building of CA
firms, he said adding that using the
software, auditors will be able to
retrieve the necessary information in
a timely and efficient manner. This
will enable the auditor to execute the
audit process quickly and effectively
to a high standard, which could
reduce the risk of non-compliance,
he said.
For improving the quality of financial
reporting and audit, he urged all
stakeholders like management of a
company, audit committee, internal
and external auditors and the
regulators to perform their due
responsibilities.
 No. 369 October 2020

MoU Between ICAB and Local Government Division

A
Memorandum of Understanding
(MoU) between the Institute of
Chartered Accountants of
Bangladesh (ICAB) and Local
Government Division under the
Ministry of Local Government Rural
Development and Cooperatives, GoB
was signed at LGSP office in the city on
Wednesday, 14 October 2020.

ICAB President Muhammad Farooq

FCA and Maran Kumar Chakraborty,
Additional Secretary, Local
Government Division signed the MoU
for the Annual External Audit of Union
Parishads across the country and the
Review of Audit Report submitted by
Audit Firms under Local Government
Division, Ministry of Local Government
Rural Development and Cooperatives,
GoB.
ICAB Secretary & CEO (In-charge)
Mahbub Ahmed Siddique FCA, Deputy
Director Md. Afsar Uddin FCA, Deputy
Project Director, Local Government
Support Project-3, Md. Jahirul Islam
were present in the programme. .
The Local Government Division
(LGD) of the Ministry of LGRD and
Cooperatives has initiated the common understanding of materiality
implementation of Local Governance and a standard audit report format
Support Project-3 with financial support including adverse and disclaimer of
from the World Bank from January opinion.
2017 to December 2021. One of the
The key feature of the Project is to
objectives of the LGSP-3 is to
ensure UPs to have an external audit of
institutionalize the UP fiscal transfer
their latest annual financial statements
system, and Union Parishads’ audit &
along with the performance
performance assessment.
assessment and fiduciary & safeguard
ICAB will perform its statutory and compliance assessment.
regulatory role through sensitizing the
The ICAB and the LGD will review the
firms on the quality requirement of the
provisions of the MOU on an annual
assignment(s). It will also facilitate the
basis and amend it as necessary upon
participating firms to prepare an audit
mutual consent.
plan, a standard audit programme,

Courtesy Call on Director General ICAB Team Met IDRA

of NGO Affairs Bureau Chairman

ICAB President Muhammad Farooq FCA paid a courtesy call
on Director General of NGO Affairs Bureau Rashadul Islam at
latter’s office on 20 October 2020. ICAB Council Member &
Past President Kamrul Abedin FCA, Council Member Md.
Moniruzzaman FCA, Secretary & CEO (In-charge) Mahbub
Ahmed Siddique FCA and Fellow Member Md.
Rokonuzzaman FCA were also present in the meeting. They
discussed matters related to professional development.
A team of the Institute of Chartered Accountants of Bangladesh
(ICAB) led by its President Muhammad Farooq FCA paid a
courtesy call on Dr. M Mosharraf Hossain FCA, Chairman,
Insurance Development and Regulatory Authority (IDRA), at
latter’s office on 06 October 2020. The other members of the team
were ICAB Vice President Mohammed Forkan Uddin FCA,
Council Member Md. Moniruzzaman FCA, Director (Technical)
and Secretary & CEO (In-charge) Mahbub Ahmed Siddique FCA.

3
October 2020
President’s
Communication
Dear professional colleagues
Assalamualaikum and greetings to you all.
We are in the last quarter of the year. You
are aware that the country is still facing the
challenges of COVID-19 and so are we.
However, COVID-19 must not hindrance
what we want to achieve.
We are constantly maintaining liaison with
the ministries and relevant stakeholders for
our professional concern. We progressed a
great deal with NBR jointly work regarding
Document Verification System (DVS). We
are expecting to ink MoU with NBR next
month. Our activities in this month also
includes meetings, trainings, workshops
and seminars.
To fill the gap of countrywide shutdown and
restriction over 3 moths, we made
substantive efforts to expedite the
educational and training activities of the
institute online through virtual platform.
Following our commitment, this month saw
4 Members' Conferences on important
matters related to our professional concern.
Having said so, let me now update the
activities of the month
Documents Verification System (DVS);
The institute is making all out effort to
implement Documents Verification System
(DVS). A number of coordination meetings
were held among Task Force Members of
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No. 369
NBR and ICAB. Hopefully, MoU will be
signed in the month of November. A training
programme was conducted for NBR
officials at CA Bhaban to further apprise
them about the system and how we can
materialise the event in coming days.
Meanwhile, a Task Force of NBR also met
me to discuss about the project on 01
October 2020.
Virtual conference on 'Audit Regulatory
Reforms in Bangladesh - The Way
Forward,' was held on 17 October 2020
where Comptroller and Auditor General of
Bangladesh (CAG) Mohammad Muslim
Chowdhury was present as the chief guest.
As special guest Chairman Financial
Reporting Council (FRC), Bangladesh,
Professor Dr Md Hamid Ullah Bhuiyan
attended the occasion while ICAB’s past
president Muhammed Farhad Hussain
chaired the session. Welcome speech was
delivered by me and the associate
professor at Alliance Manchester Business
School, UK Dr Javed Siddiqui presented
the keynote paper.
CAG made a very justifiable comments, "If
good governance is not ensured in the
corporate sector, how will the audit firms
prepare good audit reports for companies
having weak audit committees and
Independent Director of the Board", which
is indeed a reality for all of us.

