ICAB Scholarship Fund Disbursement - 2018

ANNUAL
REPORT 2018
ANNUAL
REPORT 2018
Ethics
Professionalism
Opportunities Accountability
Integrity Leadership Knowledge
Transparency Confidence Compliance
Sustainability Training Achievement
Professionalism Ethics Opportunities Accountability
Integrity Leadership Knowledge Transparency
Confidence Compliance Sustainability Training
Achievement Professionalism Ethics Opportunities
Accountability Integrity Leadership Knowledge
Transparency Confidence Compliance Sustainability Training
Achievement Ethics Professionalism Opportunities
Accountability Integrity Leadership Knowledge
Transparency Confidence Compliance Sustainability
Training Achievement Professionalism Ethics
Opportunities Accountability Integrity Leadership
Knowledge Transparency Confidence Compliance
Sustainability Training Achievement
Professionalism Ethics Opportunities
Accountability Integrity Leadership
Knowledge Transparency
Confidence Compliance
Sustainability
ANNUAL
REPORT 2018
CONTENTS
Notice 05
The Institute- A Brief Outline 06
Past Presidents 15
The Council-2018 20
Regional Committees / Chapters 36
ICAB Senior Management Team 37
Short Synopsis of the Yearly Activities in Picture 39
Highlights of the Activities of the Year 2018 41
President’s Statements 2018 48
REPORT OF THE COUNCIL FOR
THE YEAR 2018
53 Chapter 1.0 Education, Training and Examination
64 Chapter 2.0 Students’ Affairs
71 Chapter 3.0 Members’ Conference/CPD Programme
76 Chapter 4.0 Compliance and Technical Standards
87 Chapter 5.0 Promoting Transparency and Good Governance
95 Chapter 6.0 Collaboration with ICAEW & CPA Australia

Meeting with the Government, Regulatory
98 Chapter 7.0 Bodies and Other External Organisations
106 Chapter 8.0 International Events
118 Chapter 9.0 Members’ Affairs
127 Chapter 10.0 Communication and Publications
02 The Institute of Chartered Accountants of Bangladesh

ANNUAL
REPORT 2018
132 Chapter 11.0 Regional & Overseas Committees/Chapters
138 Chapter 12.0 IT Development
141 Chapter 13.0 Social and Other Important Engagement of the Institute
151 Chapter 14.0 Report of the Quality Assurance Board (QAB)
155 Chapter 15.0 Report of the Real Estate Committee (REC)
157 Chapter 16.0 Report of the Professional Development Committee (PDC)
159 Chapter 17.0 Report of the Taxation and Corporate Laws Committee (TCLC)
163 Chapter 18.0 Report of the Investigation and Disciplinary Committee (IDC)
166 Chapter 19.0 Report of the Audit Committee
168 Chapter 20.0 Meetings of the Council and Committees
170 Chapter 21.0 Acknowledgement
172
FINANCIAL
AUDITORS’ REPORT
STATEMENTS
2017-2018
The Institute of Chartered Accountants of Bangladesh 03

ANNUAL
REPORT 2018

ANNUAL
REPORT 2018
NOTICE
(Bye-law 66 of the Institute of Chartered Accountants
of Bangladesh Bye-Laws, 2004)
The 46th Annual General Meeting of the Institute of Chartered Accountants of Bangladesh
(ICAB) will be held on Saturday, 22 December 2018 at 03:00 pm at the ICAB Auditorium
(9th floor), CA Bhaban, 100 Kazi Nazrul Islam Avenue, Dhaka-1215, to transact the following
business:
AGENDA
1. Confirmation of the Minutes of the 45th Annual General Meeting of the Institute held on
17 December 2017;
2. Consideration of the Annual Report of the Council and Audited Financial Statements of
the Institute with the Auditors’ Report thereon for the year ended 30 June 2018 and
adoption thereof;
3. Appointment of the Auditors of the Institute for the year 2018-19 and fixation of their
remuneration; and
4. Any other business with permission of the Chair.
All esteemed members of the Institute are cordially invited to attend the meeting.
Maj Gen Muhammad Imrul Quayes, ndc, psc (retd)

Secretary-ICAB
Dhaka, 06 December 2018

ANNUAL
REPORT 2018
THE INSTITUTE - A BRIEF OUTLINE
The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional
Accounting Body in Bangladesh, established under the Bangladesh Chartered
Accountants Order, 1973 (President's Order No. 2 of 1973) for the purpose of regulating
the profession of accountants and for matters connected therewith. The vision, mission,
aims and objectives of the Institute are as follow:
ICAB members hold a widely respected

VISION
professional accounting qualification which

supports enterprise, corporate governance and
sustainable growth in the business environment.

ANNUAL
REPORT 2018
• To promote and regulate high quality financial

MISSION
reporting and auditing in Bangladesh
• To develop and maintain the competence of

professional accountants and
• To enhance the reputation of the accounting

profession in all sectors of the economy.

ANNUAL
REPORT 2018
Increase number of
members, students and
the financial strength
Align with
members' careers
Enhance ICAB's
image within the country
STRATEGIC
and internationally
GOALS
Further enhance the
reputation for professionalism
and high standards of integrity
Ensure compliance with

requirements of IFAC
(International Federation of
Accountants) membership

ANNUAL
REPORT 2018
To accomplish its above mission, ICAB has been endeavoring to:
AIMS & OBJECTIVES
 Regulate the Accountancy Profession and matters connected therewith
 Administer its members and students
 Ensure professional ethics and code of conduct
 Provide specialized and professional training in Accounting, Auditing. Taxation, Corporate

Laws, Management Consultancy, Information Technology and related subjects
 Impart Continuing Professional Development (CPD) to members
 Foster acceptance and observance of International Accounting Standards/ International

Financial Reporting Standards (IAS/IFRS) and International Standards on Auditing
/International Auditing Practices Standards (ISA/IAPS) and adopt the same in Bangladesh
as Bangladesh Accounting Standards/ Bangladesh Financial Reporting Standards
(BAS/BFRS) and Bangladesh Standards on Auditing/ Bangladesh Auditing Practices
Standards (BSA/BAPS) respectively
 Keep abreast of the latest developments in Accounting techniques, Audit methodology,

Information technology, Management consultancy and related fields and
 Liaise with international and regional organizations to strengthen mutual cooperation

ANNUAL
REPORT 2018
VALUES
Integrity
To uphold the highest professional integrity and ethical standards.
Expertise
To conduct professional responsibilities with a high level of

knowledge, competency and skill.
Transparency
To conduct activities in a clear and transparent way.
Accountability
ICAB members to be responsible for their actions.

ANNUAL
REPORT 2018
01 ADMINISTRATIVE MINISTRY
The Ministry of Commerce, Government of the People’s Republic of Bangladesh is the

Administrative Ministry of the Institute of Chartered Accountants of Bangladesh.
02 GOVERNANCE
The Council-ICAB is the supreme authority responsible for the administration and
management of the Institute in accordance with P.O. No. 2 of 1973 and ICAB Bye-Laws
2004. The Council is composed of twenty members elected by the members of the
Institute from its two regional constituencies in Bangladesh for every three years. The
President and the Vice-Presidents of the Institute are elected by the Council every
calendar year to manage the affairs of the Institute. The President who is the Chief
Executive of the Council heads the Council. The Council is assisted by various Standing
and Other (Non-Standing) Committees and Boards. For the purpose of assisting the
Council and the committees/Boards in matters concerning their functions, the Council
is empowered to constitute Regional Committees, the members of which are elected by
the general members of the respective constituencies. Currently there are two Regional
Committees in Dhaka, Chittagong and Overseas Chapters: UK Chapter Management
Committee, North American Chapter and Asia-Pacific Chapter. The day to day activities
of the Institute is delegated to the Secretariat, headed by the Secretary as
Administrative Head.
03 MEMBERSHIP
As of 01 July 2018, the Institute had 1616 members of whom 1496 are residing in
Bangladesh and 120 in abroad. There are 1170 Fellows and 446 Associates enrolled
with the Institute as of 1st July 2018. Out of 1616 members, 367 are practicing as public
accountants and the rest 1249 are either serving in various key positions in public and
private organizations, both at home and abroad, and self employed running their own
business. However, up to December 2018 total number of members is 1651.

ANNUAL
REPORT 2018
04 SERVICES RENDERED
While almost all the non-practicing chartered accountants serve in key positions of
various government and non-government organizations, banks, autonomous &
semi-autonomous bodies, listed and other types of corporate and non-corporate
entities, educational institutions, etc. within the country and abroad, the practicing
Chartered Accountants mainly carry out audits of financial statements of various
enterprises as public accountants under the banners of various CA firms approved by
the Institute.
Apart from specialization in traditional accounting and auditing services, CA Firms are
also engaged in:
• Taxation services
• Information Technology
• Statutory and Liquidation services
• Management consultancy services encompassing, inter alia, the following areas
- Valuation of business and shares
- Designing of accounting, internal control and operational systems for
organizations
• Rendering of miscellaneous services like maintaining computerized financial
accounts of companies business processes-engineering, management selection
and recruitment, disinvestments of governmententerprises, etc
• Due diligence study, feasibility study etc.
05 INTERNATIONAL AFFILIATION
ICAB is an active member of the following international and regional accounting bodies:
• International Federation of Accountants (IFAC)- ICAB is a founding member
• Confederation of Asian and Pacific Accountants (CAPA)
• South Asian Federation of Accountants (SAFA)- ICAB is a founding member
• Chartered Accountants Worldwide (CAW)- ICAB is an associate member
06 MoU & MRA
ICAB has Memorandum of Understanding (MoU) and the Mutual Recognition

Arrangement (MRA) with the following national & international organizations:
• MoU with the Institute of Chartered Accountants in England & Wales (ICAEW), UK
• MoU with Chartered Institute of Public Finance and Accountancy (CIPFA), UK
• MPA with CPA Australia
• MoU with IFRS Foundation

ANNUAL
REPORT 2018
07 GLOBAL RECOGNITION
ICAB members are recognized by the global/international professional Institutes as

follows:
Institute of Chartered Accountants in England & Wales (ICAEW), UK
• Pathway membership is open for ICAB members based on their required
experiences
• Members without required experiences are only required to pass ICAEW Advanced
Level
CIPFA, UK
• Pathway membership is open for ICAB members based on their required public
sector experiences
CPA Australia
• Through Membership Pathway Agreement (MPA) ICAB Members can be the
members of CPA Australia just after passing 4 papers.
08 ICAB PUBLICATIONS
ICAB publications include, inter alia, a quarterly Journal titled The Bangladesh
Accountant' and a monthly mouthpiece 'ICAB News Bulletin'. In the Journal articles of
ICAB Members and others are published. Articles on various aspects of Auditing,
Accounting, Financial and Economic issues are published in the Journal whereas the
latest ICAB events and related to the profession and the institute unfold in the News
Bulletin. ICAB also publishes books and booklets on accounting profession and
research materials.
09 WEBSITE
www.icab.org.bd
ICAB website provides required information for the Students, Members and other
Stakeholders.
10 FACEBOOK
facebook.com/cabdofficial
ICAB Facebook provides up-date of ICAB ongoing activities.

ANNUAL
REPORT 2018
11 EXTERNAL RESOURCES
Legal Adviser
Barrister Mahbub Shafique

Advocate, Bangladesh Supreme Court, Dhaka
Auditors
Md Raghib Ahsan FCA

Partner
Ahsan Manzur & Co.
Chartered Accountants
House # 373 (2nd floor), Road # 28
DOHS, Mohakhali, Dhaka-1206
and
Snehasish Barua FCA

Partner
Snehasish Mahmud & Co.
Chartered Accountants
House # 10 (3rd floor), Road # 9
Block- J, Baridhara, Dhaka-1212
Bankers
Dhaka Bank Ltd.
Southeast Bank Ltd.
AB Bank Ltd.
Janata Bank Ltd.
Social Islami Bank Ltd.
Sonali Bank Ltd.-UK
Bank Asia

ANNUAL
REPORT 2018
PAST PRESIDENTS
PRESIDENT PRESIDENT PRESIDENT
1972 1973-74 1974-75

Late Abul Qasem FCA Late Md. Muffazzal H. Chowdhury FCA Late Mohammad Saifur Rahman FCA
Enrolment No. 02 Enrolment No. 05 Enrolment No. 18
1975-76 & 1981 1976-77 1978

Late Zahir Uddin Ahmed FCA Late Md. Anowar Hossain Miah FCA Late Noor Mohammad Howladar FCA
1979 1980 1982

Late Muhammad Masihur Rahman FCA Mr. Mohammad Jainul Abedin FCA Mr. AKM Mosharraf Hossain FCA

ANNUAL
REPORT 2018
PAST PRESIDENTS
1983 1984 1985

Late Kazi Kamrul Hoda FCA Late Mohammad Yunus FCA Late Mohammed Toha FCA
1986 1987 1988

Mr. Kamal Ziaul Islam FCA Mr. AKM Rafiqul Islam FCA Mr. Abdul Hafiz Choudhury FCA
1989 & 1992 1990 1991

Late Jamal Uddin Ahmad FCA Mr. ABM Azizuddin FCA Mr. M A Quadir Mollah FCA

ANNUAL
REPORT 2018
PAST PRESIDENTS
1993 1994 1995

Mr. Muhammed Abdul Halim Gaznavi FCA Mr. Howlader Mahfel Huq FCA Late Badrul Ahsan FCA
1996 1997 1998

Mr. Abu Nasar Altaf Hussain Siddiqui FCA Mr. Anil Chandra Nath FCA Mr. Abbas Uddin Khan FCA
1999 2000 2001

Mr. Md. Anisur Rahman FCA Late Mr. Abul Khair Chowdhury FCA Mr. Anwaruddin Chowdhury FCA

ANNUAL
REPORT 2018
PAST PRESIDENTS
2002 2003 2004

Late Mohamed Abdul Baree FCA Mr. A.K.Gulam Kibria FCA Mr. Akhtar Sohel Kasem FCA
2005 2006 2007

Mr. Sheikh A. Hafiz FCA Mr. A.S.M. Nayeem FCA Mr. Muhammed Farhad Hussain FCA
2008 2009 2010

Mr. Mohammed Humayun Kabir FCA Mr. Nasir Uddin Ahmed FCA Mr. Jamaluddin Ahmed Ph.D, FCA

ANNUAL
REPORT 2018
PAST PRESIDENTS
2011 2012 2013

Ms. Parveen Mahmud FCA Mr. Md. Syful Islam FCA Mr. Md Abdus Salam FCA
2014 2015 2016

Mr. Showkat Hossain FCA Mr. Masih Malik Chowdhury FCA Mr. Kamrul Abedin FCA
PRESIDENT
2017
Mr. Adeeb Hossain Khan FCA
Enrolment No. 652

ANNUAL
REPORT 2018
THE
COUNCIL
2018

ANNUAL
REPORT 2018
THE COUNCIL 2018
PRESIDENT
Mr. Dewan Nurul Islam FCA
Mr. Dewan Nurul Islam FCA, a fellow member of

ICAB, did his MBA in finance with distinction
from the University of Technology Sydney (UTS),
Australia and qualified chartered accountancy
in 1990. Mr. Dewan has extensive senior level
management experience with large local corporates,
MNC’s and financial institutions in the country and abroad.
Currently Mr. Dewan is the managing director of Grant Thornton

Consulting Bangladesh limited, one of the world’s leading advisory firms, the chairman of National
Asset Management Limited, an asset management company licensed by BSEC and the
Vice-Chairman of Padma Islami Life Insurance Limited. He is also serving as a Board Member of
several organizations like Bangladesh Institute of Capital Market (BICM), Dhaka Bus Rapid Transit
Company Ltd. (Dhaka BRT), Dhaka Mass Transit Company ltd. (DMTCL) and National Academy
for Planning and Development (NAPD). Simultaneously he is serving as a member to the advisory
committee of Bangladesh Securities and Exchange Commission (BSEC) and the General Body &
the Working Committee on Accounts and Audit of Small and Medium Enterprise (SME) Foundation.
He also served as a member of the board of directors for a number of private and public sector
organisations. He was a board director of Jamuna Oil Company Limited and appointed as a
director to the board of Bangladesh Development Bank Limited (BDBL), assumed the position of
chairman of the audit committee and then became the chairman of the board of directors of the
same bank.
Mr. Dewan Nurul Islam FCA is in ICAB Council as a member since 2013 and was vice president of
ICAB in 2014. As capital market and business analyst he participates in TV programmes regularly
and is a frequent contributor to leading national dailies on business and economic issues.

ANNUAL
REPORT 2018
VICE PRESIDENT
(FINANCE & ACCOUNTS)
Mr. Moddassar Ahmed Siddique FCA
Mr. Moddassar Ahmed Siddique FCA was born

in 1964. After completion of his graduation in
Commerce, Mr. Siddique joined in the CA
Profession as an Articled student in Hoda Vasi
Chowdhury & Co., Chartered Accountants. He
has Completed MBA in Finance & Banking in the
year 2016. He became an Associate Member in 1997 and
Fellow Member in 2002 of ICAB. Currently Mr. Siddique is
serving in the KDS Group as Group CFO. Before joining the KDS
Group Mr. Siddique had served BSRM as Chief Accountant and Aramit Ltd. and Aramit Cement
Ltd. as General Manager (Finance & Accounts) & Company Secretary. He attended many
seminars & workshops in home & abroad. He is an active member of AOTS- Japan.
Mr. Siddique has been in the Council-ICAB since January 2016. Presently he has been serving the
Institute as the Vice-President (Technical & Research-2017 and Finance & Accounts-2018). He
has also been serving the Institute in different capacities in different standing and non-standing
Committees of the Council-ICAB for a several years. He was the Honorary Secretary and
Chairman of the Chittagong Regional Committee (CRC)-ICAB in 2007 and 2009 respectively.
VICE PRESIDENT
(EDUCATION & TRAINING)
Mr. Mahmudul Hasan Khusru FCA
Mr. Mahmudul Hasan Khusru FCA is the council

member of ICAB since 2016. He is the Vice
President, Education & Training (E&T) of ICAB in
2018 & also in the same portfolio in 2016.
Mr. Khusru has been serving as the faculty member

of ICAB on Taxation for last 15 years. He is also involved
in the preparation of various study materials of ICAB.
Mr. Khusru is currently the Director & CEO, Expo Group, Bangladesh,
Director & CEO, DataFort Limited (a Franchisee of InfoFort LLC, UAE), Board Director of
InfoSapex Limited, Freight Options Ltd & MASCO International Ltd, Director & Board of Director
of Bangladesh Telecommunications Company Ltd. (BTCL). He is also involved in the continuous
development process of ICAB in various capacities. He was the Chairman of Dhaka Regional
Committee (DRC) of ICAB in 2011.

ANNUAL
REPORT 2018
VICE PRESIDENT
(TECHNICAL & RESEARCH)
Mr. Md. Mahamud Hosain FCA
Mr. Mahamud is business graduate, fellow

member of the Institute of Chartered
Accountants of Bangladesh [ICAB]. Currently
he is the Managing Partner of MMH &
Associates (Management Consultants & BPO
Partner), Chairman- Link In Ltd and Total Logistics
Limited, Director- Rupali Bhomukhi Khamer Limited and 4
Brothers & Co. Holdings Limited.
Mr. Mahamud is also engaged with World Bank Dhaka Office as

Financial Management Consultant (STC).
His other Engagements are:
He is an active social worker. He volunteers as member of Board of Directors in Dhaka WASA &
Bangladesh Rural Electrification Board (BREB).
His membership and association includes fellow member of the Institute of Chartered
Accountants of Bangladesh [ICAB]; member of Institute of Internal Auditors – Bangladesh; Life
Member Gulshan North Club; Life Member Barisal Club; Life Member Gulshan Health Club; Life
Member of Banani Society and active Rotarian.
Mr. Mahamud has been in the ICAB Council since January 2016. Presently, he has been serving
the ICAB as Vice-President (Technical & Research). He was Vice President (Fianace &
Administration) for the year 2017. He is member of Committee on the Governmental and Public
Sector Enterprise Accounting of South Asian Federation of Accountants (SAFA)
Previously he served as Head of Corporate Finance and Risk Management at Robi Axiata; CFO
of DHL Logistics, fully owned subsidiary of Deutsche Post DHL and Finance Controller of Airtel
Bangladesh
As part of professional development program, Mr. Mahamud participated in large number of

seminars, training programs and workshops in the area of Financial Planning, Business
Integration, Merger & Takeover and Leadership & Change Management & IFRS in Singapore,
Thailand, India, Sri Lanka, Malaysia, UK and Indonesia etc. Mr. Mahamud has actively
participates in various business forums of different trade bodies and chambers.
Mr. Mahamud conducted a number of training programs on IFRS, Contemporary Assurances &
Corporate Reporting issues, Leadership & Business Performance Evaluation for participant from
various leading MNCs and local conglomerates, Bangladesh Bank, National Board of Revenue
and University Teachers. As a visiting resource person he also taught in some of the leading
Business Schools and Institute (ICAB/National University).

ANNUAL
REPORT 2018
COUNCIL MEMBER
Mr. Akther Sohel Kasem FCA
Mr. Akthar Sohel Kasem FCA became an

Associate Member of ICAB in 1981 and Fellow
Member in 1986. Earlier he completed his
articles with Coopers & Lybrand, London and
became a member of ICAEW in 1981. He is also
an Associate Member of CPA Ontario, Canada. He is
currently the Senior Partner of A. Qasem& Co., Chartered
Accountants, Member Firm of Ernst & Young Global Limited
and is also the ICAEW Contact Member in Bangladesh.
Mr. Kasem is a Council Member of ICAB since 1995. He served as the President of ICAB in 2004
and the Vice President in 2001. He has been working for different Standing and Non-standing
Committees of ICAB and SAFA for many years.
Mr. Kasem was a Board Member of Dhaka Stock Exchange Ltd (DSE), Power Grid Company
Bangladesh Ltd and a member of DSE Expert Panel. He is a Rotarian & Past President of Rotary
Club of Dhaka Central.
COUNCIL MEMBER
Mr. Anwaruddin Chowdhury FCA
Mr. Anwaruddin Chowdhury, Member Council

and Past President ICAB, is an elected Director
on Confederation of Asian and Pacific
Accountants (CAPA) Board and appointed for
second term as Member of IFAC IPSASB
Consultative Advisory Group (CAG). He has been a
Council Member of ICAB since 1995 and served as its
President in 2001. He is the Chair of CAPA PSFM Committee
and member SAFA PAIB Comm. He has served as Technical
Advisor to the IFAC Board and as Exec Secy SAFA. He served on the UNCTAD ISAR Advisory
Committee and Task Forces for several years and chaired ISAR 1st Corporate Governance
Workshop. He drafted the CPE Document and was instrumental in the implementation of
mandatory CPD for ICAB members. He pioneered the introduction of ICAB National Awards for
BPAR, since recognised as a prestigious national event.
Mr Chowdhury is a Financial Management Specialist, with varied experience in corporate,

financial services and development sectors, and in fields of professional training and academia.

ANNUAL
REPORT 2018
He has been engaged in diverse consultancy projects. He served as Challenge Fund Manager
of UK DFID funded Business Finance for Poor in Bangladesh (BFP-B) Programme and previously
as CF Manager to RPP Project. He was the founder Managing Director and now Technical
Advisor to Credit Rating Agency of Bangladesh (CRAB) Ltd. He is a founder Partner of ACNABIN
and was Partner of Aziz Halim Anwar & Co for many years. He served as Director DSE, NHFIL,
and of several other private and public sectors entities. He has presented many technical Papers
in national and international Conferences on professional topics, financial and macro-economic
issues. A dedicated academic he served as ICAB Faculty for over two decades. He has
prepared several technical Manuals and conducted a number of training programmes for
professional bodies, donor agencies, corporate and financial institutions.
A strong proponent for Harmonization of Financial Reporting and Audit Practices, he is now
focused on Strengthening PFM- Public Sector Accounting and Auditing- and Implementation of
Sustainability and Integrated Reporting in the private and public sector, financial and corporate
entities and institutions.
COUNCIL MEMBER
Mr. ASM Nayeem FCA
Mr. A.S.M. Nayeem FCA has been in the ICAB

Council for about 21 years. He served the ICAB
as a Vice President for 3 years between 2000
and 2005 and as the President in 2006.
Currently he is the Advisor of South Asian
Federation of Accountants (SAFA) and Chairman of
the Quality Assurance Board of ICAB. He worked as
President of SAFA in 2017, Vice- President of SAFA in 2016
and Chairman of the SAFA Committee on Ethics and Professional
Independence from 2012 to 2015.
Mr. Nayeem did his B.Com. (Hons.) and M.Com. in Accounting from Dhaka University. Later on
he did his M.Sc. and Chartered Accountancy and Certified Accountancy courses from the UK.
He is an Associate Member of the Institute of Chartered Accountants in England and Wales
(ICAEW) and a Fellow Member of the Association of Chartered Certified Accountants, UK. He
became an Associate Member of ICAB in 1982 and a Fellow in 1987.
Currently Mr. Nayeem is a Partner of ACNABIN, and a Director of Grameen Fund, Grameen
Knitwear Ltd., Holy Crescent Hospital Ltd. and K&T Logistics Ltd. He is a Former Director of
Chittagong Stock Exchange Ltd., Republic Insurance Company Ltd., Sonali Bank Ltd. and
Agrani Bank Ltd., Finvest Services Limited and a Former Chairman of Bangladesh Shipping
Agents Association and Port Users Forum. He was the Managing Director of K&T Logistics Ltd.,
Additional Managing Director of Karnaphuli Group of Companies, Director of ICAB, National
Expert of UNDP, Controller of Accountants of Bangladesh Biman Corporation and a Lecturer of
Chittagong University.

ANNUAL
REPORT 2018
COUNCIL MEMBER
Dr. Jamshed Sanyiath Ahmed Choudhury FCA
Dr. Jamshed Sanyiath Ahmed Choudhury FCA

obtained his B A Hon’s from the University of
Dhaka; M A from School of Oriental and African
Studies SOAS, University of London; M Phil from
the University of Hull in England; and Dr.rer.Pol
(Ph d) from South Asia Institute, the University of
Heidelberg in Germany. A Senior Chartered Accountant
articled and trained in England, Dr Choudhury became an
Associate Member in 1982 and Fellow Member in 1987 of ICAB.
Dr. Choudhury started his career in International Banking and worked in Canada and various
European countries before joining in practice as a Chartered Accountant in London. Dr.
Choudhury moved back home in Bangladesh in the year 2005 and joined Aziz Halim Khair
Choudhury (AHKC), Chartered Accountants, an Exclusive Correspondent Firm of PKF
International, London, as the Senior Partner. Currently, Dr. Choudhury also takes care of the
international affairs of AHKC as International Liaison Partner.
Dr. Choudhury has keen interest in the macro economy of Bangladesh. He is the Chairman of
British Bengal Securities Limited, a Large Stock Brokerage House, Corporate Shareholder,
Chittagong Stock Exchange Limited CSE; and a Subscriber Shareholder and Director of National
Housing Finance and Investments Limited NHFIL, a Non-Banking Financial Institution.
Dr. Choudhury is also involved with socio-economic development of Bangladesh. Having

appointed in the year 2004, he is the Chief Advisor of ALWO-Action Toward Livelihood and
Welfare Organization, a national NGO in Bangladesh. Dr. Choudhury is the Founder and Director
of the Board of the Observer Limited which publishes the Daily Observer, a Leading English daily
newspaper of Bangladesh.
Dr. Choudhury has been elected a Council Member of ICAB (2016-2018); and has also been
working as member for different standing and non -standing committees. Currently, he is the
Chairman of the Editorial Board; and also Co-Chairman of the Committee for Small and Medium
Practioners (SMP). While in the UK, Dr. Choudhury was one of the key persons to establish ICAB
UK Chapter and had been twice it’s elected Chairman.

ANNUAL
REPORT 2018
COUNCIL MEMBER
Mr. Muhammed Farhad Hussain FCA
Mr. Muhammed Farhad Hussain FCA was born

in 1954. He did "A" Level from Greenmore
College, Birmingham, UK and also completed
his ICAEW Foundation Course from
Birmingham.
In ICAB he became an Associate Member in 1984 and

Fellow in 1989. He is a Council Member of the ICAB since
2001. A Vice President in 2003 & President in 2007 of ICAB, he is
now the Chairman of the Articled Students Committee (ASC). He has
been working for different Committees of the ICAB for several years.
Mr. Hussain is the Managing Partner of Hussain Farhad & Co, Chartered Accountants since
1997. He is independent director of Prime Bank Ltd., Alhaj Textile Mills Ltd. and Matin Spinning
Mills Ltd. He is also serving as Technical Adviser of South Asian Federation of Accountants
(SAFA).
COUNCIL MEMBER
Mr. Mohammed Humayun Kabir FCA
Mr. Mohammed Humayun Kabir FCA obtained

B. Com Hon's in first class and M.Com in
Accounting from the University of Dhaka. He
studied Chartered Accountancy & passed both
group I & II of final exams of ICAB at a time,
became ACA in 1984 and FCA in 1989. He also
studied on International Capital Market at St. Catherine’s
College, Oxford, UK. Mr. Kabir has been recognized six times
as a CIP (Export) in 2007, 2011, 2012, 2013, 2014 & 2015 and
awarded Jatiyo Paribesh Padak in 2010 by the Government of Bangladesh.
Mr. Kabir worked for a CA Firm from Feb 1981 to Jan 1985 and a Financial Institution from Feb
1985 to June 1988. Mr. Kabir is now working for the industry as a CEO.
He is involved with National Board of Revenue (NBR) as a Facilitator of Alternate Dispute

Resolution (ADR) since March 2012. He is an independent Director of Islami Bank Bangladesh

ANNUAL
REPORT 2018
Ltd and an Adviser of Bangladesh Ceramics Manufacturers & Exporters Association. He is also
involved with the Federation of Bangladesh Chamber of Commerce & Industries (FBCCI) as a
Co-Chairman/Member of its different standing and non-standing Committees.
Mr. Kabir was a member of Management Committee (2014-2016) of Bangladesh Employers’

Federation (BEF), an elected Director of Shippers Council of Bangladesh (2009-11), Director of
Bangladesh Jute Spinners Association (2015-17) and a Vice-Chairman of Bangladesh Jute
Goods Association (2007-09). He also sat in the Board of Directors of Shadharan Bima
Corporation (2008-2013), Bangladesh Telecommunication Company Ltd (2008) and West Zone
Power Distribution Company Ltd (2005-06) and Dhaka Stock Exchange Ltd (2008).
Since 2001, he has been elected as a Council Member of the Institute of Chartered Accountant
of Bangladesh (ICAB) for consecutive six times (2001-2018). He was vice president in 2002 &
President in 2008 of ICAB. Currently, he is the Chairman of Taxation & Corporate Law Committee
- TCLC of ICAB and Member of Accounting standards committee of South Asian Federation of
Accountants –SAFA.
Mr. Kabir is well known for his expertise in fiscal laws, financial management, business
strategies, corporate governance and macroeconomic issues. His analysis & suggestions are
being accepted by the policy framer, decision makers and entrepreneurs with high esteem and
value. Mr. Kabir is a regular Participant in TV Talk Shows on banking, capital market, fiscal
matters and issues relating to trade and investment. He delivered lectures, presented papers
and chaired seminars in home and abroad on topics relating to business & accountancy
profession. He has been nominated by the Government in its different Committees for reviewing
corporate/Taxation Laws, for evaluating proposals for Investment/EOI/Consultant hiring/
Procurement bids.
COUNCIL MEMBER
Mr. A F Nesaruddin FCA
Mr. A F Nesaruddin FCA was born in 1956. After

completing B. Com (Hon's) and M.Com in
Finance from University of Dhaka, he started
studying Chartered Accountancy in 1981. He
became an Associate Member in 1984 and
Fellow Member of ICAB in 1989. He is a Fellow
Member of Institute of Chartered Secretaries of
Bangladesh (ICSB) as well.
Mr. Nesaruddin is in public practice since 1998 and currently a senior

partner of Hoda Vasi Chowdhury & Co., Chartered Accountants. He served the Institute as the
Vice-President (Education & Training) in 2015. He has been in different standing and
non-standing Committees of ICAB since 1984. He is also a Member of the Committee on SAFA

ANNUAL
REPORT 2018
Committee to Study Fiscal Regimes and other statutory requirements of business in SAARC
Countries.
Prior to starting public practice in 1998, Mr. Nesaruddin served in senior executive positions of
Duncan Brothers and associated companies. He also served for one year in an investment
company in Saudi Arabia.
He is an infrequent contributor to leading national dailies specially on taxation, corporate

governance and other professional issues. He is an Independent Director and Chairman, Audit
Committee of Singer Bangladesh Ltd, nominated Director on the Board of United Finance Ltd
and Member, Khulna WASA. He is former Director of Sonali Bank Ltd as nominated by the
Government, IIDFC Securities Ltd, IIDFC Capital Ltd and a Member of Board of Directors,
Bangladesh Rural Electrification Board.
COUNCIL MEMBER
Mr. Muhammad Farooq FCA
Mr. Muhammad Farooq FCA is the council

member of ICAB for 2013-18. He served the
ICAB as Vice-President (F & A) in 2013. He
chairs Professional Development Committee
(PDC) and member of other standing and
non-standing Committees of Council-ICAB including
Examination Committee, Articled Students Committee
(ASC) and Real Estate Committee (REC).
Mr. Muhammad Farooq FCA became an Associate Member of ICAB in

1986 and Fellow Member in 1991 of ICAB. He did his graduation & masters from Dhaka
University. He is currently the Managing Partner of Howladar Yunus & Co., Chartered
Accountants a full member firm of Grant Thornton International & Director of Grant Thornton
Consulting Bangladesh Limited. During his years of service as public accountant, he has
established himself as an expert in the audit of both national and multinational financial
institutions, including Central Bank of Bangladesh. Mr. Farooq has obtained wide range of
experience in the monitoring, review, and performance of audit conducted under different
Embassies and Development Financial Institutions, International Agencies and lead partner in
the audit of banks and financial institutions.

ANNUAL
REPORT 2018
COUNCIL MEMBER
Mr. Kamrul Abedin FCA
Mr. Kamrul Abedin FCA is a partner of M. J.

Abedin & Co., Chartered Accountants, an
independent member firm of Moore Stephens
International Limited. He has been in practice
with this 50 year-old firm for more than 30 years.
After obtaining his Masters in Accounting from the
University of Dhaka he joined M. J. Abedin and Co. as
articled student. In the year 1986 right after becoming
Associate Member of ICAB, he joined the firm as partner.
Mr. Kamrul served the ICAB as President in 2016 and as Vice-President
(T & R) for a period of 02 years from 2014 to 2015.
Earlier he was elected to the Dhaka Regional Committee (DRC)-ICAB for consecutive 2 terms
1995-1997 and 1998-2000. He was the Chairman of DRC-ICAB in 1998 and Honorary Secretary in
1995. He has also been serving the Institute in different capacities (as a Member/ Chairman) of
different standing and non-standing Committees of the Council-ICAB.
COUNCIL MEMBER
Mr. Nasir Uddin Ahmed FCA
Mr. Nasir Uddin Ahmed FCA obtained B. Com

(Hon's) degree with first class and M. Com. in
Accounting from the University of Dhaka. An
ICAB Medal awardee in CA Intermediate
Examination, he became a Fellow Member of
ICAB in February 1992. He became a member of
ICAEW in November 2017 and CIMA, UK in May 2017.
Currently, a Senior Partner of MABS & J Partners, Chartered
Accountants, he worked for British American Tobacco Bangladesh
and Coats Bangladesh for more than two decades, lastly as Finance
Director. He attended Management Development Programs at various business schools including
Cranfield School of Management, Asian Institute of Management, IIM- Ahmedabad, Singapore
Institute of Management etc.
He was a Vice President of ICAB in 2003 and 2004. He took over as President in 2009. He was a Board
Member and Chairman of Board Audit Committee of Bangladesh Commerce Bank Ltd., Commerce Bank
Securities and Investment Ltd. and LEADS Corporation Ltd. As President ICAB, he was Ex-officio Director
in DSE, BTCL, BICM, SME Foundation and NAPD. Currently he is an Independent Director of Bangladesh
Submarine Cable Co. Ltd., Popular Pharmaceuticals Ltd. and Color City Ltd. He was General
Secretary of Dhaka University Accounting Alumni Association of a tenure of two years in 2003-05. He
is also a Fellow Member of ICSB and various other professional institutions at home and abroad.

ANNUAL
REPORT 2018
COUNCIL MEMBER
Ms. Parveen Mahmud FCA
Ms. Parveen Mahmud, FCA is a fellow member

of the Institute of Chartered Accountants of
Bangladesh (ICAB). She was a practicing
accountant and a Partner at ACNABIN,
Chartered Accountants. She was the first
woman President of the ICAB in 2011 and now
serving third term in the Council, ICAB. She was also, the
first female board member of the South Asian Federation of
Accountants (SAFA), the apex accounting professional body of the
SAARC. She is the Chairperson of CA Female Forum- Women in Leadership Committee, ICAB
and is the Vice Chairperson of the Women in Leadership Committee of SAFA.
She started her career with BRAC. In her varied professional career worked substantial time with
national and international development agencies and was practicing chartered accountant. She
was Deputy Managing Director in Palli Karma-Sahayak Foundation (PKSF). She is the Founding
Managing Director (MD) of the Grameen Telecom Trust.
She sits in numerous Boards including Transparency International Bangladesh (TIB), BRAC
International, PKSF, RDRS, CAMPE, Manusher Jonnyo Foundation (MJF), Grameenphone Ltd.,
Linde Bangladesh Ltd., etc. She is the member, of the think tank Centre for Policy Dialogue
(CPD), and International Chamber of Commerce (ICC), Bangladesh. Ms Mahmud is the
Chairperson of Micro Industries Development and Assistance Services (MIDAS) and Shasha
Denims Ltd.. She was the Chairperson, Acid Survivor’s Foundation and Vice Chairperson of
Underprivileged Children Education Program (UCEP) - Bangladesh.
She was the member of National Advisory Panel for SME Development of Bangladesh and
founding board member of SME Foundation and Convenor, SME Women’s Forum. Ms. Mahmud
was Working Group Member, Consultative Group on Social Indicators, UNCTAD/ISAR.
She is the recipient of Joya Alokit Nari- 2018 Award from RTV, “Women at Work -2017” Award
from Association of Software and Information Services (BASIS) and “Women of Inspiration
Awards”-2017 from the Bangladesh Organization for Learning & Development (BOLD). Ms
Mahmud received Begum Rokeya Shining Personality Award 2006 for women’s empowerment
from Narikantha Foundation.

ANNUAL
REPORT 2018
COUNCIL MEMBER
Mr. Adeeb H. Khan FCA
Mr. Adeeb H. Khan FCA is the Senior Partner of

Rahman Rahman Huq, Chartered Accountants
(Member Firm of KPMG International in
Bangladesh).
Mr. Khan was the President of The Institute of

Chartered Accountants of Bangladesh (ICAB) for 2017.
He was a Vice President of ICAB in 2016. He has been a
Council member since 2013. He is the Chairman, Professional
Ethics and Independence Committee, South Asian Federation of
Accountants (SAFA).
Mr. Khan has been a member of the Institute of Chartered Accountants in England and Wales
since 1991 and of ICAB since 1992. He is a member of the Governing Board of BRAC, recently
voted internationally as world’s No.1 NGO. Mr. Khan is a member of the Executive Committee of
Bangladesh Legal Aid and Services Trust (BLAST), perhaps the largest legal aid organisation in
Bangladesh.
Mr. Adeeb Khan was on the Executive Committee of Metropolitan Chamber of Commerce and
Industry from 2011 to 2016 and Chairman of its Taxation Sub-Committee for most of these years.
He has been re-elected to the Executive Committee for 2019-2021. His past directorships
include Biman Bangladesh Airlines Limited, the national flag carrier.
COUNCIL MEMBER
Mr. Md. Shahadat Hossain FCA
Mr. Md. Shahadat Hossain FCA was born in

1965. He did his Masters in Accounting and
became an Associate Member in 1993 and a
Fellow Member in 1998 of ICAB. He is a partner
of FAMES & R, Chartered Accountants and
Board Director of Agrani SME Financing Company
Limited.
A Council Member of ICAB since 2007, Mr. Hossain was the Vice
President of ICAB in 2009 & 2011. He was the Secretary of DRC-ICAB
in 2004, the Chairman of Technical & Research Committee (TRC) of the Council ICAB in 2011 and

ANNUAL
REPORT 2018
Chairman of Small and Medium Practitioners (SMP) Committee in 2017. He has been working for
different standing and non-standing Committees of ICAB for a several years. He is a member of
Small & Medium Practices (SMP) Committee of SAFA.
He was a Board Director of Bangladesh Cable Shilpa Limited (An entity under Ministry of post
and Telecommunication) and Horipur Power Plant (A Strategic Business Unit of Bangladesh
Power Development Board). Presently he is serving as Board Director of Agrani SME Financing
Company Limited- a subsidiary Company of Agrani Bank Limited.
He is the trainer on IFRS and a regular contributor to different daily newspaper and periodical
Journals and presenter of papers at home and abroad on various Financial, Economics,
Budgeting, Fiscal, Agriculture, Education issues. He is a participant in TV talk Show, Radio
Program, Round Table conference. Mr. Hossain authored two Books- Bangabandhu .O.
Bangladesher Arthonity and Accountability for Economic Development. He represented ICAB in
various nominated capacities in various Government organizations. Recently, he has been
appointed by the Government as a Member of National Wages and Productivity Commission
(NWPC) under Labour and Employment Ministry, Government of the People's Republic of
Bangladesh.
COUNCIL MEMBER
Mr. Gopal Chandra Ghosh FCA
Mr. Gopal Chandra Ghosh FCA, FCMA is

currently the Group CFO of Anwar Group of
Industries. Previously he worked as Director
Consulting of Atik Khaled & Co. Chartered
Accountants, Chief Financial Officer (CFO) of
Viyellatex Group and as Financial Controller and
Head of Internal Audit of Lafarge Surma Cement Ltd.
Earlier, he worked as Deputy Director of Studies (Technical &
Research) and Project Director of ICAB. Previously, he worked as
Manager, Audit & Consulting of ACNABIN & Co, Chartered Accountants.
Mr. Ghosh completed B. Com. (Hon's) and M. Com. (Accounting) from the University of Dhaka.
He served ICAB as Council Member for the period 2013-15 wherein he was VP (E&T) for the year
2013. He is a Fellow Member of ICAB, ICMAB and CPA Australia. He also served Secretary
General of The Institute of Internal Auditors, Bangladesh (IIAB) where he is currently a member
of the Board of Governors. He is a founder member of ISACA Dhaka Chapter and was Secretary
of the Chapter. He has been working for the different standing and non-standing Committees of
the Council-ICAB since 1998.

