Potential member quality control questionnaire

1. How does your professional institute monitor and review the quality of your firm’s work and procedures?
The Institute of Chartered Accountants of Bangladesh (ICAB) is our professional institute. Under the authority of the Bangladesh
Chartered Accountants Order of 1973, ICAB has been responsible for establishing and maintaining a quality assurance (QA) review
system of audit firms since 2008. ICAB established a Quality Assurance Department to conduct inspections of licensed audit firms at
least once every three years. ICAB adopted the International Standards on Quality Control as Bangladesh Standard on Quality Control
1 and launched an Audit Practice Manual to assist practicing members with their work. ICAB quality assurance systems are aligned
with the requirements of IFAC SMO.

Through the results of the QA review system, the institute has been identifying common issues that relate to quality control standards
from the work of auditors and audit firms, to organize workshops and continuing professional development programs that improve its
members’ professional competence and quality of work. ICAB visit member firms to update members on BSQC 1 (the national ISQC 1
equivalent) requirements and to provide training on the implementation of the Audit Practice Manual. The Institute also organized a
conference on Quality Audit in Public Interest Entities for its members.

ICAB has been supported by the Institute of Chartered Accountants of England and Wales in regards to technical issues and its
professional development programs. Beginning in July 2016, both institutes plan to collaborate to improve the overall QA review
system as established and this effort will also include updating and revising the Audit Practice Manual published by the institute.
2. Has your firm had an external (professional body) review?
If yes, please provide details.

ICAB has reviewed our firm by end of December 2017 and we secured with reasonable grading in quality control systems.

3. How does your institute ensure that individuals are staying up to date in the profession? (for example CPD – continuing
professional development hours)

Under the Bangladesh Chartered Accountants Order of 1973, ICAB is responsible for establishing initial professional development and
continuing professional development (CPD) requirements for its members. ICAB system mostly aligns with the requirements of the
international CPD requirements.

Prior to 2016, CPD requirements were mandatory only for individuals that were upgrading their member status from Associate to
becoming Fellows. The institute has developed new requirements regarding CPD and an official announcement made in March 2017
 to make it mandatory for all members to meet minimum CPD requirements. Nevertheless, ICAB has developed CPD for its members,
which consist of seminars and workshops on accountancy related subjects, and programs on offer also include courses on basic soft
skills and business related subjects for individuals who work in different industries. The CPD program is open to all members and
individuals outside the profession, including regulators and government departments.

The institute is also reviewing its range of examinations to ensure that the required pre-qualification assessment level as indicated in
IES 6, is maintained through providing University Exemptions, and training of teachers and examiners.

ICAB also active in the international standard-setting process and reviews and responds to exposure drafts issued by the IAESB.
4. What training initiatives has your firm undertaken in the last twelve months to develop the skills of partners / directors and
staff?

Following training initiates has taken by the firm since 12 months:

 Training on IAS 16, 37, 40,
 Training on Finance Bill 2017-2018
 Training on Transfer Pricing,
 Training on Corporate Governance compliance,

5. What is the procedure you would undertake to resolve a client complaint?

Following procedures we undertake to resolve client complaints:

 Receiving Complaints: Front desk dispatch is available to get written, oral or e-mailed complain from clients. All partners are
responsive to make feedback on complain. Contact information shall include the name, address, telephone and email address
of each identified contact person. Complaints may be made orally or in writing and may be made anonymously and
confidentially,
 Screening Complaints: All complaints are transfer to respective engagement partners. Engagement partner will make in
investigation through non-audit staff. Non-audit staff will make investigation report to engagement partners,
 Resolve: When the complaint relating to material inaccuracies or fraud or other intentional misconduct, engagement partner
will take necessary measure as it think fit.
6. How is work reviewed and assessed?

The review process consists of:

 discussions between a reviewer and the preparer—all or part of the team, including an individual team member;
 review of documented evidence, including documents in both electronic and any external hard copy files; and
  the review and approval of conclusions including the support for those conclusions.
Whether these elements are undertaken at the same or at different times, and regarding particular areas of the audit or the audit as a
whole depends on the engagement circumstances. It is critical that reviewers do more than just discuss the audit file with the auditor;
they must review the file themselves before signing off. This review helps ensure that auditors recognize the importance of the
requirement to properly document evidence in the file. The aim of review is to determine that
 the audit work has been performed according to the original or a modified audit plan
 the nature, timing, and extent of the procedures performed are consistent with the tailored audit program (modified if required
based on the impact of initial findings); adequate in light of the results obtained; and documented in sufficient detail to provide a
clear understanding of the purpose, sources, and conclusions reached (including reasons for these conclusions);
7. Have you been approved under any external quality assurance programmes in the last twelve months? For example, ISO
regulations. If so, please give details.

No

8. Have you had any legal claims against your business in the last five years? If yes, please state the nature of the claim and
result of the action.

No

Signed: ………………… …………. Printed name: …Mohammad Abu Kawsar FCA……

Firm Name: T. Hussain & Co. Chartered Accountants. Date: …June 25, 2018……………………..