Referring to low auditing fees, he said,
‘Audit firms can't survive by only
providing auditing services. Firms
should be allowed to provide
non-auditing services through
necessary regulatory reform for the
sector's better survival’.
MoU between ICAB and Local
Government Division; A Memorandum
of Understanding (MoU) between ICAB
and Local Government Division (LGD)
under the Ministry of Local Government
Rural Development and Cooperatives,
GoB was signed on 14 October 2020.
The MoU between LGD and ICAB was
signed by Maran Kumar Chakraborty,
Additional Secretary, Local Government
Division and me on behalf of ICAB, for
the Annual External Audit of Union
Parishads across the country. I am sure
Local Government will be highly
benefited by this initiative.
ICAB Secretary & CEO (In-charge)
Mahbub Ahmed Siddique FCA, Deputy
Director Md. Afsar Uddin FCA, Deputy
Project Director, Local Government
Support Project-3, Md. Jahirul Islam
were present in the programme.
Courtesy Call on Director General of
NGO Affairs Bureau; We paid a
courtesy call on Director General of
NGO Affairs Bureau Rashadul Islam at
latter’s office on 20 October 2020. ICAB
Council Member & Past President
Kamrul Abedin FCA, Council Member
Md. Moniruzzaman FCA, Secretary &
CEO (In-charge) Mahbub Ahmed
Siddique FCA and Fellow Member Md.
Rokonuzzaman FCA were present in the
meeting. We discussed matters related
to professional interest.
ICAB Team Met IDRA Chairman; A
team of the Institute of Chartered
Accountants of Bangladesh (ICAB) led
by me paid a courtesy call on Dr. M
Mosharraf Hossain FCA, Chairman,
Insurance Development and Regulatory
Authority (IDRA), at latter’s office on 06
October 2020. The other members of
the team were ICAB Vice President
Mohammed Forkan Uddin FCA, Council
Member Md. Moniruzzaman FCA,
Director (Technical) and Secretary &
CEO (In-charge) Mahbub Ahmed
Siddique FCA.
No. 369
Virtual discussion on 'Business
Transformation - Recipe for Survival
and Success' was held on 24 October
2020 where Grameenphone CEO Yasir
Azman was present as the Chief Guest.
I delivered the address of welcome while
Dewan Nurul Islam FCA, Past
President, ICAB and Managing Director,
Grant Thornton Consulting Bangladesh
Ltd. presided over the Members’
Conference as the Session Chairman.
N K A Mobin FCA, FCS, Member
Council, ICAB introduced the theme of
the Conference while Jasmine Ahmed,
Senior Vice President, Global Finance
Transformation, News Corp, New York,
USA and ex Sr. Vice President,
Business Transformation of Dentsu
Aegis Network, New York, USA
presented the keynote paper. The
panelist focused their country
perspectives about the subject matter on
the existing situation.
ICAB Team Met New Chairman of
FRC; A team of ICAB led by me paid a
courtesy call on Professor Dr. Md.
Hamid Ullah Bhuiyan, Chairman,
Financial Reporting Council (FRC),
Bangladesh on 05 October 2020. The
other members of the team were ICAB
Vice Presidents Sidhartha Barua FCA,
Sabbir Ahmed FCA, Council Member
Md. Moniruzzaman FCA, Director
(Technical) and Secretary & CEO
(In-charge) Mahbub Ahmed Siddique
FCA.
We apprised FRC Chairman about
ongoing activities and development of
the Institute and discussed about the
future engagements of both the parties
to further promote the high quality
financial reporting standards of
accountancy and audit services in the
country.
Virtual Members’ Conference on
‘Application of Technology in Audit
Practice’ organized by ICAB on 03
October 2020. Mohammad Muslim
Chowdhury, Comptroller and Auditor
General of Bangladesh (CAG) and
Former Secretary, Ministry of Finance,
Government of the People’s Republic of
Bangladesh graced the Conference as
the Chief Guest. Suraiya Zannath Khan
5
October 2020
FCA, Lead Financial Management
Specialist, the World Bank was present
as Special Guest while I delivered
address of welcome.
Kamrul Abedin FCA, Member Council &
Past President-ICAB presided over the
Members’ Conference as the Session
Chairman while Maria Howlader FCA,
Member Council, ICAB introduced the
theme of the Conference.
The paper presenters were Sk. Md.
Tarikul Islam FCA, Partner, Hoda Vasi
Chowdhury & Co. - Chartered
Accountants; Ali Amjad Choudhury
FCA, Partner, Howladar Yunus & Co. -
Chartered Accountants; Al Amin
Redwanur Rahman ACA, Senior
Manager – Assurance, A Qasem & Co.
Chartered Accountants; and Md. Abdul
Wahab Akanda ACA, AGM & Head of
Corporate Finance, Expo Group,
Bangladesh.
The panelist succinctly made it clear that
the application of information technology
is not only the necessity but also a
compulsion specially in present and post
COVID-19 scenario.
Dear members, We deeply mourn the