ANNUAL
REPORT 2018
COUNCIL MEMBER
Mr.Md Shaifur Rahman Mazumdar FCA
Mr. Md. Shaifur Rahman Mazumdar FCA was

born in a noble family in comilla District. After
completion of his B. Com (H) & M. Com in
Accounting from the University of Chittagong,
Mr. Mazumdar joined Rahman Rahman Huq,
Chartered Accountants as an Articled Student. He
became an Associate Member in 1999 and a Fellow
Member in 2004 of ICAB.
Currently Mr. Mazumdar is serving Chittagong Stock Exchange (CSE)

as Managing Director. Before joining the CSE Mr. Mazumdar served Meenhar Group of
Companies in different capacities including Finance Director, Executive Director and Director of
Meenhar Group and also as the Managing Director of Meenhar Securities Ltd.
Mr. Mazumdar has been in the Council-ICAB since January 2016. He served the ICAB as
Vice-President in 2016. He has also been serving the Institute in different capacities in various
standing and non-standing Committees. Mr. Mazumdar served the Chittagong Regional
Committee (CRC)-ICAB as Chairman in 2012. He is also a fellow Member of ICMAB.
COUNCIL MEMBER
Mr. Mostafa Kamal FCA
Mr. Mostafa Kamal FCA, Executive Vice

President of LankaBangla Finance Limited,
joined the company in February 2009. Currently,
he is working as the Group Company Secretary
& Head of Regulatory Affairs of LankaBangla
Finance Limited. He also worked in the company as
Head of HR and Administration. Mr. Kamal completed his
B.Com. (Hons.) and M.Com. in Accounting from University of
Dhaka. Prior to joining in LankaBangla he was the Head of ICC of
IPDC of Bangladesh Limited and also served Rahman Rahman Huq, Chartered Accountants
(Member Firm of KPMG International) as Manager, Audit and Advisory Services from September
1, 2003 to June 6, 2006. Mr. Kamal held the position of the Chairman of Dhaka Regional
Committee of ICAB for the year 2010. He is one of Council Members of ICAB and held the
position of Vice President (Education and Training) of ICAB for the year 2017. Mr. Kamal is a
member of the Board of Directors of Bangladesh Cable Shilpa Limited and Telephone Shilpa

ANNUAL
REPORT 2018
Sangstha Limited. He played a very vital role in opening Dhaka Chapter of Information System
Audit and Control Association (ISACA) of USA. He is the Founder Director, Communication and
Ex-Director, Academic Relations of ISACA Dhaka Chapter.
Mr. Kamal is also a Founder Member and the General Secretary of Vision Care Foundation (a
non- profit organization). He is the Executive Director and a member of Policy Advisory
Committee of Bashundhara Eye Hospital and Research Institute, a project of Vision Care
Foundation and most modern Eye Hospital in Bangladesh.
SECRETARY
Major General Muhammad Imrul Quayes, ndc,

psc (retd) has been serving the Institute of
Chartered Accountants of Bangladesh (ICAB)
as Secretary-ICAB from May 2017.
Before retirement from the Bangladesh Army in

2014, Gen. Quayes served for more than two years as
Director General and CEO of Bangladesh Institute of
International and Strategic Studies (BIISS). He also served as
Director of Counter Terrorism and Intelligence Bureau of Directorate
General of Forces Intelligence (DGFI).
Gen. Quayes was commissioned in 1979 as 2'Lieutenant in the Armoured Corps of Bangladesh
Army. In his long colourful military career he served in various command, staff and instructional
appointments. More than 3 years he worked as President of the prestigious institute Inter
Services Selection Board (ISSB). He was an instructor of School of Military Intelligence (SMI) and
Armour Corps Centre and School (ACC&S). In his credit he has a good number of military
trainings at home and abroad, namely, China, Pakistan and USA.

ANNUAL
REPORT 2018
REGIONAL COMMITTEES/CHAPTERS
Currently the Institute has two regional committees to run different activities of the members smoothly-
Dhaka Regional Committee (DRC) and Chittagong Regional Committee (CRC). The Committee consists
of a Chairman, Secretary and seven other Members for DRC and three for CRC who are elected by the
Members.
Dhaka Regional Committee (DRC) Chittagong Regional Committee (CRC)

Mr. Md. Ali Akther Rezvi FCA Chairman Mr. Md. Kamrul Hasan FCA Chairman
Mr. Md. Jasim Uddin FCA Secretary Mr. Kamrul Islam FCA Hony.
Secretary
Mr. Mohammad Mohiuddin Ahmed FCA Member
Mr. Md. Selim Reza FCA Member Mr. Arup Chowhury FCA Member
Mr. Md. Ashraful Azim FCA Member
Mr. Md. Sarwar Hossen FCA Member Mr. Mohmmed Rezaul Kabir FCA Member
Mr. Muhammad Aminul Hoque FCA Member
Mr. Abdul Mannan FCA Member Mr. Imran Abu Hasan FCA Member
Mr. Md. Al Amin Siddiki FCA Member
Address: CA Bhaban (7th Floor),100 Kazi Nazrul Islam Address: HBFC Building (3rd Floor),
Avenue, Kawran Bazar, Dhaka-1215 1/D, Agrabad Com. Area, Chittagong
OVERSEAS CHAPTERS
Besides, the two Regional Committees, the Institute has three Overseas Chapters located in UK, Canada
and Australia. UK and North American chapters are run by a Management Committee consisting of Chairman,
Secretary and three other Members. In 2015, ICAB opened Asia Pacific chapter located in Australia.
ICAB UK CHAPTER MANAGEMENT ICAB-NORTH AMERICAN

COMMITTEE CHAPTER
Mr. AKM Fazlur Rahman FCA Chairman AKM Asaduzzaman FCA Chairman
Mr. A Malek Sharif FCA Secretary Mr. Md Mahbubul Haque FCA Secretary
Mr. Md Shahabuddin ACA Member Mr. Mohammad Atique Ullah FCA Member
Mr. Salim Ahmed ACA Member Mr. Mohammad Shakawat Hossain Bhuyan FCA Member
Mr. Mohammad Sakib ACA Member Mr. Sujit Kumar Das FCA Member
Address: 77 Valleyfield Road
Streatham, London , SW 16 2HX, UK Address: 54 Pharmacy Avenue,
Tel : +44(0) 20 87699442, Scarborough ON M1L 3E5, Canada
Mobile : +44 7973404833 Tel : +416 690 3547
E-mail : frahman101@aol.com
ASIA PACIFIC CHAPTER (ASPAC)

Sydney, Australia
Mr. Hamid Ahmed FCA, CA (AU) Chairman
Mr. Manzur Isa FCA, FCPA (AU) Vice-Chairman
Mr. Abu Kibria ACA, CA (AU) Secretary
Mr. Zaber Ahmed ACA, CA (AU) Joint-Secretary

ANNUAL
REPORT 2018
ICAB SENIOR MANAGEMENT TEAM

Secretary
Mohammed Emdadul Haque FCA Mahbub Ahmed Siddique FCA

Technical Adviser Director, Technical
Md. Afzal Hossain Md. Abdul Halim Sheikh A K M Ziaul Amin

Controller of Examinations Additional Director Head-Human Resources
(Academic Campus)
SM Abu Nayem Ahmed, psc Md Saiful Islam FCA Sayma Banu

Sqn Ldr (Rtd) Senior Deputy Director Senior Deputy Director (LPD)
Senior Deputy Secretary (Professional Conduct)
(Admin and Press & Pub)

ANNUAL
REPORT 2018
ICAB SENIOR MANAGEMENT TEAM
Md. Afsar Uddin FCA Mohammad Deloar Hossain Md. Nasrat Hasan Md. Iqbal Qasim
Deputy Director (QAD) Database System Manager Deputy Secretary and Deputy Secretary
SAFA Nodal Officer (Registration)
S M Sekandar Md. Shahjahan Siraz Mohammed Abu Salam ACS Aleya Ferdous
Deputy Secretary Deputy Secretary Deputy Secretary (CRC) Deputy Secretary
(Exam)
Ms. Suraia Parveen Hossain Mahmud Patwary

Deputy Director Deputy Director

ANNUAL
REPORT 2018
SHORT SYNOPSIS OF THE YEARLY ACTIVITIES IN PICTURE

ANNUAL
REPORT 2018
SHORT SYNOPSIS OF THE YEARLY ACTIVITIES IN PICTURE

ANNUAL
REPORT 2018
HIGHLIGHTS OF THE ACTIVITIES OF THE YEAR 2018
JANUARY ACTIVITIES
CPD Seminar/ Member’s  CRC-ICAB Organized Seminar on Knowledge Management:

Conference A Strategic and Dynamic Tool for Success
Training & Workshop  Workshop on Supply Chain Management for Finance

Professionals
 CRC-ICAB Organized Workshop for CA Articled Students
Meeting with Ministries/  ICAB Participated in Series of Meetings Re Companies

Regulatory Bodies Act-2016
 Meeting re New Trade Organization Law
 Meeting with RAJUK
International Events  Bangladeshi Organisations Dominated in SAFA BPA Award &

SAARC Anniversary Award for Corporate Governance
 ICAB Delegation Participated in SAFA Events in Nepal
 SAFA International CFO Conference on Evolving Economic
Environment-Challenges and way Forward
Other Activities  Dewan Nurul Islam took over Charge of President-ICAB

 ICAB Introduced New Academic Curriculum in line with
ICAEW Syllabus
 Seminar on ‘Building Awareness about Chartered
Accountancy’

ANNUAL
REPORT 2018
FEBRUARY ACTIVITIES
CPD Seminar/ Member’s  Members’ Conference on Corporate Transparency and

Conference Sustainability Reporting
 CPD Seminar on Risk Management Practices of Corporate Firms-
A Study on the Role of Accounting and Finance
Training & Workshop  Workshop on ‘IFRS 15: Revenue from Contracts with Customers’
 Workshop for BSEC Officials
 Courtesy Call on FRC Chairman

Meeting with Ministries/  Courtesy Call on Secretary, Ministry of Commerce, GoB
Regulatory Bodies  Courtesy Call on BB Governor
 Courtesy Call on Executive Chairman-BIDA
 Courtesy Call on Chairman-BSEC
 Anwaruddin Chowdhury Chaired Session on Integrated

International Events Reporting
 ICAB Family Day Out 2018

Other Activities  Congratulations to Newly Qualified CAs !!
 DRC-ICAB organized Art competition, poetry recitation and
discussion on Language Movement

ANNUAL
REPORT 2018
MARCH ACTIVITIES
Training & Workshop  Auditors Training on Union Parishads’ Financial Audit

 Certificate Course on Information Systems Audit (IS Audit) for
3rd Batch
 CRC-ICAB Organized Workshop
Meeting with Ministries/  Meeting with Secretary in Charge, Finance Division, MoF, GoB
Regulatory Bodies  Meeting with ICAEW
 Meeting with Comptroller and Auditor General
 Meeting with LGSP-III
 Meeting re Proposed Companies Act 2017
International Events  Mahamud Hosain in Learning IFRS 9 Implementation
Other Activities  Career Counseling for Newly Qualified CAs
 ICAB held Advisory Committee Meeting
 ICAB Observed International Women’s Day
 CRC-ICAB Observed Independence Day
 DRC-ICAB Observed Independence Day
 CRC Annual Picnic 2018
 Seminar on Chartered Accountancy: Career Excellence at
Govt. BM College
APRIL ACTIVITIES
CPD Seminar/ Member’s  Members’ Conference on ‘Knowledge Management: A Strategic

Conference and Dynamic
Training & Workshop  Workshop on Advanced Excel and Financial Modeling
 Workshop on Recurring Audit Dots
Meeting with Ministries/  Meeting with Deputy Governor, Bangladesh Bank
Regulatory Bodies  ICAB Delegates Paid a Courtesy Call on Planning Minister
 Meeting re Proposed Companies Act 2017
 CFO Meeting Re BRPD Circular
Other Activities  ICAB Career Counselling Seminar at NSU
 President Met Business Editors of Newspapers
 CRC-ICAB Pohela Baishakh Celebration
 BCACP 31st Hostel Anniversary
 Programme to Celebrate Pohela Boishakh 1425
 A Day with Channel-i Young Leaders

ANNUAL
REPORT 2018
MAY ACTIVITIES
CPD Seminar/ Member’s  Seminar on An Analysis on Macro-economic Performance of

Conference Bangladesh
 Seminar on ICAB’s Digital Identification of Audit Report (DIAR)
to Prevent Manipulated Audited Reports and Financial
Statements
 Training to NBR VAT intelligence Officials
International Events  Anwaruddin Chowdhury Participated in CAPA Events in Nepal

 ICAB Participated in SAFA Board Meeting in Kathmandu
Other Activities  ICAB-Prothom Alo Pre-Budget Roundtable Discussion on

National Budget 2018-2019
 ICAB Got Allotment of 20 Katha Land at RAJUK Purbachal
 Doa Mahfil in Remembrance of late A K Chowdhury FCA and
Other Deceased Members
 ICAB Secretariat Floor Inaugurated
 Shahadat Hossain Made Presentation on Best Financial
Reporting
JUNE ACTIVITIES
CPD Seminar/ Member’s  Seminar on Budget Discussion 2018

Conference  ICAB Members’ Conference on ‘New Format of Auditor’s
Report Based on Latest International Standards on Auditing’
 Seminar on Modernisation of Companies Act for Ease of
doing Business
 CRC-ICAB organised Seminar on National Budget 2018-19:
Overview of the Fiscal and Macro Economic Issues
Training & Workshop  Workshop on Master your PowerPoint Presentation
Knowledge Sharing Session on ICAB New Syllabus
International Events  ICAB Delegates Participated in SAFA Events and
International Conference in New Delhi
Other Activities  ICAB and Apollo Hospital Signed a Memorandum of
Understanding (MoU)

ANNUAL
REPORT 2018
JULY ACTIVITIES
CPD Seminar/ Member’s
 Members’ Conference on Prevailing Money Market Situation
Conference
and Way Forward
Training & Workshop  SMP Conference 2018

 Workshop on ‘Effective Writing Communication Skills in
English’
Meeting with Ministries/  MoU Between ICAB and LGSP-3

Regulatory Bodies
Other Activities  DU Career Fest 2018

 Seminar on Chartered Accountancy: Career Excellence at
Islamic University, Kushtia
 Fruits Festival at CA Bhaban
 Membership Pathways Agreement Between ICAB and CPA
Australia
 Meeting with Chairman of Binary University, Malaysia
AUGUST ACTIVITIES
Training & Workshop  Workshop on Cybersecurity for Professional and Personal Safety
 Training on DIAR in Dhaka and Chittagong
Meeting with Ministries/  CRC-ICAB Organised SMP Conference 2018

Regulatory Bodies  ICAB Team Participated in Meeting re Proposed Companies Act
 ICAB Delegates Paid Courtesy Call on C&AG
 Meeting with IDRA Chairman
 Meeting re Audit of Union Parishads under LGSP-3
Other Activities  Jury Board Meeting of RCPAR 2018

 Career Excellence Programme at Begum Rokeya University,
Rangpur
 ICAB signed two MoUs with UHL and DBL
 ICAB President Attended MPA Programme
 Congratulations to Newly Qualified CAs !
 Roundtable Discussion on ‘Career Potentials of CAs and Way
Forward’
 Election Commission2018 Formed

ANNUAL
REPORT 2018
SEPTEMBER ACTIVITIES
CPD Seminar/ Member’s
 Members’ Conference on Deferred Tax
Conference
Training & Workshop

 Auditors Training on Union Parishads’ Financial Audit
 ICAB Workshop on Advanced Excel and Financial Modeling
Meeting with Ministries/
 Coordination Meeting Under LGSP
Regulatory Bodies
 Seminar on ‘Capital Market Platform for Development of SME’
 ICAB-PDC Team Visited NGO Affairs Bureau
 ICAB Team Met Finance Secretary, GoB
International Events
 ICAB President Participated in SAFA Board Meeting
 Mr. Adeeb Hossain Khan Participated in CAW CEOs meeting
Other Activities
 Information Session on Membership Pathways Agreement with
CPA Australia
 ICAB Cultural Programme at a Glance
 Warm Reception accorded to Newly Qualified CAs
 ICAB Officials Visited DSCSC
OCTOBER ACTIVITIES
Meeting with Ministries/  Meeting with ICAEW’s Head of New Business Opportunities
Regulatory Bodies  Meeting with IDRA Chairman
International Events  ICAB Team Participated in SAFA Events & IFAC PAO
Development Workshop in Sri Lanka
Other Activities  Jahangirnagar University Bagged Champion Trophy in

DRC-ICAB Quiz Biz 2018
 ICAB held Advisory Committee Meeting
 ICAB Organized Recruitment Test for Audit Officers in Pubali
Bank

ANNUAL
REPORT 2018
NOVEMBER ACTIVITIES
Training & Workshop  Six month long Course on ‘Information Systems Audit (IS Audit)’
 Advanced Level Certificate Course on IFRS & IAS
Meeting with Ministries/  FRC Workshop on ISA 700 (Revised) to ISA 720
Regulatory Bodies  ICAB Team Met CAG, GoB
 ICAB Team Met Minister, Ministry of Housing and Public Works,
GoB
International Events  ICAB Delegation Participated in IFAC Council, CA Worldwide,

CAPA, SAFA-CAPA Joint Meeting, WCOA 2018 in Sydney
Other Activities  ICAB Election 2018 held

 ICAB Observed International Accounting Day 2018
DECEMBER ACTIVITIES
International Events  Mr. Anwaruddin Chowdhury FCA participated in IFAC IPSASB

CAG meetings in KualaLumpur
Other Activities  15th Brilliant Students Awards Ceremony 2018

 Members’ Night
 BPA Award Ceremony 2018

ANNUAL
REPORT 2018
t a n t s
c c ou n
e red A
Ch a r t r t of
e H ea
t h
are in
i n e s s.
Bus
Dewan Nurul Islam FCA

PRESIDENT - ICAB
PRESIDENT’S
STATEMENT
2018
ANNUAL
REPORT 2018
In the twenty first century Renovation works of ICAB
This year ICAB saw a number of

Chartered Accountancy (CA) renovation works. 6th floor
has emerged as a unique renovation where Secretariate &

Directorate were housed got
profession of paramount completed and inaugurated on 15
May 2018 by our veteran Past
importance to trade and President M J Abedin FCA.
Renovation work for the extension
commerce and is now of Library at 2nd floor was made in
this year. The renovation work
discussed at various (face lifting work) of Ground floor of
CA Bhaban having panoramic
economic platform, capital view also took place in 2018.
markets, investments and Member Services
other forums. MoUs were signed with Apollo

Hospitals and United Hospital for
our Members and ICAB
Employees including their
welcome you all to this Career Counseling Session
I
dependents. These would allow us
45th Annual General
to have discount as privilege
Meeting (AGM) of the Initiatives to bring brilliant students
into CA profession, seminar on service taker in terms of medical
Institute of Chartered
building Awareness about assistance, diagnostic and
Accountants of
hospital services.
Bangladesh (ICAB). It is indeed a Chartered Accountancy was held
honur for me to present the in Bogra Azizul Hoque College on
Plot Allotment for ICAB
Audited Financial Statements 15 January 2018, Govt. BM
2017-18 and Annual Report 2018. College, Barishal on 31 March After a long try and concerted
20158, North South University effort, ICAB got an allotment of a
I must put on record my sincere (NSU) on 23 April 2018. Islamic plot measuring 01 bigha at the
gratitude to council members for University on 24 July 2018. Begum Purbachal New Town Project for its
their excellent cooperation round Rokeya University, Rangpur on 3 Academic Building. ICAB was also
the year. It was great opportunity August 2018. fortunate to have an allotment of a
for me to work with such dynamic plot measuring 12.18 katha in
group of professionals. All through It was highlighted to the attendees
Chittagong from CDA for making
the year we were tirelessly that in the twenty first century
its own building. We all thank Rajuk
supported by the executives of the Chartered Accountancy (CA) has
Chairman, CDA and other Govt.
institute led by our Secretary. emerged as a unique profession of
authority for their cooperation. I
paramount importance to trade
also extend my heartfelt thanks to
In every month I kept you informed and commerce and is now
Council Members and Secretary to
of all happenings through the discussed at various economic
peruse the case and materialise it
News Bulletin mouthpiece of the platform, capital markets,
finally.
institute. This was an eventful year investments and other forums.
in manifolds. Besides many other Chartered Accountants are in the New Logo for ICAB
activities of professional interests, heart of business. They are
we were being able to successfully engaged in public practice, After a long research, we were
change our Logo as part of employed in industries, finance able to agree to rebrand ICAB's
branding the institute's image with and commerce playing vital role in Logo with a new look to be at par
more vigor and enthusiasm. I am decision making and financial with other international institutes.
now happy to recall some of the management both at home and Accordingly ICAB Council
important events and initiatives abroad. So it is a profession worthy approved the new logo. We have
that we unitedly pursued. to be pursued. already started the new logo in all

ANNUAL
REPORT 2018
our activities. I am sure this will election was highly appreciated by Chairman. Consequently, about 50
give a new flavour to all everyone. high officials of NBR VAT
professionals and to their work. intelligence cell participated in
Training and Workshop training on DIAR at CA Bhaban on
Council Election 8 May 2018.
ICAB held a large number of
I am happy to note that the Election Training & Workshop on wide Global Reach
of the Council and Regional range of subjects in this year. I am
Committees of ICAB for the term particularly delighted that we ICAB took a number of initiatives to
2019-2021 was successfully continued imparting a very reach out globally and create
conducted on 24 November 2018 structured courses on Cyber opportunities for the members
under the leadership of. Mr. AK Security with experts of our own across the border. The
Gulam Kibria FCA as Chief and external resources. Council-ICAB introduced new
Election Commissioner and Mr. M. curriculum with effect from
Idris Ali FCA, Mr. Qudrate Khuda Introduction of DIAR
November-December 2018
FCA, Mr. Mohammad Solaiman examinations in line with ICAEW
It was a landmark event that we are
FCA and Mr. Md. Showkat Hossain
able to introduce Digital syllabus with some modifications in
FCA as Election Commissioners.
Identification of Audit Report the existing syllabus.
As approved by the Council,
(DIAR) to prevent preparing
Online Voting System was ● ICAB signed a Membership
manipulated audited reports and
introduced beyond the Pathways Agreement (MPA)
financial statements submitted by
Metropolitan areas of Dhaka and with CPA Australia, one of the
business organizations and
Chittagong cities as well as for the world’s largest accounting
corporate bodies. This would
members outside Bangladesh. In bodies working in 125
obviously identify tax dodgers and
counting votes, optical Counting countries and regions around
unscrupulous business people to
System (OCS) was also used. The the world. President of CPA
avail credit facilities from various
conduct of election and the timely Australia, Peter Wilson signed
financial institutions. The inaugural
counting of votes and the the same agreement.
ceremony was attended by NBR
announcement of the results of the

ANNUAL
REPORT 2018
● Through this agreement, ICAB Acknowledgement Final Remarks

members can be the members
of CPA Australia just after I sincerely acknowledge the Dear Members, You will find the
passing 04 papers out of their continued support of ICAEW, UK summary of the events in the
12 papers. CPA Australia is a for providing technical guidance Annual Report and Financial
professional accounting body as needed. I also acknowledge the Statements. I believe ICAB has a
in Australia with over 150,000 support of Government Ministries, more to do. I am confident future
members. Founded in 1886, LGRD, NBR, OCAG, BSEC, CSE, leadership will take the institute to
CPA Australia is one of the DSE, IDRA, BIDA, NGO Affairs a higher height.
world’s largest accounting Bureau, Bangladesh Bank, World
bodies. Bank, FBCCI, DCCI, MCCI, ICCI, Let me wrap up by thanking you for
and other stake holders for electing me to Council in 2015
● ICAB signed an MoU between supporting ICAB and its causes. which allowed me to serve you as
Binary University and ICAB, President.
members of ICAB will be able I am thankful to the Chairman and
to pursue PhD, DBA, MBA and members of all the Committees for Wishing you all a very happy and
BBA. Binary University will their contribution. I once again prosperous New Year.
consider our courses and offer recognise the ICAB executive
minimum required number of team for their hard work and
modules to be completed in support by making 2018 a
order to get the desired PhD, successful year.
DBA, MBA and BBA degrees. I I must also thank everyone Dewan Nurul Islam FCA
hope ICAB members will avail associated with the publication of President-ICAB
these opportunities. this Annual Reports.

ANNUAL
REPORT 2018
REPORT OF
THE COUNCIL
FOR THE YEAR
2018
ANNUAL
REPORT 2018
1.0
Education, Training
and Examination

ANNUAL
REPORT 2018
1.0
Education, Training and Examination
1.1 Education Professional Level
ICAB is commited to provide the members and CA 7 (seven) separate written exams in traditional
students with the most up-to-date and contemporary system.
knowledge and skills. To develop the education and
enhance the skills, ICAB organized various trainings Advanced Level
and workshops throughout the year 2018.
3 papers written exams in traditional system.
Besides its regular activities, LPD Section of ICAB
updated the study Manuals, made available all the
1.3 Study Manuals under New
previous and recent examinations' suggested
Syllabus-2018
answers and thereby made 2018, an another fruitful The ACA qualification has 15 Modules over three
year. levels. All the manuals under new syllabus are made
available in the institute.
1.2 ICAB Introduced New Academic
Curriculum in line with ICAEW
1. Certificate Level
Syllabus
Sl.
The Council-ICAB introduced new curriculum with Manuals
No.
effect from November-December 2018 examinations 1. Assurance
in line with ICAEW syllabus with some modifications in 2. Accounting
the existing syllabus. The salient points of the New 3. Business & Finance
Curriculum as under: 4. Management Information
5. Taxation – I (Covering Finance Act, 2018)
Examination Structure 6. Business & Commercial Law
7. Information Technology (Only syllabus)
The examinations of ICAB will be comprised of
Three-Level examination system as follows: 2. Professional Level
Sl.
Manuals
1. Certificate Level (CL) No.
2. Professional Level (PL) 1. Audit & Assurance
3. Advanced Level (AL) 2. Financial Accounting & Reporting
3. Business Strategy
Pattern of Examination: Pattern of examination for 4. Financial Management
5. Taxation – II (Covering Finance Act, 2018)
each paper will be as under:
6. Corporate Laws and Practices
7. IT Governance (Only syllabus)
Certificate Level
3. Advanced Level
7 (seven) separate written exams, out of which 6
Sl.
papers will be assessed using short-form (short No.
Manuals
questions and answers) written exam except for 1. Corporate Reporting
Principle of Taxation which will be in traditional written 2. Strategic Business Management
system. 3. Case Study

ANNUAL
REPORT 2018
1.3 CAB Centre for Professional Excellence (ICPE)
ICPE offers trainings to a broad range of professionals to foster their leadership qualities and enhance
commercial, finance and technical knowledge that were fundamental to boost up careers as well as support the
long-tem prospect of bussiness.
Trainings and Workshops for the year 2018
Trainings and Workshops held in Dhaka
Period & No. of

Name of the Training Core Contents Facilitators
Duration Participants
Workshop on 'Supply Chain 20 January 45 Members of 'Supply Chain Mr. Naquib Khan
Management for Finance 2018 ICAB and Others Management for
Professionals' Organizations Finance
Professionals'
Workshop on 'IFRS 15: 3 February 29 Officials of the 'IFRS 15: Revenue Mr. Md. Mahamud Hosain FCA and Mr.
Revenue from Contracts with 2018 at 9:30 Bangladesh from Contracts with Mr. Muhammad Mehedi Hasan FCA
Customers' for Bangladesh am to 1:30 Securities and Customers'
Securities and Exchange pm Exchange
Commission (BSEC) Officials Commission (BSEC)
Workshop on 'IFRS 15: 3 February 38 Members of 'IFRS 15: Revenue Mr. Md. Mahamud Hosain FCA & Mr.
Revenue from Contracts with 2018 at 3:00 ICAB and Others from Contracts with Ashraf-Uz-Zaman Ali FCA
Customers' pm to 7:00 pm Organizations Customers
Certificate Course on 03 March to 40 Members of IS Audit Mr. Imran Ahmed FCA, CISA
Information Systems Audit (IS 20 October ICAB and Others Mr. Md. Tohidur Rahman Bhuiyan
Audit)-3rd Batch 2018 (Six Organizations Engr. Md. Mushfiqur Rahman
months long) Mr. Abu Md. Sabbir Hassan Chowdhury
Mr. A. B. M. Ahasan Ullah
Mr. S.M. Tofayel Ahmad
Mr. Biswajit Saha
Ms. Mahmuda Binta Yousuf Hemo
Mr. Ayan De
Mr. S. M. Al-Mahmud Hashim
Programme 03 March 65 Newly ‘Dream Career: Day Akhter Matin Chaudhury FCA, Chairman
‘Dream Career: Day with the 2018 Qualified with the Leaders’ & Managing Director Nuvista Pharma Ltd.
Leaders’ Members of Mr. Muhammad Solaiman
ICAB Head of Strategic
Projects aamra networks Ltd.
Mr. Zulfiquar Hussain
CEO at grow n excel
Training on Local Governance 27 & 28 1500 ICAB LGSP-3 Mr. Ajit Kumer Paul FCA
Support Project (LGSP-3) March 2018 Members and
Article Students
Workshop on ‘Recurring Audit 07 April 2018 120 Members of ‘Recurring Audit Mr. Md. Mahamud Hosain FCA
Dot’s” ICAB Dot’s’
Workshop on ‘Advanced Excel 20 & 21 April 36 Members of ‘Advanced Excel and Mr. Md. Anowar Hossain Fakir
and Financial Modeling’ 2018 ICAB and Others Financial Modeling’ Mr. A. Z. M. Akhlaqur Rahman
Organizations Mr. Placid Gomer FCA
Programme on ‘Digital 8 & 9 May 50 Officials of DIAR Mr. Mohammad Deloar Hossain
Identification of Audit Report 2018 NBR Mr. Sabbir Ahmed FCA
(DIAR) and Analysis of Audited Mr. Muhammad Aminul Hoque FCA
Financial Statements’ Mr. Debabrata Roy Chowdhury FCA
Mr. Snehasish Barua FCA &
Mr. Md. Humayun Kabir FCA
Workshop on ‘Master your 26 May 2 & 9 26 Members of PowerPoint Mr. Md. Anowar Hossain Fakir
PowerPoint Presentation’ June 2018 ICAB and Others Mr. A. Z. M. Akhlaqur Rahman
Organizations

ANNUAL
REPORT 2018
Period & No. of
Name of the Training Core Contents Facilitators
Duration Participants
Workshop on ‘Effective 17 July 2018 220 Article ‘Effective Ms. Mobaroka Toha
Writing Communication Skills Students Writing Communicatio
in English’ n Skills in English’
Workshop on ‘Advanced Excel 7&8 3 Members of ‘Advanced Excel and Mr. Md. Anowar Hossain Fakir
and Financial Modeling’ September ICAB and Others Financial Modeling’ Mr. A. Z. M. Akhlaqur Rahman
2018 Organizations Mr. Placid Gomer FCA
Written test for the post of Audit 06 October Total Number of Written test for the ICAB Members and Employees
Officer for Pubali Bank Ltd. 2018, 1 day Candidate 167 post of Audit Officer
Advanced Level Certificate 17 November 35 Members of IFRS Training Mr. Mohammad Salahuddin Chowdhury FCA
Course on 'International 2018 to 12 ICAB and Others Mr. Snehasish Barua FCA
Financial Reporting Standards January 2019 Organizations Mr. Sabbir Ahmed FCA
(IFRS) & Mr. Sk. Md. Tarikul Islam FCA
International Accounting Mr. Wasequl Huq Reagan FCA
Standards (IAS)' Mr. Muhammad Aminul Hoque FCA
Mr. Muhammad Mehedi Hasan FCA
Trainings and Workshops held in Chittagong
ICAB Chittagong RegionalCommittee (CRC) organized CPD seminars and workshops for enriching the
knowledge of the members residing in Chittagong Region as well as for the students of the Institute. The List
of CPD and Workshops and Trainings as follows:
CPD Seminar, Workshop and Others

Type Subject Date Paper Presenter Chief Guest Session Chairman
workshop Conceptual Framework for 19-01-2018 Mr. Asif Md. Tanvir
Financial Reporting and Hossain ACA
Presentation of Financial
Statements
Seminar Knowledge management- A 20-01-2018 Dr. Md. Salim Uddin FCA Mr. Abdul Malek Mr. Showkat Hossain
Strategic and Dynamic Tools for FCA
Success
Orientation Evening Coaching Class of KL 01-02-2018 Lecturers of Classes &
Program Chairman, CRC
Seminar Risk Management Practices of 26-02-2018 Dr. Mohammad Saleh Professor K. M. Golam Mr. Sidhartha Barua
Corporate Firms Jahur Mohiuddin FCMA FCA
gyw³hy‡×i BwZnvm wb‡q GK 26-03-2018 Rbve, Av.K.g iBmyj nK
Av‡jvPbv mfv evnvi
‰ekvLx wgjb †gjv-1425 19-04-2018
Workshop KPI for Business Performance 24-04-2018 Mr. Rupak M Nasrullah
Analysis Zaidi
Exam Mock Tests 27-04-2018
Seminar Impact of Artificial Intelligence 03-05-2018 Mr. Khondkar Atique-e- Mr. Md. Jahangir Mr. Moddassar
on Rabbani FCA Hossain Ahmed Siddique FCA
Seminar National Budget 2018-19 11-06-2018 1. Mr. Moddassar Dr. Md. Salim Uddin
Ahmed Siddique FCA 2. FCA
Mr. Md. Shahadat
Hossain FCA 3. Mr.
Sidhartha Barua FCA
Conference SMP Conference, 2018 11-07-2018 A group of Cas
Workshop Digital Identification of Audit 11-07-2018 A group of CAs

Reports (DIAR)
Seminar Capital Market Platform for 08-08-2018 Mr. SR Mazumdar FCA Prof. Dr. Swapan Mr. Showkat Hossain
Development of SME Kumar Bala FCMA FCA

ANNUAL
REPORT 2018
Trainings and Workshops in Dhaka President Md. Humayun Kabir FCA, Council
Members Md. Shahadat Hossain FCA and Mostafa
Workshop on Supply Chain Management for Kamal FCA were present in the programme.
Finance Professionals
Workshop for BSEC Officials
A workshop on ‘Supply Chain Management for

Finance Professionals’ was organized by the Institute ICAB organised a workshop on ‘IFRS 15; Revenue
of Chartered Accountants of Bangladesh (ICAB) on from contracts with customers’ for the officials of
20 January 2018 at CA Bhaban, Dhaka. Chief Guest Bangladesh Securities and Exchange Commission
Mohammad Shams-Ul Islam, Managing Director & (BSEC) on 3 February, at ICPE, CA Bhaban, Dhaka.
CEO Agrani Bank Limited awarded the certificates to
the participants. Naquib Khan, President, Bangladesh Chief Guest, Akhter Matin Chaudhury FCA, Chairman
Supply Chain Management Society was the Resource & Managing Director, Nuvista Pharma Limited
Person in the workshop. ICAB Vice President awarded the certificates to the participants. Ruksana
Mahmudul Hasan Khusru FCA also spoke on the Chowdhury, Executive Director of BSEC was present
occasion. Secretary, ICAB Maj Gen Muhammad Imrul as the Special Guest. ICAB Vice President Mahamud
Quayes, ndc, psc (retd.) and Council Member Mostafa Hosain FCA and Fellow Member Muhammad Mehedi
Kamal FCA were also present in the programme. A Hasan FCA were the Resource Persons in the
total 45 participants took part in the Workshop. workshop. ICAB President Dewan Nurul Islam FCA,
Vice President Mahmudul Hasan Khusru FCA also
Workshop on ‘IFRS 15: Revenue from Contracts spoke on the occasion. Council Members Md.
with Customers’ Shahadat Hossain FCA, Mostafa Kamal FCA and
Secretary Maj Gen Muhammad Imrul Quayes, ndc,
psc (retd.) were also present in the programme. A
total of 29 participants took part in the Workshop.
Certificate Course on Information Systems Audit

(IS Audit) for 3rd Batch
A workshop on ‘IFRS 15: Revenue from Contracts with

Customers’ was held on 3 February, at ICPE training
room, CA Bhaban. A total of 40 participants took part
in the workshop. ICAB Vice President Mahamud
Hosain FCA and Fellow Member Ashraf - Uz-Zaman
Ali FCA were the Resource Persons.
Chief Guest, Kazi Sanaul Hoq, Managing Director,

Investment Corporation of Bangladesh (ICB) awarded ICAB organized six month long Certificate Course on
the certificates to the participants in the concluding “Information Systems Audit (IS Audit)” which started
session. ICAB President Dewan Nurul Islam FCA, Vice on 3 March 2018 at CA Bhaban. The training was held
President Mahmudul Hasan Khusru FCA also spoke in at the backdrop of IT taking over everything in the
the programme. ICAB Council Member & Past world which gives challenges to overcome.
.

ANNUAL
REPORT 2018
Bangladesh is rapidly coping with the these Workshop on Recurring Audit Dots
challenges. This is not a new direction or challenge for
Information systems security, but a direction often not
pursued and even often not been addressed. Thus,
information systems auditing is critically required in
today's information systems intensive environment.
With this background objectives of the IS Audit is to

enhance the competency of professionals.
A total of 45 participants participated in the course.

ICAB Centre for Professional Excellence (ICPE)
Dewan Nurul Islam FCA, President - ICAB, Mahmudul organized a workshop on Recurring Audit Dots on 7
Hasan Khursu FCA Vice-President, Mostafa Kamal April 2018 at ICAB Auditorium. A total number of 120
FCA - ICAB Member Council, Major General participants participated in the programme.
Muhammad Imrul Quayes, ndc, psc (Retd),
Secretary-ICAB, Resource Persons of the training ICAB Vice President Mahmudul Hasan Khusru FCA
course Fellow Member Imran Ahmed FCA, CISA and and Md. Mahamud Hosain FCA and Major General
the officials of ICAB were present at the Inauguration Muhammad Imrul Quayes ndc, psc (retd), Secretary-
Session. ICAB graced the concluding session.
Workshop on Advanced Excel and Financial A panel of moderators Md. Mahamud Hosain FCA,
Md. Shahadat Hossain FCA, Md. Abdul Kader
Modeling
Joaddar FCA, Md. Moniruzzaman FCA, Snehasish
Barua FCA, Mohammad Redwanur Rahman FCA, Md.
Abdur Razzaque FCA, Mahbub Ahmed Siddique
FCA, Shahriar Istiaq Halim FCA, Muhammad Aminul
Hoque FCA, Md. Iqbal Hossain FCA, MBM Lutful
Hadee FCA, Md. Kishlur Rahman FCA, Md. Saiful
Islam FCA, Md. SK. Tarikul Islam FCA and Sk. Ashik
Iqbal ACA were also present in the closing ceremony.
Workshop on Master your PowerPoint

Presentation
ICAB Centre for Professional Excellence (ICPE)
organized a two-day long workshop on ‘Advanced
Excel and Financial Modeling’ which started on 20
April 2018 at ICPE training room. A total number of 40
members participated in the programme. Md Anower
Hossain Fakir, A. Z. M. Akhlaqur Rahman and Placid
Gomes ACA were the resource persons of the
workshop.
Golam Hafiz Ahmed, Executive Director, Islami Bank

Foundation attended the concluding session as the ICAB Centre for Professional Excellence (ICPE)
Chief Guest on 21 April 2018. organized a three-day Workshop on ‘Master your
PowerPoint Presentation’ of the closing session held
Besides Resource Persons, ICAB Vice Presidents on 9 June 2018 at ICPE training room.
Mahmudul Hasan Khusru FCA and Md. Mahamud
Hosain FCA, Member Council Mostofa Kamal FCA A total of 35 participants took part in the programme.
and Major General Muhammad Imrul Quayes ndc,
ICAB President Dewan Nurul Islam FCA, Vice
psc (Retd), Secretary ICAB were present in the
Presidents Mahmudul Hasan Khusru FCA, Md.
closing ceremony.
Mahamud Hosain FCA, Council Member Md. Mostafa

ANNUAL
REPORT 2018
Kamal FCA, Secretary Maj Gen Muhammad Imrul
Quayes, ndc, psc (Retd.) and Resource Persons Md
Anower Hossain Fakir & A. Z. M. Akhlaqur Rahman
were present in the closing ceremony.
Knowledge Sharing Session on ICAB New

Syllabus
Chairman of the SMP Committee Md. Shahadat

Hossain FCA conducted the conference. ICAB
President Dewan Nurul Islam FCA gave welcome
speech while Vice President Mahmudul Hasan Khusru
FCA, the Council Member and Co-Chairman of the
Committee Dr. Jamshed Sanyiath Ahmed Choudhury
FCA, Council Members Muhammad Farooq FCA,
Knowledge sharing session on ‘An overview of New
Mostafa Kamal FCA and Past President Md. Abdus
syllabus-2018’ was held on 2 June 2018 at ICAB
Salam FCA spoke in the conference. The conference
Auditorium. Mohammad Anwarul Karim FCA, Partner, resource persons were Sabbir Ahmed FCA, Partner,
ARTISAN, Chartered Accountants enlightened the Hoda Vasi Chowdhury & Co, ICAB Director
members & teachers about the changes of new (Technical) Mahbub Ahmed Siddique FCA, Senior
syllabus through PowerPoint presentation. Md. Abdus Deputy Director Md. Saiful Islam FCA and Database
Salam FCA, Past President of ICAB also spoke about System Manager Mohammad Delwar Hossain. About
the new syllabus of ICAB. ICAB President Dewan 60 practicing members of the Institute participated in
Nurul Islam FCA, Vice Presidents Mahmudul Hasan the conference.
Khusru FCA, Md Mahamud Hosain FCA, Past
Presidents & Coumcil Members Akhtar Sohel Kasem The major deliberations of the conference were on
FCA, Kamrul Abedin FCA, Parveen Mahmud FCA, audit documentation, compliance required for
Council Members A F Nesaruddin FCA, Muhammad practice, findings of QAB and IDC, audit guide of
Farooq FCA, Md. Shahadat Hossain FCA and Mostafa small and medium enterprises(SME) as well as
Kamal FCA, Secretary Maj Gen Muhammad Imrul computer assisted audit techniques and tools
Quayes, ndc, psc (Retd), DRC Chairman Ali Akther (CAATT).
Rezvi FCA and Member Muhammad Aminul Hoque
FCA were present.
CA study manuals are packed with all the tools,

techniques, policy, procedures, process, formats,
tables, charts, examples, solutions, formulas. The
following information has been given for easy
understanding and will advance the students step by
step with basic information and solutions.
SMP Conference 2018
ICAB Small and Medium Practioners (SMP)

Committee organised SMP Conference 2018 at ICPE Muhammad Aminul Hoque FCA, Partner, ACNABIN
gave deliberation on audit documentation, permanent
training room on 14 July 2018 with a view to enhance
audit file (PAF) and current working file (CWF)
the capacity of practicing members of the Institute.
contents.
The conference also made conversant the members
of this institute with different aspects of auditing and Sabbir Ahmed FCA, Partner Hoda Vasi Chowdhury &
how to detect malpractice of the organizations who Co., gave lecture on some important audit
are preparing dual financial statements. The documentation of SMP and different aspects of Audit.

ANNUAL
REPORT 2018
Mahbub Ahmed Siddique FCA, Director Workshop on ‘Effective Writing Communication
(Technical)-ICAB described current status of SMP's Skills in English’
requirements as per BSQC 1 and CA Bye-laws, latest
status of FRC and ACC, DIAR, Annual Return (AR) of
ICAB, etc.
Md. Saiful Islam FCA, SDD-ICAB discussed important

compliance of practice and latest practicing issues
including Bye-Laws, IDC & QAB. Md Shahadat
Hossain FCA, Chairman SMP Committee conducted
the questions and answers session.
Dr. Jamshed Sanyiath Ahmed Choudhury FCA, ICAB Centre for Professional Excellence (ICPE)
Council Member & Co-Chairman of the Committee, organized a Workshop on ‘Effective writing
Council Member Mostafa Kamal FCA and Past Communication Skills in English’ on 17 July, 2018 at
President Md Abdus Salam FCA gave speech CA Bhaban.
summing up the discussion.
Experienced trainer from British Council Ms.
Meeting with Chairman of Binary University, Mobaroka Toaha conducted the workshop. Students
Malaysia (articled students in CA firms) were able to learn how
to write English more effectively and efficiently.
A total number of 200 participants took part in the

programme.
Dewan Nurul Islam FCA President - ICAB and

Mahmudul Hasan Khusru FCA, Vice President (E&T) -
ICAB were present at the Inaugural Session.
Major General Muhammad Imrul Quayes ndc, psc

(retd), Secretary ICAB and Resource Person Ms.
Mobaroka Toaha were present in the concluding
ICAB had a wonderful meeting with His Excellency session of the programme.
Tan Sri Dato Professor Joseph Adaikalam, Founder
and Executive Chairman of Binary University – Workshop on Cybersecurity
Malaysia. H. E. Tan Sri who was also an Advisor to last
4 Prime Ministers of Malaysia for over 20 years.
ICAB has been trying since 2017 to make

collaboration with International University and is in the
final stage of this process with Binary University.
Binary University is a Five Star rated ‘A’ grade
University in Malaysia having 23 Campuses all over
the world.
This is going to be an extensively beneficial

international collaboration for ICAB members. Under A workshop on ‘Cybersecurity for Personal and
the MoU between Binary University and ICAB, Professional Safety’ organised by Women and
members of ICAB will be able to pursue PhD, DBA, Leadership (WIL) Committee of ICAB and Take Back
MBA and BBA. Binary University will consider our The Tech, BdOSN on 11 August 2018 at CA Bhaban.
courses and offer minimum required number of
modules to be completed in order to get the desired Dewan Nurul Islam FCA, President-ICAB delivered
PhD, DBA, MBA and BBA degrees. However, Binary welcome address and Parveen Mahmud FCA,
University will send their academics to ICAB on a Member Council & Past President and Chairman of
regular basis to conduct the academic activities. the Women in Leadership (WIL) Committee, ICAB

ANNUAL
REPORT 2018
gave the opening remarks. Khondkar Resources persons were Imran Ahmed FCA, CISA,
Atique-e-Rabbani FCA, Managing Director, the Md. Tohidur Rahman Bhuiyan, Engr. Md. Mushfiqur
Computers Ltd moderated the session. Rahman, Abu Md. Sabbir Hassan Chowdhury, A. B.
M. Ahasan Ullah, S.M. Tofayel Ahmad, Biswajit Saha,
The Keynote presentation on “introduction to cyber Mahmuda Binta Yousuf Hemo, Ayan De and S. M.
security in daily life, personal safety in internet, cyber Al-Mahmud Hashim.
bullying, sexting, online predators, do’s and dont’s,
web safety Tips” was made jointly by Munir Hasan, An Advanced Level Certificate Course on IFRS &
General Secretary, Bangladesh Open Source Network IAS
(BdOSN) and Mohammad Tohidur Rahman Bhuiyan,
MD & CEO, Right Time Limited.
The panel discussants were Luna Shamsuddoha, ICAB organized an Advanced Level Certificate
Chairman, Janata Bank Limited & President, BWIT, Dr. Course on IFRS & IAS to enhance the competence of
Lafifa Jamal, Chairperson, Department of Robotics professionals serving in key positions of financial
and Mechatronics Engineering, University of Dhaka, sector in Bangladesh on 17 November 2018 at
Kaniz Fatema, General Manager, Market Strategy & Training Room of ICAB (7th floor), Dhaka.
Planning, Robi-Axiata, Bangladesh and Sayed
Nasirullah, Assistant Commissioner, Cyber Security & The objective of the training were to acquire in depth
Crime Division, Dhaka Metropolitan Police, Dhaka. knowledge about preparation financial statements in
Compliances with IFRS & IAS, to consider specific
Six month long Course on ‘Information Systems cases of IFRS/IAS application. Resource persons:
Audit (IS Audit)’ Mohammad Salahuddin Chowdhury FCA, Snehasish
Barua FCA, Sabbir Ahmed FCA, Sk. Md. Tarikul Islam
FCA, Wasequl Huq Reagan FCA, Muhammad Aminul
Hoque FCA and Muhammad Mehedi Hasan FCA.
Topic of the trainings were IFRS for all financial

Institutions, Public expenditure reporting requirement,
Explicit issues including Taxes, financial, instrument
etc, Most importantly acomprehensive coverage of all
IFRS with all latest updates, etc.
Chief Guest Mohammad Shams-Ul-Islam, Managing Training on DIAR in Dhaka and Chittagong
Director & CEO Agrani Bank Limited, ICAB President
Dewan Nurul Islam FCA, Secretary-ICAB Major
General Muhammad Imrul Quayes, ndc, psc (retd)
and resource persons were seen, among others at a
certificate award ceremony of six-month long training
on "Information Systems Audit (IS Audit)" – 3rd Batch
organized by ICAB at CA Bhaban on 15 November
2018. Total forty (40) participants took part in the
training. The objective of the training was to enhance
the competence of professionals in IS Audit.

ANNUAL
REPORT 2018
The Institute of Chartered Accountants of Bangladesh
(ICAB) organized specialized training on Digital
Identification of Audit Report (DIAR) for the members
of the Institute on 7-8 August in Dhaka and 11 August
in Chittagong. About 30 members received the
training in two sessions at CA Bhaban where in
inaugural session ICAB Council Member Mostafa
Kamal FCA made a deliberation while ICAB Secretary
(Retd) witnessed. The resource persons in the Rupak M Nasrullah Zaidi, KPI, OD & HR practitioner,
sessions were Director (Technical) Mahbub Ahmed business & management consultant conducted the
Siddique FCA and Database System Manager Delwar workshop. Among other ICAB Vice President
Hossain. Moddassar Ahmed Siddique FCA, Past President
Showkat Hossain FCA were present in the workshop.
The similar training programme on DIAR was held on
11 August 2018 at the Conference Hall of CRC-ICAB Organized SMP Conference 2018
ICAB-Chittagong Regional Office with the same
resource persons. A total 11 firms with their
representatives participated in it.
The overall objective of this training was to strengthen

capacity building of Audit Firms to update firms’
database as well as to prepare year-wise clients list
timely and appropriately to ensure more transparency,
accountability and quality assurance of audit firms.
ICAB Workshop on Advanced Excel and Financial

Modeling
The Committee for Small and Medium Practitioners
(SMP) of ICAB organised a SMP conference for its
practicing members on 11 August 2015 at the
Conference Hall of ICAB-Chittagong Regional Office.
Major deliberations of the conference were on audit

documents, compliance required for practice, latest
findings of QAB and IDC of ICAB, Annual Return (AR)
of ICAB, Return submitted to RJSC, presentation on
issuing Audit Report. These deliberations definitely
Chief Guest President & Chairman of Bank Asia enhanced the practicing members’ capacity which is
Limited Md. Arfan Ali, ICAB Vice Presidents one of the man objectives of the SMP committee.
Mahmudul Hasan Khusru FCA, Mahamud Hosain
FCA and Secretary Major General Muhammad Imrul ICAB Vice President Mahamud Hosain FCA, Council
Quayes, ndc, psc (Retd) were seen, among others at Member Md. Shahadat Hossain FCA, ICAB Director
the closing session of a workshop on advanced excel (Technical) Mahbub Ahmed Siddique FCA, Senior
and financial modeling organized by ICAB on 9 Deputy Director (PC) Md. Saiful Islam FCA were
September 2018 at CA Bhaban, Dhaka. Officials of present in the conference.
Orion Pharma, Radiant Pharma and ICAB members
participated in the workshop. 1.4 Examination
CRC-ICAB Organized Workshops Introduction to New Curriculum
Chittagong Regional Committee (CRC) of ICAB In line with ICAEW syllabus (with some modifications),
organised a workshop on ‘KPI for Business ICAB has introduced New Curriculum in 2018.
performance Anaylsis’ on 24 March 2018 at Crystal Examinations under New Curriculum have been
Ball Room, hotel Aagrabad Limited, Chittagong. started from November-December 2018. The

ANNUAL
REPORT 2018
Curriculum comprises three levels namely Certificate and concerned officials of the respective centre
Level, Professional Level and Advanced Level. authority, the examinations were held very smoothly.
Conduct of Examinations Results published in 2018
This year, the examinations of May-June session were Results of November-December 2017 session and
held from June 20 to June 28, 2018 and May-June 2018 session were published in the year
November-December session from December 08 to 2018 on February 22 and on August 30 respectively.
December 20, 2018 in Dhaka and Chittagong centres Level wise results have been shown below:
simultaneously. In Dhaka, the examinations of
May-June 2018 were held in Shiddheswari Girls’ Nov-Dec 2017 May-June 2018
College, at Baily Road, Ramna, Dhaka and those of
November-December 2018 in BAF Shaheen College,
Partly Passed
Partly Passed
Fully Passed
Fully Passed
Appeared
Appeared
Tejgaon, Dhaka. In Chittagong, the examinations of
Level
both May-June 2018 and November-December 2018
were held in Govt. Commerce College at Agrabad,
Chittagong. Total number of examinees in May-June
2018 was 7353 and in November-December 2018 PS (K) 4118 760 162 3679 776 150
was 7483.
PS(A) 1742 351 43 1668 332 50
With the effective co-ordination among the concerned AS 383 130 36 380 59 30
officials of ICAB, members of regional committees

ANNUAL
REPORT 2018
2.0
Students' Affairs

ANNUAL
REPORT 2018
2.0
Students' Affairs
2.1 Articled Students Total number of Articled Students as on 01 July 2017 4,321
Add: Registered during 2017-2018 1,3 55
During the year 2017-2018, the Institute granted 5,676
Articleship registration to a number of 1,355 students.
Less:
A total of 1,488 students completed their Articleship
Course Completed during 2017-2018 (1,488 )
training and 30 Articled Students discontinued
Discontinued during 2017-2018 (30 )
Articlesship due to various reasons in this year. In the
(1,518 )
second half of 2018, 697 students were registered for
In Course Articled Students as on 30 June 2018 4,158
Articleship. Detailed statistics are as follows:
The growth of Articled Students over the years is shown in the chart below:
5000
New Registra�on Total
4500
4000
3500
3000
2500
2000
1500
1000
500

ANNUAL
REPORT 2018
2.2 Scholarships & Grants
Scholarships:
Amount disbursed during the year
Sl. Number of Total
Name of Scholarship 1st year 2nd year 3rd year
No. Scholarship Disbursed
Installment Installment Installment
1 ACNABIN General Scholarship 3 54,000/- - - 54,000/-
2 ACNABIN Female Scholarship 3 72,000/- - - 72,000/-
3 ABM Azizuddin Scholarship 1 42,000/- - - 42,000/-
4 Bhola Foundation Limited 1 36,000/- - - 36,000/-
5 S F Ahmed Scholarship 2 120,000/- 120,000/-
6 RRH Scholarship 4 96,000/- - - 96,000/-
7 RRH Associates Scholarship 2 120,000/- - - 120,000/-
8 M H Chowdhury Scholarship 2 60,000/- - - 60,000/-
9 Mashiur Rahman Scholarship 3 90,000/- - - 90,000/-
10 AKM Mizanur Rahman Scholarship 1 24,000/- - - 24,000/-
11 Syful Shamsul Alam 4 120,000/- - - 120,000/-
12 Howlader Yunus 2 60,000/- 60,000/-
13 ICAB Scholarship 14 830,000/- - - 830,000/-
Total disbursed during the year 1724,000/-
* A F Mujibur Rahman Foundation is providing 06 Grants and Scholarship to BCACP

(six) Scholarships amounting Tk. 2000/- per month
per student. After reviewing the result of selected During the year 2017-2018, there was Tk.16,80,000 as
students, the scholarship is renewed in every year. scholarship from the General Fund, Tk. 8,40,000 as
General Grant, Tk. 13,12,538 as office rent and utility
* “President 2011-Shasha Foundation” is providing and Tk. 5,90,000 for organising various programmes.
Scholarships to Female Students of ICAB: The total amount of Tk. 35,82,538 were disbursed to
Bangladesh Chartered Accountancy Chhatra
To encourage the female students of ICAB, Parishad (BCACP) as part of students’ welfare.
“President 2011-Shasha Foundation” has
introduced a scholarship programme in 2014. This 2.3 Articled Students’ Allowances
programme finances 02 (two) female students of ICAB
selected by the Articled Students Committee for The Council approved the enhancement of the
providing scholarship amount of BDT. 2,500/- (Two monthly allowance of Articled Students as below with
Thousand & Five Hundred) each per month. After effect from 1 July 2011:
reviewing the result of selected women students, the
scholarship is renewed in every year. Years
of 1st year 2nd year 3rd year 4th year
Year wise payment of “President 2011-Shasha allowance
Foundation” Scholarship is given below: Amount
Tk.3,000/- Tk.3,500/- Tk.4,000/- Tk.4,500/-
(Taka)
Number of Female
Year Payment
Students Received
(July-June) (Taka) 2.4 ICAB Library Services for Students
Scholarship
2014-2015 2 60,000 It is encouraging to mention here that the number of
2015-2016 5 87,500 the library users of Dhaka and Chittagong are steadily
2016-2017 3 80,000 increasing. This increasing trend obviously indicates
the seriousness of CA students to study in order to
2017-2018 2 60,000 pass the professional examinations at the earliest

ANNUAL
REPORT 2018
possible time. Moreover, a large number of members Stocks and additions of books as on 30 June 2018
are also using the Library facilities.
The ICAB Libraries both in Dhaka and Chittagong Total stock of books as on 30 June 2018 23289
have been enriched with professional books, journals Purchased during the year 915
and periodicals of updated versions. A Library
Received as donation during the year 15
Management Software has been installed and being
used to create database of all books, journals and Stocks of books as on 30 June 2017 22363
magazines in the Library. Automated Library Card Books sent to CRC Library from inception to 30 2408
system has also been introduced for CA students. June 2017
Every student must punch their Library Card at the
entrance point of the Central Library. An Application Books sent to CRC Library during the year 173
Form for Library Card has been installed in ICAB‘s Daily average attendance of the students 280
website.
Before examinations (one month) students 400
Normally Library time is 10.00am to 9.00pm in two attendance
shifts but before examination, Library remains open Preparation of Library Card up to 30 June 2018 12378
upto 10.00pm for all days in a week for the benefit of
Preparation of Library Card during the year 1509
CA students and Members.
2.5 Dhaka Campus Activities

During the year 2018, the three-month pre-examination classes of different levels of the Institute were organised
at Dhaka Centre. The pen picture of the levels and the number of attending students & teachers in the courses
are furnished below:
Level of Courses
Centre Examination Session No. of Students No. of Teachers
(New Syllabus)
PS-KL (17th Batch, Evening Shift) 655
PS-KL (3rd Batch, Day Time ) 154
Dhaka May-June 2018 123
PS-AL (16th Batch) 171
AS (15th Batch) 40
CL (1st Batch, Evening Shift) 697

CL (1st Batch, Day Time ) 114
Dhaka Nov-Dec 2018 131
PL (1st Batch) 150
AL (1st Batch) 46
(Grand Total: 03 Levels, 02 Examination Sessions, # digital instruments devisse viz. Electronic Multimedia,
Total Students = 2027 and # Teachers = 254) Cordless Microphone sound system, Students'
Biometric class attendance, Online Teachers
Note(s): Evaluation, Lectures' Telecast through online,
Virtual Class recording & broadcasting. Notice,
1) The cumulative number of participated students Schedule, Programme, etc were displayed at
of ICAB under new curriculum came to 15213 till campus on LED-TV and in ICAB Website.
November 30, 2018;
3) Official correspondences, students' enrollment,
2) Classes were being organised smoothly in large class information and campus activities were
class rooms with modern academic logistics and being projected through online.

ANNUAL
REPORT 2018
4) ICAB-Academic Campus is situated at 29000 sft
space of a three storied building at 51-53, Kazi
Nazrul Islam Avenue, Kawran Bazar C/A,
Dhaka-1215. There are 12 (twelve) big class
rooms, 8 (eight) car parking space, a teachers'
room, officials' room, prayer & common rooms for
teachers & students and a canteen. Actually in
2018, Classes at campus started from 8:30am to
5:00pm at Day Time and another shift from
6:00pm to 10:00pm in the Evening. The activities Md. Shahadat Hossain FCA and Fellow Member Md.
of campus run in seven days in a week. The AKH Hasif Sowdagar FCA, Sr. Manager, Standard
academic programme commences as Chartered Bank participated in the seminar. They
cyclic-order throughout the year. A pool of gave motivational speech. Chaired by Professor Md.
teachers included 254 persons in each session Taizul Islam, Head of Accounting Department, the
engaged for 2027 students in the last two exam seminar was attended by Professor Md. Shahjahan
sessions. Ali, Principal as the chief guest while Professor Md.
Fazlul Haque, Vice Principal of the college was
The Programme and Session were being organised present as special guest. Faculties from different
by the Additional Director, ICAB with his team under departments were also present in the seminar. Md.
the supervision of the Vice President (Education & Kamruzzaman ACA, Sr. Manager and M A Wahab
Training)-ICAB, and guidance and consent of the Akanda ACA, Assistant Manager, Rahman Rahman
Chairman, Board of Studies-ICAB as well as President Huq, were the main discussants on Chartered
of ICAB.
Accountancy in the seminar and also answered
various queries of the students about Chartered
2.6 External Career Counseling Session
organized by ICAB Accountancy. Later a quiz contest was held with
participation of the students.
In the twenty first century, Chartered Accountancy
Seminar on Chartered Accountancy: Career
(CA) has emerged as a unique profession of Excellence at Govt. BM College, Barisal
paramount importance and is now discussed at
seminars, capital markets, investments and other
forums. To cope with the increasing demand in the
field of economy, innovative financial instruments are
being introduced at faster pace. Besides, Chartered
Accountants are in the heart of business. They are
engaged in public practice, employed in industries,
finance and commerce, playing very vital role in
decision making and financial management; both at
home and abroad. That is why we are in need of a
good number of Chartered Accountants to meet the
demand. To support this issue ICAB Career
Counseling Department is working tirelessly to attract On 31 March 2018 the seminar on ‘Building
Awareness’ about Chartered Accountancy: Career
brilliant students in CA Profession. As a part of this,
Excellence’ was held at Birsreshtha Captain
ICAB’s Career Counseling Department organized
Mohiuddin Jahangir Auditorium, Govt. BM College,
seminars in different universities to motivate the
Barisal on Saturday,31 March 2018. Principal of BM
students to pursue CA profession.
College Professor Md. Shafiqur Rahman Sikder,
Seminar on ‘Building Awareness about Chartered ICAB’s Vice President Mahamud Hosain FCA, BM
Accountancy’ at Bogra Azizul Haque College College Vice Principal Professor Swapan Kumar Paul,
ICAB former Vice President & BM College Ex-student
The seminar on ‘Building Awareness about Chartered CR Mozumder FCA, Prothom Alo Joint Editor Mizanur
Accountancy’ was held at the seminar room of Rahman Khan, Secretary Teachers’ Council A. S.
Accounting Department in Bogra Azizul Haque Kayym Uddin Ahmed, Chairman, Department of
College on 15 January 2018. ICAB Council Member Accounting, Govt. BM College Professor Rubya

ANNUAL
REPORT 2018
Begum, ICAB Director (Technical) Mahbub Ahmed
Siddique FCA and CITY Bank NA AVP Md. Saiful
Hasan FCA were present in the seminar. ICAB, Govt.
BM College, Barisal and BM College Alumni jointly
organized the seminar. Dhaka regional Committee ex-
chairman Md. Al Amin Siddiki FCA delivered a
presentation on CA. Students from different
departments participated in the seminar.
ICAB Career Counselling Seminar at NSU
ICAB participated in Dhaka University (DU) Career

The career excellence seminar titled ‘Career Fest 2018 at Teachers Students Centre (TSC) on
Excellence Chartered Accountancy: Pathway to 16-17 July 2018. ICAB displayed Audio Visual (AV)
Business Leadership’ was held at the North South about ICAB and its curriculum at the stall, besides
university (NSU) on Monday, 23 April 2018 where showcasing ICAB’s different publications. Students
ICAB President Dewan Nurul Islam FCA, Vice from different departments of the University visited the
President Mahmudul Hasan Khusru FCA and ICAB stall during the festival. They also participated in
Secretary Major General Muhammad Imrul Quayes, ICAB’s instant quiz contest and received the prizes as
ndc, psc (Retd.) were present. The seminar was also winners. This quiz programme created a buzz in the
graced by Dean, School of Business & Economics fair. The prospective CA students from different
Faculty, NSU Professor Md. Mahbubur Rahman and discipline dropped their CVs for CA Education.
Chairman of department of Accounting & Finance,
Seminar on Chartered Accountancy: Career
Associate Professor Dr. Mohammad Riaz Uddin.
Excellence at Islamic University, Kushtia
Students from different departments of School of
Business & Economics Faculty attended the seminar.
At the end, Chairman, Dhaka Regional

Committee-ICAB Md. Ali Akther Rezvi FCA and
member Muhammad Aminul Hoque FCA conducted a
quiz competition among the students.
DU Career Fest 2018
On 21 July 2018 a seminar on “Chartered

Accountancy: Career Excellence” was held at
seminar room of Department of Accounting and
Information Systems, Islamic University Kushtia. ICAB
organized this seminar. Prof. Dr. Arbinda Saha, Dean,
Faculty of Business Administration, Prof. Dr. Md.
Mizanur Rahman, Prof. Dr. Selina Nasrin, Prof. Dr.
Zakir Hossain from Islamic University and Dhaka

ANNUAL
REPORT 2018
Regional Committee (DRC) Chairman Md. Ali Akther FCA was the lead speaker of the programme. Md.
Rezvi FCA, fellow members Md. Abdur Razzaque Shahadat Hossain FCA and Mostafa Kamal FCA,
FCA, Md. Reajul Karim FCA, Md. Saiful Hasan, Md. Council Members of ICAB were also present in the
Farhad Hosain Suman ACA, Md Ashraful Alam ACA session. Al Amin Siddiki FCA, Past Chairman of DRC
from ICAB were present in the programme. Around presented the key note paper and Mr. SK Ashik Iqbal
400 students from different sessions of the ACA moderated the session. Around 300 students
department participated in it. At the end the DRC from different sessions of the department participated
arranged a quiz programme among the students and in the programme.
distributed prizes among the students.
BCACP 31st Hostel Anniversary
Career Execellence programme at Begum Rokeya
University, Rangpur
A seminar captioned “Chartered Accountancy: ICAB Pesident Dewan Nurul Islam FCA, Vice
Career Excellence” was organized by ICAB team at President Mahamud Hosain FCA, Past Presidents Md.
Conference room of Rangpur Chamber of Commerce Syful Islam FCA and Md. Abdus Salam FCA,
& Industry (RCCI) on 3 August 2018. Prof. Md. Secretary Maj Gen Muhammad Imrul Quayes, ndc,
Shahinoor Rahman, Chairman of AIS department of psc (Retd.) were present at BCACP 31st Hostel
Begum Rokeya University, Rangpur was the session Anniversary on 11 April 2018 at Hotel Fars Resort,
Chair where Vice President (T& R) Mahamud Hosain Palton, Dhaka.

ANNUAL
REPORT 2018
3.0
Members’
Conference/CPD
Programme

ANNUAL
REPORT 2018
3.0
Members’ Conference/CPD Programme
3.1 Members’ Conferences/CPD in Topic Code of Corporate Governance

Dhaka Paper Presenter Mr. Snehasish Barua FCA,
Partner, Snehasish Mahmud &
26 February 2018
Co., Chartered Accountants.
Session Chairman Mr. Md. Humayun Kabir FCA,
Member Council & Past
President-ICAB.
Chief Guest Dr. Swapan Kumar Bala FCMA,
Commissioner, Bangladesh
Securities and Exchange
Commission.
05 April 2018
Topic Corporate Transparency and

Sustainability Reporting
Paper Presenter Dr. Aditi Haldar, Director, Global
Reporting Initiative (GRI), South
Asia and Ms. Rubina Sen, Senior
Coordinator, Global Reporting
Initiative (GRI), South Asia.
Session Chairman Ms. Parveen Mahmud FCA,
President-ICAB. Topic Knowledge Management: A
Strategic and Dynamic Tool for
Moderator Mr. Anwaruddin Chowdhury Success
FCA, Member Council & Past
President-ICAB. Paper Presenter Dr. Md. Salim Uddin FCA,
FCMA, Professor, Department of
24 April 2018 Accounting, University of
Chittagong and Chairman,
House Building Finance
Corporation.
Session Chairman Mr. Md. Humayun Kabir FCA,
President-ICAB.
Chief Guest Prof. Md. Helal Uddin Nizami,
Commission.

ANNUAL
REPORT 2018
5 May 2018 29 June 2018
Topic An Analysis on Macroeconomic Topic New Auditor’s Report Based on

Performance of Bangladesh International Standards on
Auditing
Paper Presenter Mr. Md. Shahadat Hossain FCA,
Member Council-ICAB and Paper Presenter Mr. Asif Zaki Chowdhury ACA,
Manager-Assurance, Ernst &
Partner, FAMES & R, Chartered
Young-London, UK.
Accountants.
Panel Speaker Mr. Md. Rokonuzzaman FCA,
Session Chairman Mr. Anwaruddin Chowdhury Partner, ACNABIN, Chartered
FCA, Member Council & Past Accountants; Mr. Sabbir Ahmed
President-ICAB. FCA, Partner, Hoda Vasi
Chowdhury & Co., Chartered
Chief Guest Dr. Kamal Uddin Ahmed,
Accountants and Mr. Sk. Ashik
Member, Planning Commission, Iqbal ACA, CPA.
GoB.
Moderator Mr. Md. Mahamud Hosain FCA,
21 June 2018 Member Council and Vice
President (Technical &
Research)-ICAB.
Chief Guest Dr. Swapan Kumar Bala FCMA,
Commission.
9 June 2018
Topic Post Budget Discussion-2018

Paper Presenter Mr. Md. Shahadat Hossain FCA,
Member Council-ICAB and
Partner, FAMES & R, Chartered
Accountants.
Session Chairman Mr. Md. Humayun Kabir FCA, Topic Modernisation of Companies
Member Council & Past Act for Ease of doing Business
President-ICAB.
Paper Presenter Mr. Ajit Kumar Paul FCA,
Chief Guest Mr. Mosharraf Hossain, ndc, Additional Secretary, Financial
Senior Secretary, Internal Institutions Division, Ministry of
Resources Division, (IRD) & Finance, GoB.
Chairman, National Board of Session Chairman Mr. Md. Humayun Kabir FCA,
Revenue (NBR), Ministry of Member Council & Past
Finance, GoB. President-ICAB.

ANNUAL
REPORT 2018
Special Guest Mr. Md. Obaidul Azam, Director Paper Presenter Mr. Shehasish Barua FCA,
(Additional Secretary), Trade Partner, Snehasish Mahmud &
Organisation (DTO), DTO Wing, Co., Chartered Accountants.
Ministry of Commerce, GoB.
Moderator Mr. Mahmudul Hasan Khusru
Chief Guest Mr. Shubhashish Bose, FCA, Member Council and Vice
Secretary, Ministry of President (Education &
Commerce, GoB. Training)-ICAB.
21 July 2018 Chief Guest Mr. C. Q. K Mustaq Ahmed,
Chairman, Financial Reporting
Council (FRC).
3.2 Members’ Conferences/CPD in

Chittagong
20 January 2018
Topic Prevailing Money Market

Situation and the Way Forward
Paper Presenter Mr. Md. Abdul Kader Joaddar
FCA Deputy Managing Director
& CFO, BRAC Bank Ltd.
Moderator Mr. Mahmudul Hasan Khusru
FCA, Member Council and Vice Topic Knowledge Management: A
President (Education & Strategic and Dynamic Tool for
Training)-ICAB. Success
Special Guest Mr. Syed Mahbubur Rahman, Paper Presenter Dr Md Salim Uddin FCA,
Managing Director & CEO of Director of Rupali Bank and
Dhaka Bank and Chairman, Professor of Accounting
Association of Bankers, Department of University of
Bangladesh (ABB). Chittagong.
Chief Guest Dr. Mustafizur Rahman, Session Chairman Showkat Hossain FCA, Former
Distinguished Fellow, Centre for president of ICAB.
Policy Dialogue (CPD).
Special Guest Moddassar Ahmed Siddique
20 July 2018 FCA, Vice-president, ICAB.
Chief Guest MA Malek, Editor of the Daily
Azadi.
26 February 2018
Topic The Conceptual Framework for

Financial Reporting as issued by
the International Accounting
Standards Board (IASB)

ANNUAL
REPORT 2018
Topic Risk Management Practices of Topic National Budget 2018-19:
Corporate Firms-A Study on the Overview of the Fiscal and
Role of Accounting and Finance Macro Economic Issues
Paper Presenter Dr. Mohammad Salah Jahur, Paper Presenter Moddassar Ahmed Siddique
Professor of Accounting and FCA, Vice President-ICAB; Md.
Finance, Faculty of Business Shahadat Hossain FCA, Council
Administration, University of Member, ICAB and Sidhartha
Chittagong.
Barua FCA, Managing Partner,
Session Chairman Sidhartha Barua FCA, Managing M A Mallik & Co., Chartered
Partner, M. A. Mallik & Co, Accountants and Group CFO,
Chartered Accountants. KDS Group.
Chief Guest Dr. K. M. Golam Mohiuddin Session Chairman Dr. Md. Salim Uddin FCA,
FCMA, Vice-Chancellor, Professor, Department of
International Islamic University
Accounting, University of
Chittagong.
Chittagong and Chairman,
3 May 2018 Bangladesh House Building
Finance Corporation Limited.
Chief Guest Abdus Salam, Chairman of
Chittagong Development
Authority (CDA).
8 September 2018
Topic Impact of Artificial Intelligence

on Audit - An Introduction
Paper Presenter Mr. Khondkar Atique-e-Rabbani,
B.Tech (Hon's), UK, FCA,
Managing Director, The
Computers Ltd.
Session Chairman Moddassar Ahmed Siddique
Topic Capital Market Platform for
FCA, Vice President-ICAB and
Development of SME
Group CFO, KDS Group.
Chief Guest Mr. Md. Jahangir Hossain, B.Sc Paper Presenter Md. Shaifur Rahman Mazumdar
Engg (EEE), MBA, FIEB, BCS, FCA, Council Member, ICAB and
Divisional Railway Manater, Managing Director, Chittagong
Bangladesh Railway, Pahartali, Stock Exchange Limited,
Chittagong. Chittagong.
11 June 2018 Session Chairman Showkat Hossain FCA, Past
President-ICAB & Senior
Resident Partner, Hoda Vasi
Chowdhury & Co., Chartered
Accountants.
Chief Guest Prof. Dr. Swapan Kumar Bala
FCMA, Commissioner,
Bangladesh Securities &
Exchange Commission (BSEC).

ANNUAL
REPORT 2018
4.0
Compliance and
Technical Standards

ANNUAL
REPORT 2018
4.0
Compliance and Technical Standards
Thereafter the Institute made available the revised

and updated SMOs action plan every year.
ICAB has been included in the list of IFAC members

eligible for submitting their SMO Action Plan updates
on a biennial basis. This change seeks to ease
reporting obligations in response to members’
feedback on the annual reporting requirement. The
Compliance Advisory Panel (CAP) and Member Body
From Bangladesh, ICAB is the only founding member Development (MBD) staff will review the effectiveness
of International Federation of Accountants (IFAC). of this approach within two years of its
ICAB has been appreciated by IFAC officially for last implementation. The biennial update offers Member
few years for its commitment and compliance in Bodies that have demonstrated a consistent
submission of IFAC SMO (Statements of Membership commitment to the Action Plan process the possibility
Obligation) Action Plan. It is true that ICAB gave due of updating their Action Plan on a biennial schedule
importance in all spheres of compliance matter that (every two years). So, ICAB was allowed to submit its
comes as compulsion from international as well as latest SMO Action Plan in once in every two year.
domestic bodies throughout the year 2018. As
recognition, IFAC allows ICAB for biennial submission Based on the last action plan submitted by ICAB,
of SMO Action plan instead of annual submission IFAC prepared a Dash Board Report (DBR) for ICAB
which indicates IFAC’s firm satisfaction on ICAB’s and displayed the same in the IFAC website. The
compliance and commitment. report can be seen in the following link:
https://www.ifac.org/about-ifac/membership/member
4.1 ICAB Compliance Report
s/institute-chartered-accountants-bangladesh
Seven IFAC SMOs for ICAB
Some of the major actions taken during this year are
ICAB has been striving hard to comply with the discussed in subsequent paragraphs.
various requirements of IFAC. The first draft of ICAB
The seven (07) IFAC Statements of Membership
action plan on IFAC SMOs was developed in 2008
Obligations (SMOs) are as follows:
and made available at IFAC website in 2009.

ANNUAL
REPORT 2018
IFAC SMOs Background information Key performance
SMO 1- Quality A Quality Assurance Board (QAB) was  Collected the Annual Returns 2017
Assurance formed in 2004 and has been carrying out its from all audit firms within stipulated
assigned tasks in a planned and systematic time.
manner. The quality assurance review
 Prepared a database based on the
system was set up with support of a twinning
submitted Annual Returns 2017 which
project with ICAEW to provide technical
is available in the ICAB website.
support for capacity building of ICAB
members and firms. After setting up a Quality  Conducted 04 meetings of QAB on
Assurance Department (QAD) in 2009, QAB various quality assurance and other
is monitoring and guiding QAD for activities professional development issues.
relating to quality assurance in accordance
 Updated the QAB activities regarding
with IFAC SMO 1. In the years 2008 and
the visit status from 2010 to 2018 and
2009, ICAB adopted and published ISQC 1
developed visit plan and other
and an Audit Practice Manual (APM) was
activities for the year 2019.
developed and disseminated among all of its
practicing members including arrangement  Conducted QAD visits to more than 60
of numbers of workshops on implementation firms in 2018 and completed third
of the APM. three-year cycle (2016-2018) of quality
assurance visit, prepared reports on
In 2017, with the help from the World Bank
the main issues identified during
funded Project, the previous Audit Practice
reviews of auditors and audit firms.
Manual (APM) along with a case study has
been updated, published and disseminated  Awareness-raising among practicing
among all of ICAB’s practicing members. In members at the time of QAD visit
addition, a number of workshops were regarding the importance and
conducted on implementation of the said significance of the overall quality
revised APM. assurance system as an ongoing
basis.
The Quality Assurance Board (QAB)
performs the following functions:  Report to the respective firms and
QAB in detail on QAD visits covering
 Develop a framework and establish policies
the observations and
and procedures for the quality assurance
recommendations on:
program;
o Availability of required
 Establish quality control standards and
documents as notified by QAD
guidelines to audit practice;
correspondence earlier;
 Carry out review of working papers relating
o Compliant of the requirements
to audits;
of ISQC 1;
 Monitor the quality assurance program to
o Working file documentation
ensure its effective implementation;
procedures;
 Arrange training programs, CPDs and
o Audit procedures, etc.
4.0
workshops to improve the standard of
audit; COMPLIANCE
 Perform a periodic review of the quality
 Referred a number of firms to
Investigation and Disciplinary
assurance Program; and AND TECHNICAL Committee through Council mainly for
major non-compliant with QAD
 Any other functions delegated to it by the
Council. STANDARDS 
requirements.
Conducted a number of workshops for
QAD developed in the years 2017 and 2018 all practicing members, qualified
a dummy audit working paper file (based on managers and articled students on use
manufacturing sector) for the practicing of updated APM at Dhaka and
members which is under review for Chittagong. Each of those workshops
finalization. covered the following key areas:

ANNUAL
REPORT 2018
From the year 2010, ICAB started the Quality o QAD Visit Status, Future Challenges
Assurance Visits as planned initially. and the Way Forward
QAD completed the first, second and third o Quality Control as per ISQC 1
three-year cycles (2010-2012, 2013-2015
o Planning to Audit Completion
and 2016-2018) of quality assurance visits to
procedures
all audit firms with a priority of audit firms
having listed clients and then firms having o Working Files Maintenance
other Public Interest Entity (PIE) clients. Procedures
The QAD completed its first three-year cycle o Hot File and Cold File Review
(2010-2012) successfully covering visits of all Procedures
the firms and the second three-year cycle
 A dummy audit working paper file
(2013-2015) of visits of firms in the year 2015
(based on manufacturing sector) for
where a significant progress has been
the practicing members has been
achieved as the number of grossly non-
developed and under review of
compliant firms has been reduced to 50%.
finalization.
A further significant progress has been  Started works on development of
noticed during third three-year cycle (2016- Quality Control Manual for small and
2018) of visits of firms, as the number of medium practitioners.
grossly non-compliant firms has been
 Conducted two SMP Conference at
reduced significantly.
Dhaka and Chittagong.
Implementation of Digital identification of
 NBR included the provision for
auditors’ reports through ICAB website for
authentication of audit report using
authentication of audit report is the other
ICAB web site (DIAR) through No.1
significant steps of QAB.
(Aaikor) for 2018-2019.
QAD Conducted training programmes on
 Continue to ensure that ICAB’s Audit
Digital Identification of Audit Reports (DIAR)
Quality Review System is operating
for all CA firms at Dhaka and Chittagong in
effectively and continues to be in line
the year 2018.
with SMO 1 requirements. This
QAD collected information from RJSC includes periodic review of the
regarding audited clients with Annual operation of the quality assurance
Returns 2016 submitted by CA firms. review system and updating the Action
Plan for future activities where
necessary.
 QAD identified in the year 2018 the
differences between audit clients’ lists
collected from RJSC and the lists of
audit clients’ as per related Annual
Returns 2016 in respect of a good
number of firms, and referred the
matter to IDC in the case of significant
differences confirmed after further
checking by QAD with the firms.

ANNUAL
REPORT 2018
SMO 2 - A candidate with a minimum HSC / A-Level  Arrangement of ICAB Tuition in four
International qualification and specific academic results is sessions for students of different stage
Education eligible to enroll with the Institute to study and level under ICAB CA Curriculum.
Standards chartered accountancy. The candidates also ICAB has started day shift tuition for the
require practical experience on audit, students at its academic campus from
assurance, and other training under the 2018.
supervision of a principal of a practicing CA
 ICAB has completed the work on revision
firm as an article student. The duration of
of existing ICAB Curriculum and study
work experience varies from two to four years
materials assisted by ICAEW funded by
depending on the previous records of the
the World Bank. There are 17 papers in
academic and/or other relevant professional
new curriculum and examination based
qualification of the students.
on new curriculum will commence from
The revised curriculum of ICAB has been December 2018.
developed in line with ICAEW latest
 Study materials have been updated and
curriculum except for local tax and law and
published.
additional IT papers, and has been
introduced from December 2018 exam.  ICAB library has been extended
significantly both in Dhaka and
During 2018, ICAB has developed study
Chittagong.
materials following new syllabus. The Institute
has also published all suggested questions  ICAB library system has been
and answers for the professional exams. automated.
A student can be eligible for the membership  Online education facility has been
of the Institute as an ACA after passing the implemented.
entire three-levels of examinations of the
 Mega events on student summit were
Institute, namely: Certificate level - 7 (seven)
organised both in Dhaka and Chittagong
papers separate written exams, out of which
in 2017.
6 papers will be assessed using short-form
(short questions and answers) written exam  Organised workshop on ICAEW Pathway
except for Taxation-1 which will be in Membership for ICAB members by Mr.
traditional written system, Professional level – Justin West, Head of New Business
7 (seven) papers separate written exams in Opportunities of ICAEW.
traditional system and Advanced level - 3
 Reviewing the requirements of all the IES
(three) papers written exams in traditional
and consider how ICAB can align its
system. After 5 years post qualification
existing work experience requirements
experience and having a minimum of 60 CPD
by an ICAEW team.
Credit Hours, an ACA can be eligible to
become a FCA of the Institute.  Reviewing the requirements of IES 7 and
consider how ICAB can align its existing
ICAB organises CPD Programs every year for
CPD requirement. It is mentionable here
the members of the Institute covering all
that the Institute has already developed
relevant current professional issues including
the CPD policy in compliance with the
ethics and standards. The current
requirements of the IES 7 and other best
requirement is 60 hours verifiable credit
practices of the International Institutions.
hours for the Members in the rolling 3 years
period by IFAC. During 2018, the Institute  During 2018, carried out 18 of CPD
carried out a good number of CPD seminars seminars on different contemporary and
and workshops on different contemporary relevant issues for the professionals both
and relevant issues for the professionals in in Dhaka and Chittagong. Amongst them
addition to the various conference, 11 CPD Seminars were conducted in
workshops, etc. Dhaka and 7 CPD Seminars were
conducted in Chittagong on the following
The CPD Committee of the Council of ICAB
topics:
has developed the ICAB CPD Policy 2017

ANNUAL
REPORT 2018
which is in full compliance with the IES 7: o Knowledge Management: A

Continuing Professional Development and strategic and Dynamic tool for
other best practices of the International success
Professional Chartered Accountants Bodies.
o Corporate transparency and
A Board of Studies (BOS) has been sustainability reporting
functioning since the inception of the
o Risk Management practices of
Institute. The Board of Studies (BOS)
corporate firms-A study on the Role
performs the following functions:
of Accounting and Finance
 organizes pre-examination coaching
o KPI for Business performance
classes for students;
analysis
 provides proper facilities to the examinee;
o Impact of artificial intelligence on
 conducts evaluation tests of the lecturers; audit an introduction
 arranges to prepare and update of study o An analysis on macroeconomic
manuals, and approve a panel of authors performance of Bangladesh
for such manuals;
o Knowledge sharing session on “An
 makes a periodical review of syllabuses overview of new syllabus-2018”
and recommend for necessary revision;
o Modernization of Companies Act for
 assists in arrangement of training and Ease of doing business
examinations regularly for prospective
o National Budget 2018-19: Overview
students and recommend their course fees;
of the Fiscal & Macro economic
 recommends annual revenue & capital issues”
budgets for education, coaching classes,
o Post Budget Discussion-2018
IT Training, purchase of books, journals,
magazines, etc. for articled students and o New Auditor’s report based on
members of the Institute; and latest International Standards on
Auditing (ISA)
 carries out any other function as may be
assigned to the Board by the Council from o The Conceptual Framework for
time to time. Financial Reporting as issued by
the International Accounting
In 2010, the Learning and Professional
Standards Board (IASB)
Development Department was introduced as
an outcome of the Twinning Project with o Prevailing Money Market situations
ICAEW and the DOS was replaced by LPDD and the way forward
accordingly. The LPDD performs all the
o Capital Market platform for
activities relating to education and CPD. The
development of SME
LPDD also performs all other activities within
the scope of BOS. o Deferred Tax: Scenario based
practical analysis-calculation and
ICAB Centre for Professional Excellence
presentation
(ICPE) is providing training on different
professional development matters not only o Code of Corporate Governance
for its members and students but also for
Besides, ICAB organised a number of
other stakeholders including regulatory
workshops and training for ICAB
bodies, private commercial banks, insurance
members, for BSEC, for NBR on DIAR,
companies etc.
for articled students and for other
organizations, etc.