demise of our ICAB Past President,
Former M.P. & State Minister Mr. A K M
Mosharraf Hossain FCA (Enrl. No.
37), Partner, A Hoque & Co., Chartered
Accountants, Mr. Md. Obaidur Rahman
FCA (Enrl. No. 49), Partner, M M
Rahman & Co., Chartered Accountants,
Mr. Md. Abdul Majid FCA (Enrl. No.
64), Advisor (Accounts & Finance),
Meghna Life Insurance Co. Ltd., and Mr.
Sarder Rabiul Islam FCA (Enrl. No.
167), Founder Partner, S R Islam & Co.,
Chartered Accountants in this month of
October 2020. We pray for their eternal
peace. Our heart goes out to the
bereaved families and pray that they
could bear such irreparable loss.
With warm regards
Muhammad Farooq FCA
President
October 2020
Business Transformation Must to Revive the Economy
Speakers told at ICAB’s members’ conference
L
eadership can change an
organisation through collaboration
and cooperation. The learnings
from the ongoing pandemic will also help
businesses to modify their operation
faster than it was thought earlier.
Such business transformation requires
dynamic leadership, emotional bonding
among team members, trust and above
all readiness to accept innovation and
fresh ideas.
Speakers came with the views at a
members’ conference held on Saturday,
24 October 2020 where Grameenphone
CEO Yasir Azman was present as the
Chief Guest. The virtual discussion on
'Business Transformation - Recipe for
Survival and Success' was organized by
the Institute of Chartered Accountants of
Bangladesh (ICAB).
Muhammad Farooq FCA, President,
ICAB delivered the address of welcome
while Dewan Nurul Islam FCA, Past
President, ICAB and Managing Director,
Grant Thornton Consulting Bangladesh
Ltd. presided over the Members’
Conference as the Session Chairman.
N K A Mobin FCA, FCS, Member
Council -ICAB introduced the theme of
the Conference while Jasmine Ahmed,
Senior Vice President, Global Finance
Transformation, News Corp, New York,
USA and ex Sr. Vice President,
Business Transformation of Dentsu
Aegis Network, New York, USA
presented the keynote paper.
Grameenphone CEO Yasir Azman said
technology is just a tool for business
transformation, but real transformation
depends on transparency between
leadership and members of any
organisation. Mr Azman said no
leadership can change an organisation if
leadership in the different ladders do not
collaborate and cooperate. Business
change is a must, he said, as learning
from the ongoing pandemic will help
businesses alter their operation quicker
than it was thought earlier. The chief
executive officer of the largest local
telecom carrier said, "We will ultimately
understand that everything we had
before Covid-19 was not good."
Our economy and the business have
been hit hard by COVID 19 and for
successful survival, digital
transformation of business is must, said
ICAB president Muhammad Farooq
FCA adding that before the pandemic a
lot of discussions were held on the
implications of technology in our future
work. "However, future has arrived
sooner than anticipated as companies
and workers shifted to remote working in
order to contain the transmission of
COVID-19, dramatically changing how
we work.", he added. Mr Farooq said
remote virtual meetings are now
commonplace and economic activity has
increased on a range of digital platforms.
He said the most obvious changes of the
ongoing Covid-19 pandemic are the
infusion of data-enabled services in all
spheres of life.
We entered into new era of the 4th
Industrial Revolution which is
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No. 369
categorized by not just a technological
innovation but a fusion of technologies in
our day to day life, he further said. We
must embrace this change, he advised,
saying that digital revolution does not
respect boundaries or nation states.
The keynote speaker Jasmine Ahmed
explained as to why, in the post COVID
19 economic, we have to embrace the
new normal working scenario at home
with a view to run the organizations
leveraging on the Internet. She stressed
the need to connect with customers
along with the expanded delivery
services system by applying
personalized virtual experiences.
Successful Transformation Strategy
delivers three core results; New
Revenue Streams, Top Line Growth and
Business Optimization, she further said.
Also the successful transformation of
business demands for visionary, bold
Leader who able to shift the long
standing cultural behavior into an agility
to accept the new normal, Ms. Ahmed
said, adding that specially the finance
leaders should be the catalyst enabler
and value creator to incorporate Digital
Technology to the modernized business
operation.
 No. 369 October 2020