ANNUAL
REPORT 2018
SMO 3 - ICAB has the responsibility for setting  Initiated regular reviews of adopted ISAs
International auditing standards. ICAB’s Technical and and Statements to ensure alignment with
Auditing and Research Committee adopts ISAs, the latest versions issued by the IAASB
Assurance International Standards on Auditing. ICAB as an ongoing basis.
Standards has been performing the convergence
 Continue to support ongoing adoption
process with ISAs since 1998. It also updates
and implementation of IAASB
these standards as an ongoing basis. The
pronouncements. This includes review of
Technical Department (TD) of the Institute is
the implementation of the Action Plan to
actively working with the Technical and
date and updating the Action Plan for
Research Committee (TRC) to perform the
future activities as necessary.
whole process of convergence. An
established due process is maintained for  Organized CPD seminars on Auditing,
the above purposes. ethical and professional matters.
The core project to adopt the Clarity ISAs  Provided on hand training while
was completed in 2009, even before the performing the QAD visits to the firms as
publication of the BSAs, which were later an ongoing basis
prepared on the basis of the adopted
 Publication of updated auditing,
clarified ISAs.
assurance and other standards
ICAB has a process in place to update
 During the year 2017, one CPD Seminar
members on changes and developments in
was held on the upcoming changes in
International Auditing and Assurance
the revision on the Audit Report titled:
Standards as issued by IAASB. The review,
‘New International Standards on Auditing
adoption and publication of the standards is
ISA 701: Communicating Key Audit
conducted on a timely basis and regularly
Matters in the Auditor’s Report –
monitored by the TRC and the Council of the
Bangladesh Perspective’ as part of
Institute.
preparation for convergence.
With a view to ensuring the proper
 ICAB has organized on the New Auditor’s
implementation of the standards, ICAB has
Report titled: ‘New Auditor’s report based
been organizing training, seminars and
on latest International Standards on
workshops. Professional accountants and
Auditing’.
students are also educated and trained on
the updated standards during firm visits  ICAB has signed an agreement with
conducted by the Institute. IAASB for adoption and publication of
ISA and relevant international standards
In 2017, ICAB Council decided to adopt ISA
and pronouncements in Bangladesh.
and other relevant IAASB pronouncements
as it is in Bangladesh instead of issuance of  ICAB communicated to the various
BSA, etc. which is effective for audits of regulatory authorities like BSEC,
financial statements for annual periods Bangladesh Bank, RJSC, IDRA and FRC
beginning on or after 1 January 2018. regarding the adoption of ISA.
SMO 4 - IESBA A defined code of ethics was established by  Ethics to be more specifically covered
Code of Ethics ICAB through ICAB By-Laws before adopting within the ICAB professional qualification
the IESBA code of ethics. The latest IESBA syllabus.
Code of Ethics was adopted by the Institute
 Coverage of Professional Ethics,
and disseminated accordingly to ICAB
Conflicts and Auditors’ Independence in
members.
different CPD seminars both in Dhaka
ICAB is active in building awareness of the and Chittagong for members of the
Code among members and conducts Institute
educational programs based on the Code.
 Ensured that developments affecting
The updated CA curriculum covers ethics in
ICAB members are communicated by
all relevant chapters.
means of website, newsletters and
similar media.

ANNUAL
REPORT 2018
ICAB is working on updating its Code of  Organized leadership program for newly
Ethics as an ongoing basis based on IESBA qualified accountants emphasizing the
Code including NOCLAR Standards. professional code of conduct
 Organized Workshops on “Code of
Ethics for Professional Accountants”
SMO 5 - ICAB has formed a separate Committee on  Organized meetings with OCAG in
International Public Finance and Public Sector Accounting relation to knowledge sharing session
Public-Sector to perform defined activities relating to and public private partnership for
Accounting support of convergence with International improved quality assurance.
Standards Public-Sector Accounting Standards (IPSAS)
in Bangladesh. The committee has taken  Meeting with CIPFA, UK during World
some initiatives and already discussed with Congress of Accounting in Sydney at
relevant Government authorities, especially November 2018.
with the Comptroller and Auditor General  Continuing the communication with
Office (OCAG) in Bangladesh, upholding the OCAG for strengthening public private
convergence procedures. ICAB is very eager partnership for improved quality
to collaborate with the relevant authorities in assurance
this regard. ICAB will continue to use its best
endeavors to encourage the Government to  Working towards support development
adopt IPSAS. and Implementation of a Reporting
framework in the Public Sector of
In 2012, ICAB organized jointly with Bangladesh
Confederation of Asian & Pacific Accountants
(CAPA) an International Conference on
“Strengthening Bangladesh Public Sector
Accounting & Auditing – Global Reforms and
the Way Forward” which is a milestone to
initiate the close relationship with Comptroller
and Auditor General Office in Bangladesh to
promote the adoption and implementation of
IPSAS. ICAB organized different technical
sessions on “Public Sector Accounting and
Auditing –The Way Forward” at that
conference.
ICAB has completed the project “Promoting
Public Private Partnership for Improved Audit
Quality” with ICAEW, National Audit
Organization of UK and C & AG Office of
Bangladesh funded by World Bank in the
year 2017.
In 2017, ICAB President, Council Members of
ICAB, Government senior officials,
professional accountants and other dignified
personalities attended a workshop on
“Roadmap to Strengthening Financial
Reporting Framework for Public Sector
Entities” jointly organized by ICAB and The
World Bank.
Signing MoU between ICAB and CIPFA, UK
is one of the major development for ICAB.
A working group discussion meeting held
between OCAG and ICAB during the year
2017.

ANNUAL
REPORT 2018
SMO 6 - ICAB has an Investigation and Disciplinary  A number of complaints made by ICAB
Investigation Committee (IDC) to perform the functions QAD on quality assurance matters as
and Discipline assigned to it under ICAB By-laws and any well some of the complaints came from
other relevant functions delegated by the other stakeholders and regulatory bodies
ICAB Council. The Committee has its own every year
working procedures to conduct the
investigation process and to take disciplinary  More than sixty firms have been referred
measures. Disciplinary proceedings relating by Council to IDC during the year for
to firms are conducted without reference to non-compliance of quality assurance
firm names to avoid conflict of interest. matters from 2011 to 2018 so far as
reported by QAD and recommended by
In the year 2013, ICAB initiated the QAB
Professional Conduct Department (PC) in
order to assist the Investigation and  A number of disciplinary matters have
Disciplinary Committee to discharge its been resolved from IDC during the year
responsibilities. Currently PC department  The IDC took significant actions against
consists of 1 (one) Chartered Accountant. the non-compliant of the firms
Since the year 2014, the ICAB further
 The Council through IDC and
working on restructuring the existing IDC by
Professional Conduct Department has
forming three different Boards named
taken a number penal measures during
Investigation Board, Disciplinary Board and
the year.
Appeal Board in line with the requirement of
SMO6 and following the guideline of ICAEW.  Besides the above activities, there are
The Chairmen of these new Boards are to be some other allegations/complaints which
selected from external stakeholders with are under the
relevant professional experience. consideration/investigations of IDC.
As of today, a significant number of actions
have been taken by the IDC against the
different complaints made by ICAB QAD and
other regulatory bodies and stakeholders.
SMO 7 - The Technical Department (TD) of the  Organized an intensive training on IFRS
International Institute is actively working with the Technical for the officials of the Central Bank of
Financial and Research Committee (TRC) to perform Bangladesh
Reporting the whole process of convergence. An
established due process is maintained for  Organized a number of training program
Standards
such convergence. The TRC reviews whether on IFRS for the members of ICAB.
the Financial Reporting and Accounting  Maintaining the due process while
Standards need to be converged or updated adopting / updating IFRS/IAS during the
every year based on the updates of the IASB year as follows:
publication.
o Review the new / revised IFRS/IAS by
In 2014, ICAB signed an agreement with expert members of TRC;
IFRS Foundation, UK for the supply of data
for the development and publication of the o Recommend to Council for adoption
BFRS and BFRS for SMEs (for both print and after reviewing and discussing by
electronic format). This is the first time ICAB TRC; and
has obtained official arrangement with IFRS o Adopt by ICAB Council accordingly.
Foundation to use the IFRS and IFRS for
SMEs in Bangladesh through signing the o Analyze and implement the
agreement. recommendations made in the review
above.
During the year 2015, ICAB contracted with
IFRS Foundation regarding the copyright and  IFRS is covered in ICAB curriculum as
license agreement to publish and use IFRS much as required
for adoption or publication of IFRS.

ANNUAL
REPORT 2018
In 2017, ICAB Council decided to adopt IFRS  In 2017, ICAB signed an agreement with
and IFRS for SMEs in Bangladesh instead of IFRS Foundation, UK for the supply of
issuance of BFRS and BFRS for SMEs which data for the adoption and publication of
will be effective for annual periods beginning IFRS standards and IFRS for SMEs
on or after 1 January 2018. standard (for both print and electronic
format) which is effective for audits of
ICAB is now very much updated on adoption
financial statements for annual periods
and dissemination of all applicable of IASs
beginning on or after 1 January 2018.
and IFRSs.
As per agreement, no rights will be
granted to the third parties to reproduce,
store in retrieval system or transmit in any
form or any means without the written
permission of ICAB and the IFRS
Foundation.
 In 2018 ICAB has published hard copy of
IFRS 2018 in Bangladesh.
 The Institute made IFRS available in its
website in the year 2018.
 ICAB communicated to the various
regulatory authorities like BSEC,
Bangladesh Bank, RJSC, IDRA and FRC
regarding the adoption of IFRS and IFRS
for SME instead of BFRS and BFRS for
SME.
4.2 Adoption and publication of IFRS, The Technical and Research Committee (TRC) of the
ISA and relevant pronouncements Council-ICAB has been working hard to enrich and
update the members with latest status of the
The application and compliance of the accounting accounting and auditing standards from time to time.
and auditing standards to improve presentation and
audit of the financial statements is a fundamental ICAB has adopted all applicable IFRS, ISA and other
requirement of the members of the accountancy relevant international standards and
profession. The Institute is fully aware of the need to pronouncements.
keep our members updated of the latest
developments in the accounting profession. In 2017, ICAB Council decided to adopt IFRS and
IFRS for SMEs, ISAs and all relevant international
Being regulator of the Accountancy Profession in standards and pronouncements in Bangladesh
Bangladesh, ICAB has been performing its instead of issuance of BFRS and BFRS for SMEs, BSA
responsibilities for the review, adoption, publication and local standards and pronouncement which will be
and dissemination of relevant International effective for annual period beginning on or after 1
Accounting, Auditing, Assurance, Ethics and other January 2018.
pronouncements as pronounced by International
Accounting Standards Board and International 4.3 Technical Publications
Federation of Accountants. The Institute is also
In 2018, the Technical Department with the direct
carrying out its responsibilities by promoting the use
guideline of the Technical and Research Committee of
of these standards through education, training and
the Institute has disposed of its assigned
building awareness through its members and other
responsibilities.
stakeholders.

ANNUAL
REPORT 2018
The adoption and publication of these accounting and IFRSs as BFRSs without modification (until legally
financial reporting standards provide necessary required) in the year 2000 with a vision to keep up the
guidance to our members and preparers of financial accounting and reporting practices at par
statements for the correct application of the international level. Now the vision is coming true as
Standards in practice. Basically, the application of the Bangladesh is set well ahead of many countries in the
IFRSs in the financial statements of the reporting process of adopting IFRSs.
entities will ensure compliance in all material respects
issued by the IASB, thereby enhancing the credibility The Institute made IFRS, ISA and relevant
of financial information for reliance by investors, other pronouncements available in its website in the year
stakeholders and user groups. 2018. ICAB has already adopted and published the
2018 version of IFRSs as issued by International
ICAB initiated its journey of promoting application of Accounting Standards Board (IASB).
BFRSs in Bangladesh long back and started adopting

ANNUAL
REPORT 2018
5.0
Promoting
Transparency and
Good Governance

ANNUAL
REPORT 2018
5.0
Promoting Transparency and Good Governance
ICAB-Prothom Alo Pre-Budget Roundtable Discussion on National Budget 2018-2019
The national budget 2018-2019 is prepared

considering the demand of the economy in line with
seventh-five year plan. Government is planning to
elevate the country from lower middle to upper middle
income country. Also budget will have the guidelines
to achieve sustainable development goals (SDGs) by
2030.
Dr. Shamsul Alam, Senior Secretary & Member,

General Economic Division, Bangladesh Planning
Commission made this remarks while speaking as the Prothom Alo, Siddikur Rahman, President, BGMEA,
Chief Guest at a pre-budget Roundtable Discussion Dr. Abdul Majid, former chairman, NBR, Council
on National Budget 2018-2019 jointly organized by Member and Past Presidents Md. Farhad Hussain
ICAB and the Daily Prothom Alo at ICAB Council Hall FCA, Kamrul Abedin FCA, Parveen Mahmud FCA,
on 14 May 2018. ICAB Council Member and Past Council Members AF Nesaruddin FCA, Md. Shahadat
President Md. Humayun Kabir FCA moderated the Hossain FCA, Dr. Nazneen Ahmed, Senior Research
discussion session. Fellow, Bangladesh Institute of Development Studies,
Syed Almas Kabir, President, Bangladesh Association
Rasheda K Chowdury, Executive Director, CAMPE & of Software and Information Services and Syeda
former caretaker government, Professor Mostafizur Rizwana Hasan, Director, Bangladesh Environment
Rahman, distinguished fellow, center for policy Lawyers Association were the valued speakers at the
dialogue (CPD), Abdul Quayum, Associate Editor, programme.

ANNUAL
REPORT 2018
SAFA BPA Award & SAARC Anniversary Award for Awards-2016 for maintaining transparency and
Corporate Governance accountability in their organisations’ annual reports.
Of the 51 awards, Bangladesh got 21, Sri Lanka 21,
Eighteen Bangladeshi companies have won 21 Pakistan seven while India won two awards. Six other
awards in the SAFA Best Presented Annual Report Bangladeshi companies got certificate of merit.
Bangladeshi winners in the SAFA BPA Award & SAARC Anniversary Award 2017
Sector Name of winner Position
BRAC Bank Winner
Private sector Banks Southeast Bank Limited 1st runner up
UCBL Jt 2nd rune up
Public sector Banks Janata Bank Limited Winner
Prime Insurance Winner
Insurance
Green Delta Insurance 1st runner up
IDLC Finance Winner
Financial service sector LankaBangla Finance 1st runner up
IPDC Finance Jt 2nd runner up
British American Tobacco BD Winner
Manufacturing Sector
Orion Pharma 2nd runner up
Communication and Information Sector Grammeenphone 2nd runner up
NGO Uddipan 1st runner up
Agricultural Sector Golden Harvest Agro Winner
Islami Bank Winner
SAARC Anniversary Award for Corporate
Bank Asia 1st runner up
Governance
Southeast Bank Limited Jt 2nd runner up
IDCOL Winner
Public Sector Entities
ICB Jt 2nd runner up
IDLC Finance Winner
Integrated Reporting
Green Delta Insurance Jt 2nd runner up
The SAFA BPA Award & SAARC Anniversary Award (Bangladesh), Unique Hotel & Resorts, BRAC, Sajida
for Corporate Governance ceremony was held in Foundations and Bangladesh Infrastructure Finance
Nepal on 31 January 2018. The South Asian Fund.
Federation of Accountants (SAFA), a forum of
professional accountancy bodies of SAARC has given Suvod Kumar Karn, president of the SAFA handed
51 awards this year under 13 categories among the over the awards at a ceremony held at Soaltee
South Asian nations. Crowne Plaza Hotel in Kathmandu of Nepal.

(ICAB) delegation led by its president Dewan Nurul
Islam participated in the award giving ceremony.
Mentioned that Bangladesh had completely

dominated the Awards, as in several occasions in
recent years- being far ahead of Sri Lanka which
ranked second. The SAFA Awards was initiated in
1996, on a considerably smaller scale. The
competition was superbly dominated by Sri Lanka for
The Bangladeshi winners include BRAC Bank,
many years, with India and Pakistan interfacing for the
Southeast Bank, United Commercial Bank, Janata
second position. It was only after the ICAB National
Bank, Prime Insurance Co, Green Delta Insurance Co,
BPA Awards introduced in 2001, the financial and
IDLC Finance, LankaBangla Finance, IPDC Finance,
corporate sectors were catalysed to target the SAFA/
British American Tobacco BD Co, Orion Pharma and
ICAB Evaluation Criteria in the Presentation of their
Grameenphone, Reliance Insurance, RAK Ceramics
Annual Reports. Over the years, the ICAB has exerted

ANNUAL
REPORT 2018
relentless efforts and enthused significant inspiration Local Governance Support Project (LGSP)-3, Local
to our financial and corporate sectors, the NGOs and Government Division, GoB. A total of 500 UP auditors
public sector entities, and later for CG Disclosure, and participated in the training.
now fast tracking into International Reporting- that
Bangladesh have now achieved the coveted trophies
as the SAARC champion.
ICAB Participated in Series of Meetings Re

Companies Act-2016
A team of ICAB participated in a series of meetings

regarding draft of Companies Act-2016 at the office of
Ministry of Commerce, Bangladesh Secretariat. ICAB
President Dewan Nurul Islam FCA, Vice Presidents Dr. Zafar Ahmed Khan, Senior Secretary, Local
Mahmudul Hasan Khusru FCA, Mahamud Hosain Government Division, LGRD & Cooperatives Ministry,
FCA, Council Member Mustafa Kamal FCA and GoB was present as the Chief Guest. Dewan Nurul
Director (Technical) Mahbub Ahmed Siddique FCA Islam FCA, ICAB President, Muhammad Emdad Ullah
participated in a meeting on 22 January 2018, which FCA, Joint Secretary, LGD and AKM Rahmat Ullah
was presided over by Shubhashish Bose, Secretary, FCA, Senior Audit Specialist, LGSP-3 were present as
Ministry of Commerce. Representatives of different Special Guests. Sardar Sarafat Ali, Project Director,
Chamber Bodies, Stakeholders and Regulatory LGSP-3 chaired the inaugural session of the training.
Bodies also participated in the meeting. They The training was concluded on 28 March 2018. The
discussed about various sections of the Act with a Local Governance Support Project (LGSP) is the
view to make the Act more effective in our country centre piece of a broader programme to strengthen
perspective. accountable forms of local governance across
Bangladesh. The LGSP provided grants and capacity
Another meeting regarding this issue was held at the
building support to Union Parishads (UPs) which is
same venue on 24 January 2018 to discuss about
the lowest tier of rural local government bodies.
updates of the draft Act. ICAB Vice President
Mahmudul Hasan Khusru FCA, Council Member Md. ICAB is regularly rendering technical support to the
Shahadat Hossain FCA and Director (Technical) auditors on various issues including professional
Mahbub Ahmed Siddique FCA participated in the capacity building, integrity, etc. It is highly desired
meeting. that the auditors of Union Parishads under LGSP-3 will
maintain high ethical standards and exercise
On 31 January 2018 a meeting on the Companies
adequate care to ensure the required quality of audit.
Act-2016 was held at the same venue with the
participation of different Chambers, Stakeholders and CFO Meeting Re BRPD Circular
Regulatory Bodies. From ICAB Vice President
Mahamud Hosain FCA, Council Member Mostafa
Kamal FCA and Director (Technical) Mahbub Ahmed
Siddique FCA participated in the meeting. They
discussed different sections and update of the draft
Act.
Auditors Training on Union Parishads’ Financial

Audit
The two-day long ‘Auditors Training on Financial

Audit, Performance Assessment and Fiduciary & Discussion meeting with CFO and Head of Finance in
Safeguards Compliance Assessment of Union Banking Institutions was held on 17 April at ICAB
Parishads’ Fiscal Year 2016-17’ for the Audit Firms, Council Hall. The meeting discussed Banking
Reviewer Firms and District Facilitators started at CA Regulation & Policy Department (BRPD) Circular
Bhaban in the city on Tuesday, 27 March 2018. The issued by Bangladesh Bank. ICAB President and
training was organized jointly by the Institute of most of the Council Members of the Institute were
Chartered Accountants of Bangladesh (ICAB) and the present in the meeting.

ANNUAL
REPORT 2018
ICAB’s Digital Identification of Audit Report system NBR Chairman said the revenue authority
(DIAR) to Prevent Manipulated Audited Reports largely depends on the financial statements duly
and Financial Statements signed by an auditor to assess the taxpayers and the
tax. In our country some of the businesses prepare
Training to NBR VAT intelligence Officials two financial statements for a particular fiscal year
instead of one with aim to evade tax. They think that
The Institute of Chartered Accountants of Bangladesh dodging of tax is the integral part of their business
(ICAB) has introduced Digital Identification of Audit profit, which is totally unethical.
Report (DIAR) to prevent preparing manipulated
audited reports and financial statements which are He further said if we can prevent the fake audit and
submitted by different business organizations and financial statements, the revenue collection of NBR
corporate bodies to evade corporate tax and avail would definitely increase. In this direction DIAR is
credit facilities from various financial institutions. ICAB’s noble initiative and it will help NBR officials in
assessing real taxpayers and the tax which ultimately
would leave positive impact on revenue collection.
To prevent the malpractice, under ERP system, ICAB

has developed the DIAR system under which the list
of auditors and their clients list are stored in database
from where anyone could find the name of auditors
and the company audited for a particular financial
year. Statutory submission of financials duly audited
by Chartered Accountants (CAs) is mandatory for all
As part of complementary role in NBR’s effort to boost corporate taxpayers under the income-tax law. ICAB
revenue collection, ICAB organized a programme on thinks that if NBR efficiently utilize the DIAR system, it
‘Digital Identification of Audit Report (DIAR) and could detect the tax dodgers and raise revenue
Audited Financial Statements’ for its Officials (VAT collection.
Intelligence Cell) at its Auditorium. A number of 50
High officials of VAT Intelligence Cell, NBR MoU Between ICAB and LGSP-3
participated in 2-day long training started from
Tuesday, 8 May 2018.
Md. Mosharraf Hossain Bhuiyan,ndc, Chairman,

National Board of Revenue (NBR) inaugurated the
training programme as the Chief Guest while Md.
Lutfor Rahman, Member (VAT Audit and Intelligence)
and A F M Abdullah Khan, Director General (DG),
Directorate of Audit, Intelligence and Investigation,
Value Added Tax, NBR were present as Special
Guests.
A Memorandum of Understanding (MoU) between
Dewan Nurul Islam FCA, President-ICAB and Md. Local Government Division (LGD), GoB and the
Humayun Kabir FCA, Member Council and Past Institute of Chartered Accountants of Bangladesh
President of ICAB and Chairman of Taxation and (ICAB) on Local Governance Support Project-3
Corporate Laws Committee (TCLC) also spoke on the (LGSP-3) was signed on 25 July 2018 at ICAB Council
occasion. Hall. ICAB President Dewan Nurul Islam FCA and
Sardar Sarafat Ali, Project Director-LGSP-3, Local
A Presentation on ‘Overview and objectives of ‘DIAR’ Government Division, GoB have signed the MoU from
as well as its background was made by Mostafa their respective organisations.
Kamal FCA, Member Council and Chairman of
Members’ Services and Welfare Committee and HR ICAB Council Member & Past President Parveen
Committee of ICAB and Executive Vice President & Mahmud FCA, Council Member Md. Shahadat
Group Company Secretary – LankaBangla Finance Hossain FCA, Secretary Major General Muhammad
Ltd. As per ICAB’s proposal it was agreed that a joint Imrul Quayes, ndc, psc (Retd), Director (Technical)
Working Group will be formed taking representatives Mahbub Ahmed Siddique FCA and LGSP Senior
from ICAB, NBR and RJSC for full implementation of Audit Specialist AKM Rahmat Ullah FCA, among
the DIAR project. Stressing implication of DIAR others were present in the occasion.

ANNUAL
REPORT 2018
Jury Board Meeting of RCPAR 2018 (BPA) Awards, evaluation procedure for the
Competition, role of RCPAR in this process, its terms
of reference and finally, the results of ICAB National
Award 2017. The Jury Board expressed their full
satisfaction over the process and procedures of the
Award. RCPAR of ICAB sought suggestions from the
meeting of Jury Board for further improvement of
evaluation process and then requested to finalize the
result of winners under different categories.
The other members of the Jury Board are Prof.

Wahiduddin Mahmud, former finance adviser to
caretaker government of Bangladesh, Rasheda K
The meeting of the Jury Board of Review Committee of Chowdhury, former adviser to caretaker government of
Published Accounts & Reports (RCPAR) 2018 was Bangladesh, Prof. Mustafizur Rahman, distinguished
held at ICAB Council Room on 28 August 2018. fellow, Centre for Policy Dialogue, Faruk Ahmad
Siddiqi, former chairman, Bangladesh Securities &
Md. Matiul Islam FCA, Chairman of the Jury Board Exchange Commission and Shahiduzzaman Khan,
and country’s first finance secretary became aware Acting Editor, The Financial Express.
about the background of the Best Published Accounts
Awardees of Best Presented Annual Reports 2017:

Category-I Name Position
Bank Asia Ltd 1st
Brac Bank Ltd 2nd
Dutch Bangla Bank Ltd 3rd
Private Banks
Mutual Trust Bank Ltd Merit
Islami Bank Bangladesh Ltd Merit
Prime Bank Ltd Merit
Category-III Name Position
IDLC Finance Ltd 1st
Financial Services Sector Lanka Bangla Finance Ltd 2nd
IPDC 3rd
Category-IV Name Position
BAT 1st
GSK 2nd
Premier Cement Joint 3rd
Manufacturing ORION Pharma Joint 3rd
RAK Merit
BSRM Steels ltd Merit
Marico Bangladesh Ltd Merit
Category-V Name Position
Green Delta Insurance Ltd 1st
Insurance Prime Insurance Ltd 2nd
Reliance Insurance Ltd 3rd
Category-VI Name Position
Communication & IT Grameen Phone 1st
Category-VII Name Position
BRAC 1st
Non-Governmental Organization SAJIDA Foundation Joint 2nd
(NGOS) UDDIPON Joint 2nd
BURO Bangladesh 3rd

ANNUAL
REPORT 2018
Category-IX Name Position
Agriculture Golden Harvest 1st
Category-X Name Position
Investment Corporation of Bangladesh 1st
Public Sector Entities Bangladesh Infrastructure Finance Fund Limited 2nd
Infrastructure Development Company Limited (IDCOL) 3rd
Category-XI Name Position
IDLC Joint First
Lanka Bangla Finance Ltd 2nd
BAT Joint Third
Corporate Governance Bank Asia Ltd Joint Third
Disclosure Green Delta Insurance Joint Third
Union Capital Merit
Mercantile Bank Ltd Merit
Category-XII Name Position
IDLC Finance Ltd 1st
Brac Bank Ltd 2nd
Bank Asia Ltd Join 3rd
Islami Bank Ltd Join 3rd
Mutual Trust Bank Ltd Merit
ICAB Team Participated in Meeting re Proposed August 2018. ICAB Senior Deputy Director (PC) Md.
Companies Act Saiful Islam FCA participated in the meeting upon
being nominated by the President of ICAB Dewan
ICAB President Dewan Nurul Islam FCA and Director Nurul Islam FCA.
(Technical) Mahbub Ahmed Siddique FCA
participated in a meeting summoned by the Ministry Sardar Sarafat Ali Project Director, LGSP-3 presided
of Commerce, GoB at Bangladesh Secretariat on 13 over the meeting. Principals of audit firms and
August 2018. The meeting was convened to discuss reviewer firms awarded LGSP Audit were present in
the different sections of proposed Companies Act the meeting.
2018 to remove the obstacles in investment in
Bangladesh. Commerce Secretary Mr. Shubhashish The meeting discussed the modalities of training for
Bose presided over the meeting. students intended to be the auditors of Union
Parishads under LGSP-3 for the fiscal year 2017-18,
The meeting observed that Bangladesh became 177 tentative audit schedule and the ToR. The meeting
country in overall ease of doing business rank out of also discussed the problems faced during conducting
190 countries due to lack of congenial Business the audit for the fiscal year 2016-17.
Environment. The ICAB team discussed the different
types of investment barriers, 10 components of ease Auditors Training on Union Parishads’ Financial
of doing business, limitations in existing companies Audit
Act and the reasons to remove obstacles to attract
more foreign investment for sustainable development.
Representatives of BIDA, DCCI, Law, Justice and

Parliamentary Affairs Ministry, GoB, NBR, Bangladesh
Bank, BSEC, Ministry of Commerce, GoB, RJSC,
ICMAB, ICSB, FBCCI, BCCI, DCCI and Prime
Minister’s Office were present in the meeting.
Meeting re Audit of Union Parishads under LGSP-3
A meeting regarding audit of Union Parishads under

LGSP-3 project was held at LGSP-3 office on 12

ANNUAL
REPORT 2018
The three-day long ‘Auditors Training on Financial Support Project (LGSP)-3, Local Government
Audit, Performance Assessment and Fiduciary & Division, GoB.
Safeguards Compliance Assessment of Union
Parishads’ Fiscal Year 2017-18’ for the Audit Firms, Mohammad Emdad Ullah Mian, Joint Secretary, Local
Reviewer Firms and District Facilitators was started at Govt Division was the chief guest while Dewan Nurul
CA Bhaban between 15 September 2018 to 17 Islam FCA, President, ICAB, Sarder Sarafat Ali,
September 2018. The training was organized jointly Project Director, LGSP-3 and Md. Shahadat Hossain
by the Institute of Chartered Accountants of FCA, Council Member-ICAB were present in the
Bangladesh (ICAB) and the Local Governance occasion.

ANNUAL
REPORT 2018
6.0
Collaboration with
ICAEW & CPA
Australia

ANNUAL
REPORT 2018
6.0
Collaboration with ICAEW & CPA Australia
Membership Pathways Agreement Between ICAB ICAB recognizes the valued contribution of the team
and CPA Australia working on this agreement Immediate Past President
Adeeb Hossain Khan FCA, President Dewan Nurul
Islam FCA, Vice Presidents Mahmudul Hasan Khusru
FCA and Md. Mahamud Hosain FCA, Council
Members Gopal Chandra Ghosh FCA and Mostafa
Kamal FCA, Secretary-ICAB Maj Gen Muhammad
Imrul Quayes, ndc, psc (retd.), Director (Technical)
Mahbub Ahmed Siddique FCA and Abu Kibria ACA
Secretary of Asia Pacific Chapter in Sydney, Australia.
ICAB believes that this agreement will explore greater
opportunity for all ICAB members specially members
residing in Australia.
(ICAB), the regulator of the profession of accountants It is noted that, Professional qualification and
and for matters connected therewith in Bangladesh membership of ICAB are well recognized by many
has achieved another global recognition. In presence International Accounting Bodies like Institute of
of Hon’ble Chairman of Bangladesh Financial Chartered Accountants in England & Wales (ICAEW),
Reporting Council (FRC), ICAB President Mr. Dewan the Chartered Institute of Public Finance &
Nurul Islam FCA signed a Membership Pathways Accountancy (CIPFA) UK, CPA Ireland, etc. ICAB is
Agreement (MPA) with CPA Australia, one of the also working towards exploring more International/
world’s largest accounting bodies working in 125 global membership opportunities with other renowned
countries and regions around the world. Earlier, Global Accountancy bodies in coming days.
President of CPA Australia, Peter Wilson signed the Information Session on Membership Pathways
same agreement. During the World Congress of Agreement with CPA Australia
Accountants, a separate signing ceremony was also
organized in Sydney in November. The other two
signatories as witnesses were Robert Thomason, the
then Group Executive, Member Engagement and
Education, CPA Australia and ICAB Vice President
Mahmudul Hasan Khusru FCA. Through this
agreement, ICAB members can be the members of
CPA Australia just after passing 04 papers (i.e. 1.
Ethics and Governance, 2. Financial Reporting, 3.
Global Strategy & Leadership and 4. Strategic
Management Accounting) out of their 12 papers. This
MPA was effective from 20 July 2018. Information Session on ‘Membership Pathways
CPA Australia is a professional accounting body in Agreement with CPA Australia’ was held at CA
Australia, with over 150,000 members. Founded in Bhaban on 17 September 2018. Leslie Leow,
1886, CPA Australia is one of the world’s largest Regional Manager – MESA, CPA Australia and Mark
accounting bodies. Chau, Regional Manager, Acquisition Strategy,

ANNUAL
REPORT 2018
International and Emerging Markets Business purposes). ICAEW requested that ICAB would
Development, CPA Australia, ICAB President Dewan provide a clear guidance on different requirements in
Nurul Islam FCA and Vice President Mahmudul Hasan this purpose. In this aspect the meeting discussed the
Khusru FCA, among other were present in the following main categories:
session.
• ICAEW members that qualified through a ‘top up’
Recently ICAB has signed membership pathways route based on being an ACCA affiliate or
agreement with Certified Practicing member
Accountants(CPA), Australia. From now on upon
fulfilling certain criteria eligible ICAB member can • ICAEW members that qualified through a limited
become full member of CPA Australia. number of credits (between 1-8) based on an
academic qualification
• ICAEW members that qualified through a normal

exam route with 2+ years of post-qualification
membership.
Justin West, Acting Director of Student Recruitment,

ICAEW also gave a brief overview of the new ICAEW
computer input exams at advanced level. The
Corporate Reporting and Strategic Business
CPA Australia is a professional accounting body in Management exams will both be computer input only
Australia, with over 150,000 members. Founded in from July 2018.
1886, is one of the world’s largest accounting bodies. He gave a brief demonstration of the ICAEW training
In the knowledge sharing session, ICAB President on Assurance which covered Part 1 (of 4) only. A
Dewan Nurul Islam FCA said recognition of global meeting discussed the possibility of facilitating the
mobility of professional accountants is very important whole video to a wider audience at ICAB. The meeting
in the present competitive world. Keeping this in mind attended by ICAB Vice President Mahmudul Hasan
ICAB has signed the agreement. Under this Khusru FCA and Secretary Major General Muhammad
agreement, some of ICAB members has already Imrul Quayes, ndc, psc (Retd.) in presence Justin
become Associate Member of CPA Australia. This is West, Acting Director of Student Recruitment, ICAEW
a great opportunity opened for ICAB members. ICAB was held at CA Bhaban.
is working to get recognition of full membership of
CPA Australia, he further said. Meeting with ICAEW’s Head of New Business
Opportunities
Leslie Leow, MESA, CPA Australia described different
aspects of the agreement including steps to become
CPA Australia, its value, worldwide networking, etc.
Among others Mark Chau also spoke in the occasion.
Later they answered the questions from the floor.
Meeting with ICAEW
ICAB President Dewan Nurul Islam FCA along with

his other council colleagues and high officials of the
Institute held a meeting with Justin West, ICAEW's
Head of New Business Opportunities on 1 October
2018 at the Council Hall. The meeting covered the
issues relating to strengthening the mutual
A discussion took place on the issue as to how ICAEW collaboration, update of examination under new
members can be recognised for reciprocal syllabus through online process along with ethical
membership of ICAB (for practice and audit matters.

ANNUAL
REPORT 2018
7.0
Meeting with the
Government, Regulatory
Bodies and Other
External Organisations

ANNUAL
REPORT 2018
7.0
Meeting with the Government, Regulatory
Bodies and Other External Organisations
Meeting with Commerce Secretary on New Trade
Organization Law
A team of ICAB participated in a meeting regarding

New Trade Organization Law at the office of Ministry of
Commerce, Bangladesh Secretariat on 29 January
2018. ICAB Director (Technical) Mahbub Ahmed
Siddique FCA and Senior Deputy Director
(Professional Conduct) Md. Saiful Islam FCA
participated in the meeting which was presided over
by Shubhashish Bose, Secretary, Ministry of
Commerce. The Representatives of the Federation of
Bangladesh Chambers of Commerce and Industry The other members of the delegation were Vice
(FBCCI) also participated in the meeting. They Presidents Mahmudul Hasan Khusru FCA, Md.
discussed various issues of the New Trade Mahamud Hosain FCA, Secretary Maj Gen
Organization Law with a view to make the Law more Muhammad Imrul Quayes ndc, psc (Retd) and
pertinent in Bangladesh aspect. Dierctor-Technical Mahbub Ahmed Siddique FCA.
Meeting with RAJUK The meeting discussed about mutual professional

issues including recruitment process of high officials
A team of ICAB led by President Dewan Nurul Islam of FRC, structural development and its functions.
FCA held a meeting with Md. Abdur Rahman,
Chairman, Rajdhani Unnayan Katripakkha (RAJUK) Courtesy Call on Secretary, Ministry of Commerce
on 23 January 2018 at its office. The other members of
ICAB team were, Council Member Mostafa Kamal An ICAB delegation led by Dewan Nurul Islam FCA,
FCA, Fellow Member Md. Harun-or-Rashid FCA and President-ICAB met with Shubhashish Bose,
Secretary Maj Gen Muhammad Imrul Quayes (Retd). Secretary, Ministry of Commerce at his office on 19
It was a follow-up meeting. In the meeting they February 2018.
discussed about the land for which ICAB applied in
The other members of the delegation were Vice
Purbachal New City and Uttara 3 phase for its
Presidents Mahmudul Hasan Khusru FCA, Md.
permanent academic campus. The chairman assured
Mahamud Hosain FCA, AKM Kamrul Islam FCA,
his cooperation in this regard.
Partner, Islam Aftab Kamrul & Co., Chartered
Courtesy Call on FRC Chairman Accountants, Ajit Kumar Paul FCA, Additional
Secretary, GoB and ICAB Secretary Maj Gen
An ICAB delegation led by Dewan Nurul Islam FCA, Muhammad Imrul Quayes ndc, psc (Retd). The
President-ICAB paid a courtesy call on CQK Mustaq meeting discussed about the ongoing activities of
Ahmed, Chairman, Financial Reporting Council (FRC) ICAB and current professional issues.
at his office on 15 February 2018.

ANNUAL
REPORT 2018
Courtesy Call on BB Governor Anwaruddin Chowdhury, Member Council and Past
President-ICAB, Director CAPA Board and Member
Another ICAB delegation led by Dewan Nurul Islam IFAC IPSASB CAG’s, seen chairing the session on
FCA, President-ICAB paid a courtesy call on Fazle “Integrated Reporting” in the ICMAB’s CPD
Kabir, Governor, Bangladesh Bank at his office on 4 Programme on Changing Global Corporate Reporting
February 2018. Scenario.
The other members of the delegation were Vice

President Md. Mahamud Hosain FCA, Members Meeting with Secretary in Charge, Finance
Council & Past Presidents ASM Nayeem FCA, Division, MoF
Muhammed Farhad Hussain FCA, and Secretary
(Retd). The meeting discussed about some
professional issues like formation of a joint working
group, mutual workshops and trainings, etc.
Courtesy Call on Executive Chairman-BIDA
ICAB President Dewan Nurul Islam FCA along with a

team of the Institute met Muhammad Muslim
Chowdhury, Secretary in Charge, Finance Division,
An ICAB delegation led by Dewan Nurul Islam FCA, Ministry of Finance, GoB at Bangladesh Secretariat on
President-ICAB met with Kazi M. Aminul Islam, 5 March 2018. The other members of the team were
Executive Chairman, Bangladesh Investment Vice President Mahmudul Hasan Khusru FCA, Council
Development Authority (BIDA) at his office on 20 Members & Past Presidents Muhammed Farhad
February 2018. Hussain FCA, Md. Humayun Kabir FCA, Parveen
Mahmud FCA, Adeeb Hossain Khan FCA and ICAB
The other members of the delegation were Mahmudul Secretary Major General Muhammad Imrul Quayes
Hasan Khusru FCA, Vice President (E&T) and Maj (Retd).
Gen Muhammad Imrul Quayes ndc, psc (Retd),
Secretary-ICAB. Meeting with Comptroller and Auditor General,
GoB
The meeting discussed about mutual professional
issues including the initiatives re ease of doing
business under taken by ICAB and upcoming joint
events.
Anwaruddin Chowdhury Chaired Session on


ANNUAL
REPORT 2018
A delegation of ICAB led by its President Dewan Nurul Meeting with LGSP-III
Islam FCA held a meeting with Masud Ahmed,
Comptroller of Auditor General (C&AG) at latter’s An ICAB team led by its President Dewan Nurul Islam
office on 21 March 2018. The delegation discussed FCA met LGSP-III Project Director Sardar Sarafat Ali
about professional progress and the steps those have on 20 March 2018 at LGSP office. They discussed
been undertaken by the Institute for the development upcoming inauguration programme of LGSP-3 project
of accountancy profession in the country. ICAB where Dr. Zafar Ahmed Khan, Senior Secretary, Local
expressed willingness to work jointly with C&AG office Government Division, LGRD & Cooperatives Ministry,
for overcoming the shortcomings in public sector GoB expected to be present as the Chief Guest. The
accountancy profession. The other members of the meeting discussed the modalities of conducting
delegation were Vice Presidents Mahmudul Hasan trainings to about 200 pupils intended to be the
Khusru FCA, Mahamud Hosain FCA and ICAB auditors of union parishads and the various aspects of
Secretary Major General Muhammad Imrul Quayes, conducting the audit. The meeting decided that
ndc, psc (Retd). cooperation to implement the project successfully, will
be sought from all concerns. The other members of
LGSP-III Coordination Meeting at CA Bhaban ICAB team were Vice President Mahmudul Hasan
Khusru FCA, Secretary Major General (Retd)
Muhammad Imrul Quayes, ndc, psc and LGSP-3 Sr.
Audit Specialist AKM Rahmat Ullah FCA.
Meeting with Deputy Governor, Bangladesh Bank
A Coordination meeting between ICAB, LGSP-3 and

the Auditors of that project was held on 28 March
2018 at CA Bhaban to discuss about various issues
including problems to be faced during conducting
audit of Union Parishads. ICAB President Dewan
Nurul Islam FCA, Vice President Mahamud Hosain
FCA, Secretary Major General (Retd) Muhammad ICAB delegates held a meeting with Abu Hena Mohd
Imrul Quayes, ndc, psc, Fellow Member Eftekhar Razee Hassan, Deputy Governor, Bangladesh Bank
Hossain FCA, Ajit Kumar Paul FCA, Atiar Rahman on 15 April 2018. They discussed about various
FCA, Atikur Rahman FCA ,ICAB Deputy Director professional matters. The members of the delegation
Afsar Uddin FCA, LGSP-3 Sr. Audit Specialist AKM were Pesident Dewan Nurul Islam FCA, Secretary Maj
Rahmat Ullah FCA, and the representatives from CA Gen Muhammad Imrul Quayes, ndc, psc (Retd.) and
Firms awarded LGSP audit works, participated in the Director (Technical) Mahbub Ahmed Siddique FCA.
meeting. The meeting discussed source of fund for
LGSP project in future, MoU between ICAB & LGSP-3, ICAB Delegates Paid a Courtesy Call on Planning
Time frame of audit works, fieldwork review, Minister
appointment of Reviewer firms, preparation of
Accounts of Union Parishads, recruitment of
safeguard specialist by WB, etc.
ICAB President assured that ICAB will provide

cooperation for conducting audit properly. However,
ICAB will not take any responsibility for malpractice
committed by LGSP auditors, he added. The meeting
also decided that LGSP-3 will accept the CC
personnel belong to CA firm awarded LGSP audit, as
auditors instead of articled students.