Regulatory Updates
Financial Reporting Council standards in preparing their financial and Mr. Razdwan Raquibuddin
(FRC) statements. Mohammed FCA (995), Partners
of Nasir Mohammad & Co,
The Financial Reporting Council (FRC) Disciplinary Order of the
Chartered Accountants.
has accepted the following International Council-ICAB
Accounting Standards (IAS) issued by iii. The Council-ICAB has imposed
The Council-ICAB has taken following
IFRS Foundation as Financial Reporting monetary penalty of Tk. 3 lac
disciplinary actions based on the
Standards for Public Interest Entities upon Mr. Md. Anwar Hossain
recommendations of Investigation and
(PIEs): FCA (1097) ex-partner of Akhter
Disciplinary Committee (IDC):
Abbas Khan & Co, Chartered
Conceptual Framework for Financial Accountants; and
i. Based on the observations of
Reporting, IAS 01, IAS 02, IAS 07, IAS
Quality Assurance Department
08, IAS 10, IAS 12, IAS 16, IAS 19, IAS iv. The Council-ICAB has
(QAD), the Council-ICAB has
20, IAS 21, IAS 23, IAS 24, IAS 26, IAS reprimanded Mr. Md. Waliullah
imposed monetary penalty of Tk.
27, IAS 28, IAS 29, IAS 32, IAS 33, IAS FCA (247), Partner of Malek
100,000 (One Lac) only upon Mr.
34, IAS 36, IAS 37, IAS 38, IAS 39, IAS Siddiqui Wali, Chartered
AKM Mizanur Rahman FCA
40, IAS 41. Accountants in connection with
(438), Mr. Augustine Dipak
the observations of Bangladesh
IFRS 01, IFRS 02, IFRS 03, IFRS 04, Karmakar FCA (989), Mr. Md.
Securities & Exchange
IFRS 05, IFRS 06, IFRS 07, IFRS 08, Abdur Rahman FCA (163) and
Commission (BSEC).
IFRS 09, IFRS 10, IFRS 11, IFRS 12, Mr. ABM Hussain Ahmed FCA
IFRS 13, IFRS 14, IFRS 15, IFRS 16, (242), Partners of Shafiq Mizan Ministry of Commerce
IFRS 17. Rahman & Augustine, Chartered
Proposal for the amendment of the
Accountants;
SIC 07, SIC 10, SIC 25, SIC 29, SIC 32 Bangladesh Chartered Accountants
ii. Based on the observation of Order, 1973 (P.O. 2 of 1973)
IFRIC 01, IFRIC 02, IFRIC 05, IFRIC 06, Quality Assurance Department
IFRIC 07, IFRIC 10, IFRIC 12, IFRIC 14, A meeting was held on 29 October 2020
(QAD), the Council-ICAB has
IFRIC 16, IFRIC 17, IFRIC 19, IFRIC 20, at Ministry of Commerce regarding the
revoked Certificate of Practice
IFRIC 21, IFRIC 22, IFRIC 23. amendment of the Bangladesh
(CoP) of Mr. Razdwan
Chartered Accountants Order, 1973.
IFRS for SMEs Raquibuddin Mohammed FCA
The Institute of Chartered Accountants
(995) for 02 (two) years with effect
The FRC has issued a Notification No. of Bangladesh (ICAB) was requested to
from 01 November, 2020 and has
146/FRC/ প্রশা:/প্রজ্ঞাপন/2020/67 dated provide proposals for amending the
imposed monetary penalty of TK.
02 November 2020 and instructed all the Bangladesh Chartered Accountants
100,000 (one lac) upon Mr. Md.
Public Interest Entities (PIEs) of Order, 1973 and ICAB submitted its
Nurul Huda Monsury FCA (395)
Bangladesh to comply with the above proposal accordingly.