ANNUAL
REPORT 2018
ICAB delegates paid a courtesy call on AHM Mustafa Office of C&AG), how effectively to collaborate
Kamal FCA, Hon’ble Planning Minister, Government of between two institutes for ensuring accountability and
Bangladesh on 9 April 2018. They discussed bi-lateral transparency to aide in development of country,
issues including professional matters. The members knowledge and resources sharing etc. ICAB also
of the delegation were Pesident Dewan Nurul Islam congratulated Mohammad Muslim Chowdhury for
FCA, Vice Presidents Mahmudul Hasan Khusru FCA, being appointed as the Comptroller & Auditors
Mahamud Hosain FCA, Past President and Council General of Bangladesh. The meeting was comprised
Members A S M Nayeem FCA, Md. Humayun Kabir of ICAB Vice Presidents Mahmudul Hasan Khusru
FCA and Secretary Maj Gen Muhammad Imrul FCA, Mahamud Hosain FCA, Past Presidents
Quayes, ndc, psc (Retd.). Anwaruddin Chowdhury FCA, M Farhad Hussain
FCA, Md. Humayun Kabir FCA, Kamrul Abedin FCA,
Meeting with IDRA Chairman
Council Members AF Nesaruddin FCA, Mostafa
Kamal FCA and Secretary Major General Muhammad
Imrul Quayes, ndc, psc (Retd).
Coordination Meeting under LGSP
A team of ICAB visited Insurance Development &

Regulatory Authority (IDRA) and had a meeting with
IDRA Chairman Shafiqul Islam Patwari on 7 August at
latter’s office. In the meeting they discussed on The coordination meeting among practicing
various professional issues including special audit for Chartered Accountants, Project Director & Officials of
both Life Insurance and General Insurance
Local Government Support Project (LGSP) - III and
Companies. ICAB Vice President Mahmudul Hasan
ICAB Officials was held on 30 September 2018 at CA
Khusru FCA was present in the meeting.
Bhaban. This is a very successful collaboration
between CA Bangladesh (ICAB) and the Government
ICAB Delegates Paid Courtesy Call on C&AG
of Bangladesh whereby under a Private & Public
Partnership, Audit Firms would carry out annual
review of Union Parishads’ Financial Statements and
Performance Review.
Like previous years, the audit of 4500 Union Parishads

would take place. CA Firms under ICAB has been
carrying out local government audit under LGSP, a
project under the ministry of local government, rural
development and cooperatives, GoB for last few
years.
The delegates of the Institute of Chartered
ICAB-PDC Team Visited NGO Affairs Bureau
Accountants of Bangladesh (CA Bangladesh) paid a
courtesy call on Mohammad Muslim Chowdhury, ICAB-PDC team visited NGO Affairs Bureau on 24
Comptroller and Auditor General of Bangladesh at September 2018 and had a discussion with Director
latter’s office on 13 August 2018. The Office of the General KM Abdus Salam (Additional Secretary) at
Comptroller & Auditor General (C&AG) is the Supreme his office. They discussed about NGO audit and other
Audit Institution, whereby the ICAB delegates relevant issues. ICAB team also presented a power
discussed various issues including potential joint point presentation regarding the audits, ToR and the
works by two stream of Audits (CA Bangladesh and issues connected therewith. ICAB team was

ANNUAL
REPORT 2018
A meeting between International Finance Corporation
(IFC) and Women In Leadership (WIL) of ICAB was
held on 8 October 2018 at ICAB Mini Conference
Room. ICAB President Dewan Nurul Islam FCA, Past
President and Council Member & Chairman of WIL
Parveen Mahmud FCA and Secretary-ICAB Maj Gen
Muhammad Imrul Quayes, ndc, psc (retd), Sheela R.
Rahman, Consultant, Corporate Governance Advisory
Services, South Asia Region, IFC and Shifat Ara of IFC
participated in the meeting from their respective
comprised of Fellow Members Fouzia Haque FCA, organization. The main focus of the meeting was to
Mohammad Fakhrul Alam Patwary FCA, Md. Anwar organize a training on Corporate Governance Board
Hossain FCA and ICAB Deputy Secretary Md. and leadership for ICAB members.
Shahjahan Siraz.
International Finance Corporation (IFC) of the World
ICAB Team Met Finance Secretary, GoB Bank Group, Bangladesh expressed their willingness
to arrange workshop on Corporate Governance Board
Leadership for Members of ICAB. With the
participation of 50 percent participants from the
member of ICAB Women In Leadership Committee.
As Chartered Accountants are eligible to be
appointed as independent directors on boards of
directors of listed companies, the independent
director’s role and responsibilities would be included
in the workshop discussion matters, the meeting
agreed.
ICAB Council Member and Past President Nasiruddin

ICAB President Dewan Nurul Islam FCA along with
Ahmed FCA, Vice President Mahmudul Hasan Khusru
Vice Presidents Mahmudul Hasan Khusru FCA,
FCA, Council Member Muhammad Farooq FCA were
Mahamud Hosain FCA, Past President and Council
Members ASM Nayeem FCA and Md. Humayun Kabir present in the meeting.
FCA met with Secretary in Charge, Finance Division,
Meeting with IDRA Chairman
GoB A. Rouf Talukder on 5 September 2018 at latter’s
office. They held detail discussion about ICAB
members’ contributions to Bangladesh economy,
close collaboration between CA Bangladesh & the
government for greater transparency, enhanced
accountability and very importantly best utilization of
public resources, etc. Professional development
issues also got priority in the discussions.
IFC Meeting with ICAB -WIL
A team of ICAB visited Insurance Development &

Regulatory Authority (IDRA) and held a meeting with
IDRA Chairman Shafiqur Rahman Patwary on 29
October at latter’s office. In the meeting they
discussed on various professional issues including
special audit for both Life Insurance and General
Insurance Companies. ICAB President Dewan Nurul
Islam FCA, Council Member Muhammad Farooq FCA,

ANNUAL
REPORT 2018
Secretary Major General Muhammad Imrul Quayes ICAB Team Met CAG, GoB
ndc, psc (Retd.), IDRA Member Dr. Mosharraf
Hossain, Bakul Chand Das and Borhan Uddin Ahmed
were present in the meeting.
FRC Workshop on ISA 700 (Revised) to ISA 720
A team of ICAB led by President Dewan Nurul Islam

FCA met Mohammad Muslim Chowdhury, Comptroller
and Auditor General, GoB at latter’s office on 20
November 2018. The other members of the team were
ICAB Vice President Moddassar Ahmed Siddique
FCA, Past President & Council Members ASM Nayeem
FCA, Showkat Hossain FCA and Secretary Major
General Muhammad Imrul Quayes, ndc, psc (Retd).
ICAB President Dewan Nurul Islam FCA graced the They discussed different aspects of development of
Workshop on ‘Understanding and implementing the the profession particularly in the matter related to
newly revised Audit Report formats (ISA 700 transparency and observance of ethical obligations.
(Revised) to ISA 720)’ as the Chief Guest. The ICAB Team Met Minister, Ministry of Housing and
workshop was organized by the Financial Reporting Public Works, GoB
Council, GoB on 17 November 2018 at FRC office. He
delivered a speech on the subject matter. The
workshop was segmented into Interactive Sessions
with real life case study and question & answer.
From the workshop, auditor could learn how to identify

document, and communicate KAM, other information,
and going concern to TCWG and in the audit report.
Role of Audit Report and how the new format relates to

audit work was the topic in Session-1 and New audit A team of ICAB led by President Dewan Nurul Islam
report format and bank audit in session -2. FCA met Engineer Mosharraf Hossain, MP, Minister,
Housing and Public Works Ministry, GoB at
Resources persons of the workshop were M Anwarul Bangladesh Secretariat on 20 November 2018. The
Karim FCA, Executive Director of Standard Setting, other members of the team were ICAB Vice President
FRC, Ex practitioner-audited large listed companies Moddassar Ahmed Siddique FCA, Past President &
and Mohammad Mohiuddin Ahmed FCA, Executive Council Members ASM Nayeem FCA, Showkat
Director of Financial Report monitoring, FRC, Ex Head Hossain FCA and Secretary Major General
of Regulatory Reporting, Standard Chartered Bank. Muhammad Imrul Quayes, ndc, psc (Retd). They
About 40 stakeholders participated in the workshop. discussed different professional issues including
allocation of land for ICAB academic campus, etc.

ANNUAL
REPORT 2018
Meeting are Proposed Companies Act 2017 March 2018 at Bangladesh Secretariat to discuss and
review the proposed Companies Act 2017. The other
members of the team were ICAB Vice President
Mahmudul Hasan Khusru FCA, Council Members
Shahadat Hossain FCA, Mostafa Kamal FCA, Senior
Fellow Member Ajit Kumar Paul FCA and Director
(Technical) Mahbub Ahmed Siddique FCA.
Representatives from Metropolitan Chambers of
Commerce and Industries (MCCI), Dhaka Chambers
of Commerce and Industries (DCCI), RJSC and
Ministry of Law Justice and Parliamentary Affairs were
also present in the meeting.
Earlier, a series of meetings were held at the ministry

A team of ICAB participated in a day-long meeting with a view to formulating a pragmatic Act which
organized by the Ministry of Commerce, GoB on 15 could help to flourish business of the country.

ANNUAL
REPORT 2018
8.0

ANNUAL
REPORT 2018
8.0
ICAB Delegation Participated in SAFA Events in SAFA Committee meetings and SAFA Quiz &
Nepal Elocution contest were held on January 30 followed
by CFO Conference and SAFA Best Presented Annual
Report Awards and SAARC Anniversary for Corporate
Governance Disclosures Ceremony 2016 on 31
January 2018. The ICAB delegation was comprised of
President Dewan Nurul Islam FCA, Vice President
Mahmudul Hasan Khusru FCA, Council Members and
Past Presidents Anwaruddin Chowdhury FCA, ASM
Nayeem FCA, M. Farhad Hussain FCA, Parveen
Mahmud FCA and Council Members Md. Shahadat
Hossain FCA, A F Nesaruddin FCA and Secretary Maj
A delegation of the Institute of Chartered Accountants Gen Muhammad Imrul Quayes (retd). South Asian
of Bangladesh (ICAB) participated in SAFA Board Federation of Accountants (SAFA) is the regional
meeting, Committee meetings, SAFA Best Presented accountancy body of SAARC countries.
Annual Report Awards and CFO Conference held on
January 30 to February 1, 2018 at Kathmandu, Nepal. ICAB delegates participated in SAFA committee
All the events were hosted by the Institute of meetings as follows:
Chartered Accountants of Nepal.
SAFA PAIB Committee Meeting
Name of SAFA Committee ICAB Delegates
Meetings Participated The SAFA Professional Accountants in Business
Committee on Education, Mahmudul Hasan Khusru (PAIB) Committee Meeting was held in Kathmandu on
Training and CPD FCA, Vice President-ICAB 30 January morning. It was chaired by Dr Jagmohan
Committee on Professional Anwaruddin Chowdhury Rao (India Cost Accountants & VP SAFA) and
Accountants i n Business FCA, and M Farhad Hussain participated by representatives from ICAB, ICMAB,
(PAIB) FCA, Members Council & ICAP, ICAN, CMASL and CPA Afghanistan.
Past President-ICAB
International Relations Parveen Mahmud FCA, The Chair appraised the meeting on Developments in
Committee Member Council & Past the PAIB Front in IFAC and among SAFA member
President bodies. It was decided to establish and maintain
Committee for Improvement in Dewan Nurul Islam FCA, linkage with the designated IFAC PAIB Integrated
Transparency, Accountability President - ICAB Reporting (IR) resource for necessary coordination in
and Governance (ITAG) implementation of IR in SAARC countries. Meeting
Committee on Harmonization A F Nesaruddin FCA, proposed to organise a day long IR workshop,
of Fiscal & ariff Regimes in Member Council-ICAB involving IR Lab India, and inviting participants from
SAFA Region the profession, regulators and industry. Meeting
SAFA Quiz and Elocution Ali Akther Rizvi FCA, DRC- deliberated on PAIB capacity building initiatives and
Contest, 2018 ICAB Chairman and four praparing compararive analysis of CSR regulations.
ICAB Students Meeting proposed to recommend to SAFA Board to
SAFA Small and Medium Md. Shahadat Hossain FCA, introduce CFO Awards. ICAI Pakistan was tasked to
Practitioners (SMP) committee Member Council -ICAB formulate the relevant criteria for the CFO Awards.

ANNUAL
REPORT 2018
Meeting deliberated at length about the increasing the technical session 3 while ICAB President Dewan
number of qualified professionals not taking up Nurul Islam FCA was one of the Panelists of the
membership and on how to incentivise them on session.
membership benefits through PAIB value added
services. Professional accountants, especially CFOs
participated in the conference. They planned and
The meeting authorised the Chair to present this directed the route or course of actions in evolving
Meeting Report to SAFA Board and take necessary economic environment. All the technical papers were
actions as deemed appropriate. evolved on the main theme concentrating on
professional accountants who are contributing to the
SAFA International CFO Conference on Evolving economy and nations in different aspects of their key
Economic Environment-Challenges and way positions including leadership role in the
Forward organizations. Economic development plays vital role
in the overall development of a country besides it
being complicated and affected by different factors.
The role of CFOs for economic acceleration and
ensuring corporate governance is vital. The speakers
discussed about the role of CFO that has evolved
significantly from traditionally being viewed as a
financial guard to a strategic partner and advisor to
the organization. The CFO has a responsibility to
serve as the financial authority in the organization,
ensuring the integrity of fiscal data and modeling
transparency and accountability.
The Institute of Chartered Accountants of Nepal

(ICAN) organized the SAFA International CFO
Conference on 31 January 2018 in Kathmandu,
Nepal. The theme of the Conference was “Evolving
Economic Environment – Challenges and Way
Forward”.
The SAFA International CFO conference, being

organized for the first time in Nepal, was attended by
over 150 foreign delegates and over 300 national
delegates including CFOs, Managers, Consultants,
Professionals,etc.
Keeping the above thoughts in mind, the theme and

other technical papers were designed as the
Conference Theme for the Inauguration session was
Evolving Economic Environment-Challenges and Way
Forward.
Technical Session 1: Are CFO’s Future Ready”
Technical Session 2: Ensuring Corporate Governance

– Role of CFO’s
The technical papers were presented by experts, Technical Session 3: Role of CFO’s in Technological
international resource persons representing the SAFA Transformation
member bodies.
The conference was addressed by the renowned
SAFA immidiate past president ASM Nayeem FCA, experts, international speakers Chris Austin,
Past President & Council Member, ICAB moderated Chairman, International Accounting Education

ANNUAL
REPORT 2018
Standards Board (IAESB), Andrew Burns, President, exercise. Anwaruddin Chowdhury also indicated that
Chartered Institute of Public Finance and there is active collaboration between the OCAG and
Accountancy (CIPFA) and Alta Prinsloo, Executive ICAB for progressing accruals based accounting, and
Director, Quality & Development, International that three SOEs will be piloted for accruals accounting
Federation of Accountants (IFAC). on a test basis in 2018. India completed the
conversion into Accruals Accounting for its entire
CAPA Events in Nepal Railways system, which represents a remarkable
achievement in PSFM for the entire region. KICPA
CAPA Public Sector Financial Management (PSFM)
has formed a Public Sector Committee in 2015 and
Committee Meeting
has initiated a research project for analysing Korean
Central Government’s Annual Report and linking it to
the financial information under accrual basis
accounting. The PSFMC discussed its current project
- Draft Publication titled ‘PAOs Engaging with the
Public Sector’, that is related to the Public Sector
Accountancy Survey issued to member and
non‐member PAOs in late 2016.
CAPA Board Meeting
The Directors met in two sessions on 11 evening and

13 May morning. The Board meeting reviewed
Members meeting agenda, including CPA
Afghanistan admission as an Associate member;
As the Committee Chair, Anwaruddin Chowdhury recruitment of an additional resource person for CAPA
presided over the PSFM Committee meeting held on Secretariat, finalisation of publication on ‘Governance’
11 May afternoon. The meeting was called to order at for the Maturity Model PAO Development Guidance
1:05pm. The meeting was participated by Committee Series, etc. The Board also discussed initial ideas for
members, CAPA President and several other Board the 2020 CAPA Conference.
members, representatives from host ICAN and from
CIPFA, ACCA and ICAEW. CAPA Members Meeting and AGM
Discussing the Strategic Activities, the PSFMC The CAPA Members meeting was held full day on 13
meeting reviewed the Profession's activities in the May. The meeting chaired by President and ably
Public Sector. Committee members shared the public assisted by CE CAPA, noted progress of the 2018
sector progress in their respective jurisdictions. ICAN Work Programme; received a briefing on the various
provided detailed update on the progress of Nepal’s stakeholder meetings attended by President. Brief
journey to improving PFM since 2013 and major discussions were held on Member Body Reports. The
initiatives taken. Nepal recently changed from a Committee Chairs presented their Reports on
central structure to a federal structure with three levels Committee Meetings held in Kathmandu.
of Government- federal, provincial and local. The
government of Nepal adopted the Public Sector A Member-led Session (Group Discussion) on
Accounting Standards (NPSAS) which are based on "Enhanced Auditor Reporting" -ISA 701 and ISA 720,
was organised during the Members Meeting to focus
IPSAS cash basis of accounting for two of its line
on contemporary and emerging matters of interest to
ministries in FY 2014/2015. ICAN is working on a PFM
the profession. The session was facilitated by ACCA's
index for Nepal. The Chairman explained the
Policy Head for ASEAN, who is an IAASB member. He
Bangladesh public sector reforms and the
presented the background work of IAASB, stages of
profession's advocacy for the Government and
adoption in various countries, and ACCA's studies on
broader public sector to convert to accruals
countries that have implemented the Standard.
accounting and move towards implementation of
Participants separated into four groups to reflect on
IPSAS in the long term. Bangladesh MoF has begun
questions posed, and thereafter each group reported
digitalising budget preparation and payment
back on their deliberations. Outcomes have since
processes, an initiative that is part of its PFM reform been published on CAPA website.

ANNUAL
REPORT 2018
The Keynote Speaker Anwaruddin Chowdhury
highlighted the Conceptual Dimensions, Thematic
Overview, Understanding PSFM and how it Enhances
Accountability and Transparency, the case for Accrual
Accounting and Implementation of IPSAS.
Conference featured four Technical Sessions, focused
on "Integrated Financial Management Information
Systems", "PSFM Challenges and Way Forward in
Federal Structure", "Strengthening Audit Function in
Public Sector" and "PFM Governance and Practices-
Country Experiences". Several Nepal Government
officials (AG office and MoF), and CAPA PAOs,
The two hosting PAOs of the World Congress of including its CE, Brian Blood, served as Presenters or
Accountants (WCOA)- CAANZ and CPA Australia, Session Chair. About 250 delegates from 20
provided an update on the programme events and countries, particularly Nepal public sector officials,
pricing, including extension of 'early bird' bookings representatives from Nepal PEFA Secretariat,
and group discounts for 50 delegates. PAOs were development agencies, ICAN members, and
requested to visit the WCOA website representatives of CAPA and SAFA member PAOs,
<wcoa2018.sydney>. attended the Conference.
CAPA Annual General meeting held at 4:30pm on the ICAB Participated in SAFA Board Meeting in
day. Members approved all items, including 2017 Kathmandu
audited FS.
ICAB Participate in ICAN-CAPA International

Public Sector Conference
Anwaruddin Chowdhury, Council Member and PP

ICAB, Director CAPA Board and Member IPSASB
Consultative Advisory Group (CAG), presented the
Keynote Paper on the theme "Public Sector Financial
Management –Enhanced Accountability and
Transparency" in the Inaugural session. The
Conference was jointly organized by ICAN and PEFA
Secretariat of AG office, in association with CAPA. ICAB participated in the SAFA Board Meeting held in
Conference was inaugurated by Hon'ble Finance Kathmandu on 11 May. Anwaruddin Chowdhury,
Minister of Nepal, Dr Yuba Raj Khatiwada, while Council Member and Past President ICAB and
respected Auditor General of Nepal, graced the Director CAPA Board was nominated by the President
Conference as Guest of Honour. President CAPA, to represent the ICAB at the meeting. This Board
President SAFA, and host ICAN President also meeting, postponed from Kabul earlier, was presided
addressed the Inaugural session. over by the SAFA President, Dr. Subodh Kumar Karne,
PP ICAN, and attended by VP SAFA Dr. Jag Mohan
Rao of CMA India and representatives from all the
SAFA member bodies, including CPA Afghanistan.
After the salutations and introductions, President

SAFA announced the revised nominations from
member bodies, including ICMAB, ICAI, ICMAP and
CASL. He then briefed the meeting (assisted by the
PS) on the status of the accountancy profession in
Bhutan and Maldives. ICAI President reported that it
was helping in the establishment of the SAI in Bhutan
under a WB project. The meeting considered the
potential of CPA Maldives being admitted as an
Associate Member of SAFA.

ANNUAL
REPORT 2018
At the request of President SAFA, Ms. Adelle Evans On 28 June, ICAB President Dewan Nurul Islam FCA
from CAANZ, one of the two hosts of the World participated in SAFA Committee for Improvement in
Congress of Accountants, gave a brief Presentation of transparency, accountability and governance(ITAG),
the WCOA November 2018 event in Sydney, Vice President Mahmudul Hasan Khusru FCA
highlighting the technical sessions and other participated in SAFA Committee on Education,
attractions. President SAFA requested the host bodies Training and CPD, Council Members & Past
to consider giving 50% discount on registration fees of Presidents Anwaruddin Chowdhury FCA participated
SAFA delegates, thereby reducing it to USD 900+. in SAFA Committee on Professional Accountants in
Business(PAIB), Md. Humayun Kabir FCA in SAFA
He informed that FRED 3 will be focused on Committee on Accounting Standards.
Encouraging Sustainability. President apprised the
meeting that the SAFA Foundation will be registered in On 30 June ICAB President Dewan Nurul Islam FCA
Sri Lanka at a cost of SL Rs 3 lacs. VP SAFA informed and Council Member & Past President M Farhad
the meeting that a high profile IFAC-SAFA PAIB Forum Hussain FCA participated in 53rd SAFA Board
will be hosted by CMA India in March 2019, after Dr. meeting & 87th assembly meeting at the same venue
Rao's Institute assumes the Presidency of SAFA. The in Delhi. The Chair of SAFA different committees
IFAC focused Forum will essentially address PAIB appraised their progress of activities in the meeting.
Stakeholders' Expectations. On the issue of SAFA
"Women Empowerment
Leading to Leadership", it was decided to form a

SAFA Women in Leadership Committee. ICAB
proposed that Ms Parveen Mahmud being the first
Lady President of any SAFA Institute and having
served on the SAFA Board, may be appointed as the
First Chairperson of the Committee. It was decided to
seek nominations from all SAFA member bodies
having lady Council Members (ICAB, ICAI, ICAP and
ICAN). The SAFA Board Meeting ended with at 12:20
pm, with a Vote of Thanks to and from the Chair.
ICAB Delegates Participated in SAFA Events and The SAFA International Conference was organized by
International Conference in New Delhi the Institute of Cost Accountants of India on 29 June
at the same venue. With tthe heme of Professionals of
the Future: Thoughts on 2018 & Beyond, the
conference featured five technical sessions, with each
focused on a specific topic covering emerging
business and finance issues. Representatives from
SAFA member bodies, business organisations,
representatives from the Indian government and
development agencies and also ICAI members
attended the conference.
ICAB President Participated in SAFA Board

Meeting
ICAB delegates participated in SAFA events and ICAB President Dewan Nurul Islam FCA participated
SAFA International conference held in Sardar Patel in the 54th SAFA Board Meeting followed by 88th
Marg, New Delhi, India between 28-30 June 2018. SAFA Assembly meeting on 25 September 2018 at
Hotel Marriott, Karachi, Pakistan.
The ICAB delegation was comprised of President
Dewan Nurul Islam FCA, Vice President Mahmudul On the other hand, ICAB Past President and Council
Hasan Khusru FCA, Council Members & Past Member Parveen Mahmud FCA participated in the 1st
Presidents Anwaruddin Chowdhury FCA, M Farhad meeting of SAFA Women Leadership Committee
Hussain FCA and Md. Humayun Kabir FCA. through video conference. The meeting was chaired

ANNUAL
REPORT 2018
by CA K Sripriya of India. The committee will work for SAFA – CMA Sri Lanka Workshop on Sustainable
capacity building of women members across SAFA Development Goals (SDGs) and IFAC PAO
countries. Development Workshop was held on 18 October 2018
at the same venue while SAFA different Committee
ICAB President Dewan Nurul Islam FCA also attended meetings and Board meeting and Assembly meeting
the meeting. held on 19 October 2018.
Adeeb Hossain Khan Participated in CAW CEOs SAFA - CMA workshops held on 18 October 2018.
meeting
ICAB Council Member and Past President Adeeb

Hossain Khan FCA participated in CEOs meeting of
Chartered Accountants Worldwide (CAW) on 30
August 2018 in Singapore. The meeting discussed
different professional issues including membership
fees, digital transformation, CAW meeting in Dubai,
regulation, etc.
ICAB Team Participated in SAFA Events & IFAC

PAO Development Workshop in Sri Lanka
This workshop was co-hosted by the South Asian

Federation of Accountants (SAFA), Institute of
Certified Management Accountants of Sri Lanka
(CMA Sri Lanka) and the International Federation of
Accountants (IFAC). This was a unique opportunity to
hold in-depth dialogue to share and learn about the
approaches, the professional accountancy
organizations (PAOs) implemented across different
areas and how they align and support the goals of the
UN Sustainable Development Goals (SDGs). PAOs
are encouraged to tell story of member countries by
sharing current practices in their jurisdiction, and to
Strategy meeting held on 17 October 2018. share key successes and challenges with their
colleagues with a view to explore possible solutions.
A team of ICAB led by President Dewan Nurul Islam
FCA participated in SAFA events and IFAC PAO 55th Board meeting held on 19 October 2018.
Development workshop in Sri Lanka. The other
members of the team were Vice President Mahmudul In each discussion session of the workshop,
Hasan Khusru FCA and Director(Technical) Mahbub participants had an opportunity as a group to discuss
Ahmed Siddique FCA. guiding questions to certain topics. Each group had a
facilitator and a note-taker who guided the discussion
The SAFA Strategy meeting was held on 17 October to assist participants in sharing their knowledge and
2018 at Hotel Citrus, Waskaduwa, Sri Lanka. The experiences.

ANNUAL
REPORT 2018
ICAB Delegation in IFAC Council, CA Worldwide, community. The Chartered Accountants Australia and
CAPA, SAFA-CAPA Joint Meeting, WCOA 2018 in New Zealand (CA ANZ) and CPA Australia co-hosted
Sydney the twentieth WCOA in 2018.
6000 delegates from 130 countries- with over 3,000

from Australia (50%), 1200 from Asia (20%), 780 from
Africa (13%), 600 from Europe (10%), 300 from North
America (5%) and 60 from SouthAmerica (1%).
There was a substantial ICA Bangladesh delegation -

who have hopefully been able to empower
themselves to respond to the global challenges; ignite
new business ideas; connect business and practices
with the diversity of 6K plus professionals; explored
ICAB delegates at WCOA conference at Sydney, the most innovative technologies supporting finance
Australia. teams and accounting professionals.
ICAB delegates visited Sydney, Australia in November The 20th Congress was themed on “Global
2018 to participate in different professional and Challenges / Global Leaders”.
networking events namely, IFAC Council, CA
Worldwide, CAPA, SAFA-CAPA Joint Meeting, WCOA
2018, MPA Signing ceremony with CPA Australia,
Meetings with ICAB ASPAC Chapter, CAANZ, CIPFA
and CPA Ireland.
President ICAB Dewan Nurul Islam FCA, Member

council and Past Presidents Akhtar Sohel Kasem
FCA, Anwaruddin Chowdhury FCA, ASM Nayeem
FCA, M. Farhad Hussain FCA, Md. Humayun Kabir
FCA and Director (Technical) Mahbub Ahmed
Siddique FCA took part in the events.
Besides, Fellow Mambers of ICAB were Haider

Ahmed Khan FCA, Zahirul Kium FCA, Mohammad It featured more than 150 Speakers as “inspirational
Shoeb FCA, Md Shamim Ahamed FCA, Dilip Kumar business leaders,unconventional disruptors and
Mandal FCA, Kamruzzaman FCA, ASM Hossain cutting edge innovators”. Albeit Aussies dominated,
Tayiab FCA, Mohammad Ebadat Hossain Bhuiyan there were 50 entities, showcasing their latest
FCA, Abdul Hamid FCA, Mohammad Sayed Ahmed technology products and catalyse inspiration from
FCA, Jone Kumer Gupta FCA, Sujit Kumar Saha FCA, around the world.
Shakil Ahmed FCA, Imtiazur Rahman FCA,
Mohammad Eklas Uddin ACA, Md. Sayed Hassan The central Theme- Global Challenges
ACA participated in the WCOA conference.
Leaders- Keynotes embraced the “core themes” of :
Also ICAB members residing in Australia participated “Trust - Ethics - Diversity -Sustainability and New
in the conference were Syed Aram Ullah ACA, Abu Technology”- poised to shape the future of our
Haider Mohammed Kibria ACA and Mahiul Murshed Profession- (PAIB and Practices).
ACA.
The WCOA 2018 Programme explored Issues,
The World Congress of Accountants 2018, 4-day including; Protecting the public interest and building
conference was started on 5 November 2018 in prosperity; addressing the leadership challenge;
Sydney, Australia. WCOA is the premier accounting embracing disruptive technology and innovations;
conference for the global business and finance Enhancing ethics and Integrity; and Exploring
community and brought together more than 6,000 sustainable solutions to business, social
delegates from over 130 countries to hear world-class entrepreneurs and economies.
speakers and leaders from the finance and business

ANNUAL
REPORT 2018
The 4 Day WCOA Programme was designed to ICAB voting delegate casted votes for each
showcase the Best- provide unprecedented access to applicable approval process through online system in
thought leaders from around the world under the due consultation and all the delegates fully
ambit of the Congress 2018. participated throughout the thought provoking
deliberation in IFAC Council.
Concurrent sessions catered for relevant disciplines
of Business, Finance n Accounting. CA Worldwide Events from 1 to 4 November 2018
The WCOA 2018 delivered a diverse experience,

using the latest technology and learning methods,
enabling the participants to Learn, Adapt, and
Accelerate their career.
IFAC Council held on 1 November in International

Convention Center (ICC) Sydney
At CAW Marketting Directors Meeting.
On 1 November 2018, a dinner reception for all

marketing directors was organized by CAW and
CAANZ with the CAW branding team “Joy” from
Australia.
On 2 November 2018, a full day marketing directors

meeting was held at “JOY” office in Sydney. All
participants shared their marketing and branding
At IFAC Council with IAASB Chair and Chief initiatives, challenges and achievements. Currently,
Financial Management Officer of the World Bank. the main focus was made on “Trust Leadership”.
Presentations were made by CAW, ISCA and CAANZ.
IFAC President, Rachel Grimes opened the IFAC
Council meeting welcoming the delegates and On 3 November 2018, CAW Evening Reception at
observers. Representatives (voting, technical Australia Square, Sydney, where Presidents, CEOs,
advisers and observers) from each member body and Marketing Directors of CAW member bodies met
were present in the Council. IFAC President, and discussed different challenges and prospects of
incumbent CEO and other seniors Executives, CAs and possible collaboration. ICAB team talked to
chairmen of IAASB and IPSASB mainly highlighted the President and Executive Director of CAANZ as an
the achievements, challenges, future strategy and initial discussion on the mutual collaboration and way
way forward of IFAC in changing global scenario in forward for mutual collaboration. They also discussed
terms of authority, capacity, quality and development, with ISCA President and others. ICAEW CEO and
standards setting and implementation responsibility, Chairman of CA Worldwide, Mr. Michael Izza led the
accountability, influence and mutual trust and reception event.
confidence. In fact, the conference theme was named
as “global, influential and trusted”.
Dr. In-Ki Joo and Alan Johnson have been elected as

incoming President and Deputy President of IFAC.
IFAC CEO Fayez Choudhury is going to retire this year
while Kevin Dancey was recruited as incoming CEO of
IFAC. It is noted that Mr. Choudhury was highly
applauded for his brilliant and dedicated services by
the IFAC President, staff and even by standing
ovations by all the delegates.

ANNUAL
REPORT 2018
At CAW Reception with President, CEOs and MDs.
On 4 November 2018, CAW Board and all MDs

face-to-face full day meeting was conducted at
Amora Hotel Jamison Sydney. Chairman of CA
Worldwide chaired the meeting. The key issues were:
Review of Institutional key achievements 2018,
Institute and market developments, Business Plan
2019, Working together in the USA to promote the CA
brand and support our members, sharing Institutional
experience (which includes building our position as
trust leaders, key findings from Edelman survey,
perspective from South Africa, perspective from
Australia and New Zealand, regulatory concerns, Anwaruddin Chowdhury, Member Council and
expectations of professional bodies and our Past President ICAB and Director CAPA Board,
opportunities), Update on CAW initiatives (which seen at the CAPA Members Meeting held at the ICC
includes Digital report, Promoting the value of CAW Sydney on 3 November 2018.
and Chartered Accountants, CAW Dubai and One
Young World) and CAW meetings and events 2019 All the ICAB delegates including Mr. Chowdhury
and CAW Budget update. participated in Australian Forum of the National
Auditing Standard Setters (NSS Forum) held at
CAPA Events in Sydney International Convention Centre (ICC), Sydney on 5
November 2018. It was sponsored by Australian &
New Zealand Auditing and Assurance Standard
Boards.
The CAPA‐SAFA Joint Strategic meeting was

convened aiming at synergising the activities
between the Confederation of Asian and Pacific
Accountants (CAPA)-recognised as a Regional
Organisation by the global Accountancy organisation,
the IFAC, and the South Asian Federation of
Accountants (SAFA)- recognised as an
Among others, ICAB delegats at CAPA SAFA joint
Acknowledged Organisation by the IFAC too, for
strategic Meeting at CAANZ office, Sydney.
ensuring optimum benefits to the member bodies and
On 3 November 2018, three meetings, Members the regional Accountancy Profession. The strategic
Meeting of CAPA, EGM of CAPA and AFA‐CAPA Joint meeting has decided to formalise the aspirations and
Forum were organized at ICC Sydney. In all those contemplations through executing a Memorandum of
events, ICAB delegates came in focal point by their Understanding (MoU) at an early date.
eloquent speeches delivered on contemporary
The MoU will elucidate on the frequency, venue and
professional development issues in country and
modality of meetings and highlight potential areas of
global perspective.
collaboration between the CAPA and SAFA. The
The first CAPA‐SAFA Joint Strategic structural Sydney meeting identified certain commonalities
meeting, the second after the CAPA-SAFA first joint between the Organisations and discussed certain
meeting initiative crystallised in Kathmandu in May professional issues for collaboration- including
this year, was held at CA ANZ Office, Sydney, interalia “Ethics”, PSFM, Technology impact,
Australia on 4 November 2018. Integrated Reporting, etc. The Meeting also decided
to leverage CAPA Project Reports and Publications on
ICAB President Dewan Nurul Islam FCA, Past Maturity Model (Governance) PFM Success, Talent
President and Council Member and SAFA immediate Management and others for the mutual benefits of the
Past President ASM Nayeem FCA and Anwaruddin memberships.
Chowdhury, Council Member & Past President-ICAB
and Director, CAPA Board participated in the SAFA Project findings and recommendations on SMEs
meeting. and SMPs and Professional Ethics would be

ANNUAL
REPORT 2018
inspirational for future collaborative efforts between reputation of the accountancy profession in
CAPA and SAFA. It was indeed a happy, significant Bangladesh and globally. He added that “ICAB
leap for the regional profession. members are highly positioned in different esteemed
organisations in home and abroad and are also
Handover ceremony of MPA with CPA Australia contributing in public practice in Bangladesh
maintaining high quality and dignity.” He added that
“the MPA with CPA Australia, a global accountancy
institute will certainly add value to ICAB membership
and believe that ICAB members would explore this
opportunity in coming days”. He further added that
“ICAB membership has already been recognised by
ICAEW and hope that CPA Australia after further
evaluation would recognize ICAB qualification in full in
near future”.
Meetings with ICAB ASPAC Chapter
On 6 November 2018, after the end of 2nd day of

Preisdents in CPA Australia at MPA Handover WCOA, at around 7.00pm all ICAB delegates met with
Ceremony. the members of ICAB ASPAC Chapters in a detailed
discussion session on chapter matters and
During the World Congress of Accountants, on 7
professional issues. It was gathering of around 35
November 2018 at ICC Sydney, President ICAB and
members of ICAB. Every participant in the meeting
President CPA Australia officially handed over the
introduced himself/herself followed by the welcome
Membership Pathways Agreement with CPA Australia.
speech of ICAB President. ICAB Presidents and
delegates thanked the members of the ASPAC
chapter and other participants specially mentioning
the name of Abu Kibria ACA, Secretary - ICAB Asia
Pacific Chapter for organizing such a wonderful
meeting.
The key issues discussed in the meeting are as

follows:
 Recognition of CPD Hours accomplished by
chapter members either through CAANZ, CPA
Australia, or the Chapter itself subject to
declaration, evidenced and verified by Chapter
During CPA Australia MPA Handover Ceremony Chairman;
President-ICAB
 Devising effective strategy for Bangladeshi
Few of the respected Member Council and Past CAANZ members to encourage them to be
Presidents of ICAB, Technical Director, Secretary and member of ICAB;
Members from ICAB ASPAC Chapter and other  Maintain a separate desk in ICAB to support
members of ICAB were present in the handover members residing in Australia and other overseas
ceremony from ICAB end. From CPA Australia, the chapters;
President, CEO, Senior Executives from Australia and  ICAB’s branding in Australia;
from Singapore were also present in the ceremony. A
professional photo session of the ceremony was also  Members’ profiling in ICAB News Letter/Website;
organized.  Consideration of membership fee and grant
(doubling) of the chapter members;
Both the Presidents delivered short speech on the
mutual collaboration and the way forward.  Recognition of Chartered Accountancy from
ICAB by Australian Grant Education Scheme;
ICAB President said, “We look forward to working with  Online fee payment; and
CPA Australia to further increase the value and
 Newsletter and Annual Report Coverage.

ANNUAL
REPORT 2018
Meetings with CAANZ further period. ICAB President shared some view
points from ICAB end on few clauses of the possible
Besides the discussion with CAANZ President and MRA and the CPA Ireland delegates assured that they
Executive Director at CAW Reception Event was held would come back with the revised one. The meeting
on 5 November 2018, ICAB delegates also met with agreed to explore the opportunity of having MRA
CAANZ relevant staffs relating to mutual collaboration further for mutual collaboration and benefits of the
and membership pathway programme during the members and profession. President, CEO and
break session of WCOA 2018 at CAANZ stall there. Director Member Service of CPA Ireland were present
CAANZ staff assured that they would start the process in the meeting.
as soon as possible in this regard.
Anwaruddin Chowdury participated in IFAC
Meetings with CIPFA, UK IPSASB CAG Meeting in KualaLumpur
On 8 November 2018, ICAB delegates attended a

discussion meeting with CIPFA, UK delegates at their
stall there on strengthening the partnership and
exploring the benefit from the collaboration between
ICAB and CIPFA. the CEO, the Managing Director, the
Education and the Membership and Head of
Marketing – New and Emerging Markets of CIPFA
were from CIPFA, UK.
Meetings with CPA Ireland
Anwaruddin Chowdhury FCA, Member Council & Past

Ppresident- ICAB, Director CAPA Board and Member,
IPSASB Consultative Advisory Group (CAG)
participated in IFAC IPSASB CAG Meeting in
KualaLumpur, Malaysia on 3 December 2018. He also
attended the IFAC IPSASB Meeting on 4-5 December.
The CAG Meeting considered the IPSASB Standards
setting developments over the years; IPSAS Adoption
status in Malaysia; IPSAS Implementation Challenges
Meeting with Cormac Mohan CPA, President, CPA in Portugal; Review and Way Forward with IPSASB
Ireland. Work Plan and Strategy 2019-23, Review and
Consultation on some public Sector Standards
On 8 November 2018, ICAB delegates attended a including Leases, Public Sector Measurement, Grants
discussion meeting with CPA Ireland at ICC Sydney and Other Transfers (Revenue / Non-Exchange
on renewal of MRA between ICAB and CPA Ireland for Expenses), etc.

ANNUAL
REPORT 2018
9.0
Members' Affairs

ANNUAL
REPORT 2018
9.0
Members' Affairs
9.1 Membership 3.1 Total number of Fellow Members in practice : 352
a. Dhaka : 314
The total membership strength of the Institute as of 1 b. Chittagong : 38
July 2018 was 1616, of whom 1170 were fellows and c. Abroad : -
446 were associates. The membership statistics are
furnished below. 3.2 Total number of Associate Members in practice : 15
a. Dhaka : 15
1. Total number of Members : 1616 b. Chittagong : -
a. Male Members : 1509 c. Abroad : -
b. Female Members : 107
c. Residing in Bangladesh : 1496 4. Total number of Members not in practice : 1249
d. Fellow Members : 1170 4.1 Total number of Fellow Members not in practice : 818
e. Associate members : 446 a. Dhaka : 678
2. Total number of Members at outside the country : 120 b. Chittagong : 60
a. No. of Members in UK : 44 c. Abroad : 80
b. No. of Members in Canada : 35 4.2 Total number of Associate Members not in practice: 431
c. No. of Members in USA : 08 a. Dhaka : 377
d. No. of Members in UAE : 05 b. Chittagong : 14
e. No. of Members in Australia : 13 c. Abroad : 40
f. Other Countries : 15 5. Number of Proprietorship Firms : 66
3. Total number of Members in practice : 367 6. Number of Partnership Firms : 88
a. Dhaka : 329
b. Chittagong : 38 However, up to December 2018 total number of
c. Abroad : - members is 1651.
9.2 Membership Growth

The growth in membership of the Institute is shown in the chart below:
Membership Growth:
Engagement-Wise

ANNUAL
REPORT 2018
9.3 Members Entitled to Train Articled
Abdul Khalek FCA
Students
Abdul Khalek, FCA (Enrollment
The total number of members entitled to train articled No. 0646) has been re-appointed
students as on 01 July 2017 was 290. During six Convener of Trade, Tariff,
months up to 31 December 2017 one Practicing Taxation & Company Affairs
Member has been sremoved from the register due to Sub-Committee of Foreign
sudden death but another 03 members were granted Investors’ Chamber of
permission to train Articled Students. However, up to Commerce & Industries for
December 2017 total number of Members Entitled to 2018-2019 term. This is his 4th term as convener
Train Articled Students is 292. of the sub-committee. He is also member of
Taxation & Corporate Laws Committee of the
9.4 Newly Qualified Chartered Institute of Chartered Accountants of Bangladesh
Accountants Enrolled as Members and Taxation and Corporate Laws Sub-Committee
of Metropolitan Chamber of Commerce and
During the year 2018 (36+30) = 66 examinees Industry, Dhaka.
qualified as Chartered Accountants and became
Associates members of the Institute. One Chartered Mr. Khalek is the Director and Chief Financial
Accountant qualified from ICAEW, UK was also Officer of Berger Paints Bangladesh Limited since
admitted as the members of the Institute. 2004. Mr. Khalek is also member of the Board of
Directors of Jenson & Nicholson (Bangladesh)
9.5 Opening a 'Members Service Corner' Limited, Berger Becker Bangladesh Limited and
Berger Fosroc Limited. Apart from his service, he
This is for the first time in ICAB's history, a 'Members' has been one of the faculty members of The
Service Corner' has been opened with a view to give Institute of Chartered Accountants of Bangladesh
better services to the honourable members. Now the and Eastern University. He is a member of the
members can contact the Members' Service Corner Institute of Internal Auditors of Bangladesh and
for relevant professional queries from 9.30 am to 5.30 Intellectual Property Association of Bangladesh.
pm on working days. On receipt of queries/ requests
from members, officers/executives responsible shall Md Shamim Ahmed FCA
make necessary effort and fall back to the concerned
member with applicable information/ reply. Contact Md Shamim Ahmed FCA (947)
information of the 'Members' Service Corner' is given has been promoted as Managing
below: Director of Industrial and
Phone : +88028189258 (Direct No) Infrastructure Development
Hunting No : +8809612612100 (Ext. 200) Finance Company (IIDFC)
Email : members.service@icab.org.bd Limited recently. He assumed the
office on 1 February 2018. Earlier,
9.6 Members’ Achievement he was EVP-CFO & Company Secretary of IIDFC.
S M Ashfaqur Rahman FCA Md. Refaul Karim Chowdhury FCA
S M Ashfaqur Rahman, ACA Md. Refaul Karim Chowdhury FCA

(Enrollment No. 1686) has been (Enrolment No. 1337), achieved
awarded Membership of CIMA Fellow Membership from the
and AICPA with effective from 25 Institute of Financial Accounts
May 2017.He has also been (IFA) and the Institute of Public
awarded Membership of Institute Accounts of Australia recently.
of Financial Accountants, UK
and Institute of Public Accountants, Australia with As a member of the IFA he has been granted
effective from 23 October 2017. automatic membership of the Institute of Public
Accountants of Australia (IPA). IPA in January
At present he is working at PEB Steel Alliance 2015 formed the world’s largest professional
Limited as Company Secretary and Deputy accountancy body which is dedicated to the
General Manager (Accounts and Finance). He is needs of small and medium-sized accountancy
also a part time faculty member of ICAB. practices and their SME clients.

ANNUAL
REPORT 2018
3 Chartered Accountants at Kurmitola Golf Mohammad Mohiuddin Ahmed

Club (KGC) FCA as an Executive Director,
Financial Reporting, Financial
Reporting Council (FRC) under
the Ministry of Finance
recently.
The Ministry of Finance issued a
gazette notification on 25 June
2018 regarding the appointment of Mr. Ahmed.
Mohammad Mohiuddin Ahmed FCA as an
Executive Director, Financial Reporting, Financial
Reporting Council (FRC) under the Ministry of
Finance recently.
The Ministry of Finance issued a gazette
notification on 25 June 2018 regarding the
For the first time, 3 Chartered Accountants won appointment of Mr. Ahmed.
trophies in various categories in the same Mr. Ahmed has had more than 19 years of
tournament recently at Kurmitola Golf Club (KGC). experience in the banking, trade and service
They are (from right) N K A Mobin FCA, A F sectors.
Nesaruddin FCA, Council Member, ICAB and
Mahbubur Rahman FCA. They all are regular long Prior to joining FRC, he worked for Standard
time golf player and won several trophies in Chartered Bank, Bangladesh (SCB) for about 12
various tournaments at various golf courses in years in different positions including Head of
Bangladesh. Regulatory Reporting, Head of Group Financial &
Regulatory Reporting, Head of Finance
Operations Risk & Controls, etc.
Professor Dr Md Salim Uddin
FCA, FCMA as Chairman of
Executive Committee of Islami Mohammad Anwarul Karim as
Bank Bangladesh Executive Director of Financial
Limited-IBBL Reporting Council (FRC),
Dr. Md. Salim Uddin is a Fellow Bangladesh
Chartered Accountant (FCA), Mohammad Anwarul Karim has
Fellow Cost & Management joined as Executive Director
Accountant (FCMA), and Certified Public Finance Standard Setting of Financial
Accountant (CIPFA), UK. Reporting Council (FRC),
He is a Professor of Department of Accounting, Bangladesh from July 2018. He holds a degree
University of Chittagong and also Chairman of from the University of Dhaka, qualified as a
Bangladesh House Building Finance Chartered Accountant from ICAB in 1986 and
Corporation-BHBFC. worked as partner with ACNABIN and ARTISAN in
He was an Independent Director of the Dhaka. Mr. Karim is a highly accomplished
Chittagong Stock Exchange (CSE) appointed by professional accountant with an illustrious career
the Government. He was also an Independent spanning across 30 years. Having an in depth
Director of Premier Bank Ltd and Director of and broad-based knowledge and self-performed
Rupali Investment Ltd. experience on matters of Bangladesh audit
practices, US public accounting practices and
converging existing policy, procedures, course
materials to International Financial Reporting
Standards (IFRS).

ANNUAL
REPORT 2018
Zakir Hossain FCA achieved Mustaq Ahammed gets CPA

Associate Membership from Australia membership under
ICAEW MPA
Mr. Zakir Hossain FCA bearing Mustaq Ahammed FCA bearing
Enrolment No. 983 recently the enrolment no. 924 achieved
achieved Associate Membership CPA Australia membership, first
from the Institute of Chartered among the ICAB members’,
Accountants in England & Wales under the recently signed MPA
(ICAEW) under the Pathways to Membership between ICAB and CPA Australia. His
Scheme. membership was confirmed in July 2018, within
the very first week of signing the agreement. Mr.
Mr. Hossain has more than 25 years of
Ahammed is currently working as Corporate
professional experience with renowned
Accountant with NSW Local Government in
multinational and local corporate houses.
Australia. ICAB and the ICAB Asia Pacific Chapter
are proud of his achievement and congratulate
Mr. Ahammed.
Md. Mahsudur Rahman FCA in
International Sports
Achievement Suraiya Zannath Gets New
Assignment in Washington, DC
Md. Mahsudur Rahman FCA,
participated in the International Suraiya Zannath Khan FCA
Natural Bodybuilding & Fitness (Enrollment No. 582), Lead
Championship which held on 4 Financial Management Specialist,
August 2018 in Singapore. He Governance Global Practice, the
achieved the Silver Medal (1st Runner up) in the World Bank, Dhaka has been
Masters Category. assigned prestigious
appointment recently to its HQ, Washington, DC,
Earlier Mr. Mahsud participated International on the corporate unit of the Governance Global
competition held in Srilanka, Japan and China. He Practice, Standards, Codes and Systems. During
also obtained Bronze Medal in the Asian her one-year assignment, she will oversee the work
Bodybuilding Championship in Japan’ 2015. He across the member countries of the World Bank
was awarded & titled as “Mr. Bangladesh” in three relating to Report on the Observance of Standards
consecutive years including Gold Medal in the and Codes (ROSC)- Accounting and Auditing
Bangladesh Games. implementation, Corporate Financial Reporting,
He also participated in the World Natural Public Expenditure and Financial Accountability
Bodybuilding Championship held on 17 (PEFA) and Parliamentary Oversight Programme.
November 2018 in Los Angeles, USA. He
achieved place in the top five position in Masters
Category of this competition.
Amjad Received Lead Auditor
At present, Mr. Mahsud is serving as Chief Certification for the
Compliance & Audit Officer with Rahimafrooz. Certification Body PECB
Ali Amjad Choudhury FCA
(Enrollment 1242) CISA recently
has received the ISO/IEC 27001
Lead Auditor Certification from
the certification body PECB. He
is currently a partner at Howladar Yunus & Co,
Chartered Accountants, a member firm of Grant
Thornton International.
Mr. Choudhury has diversified experiences in
system audit, information system design and
implementation, etc.

ANNUAL
REPORT 2018
Dewan Nurul Islam Elected She is also the founding managing director of
Vice Chairman for Padma Grameen Telecom Trust, a member of think tank
Islami Life Insurance Company the Centre for Policy Dialogue and the
International Chamber of Commerce, Bangladesh
Dewan Nurul Islam FCA has and chairperson of MIDAS.
been elected as vice chairman of She is also a director of Transparency
Padma Islami Life Insurance International Bangladesh, Brac International, Palli
Company Ltd. recently. Karma-Sahayak Foundation, RDRS, Campaign for
Currently Mr. Islam is the President of ICAB & the Popular Education, Manusher Jonno Foundation,
Grameenphone and Linde Bangladesh. Recently,
Managing Director of Grant Thornton Consulting
she has also been elected as Chairman, UCEP.
Bangladesh limited, one of the world’s leading
advisory firms.
He has extensive senior level management
experience with large local corporates, MNC’s 9.7 We Mourn
and financial institutions in the country and
abroad. He served as a member of the board of
directors for a number of private and public sector A K Chowdhury FCA
organisations. He was a board director of Jamuna
Oil Company Limited and now chairman of Adieu to AK Chowdhury
National Asset Management Limited, an asset
management company licensed by BSEC. We are heart broken and
deeply sadden by the sudden
demise of our beloved and
Dr. Jamshed S A Choudhury veteran Chartered Accountant
Invited to Join as Associate
Abul Khair Chowdhury FCA
Member of ICAEW
(Enrolment No. 52), a valiant Freedom Fighter &
Dr. Jamshed Sanyiath Ahmed Adviser to the Interim Mujib Nagar Government in
Choudhury FCA bearing
Enrolment No 363 has been 1971, Founder Council Member & Past President
invited to join as an Associate of the Institute of Chartered Accountants of
Member of the Institute of Bangladesh (ICAB) and Managing Partner of
Chartered Accountants in England and Wales Hoda Vasi Chowdhury & Co. who breathed his
(ICAEW) under the Pathways to Membership last on Saturday, 12 May 2018 at Apollo Hospital,
Scheme. Under the scheme, Dr Choudhury has
Dhaka (Innalillahe .... Rajeun). He was 78.
fulfilled the eligibility criteria in October 2018.
Dr. Choudhury obtained his M A from School of He served the Government in exile in Mujib Nagar
Oriental and African Studies SOAS, University of in 1971 (April-December) as a lone Financial
London; M Phil from the University of Hull in Advisor from the Private-Sector. He served in
England; and Dr.rer.Pol (PhD) from South Asia different capacities of Bangladesh Government
Institute, the University of Heidelberg in Germany.
and the Financial Institutes which included among
others, Co-founder & founder Vice President of
Chittagong Stock Exchange (CSE) in 1995-2000,
Parveen Mahmud got Elected and Ex-Officio Member of Bangladesh Securities &
Chairman, UCEP Exchange Commission (BSEC) Advisory Board in
Parveen Mahmud has recently 2000, one of honorary member of NBR’s Advisory
joined the Board of Directors of Committee in Chittagong during 1973-97.
Apex Footwear as an
independent director. He left behind his wife, one son, one daughter and
a host of relatives, friends and a fleet of Chartered
Mahmud is a fellow member of
the Institute of Chartered Accountants to mourn his death.
Accountants of Bangladesh and also its first
female president.

ANNUAL
REPORT 2018
Doa Mahfil in Remembrance of late A K
G M Munir Ahmed FCA Chowdhury FCA and Other Deceased Members
G M Munir Ahmed FCA Expires
G M Munir Ahmed FCA (Enrl. 100), Partner of Ata
Khan & Co., Chartered Accountants died due to
old age complications at Green Life Hospital,
Dhaka on 28 May 2018. (Innah Lillahe... Rajeun).
ICAB expressed deep sorrow to the breaved family
& prayed for the eternal peace of the departed soul.
Mujibul Huque FCA

(ICAB) arranged a Doa Mahfil on 26 May 2018 at CA
Mujibul Huque FCA (Enrl. 180),
Ex-partner of ARTISAN Bhaban, ICAB Auditorium to seek blessing of
Chartered Accountants died due Almighty Allah and salvation of departed souls of late
to old age complications at A K Chowdhury FCA (Enrolment No. 52) and other
Apollo Hospital, Dhaka on 15 deceased Members of ICAB who left the world
July 2018. (Innah Lillahe ... forever.
Rajeun). He was 73.
Before starting Doa Mahfil ICAB President Dewan
ICAB expressed deep sorrow to the breaved family
& prayed for the eternal peace of the departed soul. Nurul Islam FCA, Vice Presidents, Council Members,
Past Presidents and Distinguished Members recalled
the contribution of AK Chowdhury to the Nation and
Anup Kumar Mukherjee FCA his memories relating to the Institute since its
inception in 1973.
Anup Kumar Mukherjee FCA
(Enrl. No. 1107), Chief Financial The relatives, colleagues, friends and well-wishers of
Officer of Apex Tannery Ltd. died the deceased members, and employees of the
at Square Hospital on 12 August
Institute attended the programme.
2018. He was 45.
ICAB expressed deep sorrow to 9.8 ICAB Election for 2019-2021
the breaved family & prayed for the eternal peace
of the departed soul. As per bye law 13(1) of ICAB Bye-laws 2004, the
Council-ICAB in its meeting held on 31 July 2018 fixed
the date of the Election to the Council and Regional
Committees on 24 November 2018. At the time of
We Mourn fixing the date of election, the Council-ICAB also
appointed an Election Commission consisting of the
We are also deeply saddened by the demise of our following 05 members of ICAB to conduct the
aforesaid elections:
following esteemed members:
Mr. AK Gulam Kibria FCA Chief Election Commissioner
Name Date of Expiry
Mr. M. Idris Ali FCA Election Commissioner
Sk. Mahbubar Rahman FCA (Enrl-396) 08/03/2018 Mr. Qudrate Khuda FCA Election Commissioner
Anwaruddin Ahmed FCA (Enrl-506) 01/10/2018 Mr. Mohammad Solaiman FCA Election Commissioner
Mr. Md. Showkat Hossain FCA Election Commissioner
Md Shahidun Nabi FCA (Enrl-279) 05/10/2018
Syed Mansur Ahmed FCA (Enrl-87) 12/12/2018
We pray for the eternal peace of the departed souls.

ANNUAL
REPORT 2018
1. Council
a. Dhaka Regional Constituency:

Sl. Enrl.
Name of candidates
No. No.
1 Kabir, Mohammed Humayun FCA 462
2 Khan, Adeeb Hossain FCA 652
3 Abedin, Kamrul FCA 527
4 Ahmed, Sabbir FCA 770
5 Kasem, Akhter Sohel FCA 328
6 Uddin, Mohammed Forkan FCA 886
7 Farooq, Muhammad FCA 521
8 Hossain, Md Shahadat FCA 672
9 Nesaruddin, A F FCA 469
10 Ahmed, Nasir Uddin FCA 535
11 Howlader, Maria FCA 1063
12 Joaddar, Md. Abdul Kader ACA 785
13 Khusru, Mahmudul Hasan FCA 820
14 Ghosh, Gopal Chandra FCA 716
15 Mobin, Noor -E-Khoda Abdul FCA 656
16 Moniruzzaman, Md. FCA 787
17 Khan, Dr. Md Abu Sayed FCA 401
18 Hossain, Md Mahamud FCA 833
b. Chittagong Regional Constituency

:
The Election Commission assigned Mr. Md.
Shahjahan Siraz, Deputy Secretary-ICAB with the Sl. Enrl.
Name of candidates
No. No.
responsibilities of Office Secretary of the Election
1 Uddin, Md Salim FCA 710
Commission. The Election of the Council and
2 Barua, Sidhartha FCA 699
Regional Committees of ICAB for the term 2019-2021
was successfully held on 24 November 2018 starting
from 8:00 am to 5:00 pm without break. As approved 2. Regional Committees
by the Council, Online Voting System in lieu of Postal
Ballots was introduced in the Election for the Members a. Dhaka Regional Committee:
having registered address beyond the Metropolitan Sl. Enrl.
areas of Dhaka and Chittagong cities as well as for the Name of candidates
No. No.
members residing outside Bangladesh. On special 1 Bepari, Miltan FCA 1412
circumstances, Online voting System was also used 2 Islam, A.H.M Ariful FCA 1260
for the members residing in the Country with prior
3 Sowdagar, Md Abu Khair Hasanul Hasif FCA 1054
permission of the Election Commission. In counting
4 Zia, Ziaur Rahman FCA 1259
votes, Optical Counting System (OCS) in place of
manual counting system was used by a software 5 Hossan, Md Amran FCA 1537
Company M/s Onnorokom Software as approved by 6 Rahman, Mohammad Redwanur FCA 999
the Council-ICAB. The names of the elected 7 Sultana, Anika FCA 1484
candidates (in accordance with the highest number of 8 Hossain, Md Razib FCA 1417
valid votes secured by each elected candidates) are 9 Reza, Md Selim FCA 939
given below:

ANNUAL
REPORT 2018
b. Chattogram Regional Committee:
SELECTION CRITERIA FOR AWARD
For 05 (five) seats in Chattogram Regional Committee,
05 (five) valid nomination papers were received from The criteria for the Award for 2018 is as follows:
05 (five) Candidates. Number of Contesting Minimum GPA/ Grade
candidates & number of seats were the same. So, no Examination
Requirement
election was held. Therefore, the following candidates
JSC-2017 GPA 5.00
of Chattogram Regional Committee were declared
elected uncontested: SSC 2018 GPA 5.00
“O” Level January and June 2018 6 As; or 70% as above
Sl. HSC 2018 GPA 5.00
Name Enrl. No.
No. “A” Level January and June 2017 3 As; or 70% as above
01 Chowdhury, Subash Chandra FCA 1102
Total 40 children of ICAB Members and Employees
02 Hasan, Imran Abu FCA 971
fulfilled the above criteria and were awarded the
03 Islam, Kamrul FCA 1017 'ICAB Brilliant Students' Award for the year 2018' on
04 Kashem, Mohammed Abul FCA 1266 December 2018 at a festive event.
05 Shaheed, Mohammad FCA 1016
Professor Dr. Md. Akhtaruzzaman, Vice Chancellor
University of Dhaka as the Chief Guest and Mr. Anisul
9.9 Brilliant Students' Award Hoque, Associate Editor, Prothom-Alo attended as the
Special Guest. The both delivered inspirational words
Ceremony 2018 for the children of to the awardees. The parents accompanied the
ICAB Members & Employees children while receiving the awards from the Chief
Guest.
To award the meritorious children of the members and
employees, the Institute has been organizing award President-ICAB, ICAB Council Members,
ceremony every year in a befitting manner under the Secretary-ICAB and other executives were also
auspices of Members Services and Welfare present in this colourful event.
Committee (MSWC) of the Council ICAB.

ANNUAL
REPORT 2018
10.0
Communications and
Publications

ANNUAL
REPORT 2018
10.0
Communications and Publications
Publication of Journal and News Bulletin been taken. The Journal and News Bulletin were
published on time. The number of Journal
ICAB always strives for new ideas for bringing new
contributions has also risen significantly.
dimensions in its publications. To improve the
publications in quality and standard, special care has Distribution list of the publications were made wider.
Cover page of monthly News Bulletin, Journals and other publications displayed in the picture
ANNUAL
10.1 Media Coverage REPORT 2018
10.1 Media Coverage
Some of Newspaper Cuttings on coverage of ICAB events during 2018, are displayed in the picture

ANNUAL
REPORT 2018
10.2 Media Participation Mahamud Hosain FCA Participated in TV Talkshow
This year ICAB drew adequate media coverages on

its national and international events. ICAB Members’
Conferences, Roundtable Discussion on Budget of
2018-18, Trainings and Workshops& FRA issue etc
got huge media coverage in both print and electronic
media. Vice Presidents and Members Council and
Fellow Members were also invited in several
electronic media during 2018 considering their
expertise in financial & economical issues.
Mahamud Hosain FCA Participated in TV Talkshow

ICAB Vice President and Member Council Mahamud
Hosain FCA participated in live business talkshow
‘Babshapatir Saradin’ in Independent Television on 15
March 2018. He shared views on stock market and the
updates of economy of the country.
Mahamud Hosain in NTV Talkshow

‘Market Watch’ in NTV on 17 & 20 January 2018. He
shared views on stock market and the updates of
economy of the country.
Mohammed Forkan Uddin FCA Participated in TV ‘Market Watch’ in NTV on 13 & 16 May 2018. He
Talkshow shared views on stock market and the updates of
economy of the country.
Md. Shahadat Hossain Participated in TV Talkshow
Mohammed Forkan Uddin FCA appreared in live

ICAB Member Council Md. Shahadat Hossain FCA
business talkshow ‘Market Watch’ in NTV on 1 & 27 participated in live business talkshow ‘Market Watch’
January 2018. He exchanged views on capital market in NTV recently. He shared views on national Budget,
and its impact on country’s economy. Capital Market and Macro Economic aspects.

ANNUAL
REPORT 2018
ICAB President Meets Business Editors of some Newspapers
To create rapport ICAB invited several media business editor of prominent dailies:
Meeting with Sujoy Mohajan, Meeting with Raihan M Chowdhury,

Business Editor, Prothom Alo Senior News Consultant, The Financial Express

ANNUAL
REPORT 2018
11.0
Regional & Overseas
Committees/Chapters

ANNUAL
REPORT 2018
11.0
Regional & Overseas Committees/Chapters
11.1 Dhaka Regional Committee (DRC) ICAB vice presidents Mahmudul Hasan Khusru FCA,
Md Mahamud Hosain FCA, Secretary Maj Gen
Jahangirnagar University Bagged Champion Muhammad Imrul Quayes, ndc, psc (Retd), DRC
Trophy in DRC-ICAB Quiz Biz 2018 chairman Md Ali Akther Rezvi FCA and other
members of DRC also attended the programme.
DRC-ICAB organized Art competition, poetry

recitation and discussion on Language Movement
A Quiz contest to inspire the meritorious students to

study Chartered Accountancy (CA) was held at CA
Bhaban where 32 students from 16 prominent public
and private universities participated in the final round
of the Quiz contest held on Friday, 26 October 2018.
Tania Ahmed and Md. Shahnewaj from Accounting
Department of Jahangirnagar University became the
Champion while Farah Haque and Fahmid
Chowdhury of Accounting and Information System
(AIS) Department of Dhaka University became the 1st
Runner up and Ariful Islam and Sifat Mahmudul Islam
from Kabi Nazrul Islam University became 2nd Runner
up. The Quiz contest was organized by the Dhaka
Regional Committee (DRC) of the Institute of
Chartered Accountants of Bangladesh (ICAB).
The Dhaka Regional Committee (DRC) of ICAB
ICAB President Dewan Nurul Islam FCA handed over organized an art competition, poetry recitation for
the crests, certificates and the prize money to the children and a discussion on language movement on
winners. Mr Islam said, according to a World Bank 21 February 2018 to observe the Omar Ekushey and
estimate, Bangladesh needs 18 thousand Chartered the International Mother Language Day at ICAB
Accountants to build digitalized and prosperous auditorium.
country. The aim of this contest is to inspire the
students to study CA and to promote transparency Chairman of DRC Md. Ali Akhter Rizvi FCA chaired the
and accountability in the financial sector of the programme while CAB President Dewan Nurul Islam
country. FCA, Md. Mahamud Hosain FCA, Council Members,

ANNUAL
REPORT 2018
grand daughter of Dr. Mohammad Shahidullah writer CRC-ICAB Observed Independence Day
Shanta Maria, DRC members and ICAB fellow
members were also present in the programme.
They recalled the turbulent time of language

movement in 1952 and urged to build the nation with
the spirit of this movement which led the nation into
independence in 1971 through liberation war. A good
number of children have participated in the art
competition. After the programmes, prizes were
distributed among the winners of the competitions.
11.2 Chittagong Regional Committee

(CRC) ICAB-Chittagong Regional Committee (CRC)
organized a discussion meeting following projection
CRC-ICAB Organized Workshop for CA Articled of a documentary on Liberation War 1971 in
Students observance of the Independence Day on 26 March
2018 at its office. The main discussants were valiant
freedom fighter AKM Roisul Haque Bahar, ICAB Vice
President Mossaddar Ahmed Siddique FCA, CRC
former chairman Md Abdus Salam FCA. Prominent
Chartered Accountants in this region were, among
others present in the programme. The discussants
recollected the memories of 1971 and urged the new
generations for building the country with the spirit of
liberation war.
CRC Annual Picnic 2018

Chittagong Regional Committee (CRC) of ICAB
organised a workshop for CA Articled Students on
“Conceptual Framework for Financial Reporting and
Presentation of Financial Statements” on 19 January
2018 at the Chittagong regional office.
Asif Md Tanvir Hossain ACA, Manager of Accounts

and Finance, Abul Khair Steel Ltd. conducted the
workshop.
CRC-ICAB Observed International Mother

Language day
ICAB Chittagong Members, CRC staff, their spouses

and children participated in the Annual Picnic-2018
on 16-18 March 2018 at Cox’s Bazar, Chittagong.

ANNUAL
REPORT 2018
ICAB Vice Presidents Moddassar Ahmed Siddique Aspac members remain grateful and thankful to the
FCA, Md Mahamud Hosain FCA and Council Member ICAB delegates and all other members for making the
Md Saifur Rahman Mazumdar FCA on invitation event such a success.
participated in the programme.
A fun-filled family-day and AGM in October
Picnickers enjoyed the beauty of the world’s longest
Sea beach. CRC-ICAB arranges the picnic every year. For the first time in Australia, Aspac Chapter
organised a family-day for members in a Waterfront
CRC-ICAB Pohela Baishakh Celebration Picnic Point in a plush Sydney suburb. Members had
great fun - some BBQ’ed food items for lunch, some
organised fruit platters for dessert, some organised
afternoon tea, kids had a blast too! Overall, it was
such a great fun that everyone said they would like to
do it again! Members living as far as 500km away from
Sydney also attended the event.
Additionally, the fun did not get in the way in doing

some real business – we managed to do our AGM too!
Members discussed/agreed various issues facing
them and entrusted the current executive committee
to continue.
ICAB-Chittagong Regional Committee (CRC)
Facilitation of the CPA MRA/MPA
organised Pohela Baishakh get-together 1425 on 19
April 2018 at Village Restaurant, Finlay, Agrabad The ICAB and Aspac Chapter take pride in being able
Commercial Area, Chittagong. to successfully negotiate and execute a member
pathway agreement (MPA/MRA) with CPA Australia.
To mark the celebration, cultural programme and
This provides ICAB members an important
recitation of poetry were organised with participation
breakthrough in obtaining CPA Australia membership
of the children of members. Latter a raffle draw
by taking advantage of the exemptions offered. CPA
followed by Dinner was hosted by CRC.
Australia is a global leader in the Accounting
11.3 Activities of ICAB Asia Pacific profession with over 160,000 members worldwide. A
(ASPAC) Chapter pathway to CPA membership provides significant
opportunity. Aspac members greatly appreciate the
It’s been an incredible year for the ICAB Asia Pacific MRA/MPA.
Chapter (Aspac Chapter/the Chapter). Not only did
Incorporation in Australia
we grow in numbers, we have had some phenomenal
achievements. The key highlights are presented As a significant boost to the legal status in Australia,
below. the Aspac Chapter got officially incorporated as a
not-for-profit Association registered in the state of New
Grand session with ICAB President, Council
South Wales (NSW) in January 2018. This provides the
members and other members attending WOCA
legal basis and framework for the Chapter to operate
Aspac members had the privilege and honour to have in Australia.
a Grand get-together with the honourable ICAB
Upcoming events:
President, five former Presidents and a number of
fellow ICAB members visiting Sydney for the World We anticipate a busy year ahead in 2019. Aspac
Congress of Accountants (WCOA), on 6 November. Chapter is planning to organise various events to
Approximately 35 members attended the session benefit members including:
making it one of the largest such gatherings outside
Bangladesh. Aspac members exchanged views of • Regular CPD events – the first one will be held on
their interest and concern with the ICAB delegates. 23 November 2018
The ensuing discussions generated some solutions • Joint initiatives with CPA – Aspac is exploring
and some items will be worked through over the various options to engage with CPA Australia for
coming days between ICAB and Aspac Chapter. The members’ benefit

ANNUAL
REPORT 2018
• New member assistance - Aspac is planning a The Aspac Chapter remains grateful to all
number of initiatives for new/aspirant migrants to stakeholders for their support and assistance
help them settle here in Australia. including members in Australia as well as the ICAB
Council, and looks forward to working collaboratively
with them.
Activites of the Members of ASPAC Chapter Pictured Below
ICAB-CPA MRA/MPA formal signing ceremony With CA ANZ pod-cast team after giving an
impromptu interview
Grand get -together with ICAB President and At CA ANZ stall at the WCOA
other delegates in Sydney
Presentation of a memento to the ICAB ASPAC and fellow ICAB members at WOCA
President sessions

ANNUAL
REPORT 2018
Members at WCOA break
Everyone’s happy in the Picnic
The fire-brand BBQ
The AGM discussions
Everyone’s getting in action in the Picnic

ANNUAL
REPORT 2018
12.0
IT Development

ANNUAL
REPORT 2018
12.0
IT Development
DIAR (Digital Identification of Audit Report) conducted in Dhaka and one (01) training session in
System Chittagong and (84) eighty-four firms attended the
training session.
DIAR System is a significant module of ICAB ERP
system where anybody can verify the auditing CA Online CPD
Firm putting company name and auditing year in
“Identify Auditors” menu visiting ICAB website. It has
been a major concern for ICAB members for many
years that the number of companies audited by ICAB
approved CA Firms has been well below the number
of companies registered with the RJSC. It is also
possible that certain quarters have been taking
advantages of the situation at great cost of CA
profession. In order to addressing the such situation, An important and beneficial feature of ICAB ERP
ICAB introduced the DIAR System; Mr. Nojibur Project is Online CPD. Gradually it is gaining
Rahman, Chairman – NBR of that time kindly launched popularity among the members particularly members
the DIAR System on 10th December 2017 at the residing overseas and who could not attend the
ceremony of National VAT Day -2017 at Agargaon, Members Conference bodily. Now members can
Sher-e-Bangla Nagar, Dhaka. This initiative by ICAB attend Online CPD and enhance their knowledge on
has been much lauded by Chairman NBR and senior particular subject matters reading the keynote papers
NBR officials and asked also for a training session on and finally can earn CPD credit hours answering a
DIAR System for NBR officials. short quiz.
Consequently, a two-days long training session was In 2018 we conducted (06) six Online CPD programs
organized for NBR officials, the training session was and significant number of participants attended the
inaugurated by the Chief Guest Mr. Md. Mosharraf Online CPD:
Hossain Bhuiyan, ndc, Senior Secretary, Internal
Resources Division and Chairman NBR on 08th May Sl. Online CPD Topic No. of
2018.
No. Online
Stressing implication of DIAR system NBR Chairman Participant
said the revenue authority largely depends on the 1. Corporate Transparency & 223
financial statements duly signed by an auditor to Sustainability Reporting
assess the taxpayers and the tax. DIAR is ICAB’s
noble initiative and it will help NBR officials in 2. Knowledge Management: A Strategic 330
assessing real taxpayers and the tax which ultimately and Dynamic Tool for Success
would leave positive impact on revenue collection. 3. Code of Corporate Governance 312
Furthermore, ICAB IT Department along with ICAB 4. An Analysis on Macroeconomic 288
QAD Department organized a series of training Performance of Bangladesh
session for CA Firms to describe the necessity of 5. Modernizations of Companies Act for 304
DIAR System and demonstrate how to give input Ease of doing Business
(Audited companies name) in DIAR System. Till now
six (06) training sessions on DIAR System have been 6. Post Budget Discussion -2018 314

ANNUAL
REPORT 2018
No doubt, in coming days Online CPD will be most excellent security features like snapshot of soft ballot
convenient way to achieve CPD Credit Hours avoiding on computer screen at the time of final submission,
traffic congestion of the city as well as busy schedule voter locking for suspicious attempt, vote counter for
of respected members. checking excess or less vote and restricting from
submission, voter can change her/his mind before
Online Voting & Optical Counting System final submission etc. This voting system was minutely
examined & tested from different aspects by ICT
Committee and finally handed over to Election
Commission. Election Commission also tested the
system to satisfy themselves, contesting candidates
as well as voters before adopting for ICAB Council &
Regional Committee Elections -2018. In Election –
2018, 152 voters cast their votes through Online
Voting System.
Optical Counting System (OCS)
This is a wonderful arrangement for counting votes in

physical ballot and the audience also enjoyed
vote-counting displayed in projection screen. Each
ICT Committee of the Council took initiative to and every physical ballots were scanned & projected
introduce Online Voting System for ICAB Council and before the audience. Any ballot having short or
Regional Committees Election -2018 as before it was excess votes or any other disputes was projected on
adopted in ICAB Council & Regional Committee screen before the audience and audience shared
Election -2015. In country’s context ICAB is the first their observation with Election Commission whether it
organization who developed & implemented online would be accepted or discarded. Audience can view
voting system to facilitate its members to cast their individual result for each booth as well as collective
valuable vote especially who are residing in abroad results. Such transparent vote counting system also
and could not attend physically in pooling booth. This adopted by the Election Commission as a result of
voting system is developed under the supervision of initiatives of ICT Committee of the Council-ICAB.
ICT Committee of the Council – ICAB and it has some

ANNUAL
REPORT 2018
13.0
Social and Other
Important Engagement
of the Institute

ANNUAL
REPORT 2018
13.0
Social and Other Important Engagement
of the Institute
Dewan Nurul Islam Took over Charge of President-ICAB
Dewan Nurul Islam FCA has taken over the charge of ICAB Gets Allotment of 20 Katha Land at RAJUK
the President of the Institute of Chartered Accountants Purbachal
of Bangladesh (ICAB) for 2018 at a formal ceremony
held at ICAB Auditorium on 1 January 2018. Mr. Islam
has replaced President Adeeb Hossain Khan FCA
who led ICAB in the year 2017.
Three new Vice-Presidents of ICAB; Moddassar

Ahmed Siddique FCA, Mahmudul Hasan Khusru FCA
and Mahamud Hosain FCA also have taken over the
charge of their offices for the year 2018. Moddassar
Ahmed Siddique and Mahamud Hosain were also in
the office of vice-presidents for 2017 and have been
reelected for the year 2018.
ICAB has got allotment of 20 Katha land at RAJUK
Purbachal, Dhaka for building ICAB’s own academic
campus. By getting this allotment, a long cherished
dream of the institute has become a reality.

ANNUAL
REPORT 2018
ICAB President, Vice Presidents, Council Members, The smiling faces, among others were the newly
Past Presidents and the Members of the Institute are qualified Chartered Accountants at a programme on
thankful to Engineer Mosharraf Hossain MP, Minister, ‘Dream Career: Day with the Leaders’ organized by
Ministry of Housing and Public Works, GoB and Md. the Institute of Chartered Accountants of Bangladesh
Abdur Rahman, Chairman, Rajdhani Unnayan (ICAB) on 3 March 2018 at CA Bhaban, Dhaka.
Katripakkha (RAJUK) for their whole-hearted supports
and cooperation to the Institute. Akhter Matin Chaudhury FCA, Chairman & Managing
Director, Nuvista Pharma Ltd in his speech gave a
ICAB President Dewan Nurul Islam FCA, Vice direction to the newly qualified CAs. ICAB President
Presidents Mahmudul Hasan Khusru FCA, Mahamud Dewan Nurul Islam FCA, Vice President Mahmudul
Hosain FCA, Fellow Member Ajit Kumar Paul FCA and Hasan Khusru FCA, Council Members Mostafa Kamal
Secretary Maj Gen Muhammad Imrul Quayes, ndc, FCA and Secretary Major General Muhammad Imrul
psc (Retd.) visited RAJUK on 17 May 2018 to give Quayes, ndc, psc (Retd) also shared their success
compliments and thanks to the Chairman, RAJUK . stories on the occasion. CEO of Grow n Excel
Zulfiquar Hussain delivered speech on Career
Highlights: ICAB Family Day Out 2018 Counseling session while Head of Strategy, AAMRA
Networks Ltd. Muhammad Solaiman conducted the
inspirational session for newly qualified CAs who are
going to start their dream career.
ICAB Held Advisory Committee Meeting

(ICAB) held its Advisory Committee Meeting of the
Council at Bangabandhu International Conference
Center (BICC) on 27 March 2018. ICAB President
Dewan Nurul Islam FCA gave a short presentation
Career Counseling for Newly Qualified CAs about the activities of ICAB taken and the strategic
.

ANNUAL
REPORT 2018
plan during his tenure. He also sought guidelines and Celebrating the Bangla New Year 1425 on 14 April
advices from the Past Presidents regarding further 2018, President of the Institute of the Chartered
advancement of the Institute. Accountants of Bangladesh (ICAB) Dewan Nurul
Islam FCA conveyed greetings to all Members of the
Demonstrating his action plan, ICAB President said to Institute. On the eve of the day he had sent a token of
ensure transparency and good governance in gifts to distinguished Members, Past Presidents and
financial sector, ICAB is implementing practical IT Council Members of this Institute.
based audit education and training, trying to
implement the IFAC and other compliance
requirements and giving highest importance on
improvement of audit and assurance quality and
capacity building of the Institute. ICAB Council
Members and Past Presidents were present in the
meeting.
ICAB Observed International Women’s Day
The Institute of Chartered Accountants of

Bangladesh(ICAB) observed the International Besides, ICAB President and Secretary Maj Gen
Women’s Day on 8 March 2018. On behalf of the Muhammad Imrul Quayes, ndc, psc (Retd.)
Institute, ICAB President Dewan Nurul Islam FCA celebrated Banglad New Year with all Employees of
conveyed greetings with flower bouquets and gift of ICAB.
chocolates to all its female members. ICAB Secretary
On the day Dhaka Regional Committee (DRC)-ICAB
Major General Muhammad Imrul Quayes, ndc, psc
organized a colorful programme to celebrate Pohela
(Retd.) also exchanged greetings with flower
Boishakh at its auditorium.
bouquets to all female officials of the Institute on the
day. A Day with Channel-i Young Leaders
Programme to Celebrate Pohela Boishakh 1425
On a field trip a group of Young Cheerful Leaders of

the Channel-i Young Leaders programme visited
ICAB to share views with the Officer Bearers and
Employees of the Institute on 24 April 2018. Fifteen
young leaders who are students participated in this
view exchange meeting. ICAB President Dewan Nurul
Islam FCA, Vice Presidents Mahmudul Hasan Khusru
FCA, Mahamud Hosain FCA, Past President and

ANNUAL
REPORT 2018
Council Member Muhammed Farhad Hussain FCA, Fruits Festival at CA Bhaban
Secretary Maj Gen Muhammad Imrul Quayes, ndc,
psc (Retd.) and Officials of the Institute are seen
among others.
ICAB Secretariate floor Inaugurated
ICAB President Dewan Nurul Islam FCA was the Chief

Guest at Fruits Festival 2018 and Cultural programme
organized by the Professional Club Ltd. at CA Bhaban
on 27 July 2018. Ajit Kumar Paul FCA a Fellow
Member of the Institute and Additional Secretary at
M J Abedin FCA, Past President-ICAB and Senior the Government of Bangladesh presided over the
Partner, M J Abedin & Co., inaugurated renovated programme while ICAB Past President Md. Abdus
office of ICAB Secretariate at 6th floor of CA Bhaban Salam FCA and a good number of Members attended
on 15 May 2018. During the occasion Mr. Abedin was the festival followed by a Cultural Programme.
flanked by ICAB President Dewan Nurul Islam FCA,
Vice Presidents, Council Members & Past Presidents. ICAB signed two MoUs with UHL and DBL
ICAB and Apollo Hospital Signed a Memorandum The Institute of Chartered Accountants of Bangladesh
of Understanding (MoU) (ICAB) signed two Memorandum of Understandings
(MoUs) with United Hospital Limited (UHL) and Dhaka
Bank Limited (DBL) on 9 August 2018.

(ICAB) and the Apollo Hospital Dhaka signed a
Memorandum of Understanding (MoU) on 2 June
2018 at CA Bhaban. This MoU allows access to The first MoU with UHL aims at privilege medical and
medical facilities and services for ICAB members and hospital service facilities for ICAB members,
employees at discounted rates. employees and their dependents. And the second
MoU with DBL aims at payroll related services on
With the presence of ICAB President Dewan Nurul preferential terms for the ICAB employees.
Islam FCA, the signing ceremony took place between
ICAB Secretary Major General Muhammad Imrul Chief of Communication & Business Development
Quayes, ndc, psc(Retd) and Akhter Zamil Ahmed, UHL Dr. Shagufa Anwar, Head of Retail Business-DBL
Deputy General Manager, Apollo Hospital, Dhaka. Md. Shafquat Hossain, and Head of HR-ICAB A K M
Ziaul Amin singed the MoU on behalf of their
Among others, ICAB Vice Presidents Mahmudul respective organizations.
Hasan Khusru FCA, Mahamud Hosain FCA, Council
Members, Past Presidents and distinguished Dr. Shagufa Anwar, Chief of Communication &
members were present in the programme. Business Development-UHL, Emranul Huq, Additional

ANNUAL
REPORT 2018
Paper presenter Md. Shahadat Hossain FCA, Council
Member-ICAB making a presentation on Best
Financial Reporting at a workshop organised by
Investment Corporation of Bangladesh (ICB) at its
Board Room on 26 March 2018.
Roundtable Discussion on ‘Career Potentials of

CAs and Way Forward’
Managing Director-DBL, Darashiko Khasru, Chief

Financial Officer-DBL, Dewan Nurul Islam FCA,
President-ICAB, Mahmudul Hasan Khusru FCA, Vice
President (E&T)-ICAB, Mahamud Hosain FCA, Vice
President (T&R)-ICAB, Mostafa Kamal FCA, Chairman
of MSWC & HR Committee-ICAB, Council
Members-ICAB, Maj Gen Muhammad Imrul Quayes,
ndc, psc (retd), Secretary-ICAB and officials from
UHL, DBL and ICAB witnessed the signing ceremony.
Common Interest Roundtable Discussion on ‘Career
ICAB President Attended MPA Programme Potentials of CAs and Way forward’, one of the major
milestone initiatives of institute was held at the ICAB
on 13 August 2018 at CA Bhaban, that aims to provide
ideas and curricula in progress for CA Professionals.
Leaders from the HR arena in corporate world and
different headhunting firms facilitated the discussion
among table participants.
Cultural Programme at CA Bhaban
As Special Guest ICAB President Dewan Nurul Islam

FCA attended the orientation programme for the
Master of Professional Accounting (MPA), 7th Batch at
Faculty of Business Studies, University of Dhaka on 3
August 2018. Professor Shebli Rubayat-ul-Islam,
Dean Faculty of Business Studies, Professor Dr.
Riazur Rahman Chowdhury, Chairman, Department of
Accounting & Information Systems and Professor Md.
Maksudur Rahman Sarker, FCMA, Director, MPA
programme, AIS were also present in the programme.
Shahadat Hossain Made Presentation on Best

Financial Reporting Warm Reception accorded to Newly Qualified CAs
Warm reception has been accorded to the newly

qualified Chartered Accountants at CA Bhaban on 4
September 2018. It was a very moment exciting

ANNUAL
REPORT 2018
throughout the session while met young & energetic sought guidelines and advices from the Past
CAs who made it through session May – June 2018. Presidents regarding further advancement of the
Dhaka Regional Committee-ICAB organized the Institute.
event.
ICAB organized the recruitment test for the post of
ICAB Officials Visited DSCSC Audit Officers for Pubali Bank.
ICAB Centre for Professional Excellence (ICPE) has

organized the written test for the post of "Audit Officer"
for Pubali Bank on 06 October, 2018 at ICAB Central
Library. ICAB also organized the same sort of
recruitment test in the year of 2014 for 150 candidates
in response to the request of Pubali Bank. A team
comprised with particular officials of ICAB under the
\ supervision of Secretary-ICAB has organized the
entire process of the Witten test.
Mr. Ahmed Enayet Manzur, General Manager- HR, Ms.