ICAB Team Met New Chairman of FRC

A team of the Institute of Chartered The ICAB
Accountants of Bangladesh (ICAB) led d e l e g a t e s
by its President Muhammad Farooq apprised the FRC
FCA paid a courtesy call on Professor Chairman about
Dr. Md. Hamid Ullah Bhuiyan, Chairman, ongoing activities
Financial Reporting Council (FRC), and development
Bangladesh at his office on 05 October of the Institute.
2020. The other members of the team They also
were ICAB Vice Presidents Sidhartha discussed the
f u t u r e
Barua FCA, Sabbir Ahmed FCA, Council
engagements of
Member Md. Moniruzzaman FCA,
both the parties to
Director (Technical) and Secretary &
further promote the high quality accountancy and audit services in the
CEO (In-charge) Mahbub Ahmed
financial reporting standards of country.
Siddique FCA.

7
October 2020 No. 369

Virtual Members’ Conference on ‘Proposed

ICAB University of Business and Technology’

V
irtual Members’ Conference on
‘Proposed ICAB University of
Business and Technology’ was
held on Thursday, 31 October 2020
through ONLINE. Muhammad Farooq
FCA, President, ICAB presented the
keynote paper.
Md. Humayun Kabir FCA, Member
Council and Past President, ICAB
presided over the Members’ Conference
as the Session Chairman. Hundreds of
members resided in home and abroad
were connected to the conference
through zoom and participated actively
in the discussion. Session Chairman
Md. Humayun Kabir moderated the floor
discussion while ICAB President
Muhammad Farooq replied a volley of
questions came from the floor. ICAB
took the opinions of members for further
discussion on Proposed ICAB University
of Business and Technology’.
Through ICAB University, HSC/A Level
students are expected to be diverted
towards CA study instead of choosing
other traditional career path. This will
also remove the fear of not passing CA
Exam as the enrolled students will be
able to achieve graduate and post
graduate degree. With standard
curriculum and through good and
experienced faculties ICAB must have
been be able to weigh out the quality
and pass rate and in turn overcome the
down trend of bringing bright and
meritorious students in CA profession.

Online Certificate Course on IFRS Online Training on ‘VAT

Online certificate course on International Financial Reporting
Standards (IFRS) started from 29 August 2020, was
concluded on 24 October 2020. A total of 53 Members of
ICAB and Others Organisations took part in the training
programme.
Resource persons were Sabbir Ahmed FCA, Mohammad
Salahuddin Chowdhury FCA, Snehasish Barua FCA, Sk. Md.
Tarikul Islam FCA, Muhammad Aminul Hoque FCA, Md.
Rokonuzzaman FCA, Abu Haider Mohammed Kibria FCA,
Wasequl Huq Reagan FCA and Sk. Ashik Iqbal FCA.
and SD Act 2012
Online training on ‘VAT and SD Act 2012 which started from 04
October 2020, was ended on 20 October 2020.
A total of 50 Members of ICAB and others organisations
participated in the programme. Snehasish Barua FCA, Rakesh
Saha FCA and MBM Lutful Hadee FCA conducted the session
as resource persons.

Training for Internal Auditors
Training for Internal Auditors was stared from 30 October 2020
and it will continue to 28 November 2020. A total of 35
Bangladesh Rural Electrification Board (BREB) officials are
participating in the programme.
Muhammad Aminul Hoque FCA, Sk. Md. Tarikul Islam FCA, Sk.
Ashik Iqbal FCA and Al Amin Redwanur Rahman ACA are the
resource persons of the training.
Virtual Workshop on
'Contemporary Financial
Reporting and Auditing Issue
Virtual workshop on Contemporary Financial Reporting and
Auditing Issue was completed on 17 October 2020. A total of 100
Members of ICAB took part in the programme.
Resource persons from the Bangladesh Securities and Exchange
Commission (BSEC) the conducted the workshop.

Admission as Associate Admission as Fellows

The following member has been admitted as Associate of the The following members have been admitted as Fellow of the
Institute with effect from the date mentioned against his Institute with effect from the date mentioned against their
name:
names:
Name Effective Date
Promit Debnath ACA (2051) 03 September 2020 Name Effective Date
Assistant Manager Sujan Chandra Paul FCA (1642) 29 July 2020
Rahman Rahman Huq Assistant Professor
Chartered Accountants
9&5, Mohakhali C/A, Dhaka-1212 Department of Accounting & Information Systems
University of Barishal, Barisal-8200