ICAB officials led by Secretary Major General
Ismat Ara Huq, Deputy general Manager-HR and
Muhammad Imrul Quayes, ndc, psc (retd) visited
other Officials of HR from Pubali Bank were present
Defense Service Command and Staff College
during the recruitment test.
(DSCSC) on 27 September 2018 as part of
motivational initiatives taken by the Institute. The Chief
Commandant Major General Md Enayet Ullah, BSP,
ndu, psc warmly received the ICAB officials while a
number of high-rank officials of DSCSC present at the
moment. After watching a documentary about
DSCSC, the ICAB team visited some important
classrooms where war game plan and group studies
for war-strategy are carried out. They also visited a
well-furnished & documented modern library
containing a hundreds of books which carry highly
professional values. ICAB team also visited
panoramic Army Gulf Club & picturesque beauty
place Tri-bene in Dhaka Cantonment on the same day.
ICAB Held 2nd Advisory Committee Meeting A total number of 167 applicants were attending in the
written examination. And all of them have completed
their Articleship from ICAB.
Election Commission 2018
As per bye-law 13(1) of ICAB Bye-Laws 2004, the

Council-ICAB in its meeting held on 31 July 2018 has
constituted Election Commission as under to hold the
Election of Council for the tenure 2019-2021 and the
Regional Committee(s) of the Institute for the same
tenure:
Chief Election commissioner AK Gulam Kibria FCA

The Institute of Chartered Accountants of Bangladesh and Elections Commissioners M. idris Ali FCA (95),
(ICAB) held its Advisory Committee meeting of the Mohammad Solaiman FCA (161), Qudrate Khuda
Council at Council Hall on 11 October 2018. The FCA (191) and Md. Showkat Hossain FCA (196).
meeting was chaired by Past President ABM
Azizuddin FCA in absence of Chairman of the ICAB Observed International Accounting Day 2018
committee. ICAB President Dewan Nurul Islam gave
a short presentation about the activities of ICAB The Institute of Chartered Accountants of Bangladesh
taken and the strategic plan during his tenure. He also (ICAB), one of the first founding members of SAFA

ANNUAL
REPORT 2018
Mathematician and Franciscan friar, Luca Bartolomeo
de Pacioli authored a book titled “Summa de
Arithmetica Geometria Proportioni et Propotionalita”
(Everything about Arithmetic, Geometry and
Proportion) which was published in Venice on
November 10, 1494. First of its kind, the book aimed
to summarize the mathematical knowledge of that
time. It is considered to be the first printed essay on
double entry bookkeeping called “Method of Venice”
and was a direct base of some widespread works on
mercantile accounting.
observed the International Accounting Day 2018 on
10 November 2018 in Bangladesh. A rally was ICAB Vice President Mahmudul Hasan Khusru FCA,
brought out by leading members of the Institute and Council Member Mostafa Kamal FCA, the Chairman of
attended by multitudes of pupil from different CA
Dhaka Regional Committee- ICAB, Md. Ali Akther
firms, public and private universities to commemorate
Rezvi FCA and ICAB Secretary Major General Imrul
this day.
Quayes, ndc, psc (retd) led the rally from Hatirjheel all
the way to CA Bhaban in Karwan Bazar, Dhaka.
ICAB Officials Visited BMTF Gazipur
The International Accounting Day on the 10th of

November has been observed by countries across
the globe. In light of this, the South Asian Federation
of Accountants (SAFA), a Forum of professional
accounting bodies of SAARC countries, decided to
join the world in illuminating the importance of ICAB officials led by Secretary Major General
accounting and the people in the profession and
Muhammad Imrul Quayes, ndc, psc (retd) visited
celebrate the International Accounting Day on
Bangladesh Machine Tollls Factory Ltd. (BMTF),
November 10th every year.
Joydebpur, Gazipur on 8 November 2018 as part of
motivational initiatives taken by the Institute. The
BMTF personel warmly received the ICAB officials
while a number of high-rank officials of BMTF present
at the moment. After watching a documentary about
BMTF, the ICAB team visited some productions and
operational activities.
The date, November 10th, happens to bear great

significance for the accountancy community. Italian

ANNUAL
REPORT 2018
Human Resources Activities of 2018

There was much discussion regarding the need for Policy Revision and Benefits Scheme
human resources functionality in order to transform
the Institute of Chartered Accountants of Bangladesh It is congenial for the ICAB to streamline and revamp
(ICAB) to take the institute in the 21st century. We existing HR Policies and Procedures for sustainable
have recognized the reality and have embarked upon development in line with the ICAB’s vision.
a path of introducing Human Resources Department Considering the need of revamping standard
at the Institute with a vision of creating a performance- operating procedure, HR has prioritized and started a
centric culture where employees are inspired to review of SOP; where it’s revealed that present state of
perform. benefits is not aligned with the existing SOP. Whereby
HR has suggested aligning benefits for a harmony of
Upon considering the assessment, newly introduced the Institute, and in lights of that:
HR Department has prioritized and taken some - revised mobile phone facilities pertaining to cover
initiative during the year 2018 which are as follows: official mobile phone tariff.
Employees Annual Performance Appraisal - provisioned in the yearly budget to introduce
employees’ Life and Medical Insurance facilities,
With an objective of creating performance-centric planned for employees’ training and
culture, HR has introduced newly developed Annual development, besides proposed and provisioned
Performance Appraisal Form based on in the budget on some benefits to bring
recommendation from the HR Committee, where the homogeneity among the different classification of
Line Managers and employees have the opportunity employment. This would be introduced subject to
for candid discussion one-to-one on the approval of the management.
successes/achievements, areas for development and
expectations required from each other and also option - proposed HR Policy content to HR Committee
to set objectives for next year. Accordingly the same and the Committee opined for revision of HR
has been circulated for evaluation; however, focus Policy setting priority of the content, and this can
group discussion is required by the management and be completed by the next year.
HR to orient employees on the benefits of the - signed Memorandum of Understanding (MoU)
performance-centric culture for a successful with Dhaka Bank Limited aiming at payroll-related
introduction of annual performance appraisal. services on preferential terms for the ICAB
employees.
Decentralization of authority
- facilitate MoUs for ICAB Members, Employees
It was noticed that the Secretary of ICAB brought and their dependents to get privileged along with
under the control of a central authority, where it was discount facility on medical assistance,
very challenging for the Secretary to address all the diagnostic and hospital services from Apollo
matters and control all the employees of ICAB by Hospitals and United Hospital.
himself. Based on the interest of ensuring efficient and
ICAB Placement Services
effective operations of the ICAB, all Heads of the
Departments were authorized to sanction their Introduced ICAB Placement Services to cover
employees’ Leave and also some senior Heads of the standard forms of sourcing to bridge the gaps of CA
Departments were accorded to initiate and sign letters professionals between skills needed by different
related to their respective areas of duties on behalf of Corporate Sectors in Bangladesh and skilled
the Secretary of ICAB. employees, as well as innovative solutions to attract
the most suitable Chartered Accountant (CA)
Manpower Planning and Organogram
professionals in the job market. This approach is
For effectiveness of the Institute, proposed new totally result oriented and so far we have received 69
Organization Structure alongside manpower planning CA Professionals CVs and managed to place for
with transformational positions that might foster interviews of around 16 professionals in the corporate
synergy across the functional teams and also to houses.
accord accountability among the employees. The Employee Recruitment and Onboarding Status
proposed Organogram and manpower budget is in
the approval process. A career opportunity advertisement was published in

ANNUAL
REPORT 2018
the last year with an objective of recruit 16 positions of recommendation from the Committee, HR has
21 vacancies. Out of the vacancies, 2 persons were reformed panels for the recruitment. So far all the
appointed as Head of Member Services and as Head positions’ interviews have been conducted and the
of Human Resources, where Head of Members candidates’ evaluation have been placed to the
Services has already left because of better management for approval.
opportunity Initially, the recruitment status was raised
in the first HR Committee meeting. Based upon
Recruitment
Name A K M Ziaul Amin
Designation Head of Human Resources
Joining Date February 15, 2018
Career summary: Before joining ICAB, Mr. Amin was the General Manager-HRM
at Beximco Petroleum Limited and before that, the Head of Corporate HR &
Admin at Rangs Group (Rancon Holdings Limited) and the HR Operations &
Strategic Senior Manager at Banglalink Digital Communications Limited. He has
completed his Bachelors, and Masters in Human Resources Management from
University of Dhaka.
Retirement
During the year of 2018, total 2 employees got retirement. We wish them success in future undertakings:
Name Khayrun Nahar

Designation Chief Librarian
Joining Date September 1, 1997
Retirement Date April 1, 2018
Career summary at ICAB: Ms. Nahar joined as Librarian and served 21 years
at ICAB. During the period, she worked in various capacities with utmost
dedication and hard work.
Name Md. Tayeb Ali

Designation Liftman
Joining Date October 1, 1980
Retirement Date August 28, 2018
Career summary at ICAB: Mr. Ali joined as Security Guard and served 38 years
at ICAB. During the period, he worked with utmost dedication, sincerity and hard
work.
We Mourn
Name Md. Anisur Rahman
Designation Accounts Assistant
Joining Date February 24, 1990
Deceased Date March 6, 2018
Md. Anisur Rahman joined as LDA-cum-Typist and served 28 years at ICAB.
During the period, he worked with utmost dedication, sincerity and hard work.
The Institute will ever remember for his contribution!

ANNUAL
REPORT 2018
14.0
Report of the Quality
Assurance Board (QAB)

ANNUAL
REPORT 2018
14.0
Report of the Quality Assurance Board (QAB)
On behalf of the Quality Assurance Board (QAB) of • Formed a Quality Assurance Board in the year
the Council-ICAB, I am very much delighted to 2004 with the status of a Standing (i.e. Permanent)
present the QAB Report on the Quality Assurance Committee, headed by a Past President of the
Review (QAR) activities in general and for the year Institute, and reporting directly to the Council.
2018 in particular. These review activities were carried
out by the Quality Assurance Department (QAD) of • After setting up the QAD in 2009, QAB has been
ICAB under the guidance of QAB during the year monitoring and overseeing QAD for quality
2018. assurance related activities of the Institute in
accordance with IFAC SMO-1: Quality Assurance.
Audit Firms licensed to operate in Bangladesh • In the years 2008 and 2009 ICAB adopted the
International Standard on Quality Control.
ICAB holds the sole and exclusive right to issue
practicing licenses to proprietors and partners of • In 2009, ICAB Council updated the conditions for
firms of chartered accountants to carry out Audit and Certificate of Practice (COP) where compliance
Assurance services in Bangladesh. As of 1st July with the requirements of adopted ISQC 1,
2018, the number of such partnership audit firms submission of Annual Returns of firms and QAD
licensed by ICAB stood at 88 and the number of visits by ICAB had been inserted in relation to the
proprietorship firms at 66, making a total of 154 firms. programme of quality control of the audit firms in
The number of members in practice was 367 and the Bangladesh.
number of members not in practice was 1249. The
number of practicing members entitled to train • The quality assurance review system of ICAB was
articled students stood at 292. set up in 2010 with the support of a twinning
project with the ICAEW to provide technical
Issuance/renewal of Certificate of Practice is done support for capacity building of ICAB members, in
annually by ICAB and requires strict adherence to: (a) particular the practicing members of ICAB.
attaining a minimum number of CPD hours in a year;
• From the year 2010, ICAB started the Quality
and (b) submission of Annual Return by the firms
Assurance Visits as planned initially.
within the stipulated time. A circular on imposing
monetary penalty for non-submission/late submission • QAD adopted a Quality Assurance Visit Manual,
of Annual Return and conditions for renewal of designed checklists for evaluating firms’
Certificate of Practice (CoP) was issued in 2015. procedures for quality control, cold file review,
whole firm review, etc., closely mirroring the
Quality control process of ICAB as regulator and regulations and processes followed by ICAEW.
activities of Quality Assurance Department
• QAD completed the first, second and third
The responsibility for issuance and renewal of three-year cycles (2010–2012, 2013-2015 and
Certificate of Practice to auditors vests with ICAB. In a 2016-2018) of quality assurance visits to all audit
bid to address the quality control issues and also to firms with a priority of audit firms having listed
upgrade the quality of audit and assurance services clients and then firms having other Public Interest
by the firms, ICAB has in place the Quality Assurance Entity (PIE) clients. The QAD completed its first
Department (QAD) with full time qualified professional three-year cycle (2010-2012) successfully
accountants and staff. Over the years, the covering visits of all the firms and the second
Council/QAB/QAD has embarked on the following three-year cycle (2013-2015) of visits of firms in
programs: the year 2015 where a significant progress has

ANNUAL
REPORT 2018
been achieved as the number of grossly and one-part qualified Executive. QAD needs at least
non-compliant firms has been reduced to 50%. 4 more full time qualified chartered accountants
for whom QAD has already made requests to the
• A further significant progress has been noticed
ICAB Secretariat.
during the third three-year cycle (2016-2018) of
visits of firms, as the number of grossly • ICAB has adopted the ICAEW model for Quality
non-compliant firms has been reduced Assurance, and ICAEW imparts training to the
significantly. QAD on an ongoing basis. Mr. Mahbub Ahmed
Siddique FCA visited ICAEW in London to gain
• In 2017, the previous Audit Practice Manual first-hand knowledge and experience in 2011 and
(APM) along with a Case Study has been also later on. He was seconded to the ICAEW
updated, published and disseminated among all team to visit the audit firms and was also invited to
of its practicing members. observe the proceedings of the Disciplinary
• QAD conducted a number of workshops for all Committee hearings of the ICAEW.
practicing members, qualified managers and • Despite lack of adequate human resources, the
articled students on use of updated APM at entire activities of QAD are running smoothly,
Dhaka and Chittagong. maintaining the IFAC requirements in this regard.
• QAD assisted the Investigation and Disciplinary We are also constantly liaising with ICAEW and
Committee (IDC) of the Institute to contemplate receiving ongoing advice and guidance as and
actions against the firms having major when needed. ICAB also emphasizes the
non-compliances with quality assurance importance of quality assurance issues through
requirements, issues relating to professional workshops (for the practicing members, qualified
misconduct and unsatisfactory results arising out managers and articled students) and CPD
seminars.
of the quality assurance review.
• QAD developed in the years 2017 and 2018 a Procedures followed by the QAD
dummy audit working paper file (based on
manufacturing sector) for the practicing members (a) Annual Returns of Firms
which is under review for finalization. The QAD work starts after the practicing firms submit
• QAD developed in the year 2018, in cooperation their Annual Returns. Such annual submission, starting
with IT department, a database based on firms’ from 2010, mainly includes summary of clients,
annual returns 2016 in ICAB ERP system to number of qualified and part qualified staff and
digitally identify and confirm the names of audit students, and other relevant information. This
firms linked to their audit clients. This searching information covers the calendar year (Jan–Dec) and is
will be done through ICAB web site with a view to due for submission to ICAB by 15 February of the
identify the authenticated information relating to following year. In accordance with the directives of the
audited companies and their audit firms. Anybody Council, no Practicing Certificates are to be issued or
from anywhere can do the searching. renewed without receipt of the Annual Returns from the
concerned firms. It may be mentioned that in 2018, 05
• QAD conducted training programmes on Digital Practicing Certificates were not renewed because of
Identification of Audit Reports (DIAR) for all CA failure in submission of annual return by their firms.
Firms at Dhaka and Chittagong in the year 2018.
(b) QAD Visits
• QAD identified in the year 2018 the differences
between audit clients’ lists collected from RJSC The next step involves a selection of firms for visits by
and the lists of audit clients as per related Annual the QAD Reviewers. The QAB policy is to cover all
Returns 2016 in respect of a good number of firms under QAD visits within each three-year cycle.
firms, and referred the matter to IDC in the case of The QAD reviewer maintains formal procedures and
significant differences confirmed after further documentation in compliance with IFAC SMO-1 and
checking by QAD with the firms. as guided by ICAEW. A Checklist, earlier prepared
and approved by the QAB, is used for this purpose
QAD-CAPACITY BUILDING and the following key areas are covered:
• The QAD is a department of the Technical  Leadership – highlights the responsibility of the
Directorate of ICAB. The QAD functions directly Partners to maintain adequate quality control
under the control and guidance of the QAB. The procedures in performing audit engagements
present human resources capacity of QAD (Lead the firm from the top - giving consistent
includes one qualified Chartered Accountants messages on the importance of quality control);

ANNUAL
REPORT 2018
 Ethical Requirements – to establish written placed before the QAB, without disclosing the names
policy on ethical requirements including annual of the firms being reported upon, for necessary
confirmation of independence and ICAB guidance and decision. A Satisfactory rating means
requirements (Always act ethically in accordance no immediate action is required and the firm will be
with the relevant standards and covered again in the next cycle of visits, usually 3
pronouncements); years from the date of the last visit. An Unsatisfactory
rating triggers a different set of actions – the firm is
 Acceptance and Continuance – of new and given a second opportunity to demonstrate
existing clients: to develop written procedures on improvement. A follow up visit is made, usually 6
acceptance and continuance of new and existing months later. And if the results still do not meet the
clients and maintain those procedures in addition requirements, the case is then referred by QAB to the
to ICAB’s specific requirements in this regard Investigation & Disciplinary Committee (IDC) through
(Focus on the right clients being matched by the the Council for necessary action as per the Institute’s
right skills with emphasis on integrity and Bye Laws.
competencies);
Though the QAD started its journey from the year
 Human Resources – to develop written policies
2009, much progress has been achieved so far. A lot
on recruitment, training, compensation, skills,
of work still needs to be done to bring our audit quality
competence, ethical requirements, appraisals,
control standard up to a level that we all can be proud
etc. (Maintain capable and competent staff giving
of.
due attention to the firm’s human resources
policies and procedures); Future Plan of QAD: 2019
 Engagement Performance – to develop quality
In addition to its normal activities, the QAD has a plan
control procedures and apply in appropriate
to focus on the following in the year 2019:
manner for ensuring quality in audit and
assurance service (Deliver quality audits, (a) To strengthen the manning of QAD by recruiting at
consultation on difficult or contentious matters least 4 more qualified accountants.
and meeting requirements for engagement quality
control review); (b) To conduct more training to update and upgrade
the professional knowledge and skill of the
 Monitoring – to develop a monitoring system of
members in practice, thus facilitating capacity
quality control of the firm (Monitor the firm’s
building of the firms.
system of quality control and carry out a periodic
objective inspection of a selection of completed
(c) To carry out more in-depth review of the working
audit engagements);
papers of firms engaged in providing statutory
 Documentation – to establish a well organized audit services to public interest entities
documentation procedures and maintain the (particularly listed companies, banks and
permanent and current working files (Document non-financial institutions) at fees much lower than
the operation of the quality control system so that those in the Recommended Fee Schedule of
the firm complies with ISQC 1 documentation ICAB.
requirements).
(d) To finalize the dummy audit working paper
In line with the procedures for firm visits, 15 days prior (manufacturing sector) file and disseminate to all
notice is given to the firms for such visits. The visits the practicing members of ICAB.
are carried out in a very professional manner and all
findings are discussed with the firm’s partners prior to (e) To coordinate with the Financial Reporting Council
completion of the visit. Following an internal review by (FRC) and strengthen the capacity building
the QAB, the reports are then issued to the respective programmes of the practicing firms in the areas as
firms and a written response is requested on the may be focused by FRC and ICAB Council.
actions which the firm plans to initiate to address the
shortcomings.
(C) Report on results of QAD Visits

A S M Nayeem FCA
QAD classifies the results of the visit as either Chairman, Quality Assurance Board and
Satisfactory or Unsatisfactory, and the results are Member Council and Past President - ICAB

ANNUAL
REPORT 2018
15.0
Report of the Real
Estate Committee (REC)

ANNUAL
REPORT 2018
15.0
Report of the Real Estate Committee (REC)
On behalf of the Real Estate Committee (REC) of the size of land. The long cherished dream of ICAB for
Council-ICAB, I am pleased to report on the various building a full-fledged Academic Campus has
activities of the REC for the year 2018. nearly come true. The Council of ICAB with the
recommendation of REC approved for
In 2018, a meeting of REC was held. Majority of the procurement of a plot of land at Purbachal New
projects undertaken during the year under review Town Project of RAJUK earlier in 2015. Out of the
were reviewed and recommended by the REC in total value of the land Tk. 03 (three) crore, the 1st
earlier years. Furthermore, Renovation Committee installment of the price of the land Tk. 1,14,00,000
(RC) of ICAB supported the REC throughout the year has already been paid to RAJUK this year.
in execution of the activities of the REC. As many as
16 (sixteen) meetings of Renovation Committee (10 - REC has collected quotations for selection of
formal and 06 informal meetings) were held. Like Contractors/Consultants for renovation of ICAB
previous years, Real Estate Committee (REC) of ICAB Auditorium at 9th Floor of CA Bhaban and these
has put its best endeavour for the development work are now under scrutiny by technical experts for
of ICAB as under: next steps.
- The renovation work of library (extended) and - With a view to expanding the spaces of Academic
Computer Lab at the 2nd floor of CA Bhaban and Campus for increased number of activities for
the office accommodation of the ICAB Secretariat increased number of students, an additional
at the 6th floor of CA Bhaban have been space measuring 2000 (two thousand) sft has
completed in 2018. The actual cost of the project been taken on lease and necessary lease
is Tk.87,95,083 (including cost of AC) for 2nd floor agreement has already been signed with the
of CA Bhaban and Tk. 96,98,962 (including cost landlord of the Building of ICAB Academic
of AC) for 6th floor of CA Bhaban. Campus at the Ground Floor situated at 51, 52
and 53 Kazi Nazrul Islam Avenue, Dhaka 1215.
- The renovation work (face lifting work) at the The main facilities in the newly rented spaces
Ground floor of CA Bhaban has been completed would be (a) Students Admission and Registration
in 2018. The budget for the project was Tk. (b) Students Counselling Centre (c) Cash Counter
1,26,66,000. The actual cost of the project so far and (d) Other related facilities.
Tk. 3,00,000 has been increased.
REC was very active during the year for the
- ICAB has got an allotment of a plot of land development work of ICAB. Renovation work is a
measuring 12.18 katha at Annonya, Chittagong continuous process in nature. A lot of works are still
from Chittagong Development Authority (CDA) for need to be done. On behalf of the REC, I express
making another ICAB’s own building. The total gratefulness to President, Vice Presidents,
cost of the land is Tk. 5,91,58,260 (excluding Councilors, Members of REC & Renovation
registration charges) which has already been fully Committee and the employees of the Institute who
paid. The Council of ICAB with the actively participated and contributed to the Activities
recommendation of REC decided to procure a of the Committee during the year.
plot of land at Chittagong earlier in 2014. In line
with the decision of the Council-ICAB in 2014, this
year Council-ICAB has given necessary approval
for procurement of land at Chittagong.
- This year ICAB has got a plot of land measuring AF Nesaruddin FCA
01(one) bigha at the Purbachal New Town Project Chairman, Real Estate Committee (REC) and
of RAJUK. Efforts are underway for increasing the Member Council-ICAB

ANNUAL
REPORT 2018
16.0
Report of the
Professional Development
Committee (PDC)

ANNUAL
REPORT 2018
16.0
Report of the Professional Development
Committee (PDC)
On behalf of the Professional Development Committee Conveners of the Working Groups kept regular
(PDC) of the Council-ICAB, I am pleased to report on communication with their relevant regulators
the various activities of the PDC for the year 2018. throughout the year to establish close link and
professional developments. Throughout the year
In 2018, 02 (two) PDC meetings (including 01 Joint several meeting with the regulatory bodies/other
Meeting with the practicing members entitled to audit organizations including NGO Affairs Bureau, IDRA,
listed companies (CA Firms enlisted with BSEC) were
RJSC, Bangladesh Bank, BSEC, NBR etc ) were held
held.
where the importance of recruitment of more CAs in
As many as 09 Working Groups were formed and public and private sectors etc and enhancement of
most of which were very much active during the year: audit fees (implementation of ICAB Fees Schedule)
were discussed and requested them to take actions.
Sl. # Name of the Working Group
I express my sincere thanks to the President, Council
1. Working Group for Banks and Financial Institutions
Members and all members of PDC and members of
2. Working Group for BSEC, DSE, CSE, RJSC and BIDA different working groups for their kind support and
3. Working Group for Insurance active participation in PDC.
4. Working Group for NGOs and Microfinance Institutions
5. Working Group for Public Sector, Corporate and liaison
with different Ministries, Govt. and Chamber Bodies
6. Working Group for Tax and VAT Muhammad Farooq FCA
7. Working Group for Capacity Building of CA Firms Chairman, Professional Development Committee and
Member Council-ICAB
8 Working Group for Enforcement and
Implementation of ICAB Fees Schedule
9 Working Group for exploring job opportunity for
professionals and combating/addressing
professional threats

ANNUAL
REPORT 2018
17.0
Report of the Taxation
and Corporate Laws
Committee (TCLC)

ANNUAL
REPORT 2018
17.0
Report of the Taxation and Corporate Laws
Committee (TCLC)
On behalf of the Taxation and Corporate Laws Events and activities of TCLC in 2018 at a glance
Committee (TCLC), I am pleased to report on the
activities of the TCLC for the year 2018. Dates Events and Activities
January 22, 24, 31 Meeting with Secretary, Ministry of
Area of Activities during the year
of 2018 February Commerce and representatives of
The scope of works of TCLC, a non-standing 19, 2018 different Chamber Bodies,
committee of the Council of the Institute is as follows: March 15, 2018 Stakeholders and Regulatory Bodies
i. On the basis of the suggestions/comments April 04, 2018 regarding Proposed Companies Act.
received from the members of the Institute - August 13, 2018
a) Preparation of a set of recommendations for January 29, 2018 Meeting at the office of Ministry of
submitting to NBR on fiscal laws (relating to April 12, 2018 Commerce, Bangladesh Secretariat
Income Tax, VAT, Customs, Turnover tax, Gift Tax regarding Draft Trade Organization
and stamp duty, etc.) for their consideration to Act 2018 .
incorporate the same into the National Budget;
March 20, 2018 Submission of Proposals on Income
b) Making comments on the draft enactments Tax Ordinance and Rules, VAT Act and
/amendments on the Taxation and VAT Act, Rules to NBR for their con sideration to
Companies Act, Banking Companies Act, incorporate the same in the National
Corporate Governance, Labor Act and other
Budget 2018-19
Acts/Regulations relating to and affecting the
profession and the business; and April 23, 2018 Meeting NBR high officials to discuss
on ICAB Budget Proposals.
c) Representing the Institute to different ministries
and regulating authorities on the fiscal & April 24, 2018 CPD Seminar on ‘Code of Corporate
corporate law matters and to protect the interest Governance’
of the Institute and its members. April 26, 2018 Submission of Proposals on ‘Draft
ii. Organizing seminars, workshops, trainings or Trade Organization Act 2018’ to the
CPD programmes relating to corporate laws, Ministry of Commerce.
taxation, VAT, Custom regulations, Finance Act, May 14, 2018 Pre-Budget roundtable discussion
Companies Act, Banking and Insurance Acts, jointly with Daily Prothom Alo
Corporate Governance Code, the Securities &
Exchange Ordinance & Rules and other related June 09, 2018 CPD Seminar on ‘Modernization of
matters. Companies Act for Ease of doing
Business’
iii. Contributing internationally in relation to
Statement of Membership Obligations of June 21, 2018 CPD Seminaron ‘Post Budget
International Federation of Accountants and other Discussion-2018’
regional professional bodies through
dissemination of its knowledge and providing Number of Meetings Held
required input on fiscal and other laws as
demanded by them time to time. In 2018, TCLC held four (04) committee meetings.

ANNUAL
REPORT 2018
Submission of ICAB Proposals to NBR and Past President ICAB, Parveen Mahmud FCA,
Member Council and Past President ICAB, A F
The Committee submitted a set of constructive Nesaruddin FCA, Member Council ICAB, Md.
proposals on Income Tax and VAT to NBR for Shahadat Hossain FCA, Member-TCLC and Member
incorporation in the Finance Act 2018. The ICAB's Council ICAB, Mohammad Forhad Hossain FCA,
proposals were for revenue increase as well as Member Council and Past President ICAB, Abdul
rationalization of some of the existing provisions of the Kaium, Associate Editor-Prothom Alo participated in
Acts. The Chairman of the committee Mr. Md. the Roundtable discussion.
Humayun Kabir FCA and Mr. Snehasish Barua FCA,
member of the committee participated in the The participants focused on sustainable development
discussion meeting with NBR which was held in NBR goals (SDGs) by 2030 in Bangladesh, increasing
on 23 April 2018. During discussion with NBR, ICAB foreign and local investment in the country,
delegates mentioned that ICAB has developed a compliance of the International Financial Reporting
website based system Digital Identification of Audit Standards in maintaining books of accounts to avoid
Reports (DIAR) where names of the different malpractice, implementation of ADP and revamping
companies’ auditors are available. Fake audit reports the rural economy, to maintain GDP growth rate and
can be cross-checked easily by visiting the website. create skilled human resources to accelerate the GDP
ICAB delegates recommended to include a provision growth. Issues relating to Double Taxation, Transfer
in the Income Tax Ordinance 1984 so that NBR could Pricing and VAT were also discussed. The
verify the authenticity of Financial Statements using participants also emphasized on online VAT collection
DIAR. We are pleased to inform that the NBR has to ensure money deposit in the government coffer and
accepted the proposal and included a provision remove the complexities of paying VAT.
under section 35(4)(c) of Income Tax Ordinance 1984.
The said provision has been explained through Participants discussed about the ways to increase the
Income Tax Paripatra-1/2018-2019 (Ref Page: 20-21). Government revenue and suggested: (i) to prevent
fake audit reports, ICAB, NBR and other regulatory
Roundtable Post-Budget Discussion bodies should work together; (ii) to reduce taxes on
industrial sector which would help to set up more
A National Pre-Budget roundtable discussion was industries resulting creation of more employments; (iii)
jointly organized by the ICAB and the Daily Prothom rationalizing the existing corporate tax structure to
Alo in Dhaka on 14 May 2018, outcome of which was attract more FDI (foreign direct investment); (iv) to
well circulated in the national newspapers and the bring stability in the market by having tax benefits for
electronic media. Senior Secretary & Member, the long-term investors (for two-three years); (v) Tax
General Economic Division, Bangladesh Planning rate should be rationalized for three major
Commission, Dr. Shamsul Alam was present as Chief intermediaries – asset management, brokerage house
Guest in the Round table discussion. A good number and merchant bank – have different rates for
of distinguished personalities, council members & corporate tax ranging from 15 percent to 37.5
past presidents of ICAB, including: Rasheda K percent; (vi) to practice standard auditing and
Chowdhury, former adviser to caretaker government accounting in all enterprises for financial
and the executive director of Campaign for Popular accountability and governance; (vii) to reduce the
Education, Professor Mostafizur Rahman, corporate taxes in staggering way; (viii) Digitalization
Distinguished Fellow, Center for Policy Dialogue of VAT collection to remove the complexities of new
(CPD), Syeda Rizwana Hasan, Director of Bangladesh VAT act.
Environmental Lawyers Association (BELA), Dr.
Nazneen Ahmed, Senior Research Fellow, Proposed Companies Act 2018
Bangladesh Institute of Development Studies, Dr.
Mohammad Abdul Mojid, former Chairman, National Seven (7) meetings were held on Proposed
Board of Revenue (NBR), Faruq Ahmed Siddique, Companies Act during 2018 at the office of the
former Secretary and former Chairman, Bangladesh Secretary, Ministry of commerce. Commerce
Securities and Exchange Commission, Syed Almas Secretary Mr. Shubhashish Bose presided over the
Kabir, President, Bangladesh Association of Software meetings. Representatives of BIDA, DCCI, Law,
and Information Services, Md. Siddiqur Rahman, Justice and Parliamentary Affairs Ministry GoB, NBR,
President BGMEA, A.N.M. Saifuddin, Director, Bangladesh Bank, BSEC, Ministry of Commerce GoB,
BGMEA, Muhammad Ahsan Ullah, Bangladesh RJSC, ICMAB, ICSB, FBCCI, MCCI and Prime
Merchant Bankers Association (BMBA), Dewan Nurul Minister’s office were also present in the meetings.
Islam FCA, President-ICAB, Md. Humayun Kabir FCA, ICAB submitted a set of constructive
Chairman TCLC and Member Council & Past recommendations on Proposed Companies Act to the
President ICAB, Kamrul Abedin FCA, Member Council ministry of commerce for consideration on the draft

ANNUAL
REPORT 2018
companies act for establishing ease of doing titled “Code of Corporate Governance”. Dr. Swapan
business in the country. Some recommendations for Kumar Bala, Commissioner, Bangladesh Securities
major changes in the Companies Act are as follows: and Exchange Commission was the Chief Guest. Mr.
Snehasish Barua FCA, Partner, Snehasish Mahmud &
a) For securing corporate transparency, there should
Co., presented the conference paper and Mr. Md.
be a mandatory requirement of appointing
Humayun Kabir FCA Member Council & Past
Secretary by public listed companies (PLCs) to
President of ICAB was the session Chairman.
retain investors who will be able to see how the
company is maintaining its corporate documents. The 2nd CPD seminar was held on 09 June 2018 titled
“Modernization of Companies Act for Ease of doing
b) Recognition and accommodation of International
Business”. Mr. Shubhashish Bose, Secretary, Ministry
Accounting Standards, International Financial
of Commerce, GoB was the Chief Guest. Mr. Shontosh
Reporting Standards & International Standards on
Kumar Pandit, Additional Registrar (Joint Secretary),
Auditing. Already these standards are in practice.
office of Joint Stock Companies and Firms, GoB was
It ensures fair and true view of the Financial
present as Special Guest. Mr. Ajit Kumar Paul FCA,
Statements and enhance investors’ confidence.
Additional Secretary, Financial Institutions Division,
c) Introduction of Corporate Governance to Ministry of Finance, GoB presented the conference
establishment of an orderly and efficient paper and Mr. Md. Humayun Kabir FCA Member
management of the company. Council & Past President of ICAB was the session
Chairman.
d) Recruitment of CEO, CFO, Company Secretary,
Internal Auditor as part of effective management The 3rd CPD seminar was held on 21 June 2018 titled
and right placement of the manpower. “Post Budget Discussion-2018”. Mr. Mosharraf
e) Role of Independent Director to ensure best Hossain Bhuiyan, ndc, Senior Secretary, Internal
practices within the entity to help increase Resources Division & Chairman, National Board of
oversight role. Revenue, Ministry of Finance was the Chief Guest. Mr.
Md. Shahadat Hossain FCA, Member Council of ICAB
f) Provision for enforcement of contracts and taking presented the keynote paper and Mr. Md. Humayun
punitive measures on misdoings / manipulation Kabir FCA, Member Council & Past President of ICAB
which will increase confidence of the investors. was the session Chairman.
This enables right to get recovery. It will help to
increase investment both local and foreign. Gratitude
g) Strengthening capacity of RJSC, setting up I would like to express my gratitude to the members of
Tribunals for speedy delivery and contributory role the committee as well as the employees of the
of professionals should be treated as an aid to the Institute for active participation and contribution to the
Regulatory Services as the regulator alone cannot activities of the Committee during the year.
make the market convergence. Without their creative inputs, dedicated services,
h) Under the current Companies Act, 1994 a relentless works and well-researched presentation, it
company is not allowed to buy its own share or would not be possible to carry out the activities of
provide financial assistance for purchasing its TCLC successfully.
own share. Lack of this facility to buy back shares
Conclusion
exposes the capital market to secure stability and
the regulators are prevented from directing the TCLC was very active during the year to protect the
listed company to buy back certain portion of its interest and promote the causes of the Institute and its
shares to prevent drastic fall or sudden rise of Members. However, we must not forget that
share prices. This provision should be changed to competing forces are stronger and more vigilant than
enable the regulator to control abnormal price fall ever before. Members' integrity, alertness and unity
or hike in the capital market ensuring a stable are the need of the hour to achieve the goals. May
capital market. Almighty guide and grant us success.
The recommendations of ICAB were appreciated by

the Ministry of Commerce.
CPD Seminars and others

Md. Humayun Kabir FCA
There were 3 CPD seminars organized by TCLC in Chairman, Taxation & Corporate Laws Committee
2018. The 1st CPD seminar was held on 24 April 2018 and Member Council & Past President-ICAB

ANNUAL
REPORT 2018
18.0
Report of the
Investigation and
Disciplinary
Committee (IDC)

ANNUAL
REPORT 2018
18.0
Report of the Investigation and Disciplinary
Committee (IDC)
On behalf of the Investigation & Disciplinary Committee (IDC) of the Council-ICAB, I am presenting the report
on the function of Investigation & Disciplinary Committee (IDC) of the Institute for the period from January 2018
to 13 December 2018.
SUMMARY OF IDC MEETINGS

The summary of the IDC meetings held during the year 2018 is as follows:
Meeting No. Date No. of Agenda No. of Members Attendance
1. 10.04.18 09 20 09
2. 19.05.18 08 20 14
3. 02.06.18 08 20 13
4. 26.06.18 04 20 12
5. 07.07.18 08 20 14
6. 30.07.18 06 20 09
7. 07.08.18 07 20 09
8. 25.09.18 08 20 10
9 16.10.18 08 20 10
10 30.10.18 10 20 13
11 13.11.18 09 20 07
12 13.12.18 04 20 08
SUMMARY OF CASES DEALT BY IDC IN THE YEAR 2018

S
ummary of cases dealt by IDC during the period from January 2018 to 13 December 2018 is as follows:
Sl. No. of
Complainants Remarks
# Complaints
Complain Based Approach:
1. Bangladesh 02 • One (01) case has been disposed of by warning the
Securities & engagement partner and by recommending to the Council to
Exchange issue a directive to the practicing members to verify whether
Commission audit report signed by them has been correctly published in the
(BSEC) annual report.
• One (01) case is under investigation.
2. Chittagong 02 • One (01) case has been disposed of by recommending to the
Stock Exchange Council to suspend the membership of the engagement partner
(CSE) for two (02) years from the date of communication of Council
decision.
• One (01) case has been disposed of by recommending to the
Council to debar the engagement partner from the public
practice for five (05) years from the date of communication of
Council decision.

ANNUAL
REPORT 2018
Sl. No. of
Complainants Remarks
# Complaints
3. Quality 13 • Four (04) cases have been disposed of by recommending to the
Assurance Council to impose monetary penalty of Tk. 100,000 (for each
Board (QAB), case) upon the concerned Proprietor/Partner/Member as well as
ICAB to instruct Quality Assurance Department (QAD) of ICAB to
confirm the disclosure of accurate number of audit clients in the
upcoming annual return to be submitted to ICAB.
• Two (02) cases have been disposed of by recommending to the
Council to discard the name of the proprietors of two CA Firms
from the list of practicing members of the Institute.
• One (01) case has been disposed of without recommending any
action as the Firm has been closed by the proprietor.
• Six (06) cases are under investigation.
4. Member of the 03 • One (01) of the cases was regarding under cutting of audit fees.
Institute The case has been disposed of by recommending to the
Council to impose monetary penalty of Tk. 200,000 only upon
one of the engagement partners and to reprimand the joint
engagement partner.
• Two (02) cases are under investigation.
5. Executive 01 • The case has been disposed of by recommending to the

Committee Council to impose monetary penalty of Tk. 200,000 only upon
the concerned member.
Total 21
I thank the Council ICAB and the President for selecting me, once again, as the Chairman of IDC for this year. I
particularly thank the members of the IDC who have worked very long hours in each of the meetings. This was
necessary to ensure that IDC arrive at a fair decision in every case. The members of the Committee cooperated
whole heartedly to enable us to dispose of all the matters placed before IDC. Members of the Committee
deserve special thanks for their dedication.
Thank you.
Sheikh A. Hafiz FCA

Chairman, Investigation & Disciplinary Committee

ANNUAL
REPORT 2018
19.0
Report of the
Audit Committee

ANNUAL
REPORT 2018
19.0
Report of the Audit Committee
The Audit Committee of the Council of ICAB has been of ICAB who is also a member of the Institute was the
formed to assist the Council in discharging its function Member Secretary of the Committee.
and responsibilities with specific Terms of Reference
(ToR) so that the Committee can act independently. The expectation from this committee in 2018 were are:
ToR of the Audit Committee has been revised and  Complete ongoing activities/project;
approved by the Council on 13 December 2017 This
 Make internal audit department section functional;
revised ToR of the Committee includes the
composition of the Committee with one of the Past  Oversee the Council’s Implementation of internal
Presidents of ICAB as the Chairman of the Committee, audit manual/ procedure;
two Council Members other than members of the
 Review of internal audit reports at regular intervals.
Executive Committee and at least four Independent
We did not find any internal audit reports.
Members of the Institute. It also includes that the
Council shall nominate a Senior Executive of the  Complete review of 2016-17 Management
Institute or Head of Internal Audit who shall preferably Reports, monitor implementation status and
be a member of the Institute as the Member Secretary report to Council; and
of the Committee without voting right.  Any other item as may be identified by the
committee on requirement from Council.
The mandate of the Committee is to assist the Council
in fulfilling its oversight responsibilities in respect of During the year 2018, the Audit Committee had 2
monitoring the financial operations of the Institute, meetings till October 18 2018.Those meetings already
integrity of financial statements, risk management and held it conducted the following main businesses:
internal control management, compliance with legal
and regulatory requirements, evaluation performance 1. Reviewed the financial operations and the
of the Institute, review report of external auditors, financial statements of the Institute;
compliance of ICAB Bye-Laws & Council Directives, 2. Reviewed the risk and internal control
and to carry out any other function(s) as may be management;
assigned to the Committee by the Council. Scope of
responsibilities also includes: 3. Reviewed the compliance with the legal and
regulatory requirements;
1. To assist, guide and support to the institution for
its adequate internal control; The Minutes of the Audit Committee meetings
containing various suggestions and
2. To assist, develop and institutionalize risk matrix, recommendations to the Management have been duly
report to the Council and monitor; placed before the appropriate authorities for
necessary actions at its end.
3. To give recommendation to appoint External
Auditor. On behalf of the Audit Committee,
4. To review internal audit plan and annual audit
calendar.
The Audit Committee for 2018 consisted of 15

Members. A Past President of ICAB not being a Masih Malik Chowdhury FCA
council member was Chairman, 4 Council Members Chairman, Audit Committee &
and 10 are independent members. Technical Adviser Past President-ICAB

ANNUAL
REPORT 2018
20.0
Meetings of the Council
and Committees

ANNUAL
REPORT 2018
20.0
Meetings of the Council and Committees
Council Meeting
Total Meetings: 17
Summary of the Meeting as of the Different Standing Committees/ Boards held in 2018
Sl # Standing Committees / Boards No. of Meetings held in 2018
1 Executive Committee 05
2 Examination Committee 04
3 Investigation & Disciplinary Committee (IDC) 12
4 Articled Students Committee (ASC) 07
5 Technical & Research Committee (TRC) 05
6 Board of Studies (BoS) 05
7 Quality Assurance Board (QAB) 04
Summary of the Meeting as of Non-Standing Committees/ Boards held in 2018

Sl # Other Non-Standing Committees / Boards Nos. of Meetings held in 2018
1 Real Estate Committee 01
2 Editorial Board 03
3 Professional Development Committee (PDC) 02
4 Taxation and Corporate Laws Committee (TCLC) 04
5 Project Development & Implementation Committee (PDIC) 01
6 SAFA, CAPA & International Affairs Committee 02
7 Review Committee for Published Accounts & Reports (RCPAR) 05
8 Information & Communication Technology Committee (ICTC) 05
9 Members Services & Welfare Committee (MSWC) 03
10 Committee for Amendment of CA Order & Bye-Laws 04
11 Continuing Professional Development Committee (CPDC) 02
12 Committee for Small and Medium Practitioners (SMP) 01
13 ICAB - ICAEW Coordination Committee 01
14 Committee on Public Finance and Public Sector Accounting 01
15 Audit Committee 04
16 Committee on Professional Accountants in Business (PAIB) 01
17 Media & Branding Committee 03
18 HR Committee 02
19 Committee for Women in Leadership (WIL) 02
20 Advisory Committee 02