8

Name
Hasib Ehsan Chowdhury FCA (1307)
Governance Specialist-Financial Management
The World Bank
E-32, Agargoan, Sher-e-Bangla Nagar
Dhaka-1207
Md. Khayer Uddin FCA (1731)
House # 35, Road # 02
Sector # 04, Uttara, Dhaka
Md. Ezazul Islam FCA (1735)
Head of Internal Audit & Compliance
IPDC Finance Limited
Hosna Centre (4th Floor),
106 Gulshan Avenue, Dhaka 1212
Md. Sajedul Haque FCA (1730)
Chief Financial Officer (CFO)
Reliance Insurance Ltd.
Shanta Western Tower (Level-5),
186 Gulshan- Tejgaon Link Road,
Dhaka-1208
Mohan Adhikari FCA (1729)
Partner, Pinaki & Company
Chartered Accountants
Afza Tour (4B), Level# 4,
27/F Monipuripara, Tejgaon
Dhaka-1000
Rubaiyath Ara FCA (1720)
Senior Manager - Accounts
PHP Family
PHP Centre, 40/1
Zakir Hossain Road
South Khulshi, Chattogram
Abu Kamal Mohammod Pasha FCA (1708) 21 September 2020
Deputy General Manager
(Group Accounts & Finance)
Bengal Group of Industries
Bengal House, 75 Gulshan Avenue
Gulshan 1, Dhaka 1212
Md. Jalal Uddin FCA (1704)
General Manager - Financial Process and Control
Robi Axiata Limited
Nafi Tower, 53 Gulshan South Avenue
Gulshan -1, Dhaka-1212
Faruq lbn Hossain FCA (1608)
General Manager-Tax
Kazi Farms Limited
Ahmad & Kazi Tower, 35 Dhanmondi
Road-02, Dhaka-1205
Permission to Start Practice
The following members have been permitted to Start Practice
as Public Accountants with effect from the date mentioned
against their names:
Name
Md. Abdur Rahman FCA (1439)
Partner
Islam Quazi Shafique & Co.
Chartered Accountants
26 ABC SkyRise Tower (6th floor) 6B Unit
Shahjalal Avenue Road, Sector-4, Uttara, Dhaka-1230
No. 369 October 2020
Effective Date Name Effective Date
05 October 2020 Kalyan Krishna Chakraborty FCA (655) 15 October 2020
Partner, Chowdhury Bhattacharjee & Co.
Chartered Accountants
47/8, Indira Road (Gr. Floor)
Dhaka-1215
01 October 2020
Permission to Join as Partner
Md. Abdur Rahman FCA (1439) has been permitted to form a
04 October 2020 partnership and continue practice under the name and style of:
Name Effective Date
Islam Quazi Shafique & Co. 19 September 2020
Chartered Accountants
26 ABC SkyRise Tower (6th floor)
11 October 2020 6B Unit, Shahjalal Avenue Road
Sector-4, Uttara, Dhaka-1230
The other partners of the firm: Quazi Shafiqul Islam FCA (165),
Biplab Hossain FCA (1368) and Abu Nasser FCA (1546).
Kalyan Krishna Chakraborty FCA (655) has been permitted
to form a partnership and continue practice under the name and
13 October 2020 style of:
Name Effective Date
Chowdhury Bhattacharjee & Co. 15 October 2020
Chartered Accountants
47/8, Indira Road (Gr. Floor), Dhaka-1215
30 September 2020 The other partners of the firm: Narayan Chowdhury FCA
(455), Bimal Kanta Bhattacharjee FCA (517) and Saptam
Biswas FCA (1615).
Permission to train Articled Students
The following member has been permitted to train Articled Students
with effect from the date mentioned against their names:
Name Effective Date
Mohammad Al Maruf Khan FCA (667) 03 September 2020
Partner
Howladar Yunus & Co.
Chartered Accountants
19 July 2020 House # 14 (Level-5), Road # 16A
Gulshan-1, Dhaka-1212
Change of Firm’s Address
Name & New Address Effective Date
07 October 2020
Saif Kashem & Co. 07 September 2020
Chartered Accountants
Delowar Bhaban, 3rd Floor
104 Agrabad C/A, Chattogram
S.R. Islam & Co. 28 September 2020
Chartered Accountants
37/2 Purana Palton
Plat-9D, Fayenaz Tower (9th Floor)
Box Culvert Road, Palton, Dhaka-1000
Rahman Mustafiz & Co. 08 October 2020
Effective Date Chartered Accountants
19 September 2020 House # KA-62/1 (4th Floor)
Kuril, Progoti Soroni, Vatara, Dhaka-1229
Shubhankar & Co. 22 October 2020
Chartered Accountants
57 VIP Road (Purana Paltan Line)
Dhaka-1000
9
October 2020 No. 369

CA Firm Level Testing ICMAB Delegates Visit ICAB

Session on DVS

ICMAB Executive Director Md. Mahbub Ul Alam FCMA, and

CA Firm Level Testing Session on Document Verification
System (DVS) was started from 17 October 2020 at ICAB
Council Hall. About 200 practicing members from Firms
participated in 10 sessions which were facilitated by ICAB IT
Team.
his team met ICAB Secretary and CEO (In-charge) Mahbub
Ahmed Siddique FCA at latter's office on 19 October 2020.
Other team members from ICMAB were Arifur Rahman
Meethu FCMA, Consultant, and Md. Nayim-Uz-Zaman,
Assistant Director, (Education). They discussed about the
progress on mutual recognition and other professional
matters.

Obituary
ICAB Past President, Former Mr. Md. Obaidur Rahman
M.P. & State Minister Mr. A K FCA (Enrl. No. 49), Partner,
M Mosharraf Hossain FCA M M Rahman & Co.,
(Enrl. No. 37), Partner, A Chartered Accountants
Hoque & Co., Chartered passed away on 7 October
Accountants has passed
2020 at Dhaka due to old age
away on 17 October 2020 at
complication (Inna Lillahe Wa
Labaid Hospital, Dhaka (Inna
Inna Illahe Rajeun).
Lillahe... Rajeun).

On behalf of the Institute, On behalf of the Institute,

President Muhammad Farooq President Muhammad Farooq
A K M Mosharraf Hossain FCA Md. Obaidur Rahman FCA
FCA expressed deep FCA expressed deep
condolence to the bereaved family and sought eternal condolence to the bereaved family and sought eternal
peace to the departed soul. peace to the departed soul.

Mr. Md. Abdul Majid FCA Mr. Sarder Rabiul Islam FCA
(Enrl. No. 64), Advisor (Enrl. No. 167), Founder
(Accounts & Finance), Partner, S R Islam & Co.,
Meghna Life Insurance Co. Chartered Accountants
Ltd. passed away on 31 passed away on 6 October
October 2020 at Dhaka (Inna 2020 at Dhaka due to old age
Lillahe Wa Inna Illahe complicatin (Inna Lillahe...
Rajeun). Rajeun). He was 80.

On behalf of the Institute, On behalf of the Institute,

President Muhammad Farooq President Muhammad Farooq
Sarder Rabiul Islam FCA
FCA expressed deep FCA expressed deep
condolence to the bereaved family and sought eternal condolence to the bereaved family and sought eternal
peace to the departed soul. peace to the departed soul.

10
 No. 369 October 2020

ICAB Academic Campus News
The examinees are now going to sit for
the final exams from 19-Nov-2020.
Meanwhile, a-new batch of Certificate
level students has begun from 04
October 2020 through online virtual
platform. There are 516 students with 47
teachers in the session. The session
would be completed within this year by
December 31, 2020.
On the other hand, another new session
(January-March, 2021) for the fresh
Certificate Level students will start from
03 January, 2021 through virtual
platform by using Zoom apps. A Notice
has already been issued in this regard
and all the concerned students are
advised to enroll for the classes by 24
December 2020.
Besides, short course on English
Language, to enhance the skills &
capacities of English Language for the
CA students is going to start from 06
November 2020 at 3:00pm to 6:00pm for
the CA students at virtual platform under
the guidance of Bangladesh Chartered
Accountancy Chatra Parishad (BCACP)
& financed by the Dhaka Regional
Committee (DRC)-ICAB. The session
would now be concluded on 25
December 2020.
The Study Manual Department is
opening all working days. CA
17-subjects’ manual and current all
suggested answers are available in the
books’ sale centre at academic campus.
Moreover, ICAB-Central Library is now
paused to avoid mass gathering and for
the safety of the students.
The above program and activities is
organized by the Head of Student Affairs
Division and a team, under the supervision
of the Vice President (Education &
Examination)- ICAB, Sidhartha Barua
FCA, with the guidance and consent of the
Chairman, Board of Studies-ICAB, ABM
Azizuddin FCA & President of ICAB,
Muhammad Farooq FCA.
Announcement
(Classes of Next Session)
The new session (January-March,
2021) for Certificate Level students
has been scheduled to commence
on 03 January, 2021 through
online system by using Zoom apps.
A Notice has already been issued in
this matter and all the concerned
students are advised to enroll for
the classes by 24 December 2020
and attend to the session
accordingly.
Source: ICAB Campus

Day-Long Training NBR Taskforce Team Met

Session on DVS ICAB President

The team of Taskforce of the National Board of

Revenue(NBR) headed by Md Shabbir Ahmed, Director,
Central Intelligence Cell of NBR visited ICAB on 01 October
2020 and held a meeting to discuss the matters relating to
Document Verification Systems (DVS). ICAB President
Day-long training Session on Document Verification Muhammad Farooq FCA, Vice Presidents Sabbir Ahmed
System (DVS) was held on 25 October 2020 at ICAB FCA and Mohammed Forkan Uddin FCA, Council Member &
Chattogram Regional Office. ICAB Vice President Past President Kamrul Abedin FCA, Council Member Gopal
Chandra Ghosh FCA and Secretary & CEO(In-Charge)
Sidhartha Barua FCA inaugurated the training session.
Mahbub Ahmed Siddique FCA were present in the meeting.
Thirty practicing members from different firms in One of the main tasks of the NBR Taskforce is to find out the
Chattogram Region participated in the session which was way forward to ensure the submission of authentic audited
conducted by Mohammad Deloar Hossain, Deputy financial reports to the Department of Taxes of NBR. In this
Director (IT). direction ICAB and NBR are jointly working to develop the
DVS to authenticate the audited Financial Statements.

11
October 2020 No. 369

Digitalization Improves Monitoring Facility and

Quality of Audit

T
he current audit practice in
Bangladesh is mostly based on
manual-hard copy documentation;
consumes more time to work on; and hard to
monitor by governing authority like ICAB and
FRC. The importance of digitization in audit
works is enormous; this will make the audit
profession smarter, easier and effective in
every aspect. There is no alternative of using
technology in this technology-based modern
world whatever the profession or business is.
The digitalization will have significant impact
on improving the monitoring status of running
clients and its readlines, application of rules &
regulations, remote monitoring facility and the
quality of audit.
Speakers made the observations at the
Virtual Members’ Conference on ‘Application
of Technology in Audit Practice’ organized by
circulation’, he cautioned. reduce the duplication of effort, improve the
The Institute of Chartered Accountants of
accuracy of data captured during an audit.
Bangladesh (ICAB) on 3 October 2020. Suraiya Zannath Khan FCA said, in today’s
technology driven business world, there is no In Bangladesh, most of the firms work
Mohammad Muslim Chowdhury, Comptroller
other options but to take information manually, just using computer and laptop in
and Auditor General of Bangladesh (CAG)
technology (IT) in the audit profession. Digital assurance service do not mean using
and Former Secretary, Ministry of Finance,
audit and technological transformation is a technology. Technology is in most of the
Government of the People’s Republic of
matter of our existence, she added saying cases software based, diversified,
Bangladesh graced the Conference as the
that we have to have preparedness for the transforming as an ongoing basis, he said.
Chief Guest. Suraiya Zannath Khan FCA,
future accounting profession. We have to embrace the transformed
Lead Financial Management Specialist, the
technology to overcome the different
World Bank was present as the Special CA profession in the country is not at par with
difficulties and to grab the opportunities, he
Guest. ICAB President Muhammad Farooq the pace of accounting transformation that
added.
FCA delivered address of welcome. the digital world needs, she observed and
said, CAs have to have strategy on how to CA firms need to take the opportunities of
CAs have to earn multi-expertise in auditing
adopt IT, maintain and apply this effectively in automation to meet the increasing demand of
and the business development in the
their works. They also have to look at the quality audit by the stakeholders, he further
competitive digital world where everything is
digital fraud through acquiring in-depth added. ICAB Committee on Project
digitally integrated-said Mohammad Muslim
knowledge on it to peg the holes of misusing Development and Capacity Building has
Chowdhury, Comptroller and Auditor General
the technology, she suggested. taken the right initiative to develop an
of Bangladesh (CAG).
integrated audit software for the CA Firms of
ICAB President Muhammad Farooq FCA
Describing some of his observations in last Bangladesh, he informed.
said, an audit is performed to ensure that a
five years in CA profession of Bangladesh, he
particular transaction meets all of the Kamrul Abedin FCA, Member Council & Past
said, to handle the future need, it is
established rules and standards which is President-ICAB presided over the Members’
necessary to introduce IT based CA
complex and time-consuming process. Audit Conference as the Session Chairman while
curriculum.
automation software saves audit time and Maria Howlader FCA, Member Council, ICAB
He further said, all the CA firms in the country improves quality and efficiency of audit, he introduced the theme of the Conference.
should be converted in multi-disciplinary firms observed.
The paper presenters were Sk. Md. Tarikul
because the firms cannot survive only on
He said, while no business or industry is Islam FCA, Partner, Hoda Vasi Chowdhury &
rendering one type of education as the world
spared from the rising complexity in Co. - Chartered Accountants; Ali Amjad
is changing drastically in the age of fourth
regulations and diversified processes, Choudhury FCA, Partner, Howladar Yunus &
industrial revolution.
auditors will have to find ways to capitalise on Co. - Chartered Accountants; Al Amin
‘The revolution will compel you to learn. The the opportunities presented, or risk being left Redwanur Rahman ACA, Senior Manager –
accounting profession is much influenced by behind with digital innovations. He also said, Assurance, A Qasem & Co. Chartered
the development of information technologies with the use of digital technologies, auditor Accountants; and Md. Abdul Wahab Akanda
nowadays. So, without academic can ensure increased audit quality and ACA, AGM & Head of Corporate Finance,
professional development, you will be out of efficiency, save time, costs and efforts, Expo Group, Bangladesh.

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)
12
100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. +8809612612100, +880-2-9115340, Fax: +880-2-9125266, E-mail: secretary@icab.org.bd, Website: www.icab.org.bd