ANNUAL
REPORT 2018
21.0
Acknowledgement

ANNUAL
REPORT 2018
21.0
Acknowledgement
The Council sincerely puts on record its gratitude and Bangladesh. The Council acknowledges continuous
appreciation to all members of ICAB and in particular support from SEC, DSE, CSE, IDRA, BIDA and other
those who spared their precious hours for the Institute Government, Non-Government Organizations (NGO)
in various Committees and Sub-Committees of the and other Professional Institutions for their
year 2018. cooperation and collaboration with ICAB.
ICAB Council appreciates the sincere efforts of Ahsan ICAB Council sincerely acknowledges the mutual
Manzur & Co. Chartered Accountants and Snehasish cooperation and guidance of the International
Mahmud & Co. Chartered Accountants in auditing the Federation of Accountants (IFAC), Confederation of
financial statements of ICAB for the year 2017-2018 Asian & Pacific Accountants (CAPA) and the South
as external auditors of the Institute. Asian Federation of Accountants (SAFA) along with
other Regional Professional Institutes. The Council
The Council acknowledges the contributions of the
extends its gratitude to the IFRS Foundation to
respective Regional Committees and Chapters
authorise ICAB for supplying of data for development
Management Committees for their whole hearted
and publication of Bangladesh Financial Reporting
efforts and excellent cooperation in carrying out the
Standards (BFRS), Bangladesh Accounting
activities of the institute throughout the year.
Standards (BAS) and BFRS for SMEs in Bangladesh.
The Council is sincerely grateful to different Ministries
ICAB acknowledges the contribution of ICAEW in
of the Government to support ICAB and its causes.
terms of providing guidance in standard setting and
Ministry of Commerce as the administrative Ministry of
other areas of professional conduct, learning and
ICAB extended their immense cooperation in
professional development including reform in
materializing ICAB’s role.
Education and Examination. ICAB also acknowledges
The Council acknowledges the support of the Ministry the support of the Institute of Certified Public
of Finance in the capacity building of Public sector Accountants in Ireland (CPA Ireland) and CPA
financial management. ICAB is also thankful to the Australia for bestowing their confidence through their
National Board of Revenue (NBR) and Bangladesh mutual collaboration with ICAB.
Bank (BB) for their alliance with ICAB in the mission of
Last but not the least, the Council ICAB appreciates
bringing financial discipline in the country.
ICAB employees for their team spirit and commitment
ICAB Council takes the opportunity to convey to provide assistance to the Council in discharging its
gratitude to the Local Government Division of the duties and responsibilities and make 2018 another
Ministry of Local Government, Rural Development & successful year.
Co-operative (LGRD & C) in regards to Annual
By the order of the Council.
External Audit, Performance Assessment and
Fiduciary & Safeguard Compliance Assessment of
Union Parishads under the Local Governance
Support Project (LGSP)-II. ICAB would like to thank
the Office of the Comptroller and Auditor General
(OCAG) to participate in Knowledge exchanging
initiative in strengthening accounting and auditing Maj Gen Muhammad Imrul Quayes ndc, psc (Retd)
practices in both Public and Private Sectors in Secretary-ICAB

ANNUAL
REPORT 2018
AUDITOR’S REPORT
Financial Statements
2017-18

ANNUAL
REPORT 2018
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
Taka in Thousand
2017-2018 2016-17 2015-16 2014-15 2013-14
Financial Position
Land & Building Fund 236,221 236,221 236,204 236,172 196,132
General Fund 201,804 199,934 206,849 219,645 190,348
Members Welfare Fund - - 89 1,356 3,086
Employees Gratuity Fund 58,049 60,746 57,741 30,903 28,866
Fixed Assets 100,714 84,538 92,763 73,401 75,094

Advances and Deposits 39,463 20,640 39,861 39,257 33,297
Current Assets 424,540 475,898 439,428 435,879 350,218

Current Liabilities 52,623 70,191 70,096 47,210 30,412
Net Current Assets 371,917 405,706 369,332 388,669 319,806
Cash Flows
Operating Activities (50,051) 15,895 34,828 84,849 71,966
Investing Activities (2,713) 24,424 (25,953) (67,188) (70,071)
Financing Activities (503) (70) (803) (2,206) (496)
Cash & Cash Equivalent at Year-end 393,284 446,551 408,925 400,854 320,597
Income & Expenditure

Income 273,710 276,020 255,786 253,680 254,150
Expenditure 271,840 282,935 251,314 184,382 174,618
Operating Surplus 1,870 (6,915) 4,472 69,297 79,532
Five Years Comparative Data

Income Expenditure Operating Surplus
300,000
250,000
282,935
276,020
273,710
255,786
253,680
254,150
251,314
200,000
271,840
184,382
150,000
174,618
100,000
(6,915)
79,532
69,297
4,472
1,870
50,000
-
2017-18 2016 -17 2015-16 2014-15 2013 -14
(50,000)

ANNUAL
REPORT 2018
FINANCIAL HIGHLIGHTS
Five Years Data
(Taka in Thousand)
Income Expenditure
Income Expenditure
280,000 300,000
282,935
275,000 250,000
271,840
276,020
251,314
273,710
270,000
200,000
265,000
184,382
150,000
174,618
260,000
255,000 100,000
255,786
253,680
254,150
250,000
50,000
245,000
240,000 -
2017-18 2016-17 2015-16 2014-15 2013-14 2017 -18 2016 -17 2015 -16 2014 -15 2013 -14
Operating Surplus Current Liabilities

Operating Surplus Current Liabilities
90,000 80,000
80,000
70,000
79,532
70,000
70,096
70,191
60,000
69,297
60,000
50,000 50,000
52,623
47,210
40,000 40,000
30,000 30,000
30,412
4,472
20,000
(6,915)
1,870
20,000
10,000
10,000
-
(10,000) 2017-18 2016-17 2015-16 2014-15 2013-14 -
2017-18 2016-17 2015-16 2014-15 2013-14
(20,000)
Cash & Cash Equivalent at Year-end Current Assets

Cash & Cash Equivalent Current Assets
500,000 500,000
475,898
446,551
400,000 400,000
439,428
408,925
435,879
424,540
393,284
400,854
300,000
300,000
350,218
320,597
200,000
200,000
100,000
100,000
-
-
2017-18 2016-17 2015-16 2014-15 2013-14 2017-18 2016-17 2015-16 2014-15 2013-14

ANNUAL
REPORT 2018
Income 2017-18
22% 13%
6% Members Fees & Other Services

Students Registration & Other Services
3%
Grant Income
Subscription & Other Income From Events
11%
51%
Other Income
Income 2016-17
11%
19%
Members Fees & Other Services
6% Students Registration & Other Services
Grant Income
Subscription & Other Income From Events
14%
50% Other Income

ANNUAL
REPORT 2018
Expenditure 2017-18
4%
4%
8%
Members Services
29% Students Services
Events Related Expenses
54%
Administrative Expenses
Other Expenses
5%
Expenditure 2016-17
3%
14%
Members Services
24% Students Services
Events Related Expenses
Administrative Expenses
8%
51% Other Expenses

ANNUAL
REPORT 2018
FIVE YEARS DATA
Taka in Thousand
Vertical Analysis
Particulars 2017-18 % 2016-17 % 2015-16 % 2014-15 % 2013-14 %
Income 273,710 100 276,020 100 255,786 100 253,680 100 254,150 100
Expenditure 271,840 99 282,935 103 251,314 98 184,382 73 174,618 69
Operating Surplus 1,870 1 (6,915) (3) 4,472 2 69,297 27 79,532 31
Capital and Liabilities

General Fund 201,804 36 199,934 35 206,849 36 219,645 41 190,348 42
Land & Building Fund 236,221 43 236,221 41 236,204 41 236,172 44 196,132 43
Members Welfare Fund - - - - 89 0 1,356 0 3,086 1
Employees Gratuity Fund 58,049 10 60,746 11 57,741 10 30,903 6 28,866 6
Scholarship & Relief Fund 6,440 1 6,943 1 6,826 1 6,394 1 5,299 1
Current Liabilities 52,623 9 70,191 12 70,096 12 47,210 9 30,412 7
Total 555,137 100 574,034 100 577,805 100 541,681 100 454,142 100
Assets
Fixed Assets (WDV) 100,714 18 84,538 15 92,763 16 73,401 13 75,094 16
Advances and Deposits 39,463 7 20,640 4 39,861 7 39,257 7 33,297 7
Current Assets 424,540 75 475,898 82 439,428 77 435,879 79 350,218 76
Total 564,717 100 581,076 100 572,052 100 548,537 100 458,609 100
Horizontal Analysis
Change Change Change Change Change
over Pre over Pre over Pre over Pre over Pre
Particulars 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
ceding ceding ceding ceding ceding
Year (%) Year (%) Year (%) Year (%) Year (%)
Income 273,710 (1) 276,020 8 255,786 1 253,680 (0.2) 254,150 16 218,502
Expenditure 271,840 (4) 282,935 13 251,314 36 184,382 6 174,618 21 144,099
Operating Surplus 1,870 (127) (6,915) (255) 4,472 (94) 69,297 (13) 79,532 7 74,403
Capital and Liabilities

General Fund 201,804 1 199,934 (3) 206,849 (6) 219,645 15 190,348 24 153,699
Land & Building Fund 236,221 - 236,221 0.01 236,204 0.01 236,172 20 196,132 26 156,088
Members Welfare Fund - - - (100) 89 (93) 1,356 (56) 3,086 1 3,063
Employees Gratuity Fund 58,049 (4) 60,746 5 57,741 87 30,903 7 28,866 14 25,217
Scholarship & Relief Fund 6,440 (7) 6,943 2 6,826 7 6,394 21 5,299 7 4,975
Current Liabilities 52,623 (25) 70,191 0.14 70,096 48 47,210 55 30,412 11 27,324
Total 555,137 (3) 574,034 (1) 577,805 7 541,681 19 454,142 23 370,366
Assets
Fixed Assets (WDV) 100,714 19 84,538 (9) 92,763 26 73,401 (2) 75,094 8 69,507
Advances and Deposits 39,463 91 20,640 (48) 39,861 2 39,257 18 33,297 17 28,575
Current Assets 424,540 (11) 475,898 8 439,428 1 435,879 24 350,218 29 271,803
Total 564,717 (3) 581,076 2 572,052 4 548,537 20 458,609 24 369,885

ANNUAL
REPORT 2018
INDEPENDENT AUDITOR’S REPORT
To the Members of
We have audited the accompanying financial statements of The Institute of Chartered Accountants of Bangladesh,
which comprise the statement of financial position as at 30 June 2018 and the statement of profit or loss and other
comprehensive income, statement of changes in funds and statement of cash flows for the year then ended and a
summary of significant accounting policies and other explanatory notes.
Audit for the year ended on 30 June 2017 was conducted by Mr. Mohammad Ataul Hoque FCA and Mr. Md. Amirul Islam
FCA who issued an unqualified opinion on 3 December 2017.
Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with
International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) and other
applicable laws and regulations and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit
in accordance with International Standards on Auditing (ISAs). Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,
we consider internal control relevant to the entity's preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respect, the financial position of the Institute as
at 30 June 2018 and its financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards (IFRSs) and other applicable laws and regulations.
We also report that,
a. We have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit and made due verification thereof;
b. In our opinion, proper books of account as required by law have been kept by the Institute so far as it appeared
from our examination of those books and
c. The statement of financial position and statement of profit or loss and other comprehensive income dealt with
by the report are in agreement with the books of account and returns.
Md. Raghib Ahsan FCA Snehasish Barua FCA

Auditor Auditor
Place: Dhaka
Dated: 09 December, 2018

ANNUAL
REPORT 2018
Statement of Financial Position
As at 30 June 2018
30 June 2018 30 June 2017 30 June 2016

Particulars Notes
Taka Taka Taka
Restated* Restated *
Assets
Non-current assets 129,127,747 96,902,692 127,968,298
Property, plant & equipment * 3 71,917,523 55,283,629 72,326,754
Investment property* 4 27,456,116 28,000,221 19,792,970
Intangible assets 5 1,340,044 1,254,002 643,009
Advances and deposits (non-current portion) 6 28,414,064 12,364,840 35,205,565
Current assets 424,540,465 475,897,858 439,428,352
Inventories 7 4,349,724 3,622,099 4,488,418
Receivables 8 15,858,448 17,449,043 21,359,452
Advances, deposits and prepayments (current portion)* 9 11,048,623 8,275,290 4,655,142
Cash and cash equivalents 10 393,283,670 446,551,426 408,925,340
553,668,213 572,800,550 567,396,650
Funds and liabilities

Funds 438,024,553 436,154,209 443,052,261
General fund* 11 201,803,910 199,933,566 206,848,662
Land and building fund 12 236,220,643 236,220,643 236,203,599
Long-term liabilities 63,020,636 66,454,910 54,248,089
Reserve for employees' gratuity fund (non-current portion)* 13 56,581,120 59,511,980 47,332,800
Reserve for members' welfare fund 14 - - 89,111
General scholarship fund 15 6,253,171 6,756,585 6,639,833
Relief fund 186,345 186,345 186,345
Current liabilities 52,623,024 70,191,431 70,096,300
Grants received in advance 16 2,517,517 7,282,630 9,906,332
Payables and accruals* 17 39,957,430 49,249,172 39,620,219
Advance fees, rent and deposits * 18 8,669,757 12,426,049 9,500,825
Reserve for employees' gratuity fund (current portion) 13 1,468,320 1,233,580 10,408,360
Other liabilities 19 10,000 - 660,564
Total funds and liabilities 553,668,213 572,800,550 567,396,650
The annexed notes 1 to 35 form an integral part of these financial statements.
Head of F & A Secretary Vice President President
Signed as per the annexed report of the same date.

Auditor Auditor
Dated: 09 December 2018

ANNUAL
REPORT 2018
Statement of Profit or Loss and Other Comprehensive Income
For the period from 01 July 2017 to 30 June 2018
July 17-June 18 July 16-June 17

Particulars Notes
Taka Taka
Restated *
Income
Members fees & other services * 20 35,354,470 31,989,580
Students registration & other services 21 140,524,180 137,713,002
Grant income 22 30,573,378 38,440,955
Subscription & other income from events 23 7,775,592 16,285,740
Other income 24 59,482,297 51,590,610
273,709,917 276,019,887
Expenditure
Members services* 25 11,015,625 9,329,405

Students services 26 77,779,719 66,736,822
Events related expenses* 27 14,705,092 21,972,867
Administrative expenses* 28 145,728,731 144,446,059
Other expenses 29 22,610,405 40,449,830
271,839,573 282,934,983
Excess of income over expenditure 1,870,344 (6,915,096)
Other Comprehensive Income - -

Total Comprehensive Income 1,870,344 (6,915,096)
Transferred to General Fund 1,870,344 (6,915,096)
273,709,917 276,019,887

Auditor Auditor

Statement of Changes in Funds
For the year ended 30 June 2018
Amount in BDT
Particulars General Fund Land and Building Fund Net Income/(Deficit) Total
Balance as at 01 July 2017 199,933,566 236,220,643 - 436,154,209
Net income earned during the year - - 1,870,344 1,870,344
Transfer during the year 1,870,344 - (1,870,344) -
Balance as at 30 June 2018 201,803,910 236,220,643 - 438,024,553
Balance as at 01 July 2016 224,117,671 236,203,599 - 460,321,270

Prior years error (Note 17.1.1) - - (17,269,009) (17,269,009)
Transfer during the year (17,269,009) - 17,269,009 -
Restated opening balance as on 01 July 2016 206,848,662 236,203,599 - 443,052,261
Net income before restatement - - 936,675 936,675
Adjustment for the year 2016-17 - - (7,851,771) (7,851,771)
Restated net income 206,848,662 236,203,599 (6,915,096) 436,137,165
Interest income - 17,044 - 17,044
Transfer during the year (6,915,096) - 6,915,096 -
Balance as at 30 June 2017 199,933,566 236,220,643 - 436,154,209
Breakup of adjustments for the year 2016-17 are as follows: Notes:

Reduction of Training and workshop fees 3,682,000 20.2
Reduction of Training and workshop expenses (1,651,428) 25.1
Addition of CPD seminar expenses 82,560 25.2
Additon of SAFA international conference 845,527 27.1
Addition of Gratuity 869,020 28.1
Addition of leave encashment 3,593,286 28.1
Additon of CRC library rent and utility 430,806 28.3.1
Total adjustment 7,851,771
REPORT
ANNUAL
Head of F & A Vice President President

Secretary

2018
181
ANNUAL
REPORT 2018
Statement of Cash Flows

Particulars Note
Taka Taka
A) Cash flows from operating activities
Receipts:
Membership fees & other services 33,641,615 29,381,022
Students registration & other services 139,008,094 137,713,002
Subscription & other income from events 5,172,549 19,259,808
Government grant received 26,000,000 24,750,000
World bank grant received 208,265 11,067,253
Less: Adjustments
Salary expenditures (25,018,000) (23,967,750)
Electricity, water and others (982,000) (782,250)
World bank project expenditures (4,573,378) (13,690,955)
IT Project expenditures (400,000) -
(4,765,113) (2,623,702)
Other income 35,050,240 44,431,110
208,107,385 230,784,942
Payments:
Members services 9,735,232 6,244,054
Students services 84,400,676 65,587,592
Events related expenses 18,493,218 20,786,409
Administative expenses 143,830,233 117,692,171
Other expenses 1,699,277 4,579,443
258,158,636 214,889,669
Net cash generated from/(used in) operating activities (50,051,252) 15,895,273
B) Cash flows from investing activities

Addition to non-current assets (30,320,224) (4,442,462)
Proceed on disposal of non-current assets 56,000 65,920
Income from investment property 27,551,134 28,800,859
Net cash used in investing activities (2,713,090) 24,424,317
C) Cash flows from financing activities

General scholarship fund (503,414) 116,752
Members welfare fund - (89,111)
Land and building fund - 17,044
Net cash used in/provided by financing activities (503,414) (69,802)
D) Net increase / (decrease) (A+B+C) (53,267,756) 37,626,086
E) Beginning cash and cash equivalents 446,551,426 408,925,340
F) Ending cash and cash equivalents (D+E) 10 393,283,670 446,551,426



ANNUAL
REPORT 2018
Notes to the Financial Statements
1. Corporate History
The Institute of Chartered Accountants of Bangladesh (ICAB or the Institute) was, established under the
Bangladesh Chartered Accountants Order 1973 (P.O.No.2 of 1973), for the purpose of regulating the profession
of accountants and for matters connected therewith. ICAB’s headquarter is located at Dhaka with regional
offices in Dhaka, Chittagong and overseas chapters namely UK, North America & Asia Pacific in London, Toronto
& Australia respectively.
ICAB is a permanent member of several international and regional accounting bodies including IFAC
(International Federation of Accountants), CAPA (Confederation of Asian and Pacific Accountants) and SAFA
(South Asian Federation of Accountants), CA worldwide.
1.1. Objectives and Nature of Activities
The objectives of ICAB are to conduct the professional examinations, award membership of the Institute to
qualified Chartered Accountants, issue practicing certificates to the members, maintain the status and standard
of professional qualifications and regulate the members of the Institute within the purview of the Bangladesh
Chartered Accountants Order 1973 and the Bangladesh Chartered Accountants Bye-laws 2004.
2. Summary of Significant Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated. The specific
Accounting Policies selected and applied by the ICAB’s Council for significant transactions and events that have
a material effect within the framework of IAS 1 Presentation of Financial Statements, in preparation and
presentation of financial statements.
2.1 Basis of Preparation of the Financial Statements
i) Accounting Standards
The financial statements have been prepared in accordance with Generally Accepted Accounting Principles,
ICAB’s accounting policies following International Financial Reporting Standards (IFRS) and other applicable laws
and regulations.
ii) Accounting Convention
The financial statements have been prepared under the historical cost convention. The Institute classified the
expense using the function of expense method as per International Financial Reporting Standards (IFRS).
iii) Compliances
The financial statements have been prepared and the disclosures of information made in accordance with
International Financial Reporting Standards (IFRS).
iv) Critical Accounting Estimates, Assumptions and Judgments
The preparation of the financial statements is in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires Council to exercise its judgment in the process of applying the Institute’s
accounting policies.

ANNUAL
REPORT 2018
v) Application of Standards
The following IASs and IFRS are applicable for the financial statements for the year under review:
IAS 1 Presentation of Financial Statements

IAS 2 Inventories
IAS 7 Statement of Cash Flows
IAS 8 Accounting policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Reporting Period
IAS 16 Properties, Plant and Equipment
IAS 18 Revenue
IAS 19 Employee Benefits
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 32 Financial Instruments: Presentation
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
IAS 40 Investment Property
2.2 Statement of Cash Flows
Statement of Cash Flows has been prepared under the direct method for the period, classified by operating,
investing and financing activities.
2.3 Functional and Presentation Currency
These financial statements are presented in Taka, which is the Institute’s functional currency.
2.4 Foreign Currency Translation
Foreign currency transactions are recorded at the applicable rates of exchange ruling at the transaction date in
accordance with IAS 21: The Effects of Changes in Foreign Exchange Rates. Foreign currency transactions are
translated at the exchange rate ruling on the date of transaction. Foreign currency monetary assets and
liabilities at the reporting date are translated at the rates prevailing on that date. The result in the exchange
differences at the reporting date are recognized in the statement of comprehensive income.
2.5 Reporting Period
These financial statements cover one year starting from 01 July 2017 to 30 June 2018.
2.6 Comparative Information
Comparative information in respect of the previous year have been presented in all numerical information in the
financial statements and the narrative and descriptive information where it is relevant for understanding of the
current year’s financial statements.

ANNUAL
REPORT 2018
2.7 Property, Plant & Equipments
Tangible assets are accounted for according to IAS 16: Property, Plant and Equipment, at historical cost less
cumulative depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the
items.
Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the institute and the
cost of the item can be measured reliably. All other repairs and maintenance are charged to the Statement of
Profit or Loss and other comprehensive income during the financial period in which they are incurred.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method. Depreciation
on additions is charged from the month on which the asset is available for use and on the month of disposal of
property, plant and equipment, no depreciation will be charged.
The rates of depreciation applied are as follows:

Particulars Rate
Land Nil
Building 2%
Civil and other works (including renovation) 10%
Exterior glass work 25%
Furniture and fixture 10%
Books and periodicals 20%
Office equipment 20%
Electrical equipment 20%
Air conditioners 20%
Vehicle 25%
Computers and IT equipment 25%
Intangible assets 33.33%
2.8 Investment Property
The Investment Property is accounted for under Cost Model in compliance with IAS-40: Investment Property. The
property is measured at cost price including directly attributable expenditures. All other day-to-day
expenditures including repair & maintenance are charged to the Statement of Profit or Loss and other
comprehensive income during the financial period in which they are incurred.
The Investment Property is depreciated using Straight Line Method @ 2%. Depreciation on additions is charged
from the month on which the asset is available for use and on the month of disposal of investment property, no
depreciation will be charged.
2.9 Renovation of Rented Academic Campus
Institute has rented a building to be used as academic campus from 01 September 2015. A renovation work was
done to make the academic campus ready. As the building is a rented arrangement, the depreciation is
chargeable upto the period of rent contract (5 years) i.e. @ 20% for all civil, interior and exterior woks (the
inseparable units). Except the above mentioned assets other assets purchased for academic campus such as
Air-Conditioner, Furniture and Fixture, Computer and IT Equipments were depreciated at the rate as specified in
note 2.7 as those assets can be used even after the completion of contract.

ANNUAL
REPORT 2018
2.10 Intangible Assets
Intangible assets are carried at cost less any accumulated amortization and impairment losses, if any, under IAS
38: Intangible Assets. The cost of intangible asset is amortized over their estimated useful lives, using the
straight-line method. Amortization is charged from the month the assets are available for use at the rate of
33.33% per annum. Intangible assets consist of office software and ERP software. Development of ERP software
is in progress.
2.11 Inventories
Inventories consist of Study Materials, IAS, ISA and Audit Practice Management Guide, Sundry Stationery,
Suggested Answers, etc. and are valued at the lower of cost and net realizable value under IAS 2: Inventories. The
costs of inventories are measured on First in First out (FIFO) basis. The amount of any write-down of inventories
to net realizable value and all losses of inventories are recognized as an expense in the period that the
write-down or loss occurs.
2.12 Advances, Deposits and Prepayments
ICAB recognizes advances, deposits and pre-payments as assets and discloses them at their book value in the
categories of long term and short-term advances, deposits and pre-payments. Short term advances, deposits
and pre-payments are those which are expected to be settled or recovered within the 12 months period from the
date of reporting while the long term one remains unsettled or unrealizable for a longer period of twelve months
or more unless there is any significant doubt of recovery for which appropriate provision are made.
2.13 Financial Instruments
Financial Instruments are recognized in the statement of financial position when ICAB becomes a party to the
contractual provisions of the instruments under IAS 39 Financial Instruments: Recognition and Measurement.
i) Receivables
Receivable are carried at original invoice amount based on a review of all outstanding amounts at the year-end.
ii) Payables
Liabilities are recorded at the amount payable for settlement in respect of goods and services received by the
ICAB.
2.14 Impairment of Assets
At each statement of financial position date, ICAB reviews the carrying amounts of its assets except building to
determine whether there is any indication of impairment under IAS 36 Impairment of Assets, if any such
indication exists, impairment is measured by comparing the carrying values of the assets with their recoverable
amounts. Recoverable amount is the higher of net selling price and value in use.
An impairment loss is recognized as an expense in the statement of Profit or Loss and Other Comprehensive
income.
2.15 Cash and Cash Equivalents
It includes cash in hand, bank deposits for use by the ICAB without any restriction, and there was insignificant risk
of changes in value of these current assets.

ANNUAL
REPORT 2018
2.16 Financial Risk Management
ICAB Secretariat directly controls day-to-day policies and operations. The Council takes regular update on any
significant issues relating to financial risk management. The major financial risks to which ICAB is exposed are
summarized below.
i) Currency Risk
The whole of ICAB’s transactions are carried out in BDT except few transactions as regards overseas seminar,
conference and subscription to professional bodies. There are no other transactions taking place in foreign
currencies. Therefore, ICAB is not exposed to any significant currency risk.
ii) Credit Risk
Working capital and long-term funds are held in interest bearing (FDR) bank account and ICAB’s management
covers risk management issues. In respect of receivables, ICAB is not exposed to any significant credit risk. The
majority of the counterparts are members and tenants. The management of ICAB continuously monitors defaults
of counterparts and incorporate this information into credit risk policies.
iii) Liquidity and Interest Rate Risk
ICAB policy is to maintain strong statement of financial position with cash and cash equivalent and therefore it
does not have significant exposure to liquidity risk. Liquidity position is monitored on day-to day basis to fulfill the
short-term needs. Excess funds are invested in appropriate interest bearing deposits.
2.17 Employee benefits
Short-term employee benefits
Short-term employee benefits are employee benefits (other than termination benefits) that are due to be settled
within twelve months after the end of the period in which the employees render the related service.
Festival Bonus
ICAB recognizes the cost of festival bonus payment when it has a present legal or constructive obligation to make
such payments as a result of past events and a reliable estimate of the obligation can be made under IAS 19:
Employees Benefit. Festival bonus is a present obligation of ICAB as it has no realistic alternative but to make the
payment.
Defined Contribution Plan

Provident Fund
ICAB maintains contributory provident fund for its permanent employees except for the employees employed on
contractual basis. Provident fund is administered by a Board of Trustees and is funded by contribution from both
employers and employees equally @ 10% of the basic salary. ICAB recognizes the contribution payable to
provident fund when an employee has rendered service to ICAB during a period under IAS 19: Employees Benefit.
Defined Benefit Plan

Gratuity Fund
ICAB also maintains a gratuity scheme for its permanent employees except for the employees employed on
contractual basis. Employees are entitled to receive gratuity benefit after completion of their minimum five
years’ service equivalent to 2 months last basic pay for each completed year in respect of the employees eligible
for this benefit.

ANNUAL
REPORT 2018
Leave Encashment
ICAB also maintains a leave encashment scheme for its permanent employees except for the employees
employed on contractual basis. Employees are entitled to receive leave encashment benefit at the time of
termination or retirement of employment.
2.18 Government Grants
ICAB receives funds from Bangladesh Government for salaries & allowances of ICAB employees and utility
expenses. In addition, the World Bank and ICT Division of the Peoples Republic of Bangladesh granted ICAB Fund
for implementing projects. The Government Grant has been accounted for in accordance with IAS 20:
Accounting for Government Grants and Disclosure of Government Assistance. Government Grants received are
initially recorded as Grants Received in Advance. Grant Income is recognized to equal to the allowed
expenditures for the respective project.
2.19 General Scholarship Fund
Some of the Past-presidents of ICAB, Chartered Accountants Firms, Senior ICAB Members and Foundations are
sponsoring scholarship to the articled students to promote the Chartered Accountancy Profession in
Bangladesh. The Scholarship Fund is created with their financial contribution. The eligibility criteria for getting
scholarship are determined by the respective sponsors but ICAB is entrusted in all matters in connection with the
award of the scholarship.
ICAB is operating Scholarship Fund through separate savings bank account with AB Bank Limited. The idle
amount of this fund is normally invested in FDR in favor of respective sponsors. The interest income generated in
savings account is allocated amongst the sponsor’s available balance.
2.20 Provisions
Provisions are recognized when the ICAB has a present legal or constructive obligation because of past events
under IAS: 37 Provisions, Contingent Liabilities and Contingent Assets. It is probable that an outflow of resources
embodying economic benefits will be repaid to settle the obligation, and a reliable estimate of the amount of the
obligation can be made.
2.21 Revenue Recognition
Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities
of the ICAB when those inflows result in increases in fund, other than increases relating to contributions from fund
participants. Revenue shall be measured at the fair value of the consideration received or receivable. Revenues
are recognized following the conditions of IAS 18: Revenue Recognition. Major item-wise recognition policies are
briefly described as under:
i) Membership Fees
Income from fees and subscriptions is recognized in the accounting period to which the services are related. Fees
and subscription received in advance are considered as liability.
ii) Education, Training and Examination:
a) Student Registration Fees
Income from Student Registration Fees is recognized based on the number of applications for registration
with proper documentation received from the registration department during the period.

ANNUAL
REPORT 2018
b) Examination Fees
Examination fees income is recognized twice in a year at the time of examination based on the applicable
fees for individual examinees as determined by the Council from time to time.
c) Training Fees
Income from training fees is recognized on accrual basis in the accounting period to which the training is
completed.
iii) Bank Interests
Interest Income on Bank Deposits is recognized on accrual basis.
iv) Rental Income
Rental Income is recognized on accrual basis.
v) Other Income
Other Income is recognized when ICAB’s right to receive such income has been reasonably determined.
2.22 Dhaka and Chittagong Regional Committees
The CRC of ICAB is operating its day to day expenses through petty cash. The advances are adjusted on
submission of final bills. Other expenses that are not covered under petty cash are controlled centrally.
The DRC submits fund requisitions for executing any operations of ICAB under ICAB bye-laws 2004. The major
portion of expenses are covered by invigilators fees, quiz competition, celebration of national days, events, picnic
expenses etc. The fund disbursed against requisition is recognized as expenses on the execution of concerned
activity.
2.23 Events after the Reporting Period
Events after the reporting period have been accounted for under IAS-10. Events after the statement of financial
position date that are not adjusting events are disclosed.
2.24 Restatement
An amount of Tk 845,527 relating to SAFA International Conference was not charged as expenses in 2016-17, an
amount of Tk 869,020 relating to gratuity expenses was not charged in 2016-17, an amount of Tk 3,593,286 and
Tk 17,269,009 relating to leave encashment were not charged in 2016-17 and from inception respectively, rent
and utility bill of CRC amounting Tk 430,806 and CPD seminar related expenses amounting Tk. 82,560 of the
year 2016-17 were not accrued in the financial statements, income relating to certificate course of IS Audit
amounting to Tk 3,682,000 wrongly shown in the financial statement as income of 2016-17 but the training has
been completed during 2017-18, remuneration for preparation of training module for certificate course of IS
audit amounting to Tk. 160,000 was not charged in 2016-17 wrongly. On the other hand, Certificate course of IS
audit training for 1st and 2nd batch amounting Tk. 1,811,428 has wrongly been charged in the expenses under
training and workshop expenses in the year 2016-17. Under these circumstances, the financial statements have
been restated as per IAS-8 with the view to address the issues as mentioned above.
2.25 General
i. Where necessary, comparative figures and accounts titles in the financial statements have been
rearranged to conform to the current year’s presentation.
ii. The figures appearing in the financial statements have been rounded off to the nearest Taka.

ANNUAL
REPORT 2018
30 June 2018 30 June 2017
Taka Taka
3.0 Property, plant & equipment
Cost 173,188,495 144,062,771
Less: Accumulated depreciation 101,270,973 88,779,142
Written-down value 71,917,523 55,283,629
Details of Property, plant & equipment are stated in Annexure-"A"
4.0 Investment property

Cost 44,653,274 44,653,274
Less: Accumulated depreciation 17,197,158 16,653,053
The 12th floor of T. K. Bhaban at Kazi Nazrul Islam Avenue, Dhaka-1215 was purchased in the year 2002 at a price
of Tk. 2,712, per square feet. The present market price of the property is Tk.14,000 per square feet and present
market price of CA Bhaban is Tk.12,000 per square feet.
Details of Investment property are stated in Annexure-"B"
5.0 Intangible assets

Cost 2,997,262 2,493,262
Less: Accumulated amortization 1,657,218 1,239,260
Details of Intangible assets are stated in Annexure-"C"
6.0 Advances and deposits (non-current portion)

Advances for land and rent (Note 6.1) 22,814,459 7,514,467
Security deposits (Note 6.02) 5,599,605 4,850,373
28,414,064 12,364,840
6.1 Advances for land and rent:

West Tejturi Bazar (Note 6.1.1) 22,000,000 22,000,000
Uttara and Purbachal (Note 6.1.2) 20,600,000 4,300,000
Rent for academic campus (adjustable within 60 month) 2,214,459 3,214,467
44,814,459 29,514,467
Less: Provision against advance for land (Note 6.1.3) 22,000,000 22,000,000
22,814,459 7,514,467
6.1.1 Advance against land-West Tejturi Bazar
Advance payment of Tk. 2.20 crore was paid for purchasing land measuring 30.02 decimals located at 263,
Kawran Bazar (West Tejturi Bazar), Dhaka vide registered Baina Nama No. 3078 & 3084 dated 16 & 17 May 2010
respectively. Finding disputes in the land, the Council in its meeting held on 22-09-2012 decided not to purchase
the land rather to put efforts to recover the advanced money since the Vendors are not in a position to hand over
the possession of land to ICAB.
ICAB filed two Money Suits (Civil cases) No. 22/2013 and 23/2013 in the 4th Joint District Judge, Dhaka against the
vendors in 2013 to get back the money paid as advance for purchasing of 02 plots of land stated above.
As regards Money Suit number 22/2013, the honorable Court (4th Joint District Judge Court, Dhaka) on 27-9-2016
has given exparte judgment (without cost) in favour of ICAB and directed the Vendor (Defendant) to pay Tk. 1.00
(one) crore (advanced amount) to ICAB within 60 days of the judgment. The Court also issued decree in favour of
ICAB and against the defendant (Vendor). As per the Court Order, failure to pay the money to ICAB by the

ANNUAL
REPORT 2018
defendant within the stipulated time, the plaintiff (ICAB) can be able to recover the money through the Court. As
regards Money Suit number 22/2013, the honorable Court (4th Joint District Judge Court, Dhaka) on 13-2-2017 has
given exparte judgment (without cost) in favour of ICAB and directed the Vendors (Defendants) to pay Tk. 1.20
crore (advanced amount) to ICAB within 60 days of the judgment. The Court also issued decree in favour of ICAB
and against the defendants (Vendors). As per the Court Order, failure to pay the money to ICAB by the defendant
within the stipulated time, advanced money can be recovered by the plaintiff (ICAB) through the Court.
As regard the next course of actions of ICAB to get back the money paid as advance to the vendors, legal opinion
was taken from Mr. Sarder Md. Suruzzaman, Advocate, Supreme Court of Bangladesh (ICAB's lawyer on the land
issue). As per the legal opinion of Advocate Sarder Md. Suruzzaman, failing to pay the advanced money as
mentioned above by the defendants (Vendors) within 60 (sixty) days of Court Order, Execution case can be filed to
the Court against the Vendors (within 03 years) by ICAB. Failing to pay the advanced money within the stipulated
time after filing execution case (decree notification) case, land in questions and other properties in the possession
of the defendants (vendors) can be attached and sold out through the Court for realization of the ICAB's advanced
money.
A team led by President ICAB consisting of Chairman, Real Estate Committee (REC), ICAB, Secretary and Deputy
Secretary-ICAB met with Mr. ABM Siddique, Managing Director of Kranti Housing Ltd. on 17 July 2017 who claimed
himself as an owner of the land. As per decision of the Council-ICAB taken in its meeting held on 25-7-2017, Legal
Adviser of ICAB on land matters has been advised to initiate legal steps to obtain permanent injunction on said
land, which includes but not limited to, transfer of ownership, establishment of any structures (whether permanent
or temporary), or utilization of said land in any form, in addition to lodging suits for realization of said advanced
money. For realization of money, money suite decree suit no 1/2018 and 2/2018 was filed on 8 March 2018.
Submission of application for croke will be due on 23 January 2019.
However, based on prudence, provision for full amount provided and reported under advances for land and rent
(Note 6.1)
30 June 2018 30 June 2017
Taka Taka
6.1.2 Advance against land
Uttara (Note 6.1.2.1) 5,000,000 2,800,000
Purbachal (Note 6.1.2.2) 15,600,000 1,500,000
20,600,000 4,300,000
Date
6.1.2.1 Uttara 3rd phase Plot for ICAB academic campus** 31.03.2004 - 300,000
19.11.2013 2,500,000 2,500,000
21.01.2018 2,500,000 -
5,000,000 2,800,000
**The advance amounting Tk. 300,000 had been withdrawn on 18 October 2017 which was deposited on 31
March 2004 for ICAB academic campus against Uttara 3rd phase plot (institutional category).
6.1.2.2 Purbachal plot for ICAB academic campus 26.05.2015 1,500,000 1,500,000
26.12.2017 1,500,000 -
20.05.2018 12,600,000
15,600,000 1,500,000
6.1.3 This provision was created based on prudence against advance for land at West Tejturi Bazar, Dhaka. Advance was
made on 16 & 17 May 2010 and subsequently it was revealed that there are dispute over land ownership. ICAB filed
case to (Civil cases) No. 22/2013 and 23/2013 to competent court and the same is pending for disposal.

ANNUAL
REPORT 2018
30 June 2018 30 June 2017
Taka Taka
6.2 Security deposits:
Security deposit for academic campus (Note 6.2.1) 3,346,485 3,346,485
BHBFC and T&T (Note 6.2.2) 2,251,120 1,501,888
Dhaka Bank locker 2,000 2,000
5,599,605 4,850,373
6.2.1 Security deposit for academic campus rented from 1 September 2015
6.2.2 BHBFC and T&T

CRC office rent (security deposits equivalent to 6 months' rent) 1,495,188 1,495,188
CRC library rent (security deposits equivalent to 6 months' rent) 749,232 -
Security deposit to T & T Board 6,700 6,700
2,251,120 1,501,888
7.0 Inventories
Study manuals 2,718,506 1,426,615
Suggested answer, question books, etc. 489,621 704,119
BAS, BSA and Audit Practice Management Guide 760,098 1,027,143
Sundry stationery 381,499 464,222
4,349,724 3,622,099
8.0 Receivables
Annual fees from members: 7,117,109 11,653,191
In practice (Note 8.1) 412,700 1,114,300
Not in practice (Note 8.2) 6,704,409 10,538,891
IDC penalty 3,750,000 3,150,000
Council members' contribution for welfare 75,000 75,000
Rental dues (Note 8.3) 2,385,584 2,339,408
Advertisement against National Award 2017 500,000 -
From LGSP 1,067,690 -
Auditorium rent 30,000 30,000
Advertisement against SAFA international conference - 86,957
Receivable from members' welfare fund 101,066 114,487
Receivable against stall booking-ICAB student summit 100,000 -
Receivable against scholarship fund 732,000 -
15,858,448 17,449,043
An amount of Tk. 1,410,981 has been collected between 01 July

and 31 October 2018 from the members as membership fees.
8.1 Ageing of receivables from practicing members

Current year 241,400 440,800
More than 1 year but less than 2 years 80,400 276,700
More than 2 years but less than 3 years 90,900 115,000
More than 3 years - 281,800
412,700 1,114,300

ANNUAL
REPORT 2018
30 June 2018 30 June 2017
Taka Taka
8.2 Ageing of receivables from non-practicing members
Current year 4,818,366 3,444,131
More than 1 year but less than 2 years 1,125,431 2,168,712
More than 2 years but less than 3 years 544,012 1,494,700
More than 3 years 216,600 3,431,348
6,704,409 10,538,891
8.3 Rental dues

Enem Express Ltd. 9,880 9,880
Media Star Ltd. (Note 8.3.1) 1,496,871 1,601,815
Premier Cement Ltd. - T K Bhaban 12th Floor 842,833 691,713
Canteen rent of academic campus 36,000 36,000
2,385,584 2,339,408
8.3.1 Rental dues from Media Star Ltd and Premier Cement Ltd
have been collected subsequently.
9.0 Advances, deposits and prepayments (current portion)

Advances (Note 9.1) 10,931,335 8,186,990
Security deposits with City filling station 85,630 88,300
Prepaid insurance (net) 31,658 -
11,048,623 8,275,290
9.1 Advances
Advances to employees (Note 9.1.1) 8,275,319 5,397,600
Advances against goods and services (Note 9.1.2) 2,656,016 2,789,390
10,931,335 8,186,990
9.1.1 Advances to employees

Against salary 3,626,136 3,379,000
Against renovation and other expenses (Note 9.1.1a) 4,649,183 2,018,600
8,275,319 5,397,600
9.1.1a Advance against renovation and other expenses

Closing balance as on 30.6.17 2,864,127
Less: prior year error * (Note 27.1) 845,527
Restated closing balance on 30.06.17 2,018,600
* An aggregate amount of Tk. 845,527 related to expenses against SAFA international conference 2017 has been
wrongly reported in the advance against renovation and other expenses instead of charging to SAFA international
conference expenses in the previous year which is corrected as per IAS-8 and accordingly closing balance of
Advance against renovation and other expenses has been restated.
9.1.2 Advances against goods and services

Dhaka University and others 37,580 37,580
Oracle for exam (exam software) 155,382 155,382
Documentary of ICAB 180,000 180,000
M/s. Fourth Dimension - 275,000
M/s. Sena Malancha - 230,000
Training and workshop 531,035 1,811,428
Chittagong Regional Committee 100,000 100,000
Advance to professional bodies 952,019
Preparation of AV (Mengo) 500,000 -
6th floor glass works (Glass Garden) 200,000 -
Closing balance (Note 9.1.2a) 2,656,016 2,789,390

ANNUAL
REPORT 2018
30 June 2018 30 June 2017
Taka Taka
9.1.2a Advances against goods and services
Closing balance as on 30.6.17 977,962
Add: prior year error * (Note 25.1) 1,811,428
Restated closing balance on 30.06.17 2,789,390
* An aggregate amount of Tk. 1,811,428 related to advance against expenses for certificate course on information
system audit 1st and 2nd batch which was completed during 2017-18 has wrongly been charged as expenses in
2016-17 now rectified as per IAS-8.
10.0 Cash and cash equivalents

Cash in hand 202,628 137,087
Cash with bank 393,081,042 446,414,339
Current accounts (Note 10.1) 6,427,322 11,080,828
Savings accounts (Note 10.2) 852,542 8,856,126
Fixed deposits receipts (Note 10.3) 385,801,178 426,477,385
393,283,670 446,551,426
10.1 Current accounts

Dhaka Bank Limited-General fund 5,698,173 5,755,909
Southeast Bank Limited-Exam fees fund 66,726 36,142
Sonali Bank Limited London Branch, UK 605,860 582,238
Bank Asia Limited-General fund 56,562 341,425
Dhaka Bank Limited-Exam fees fund 1 1
Dhaka Bank Limited-SFR Framework and Audit Practice - 4,365,113
6,427,322 11,080,828
10.2 Savings accounts

Dhaka Bank Ltd. Chittagong land project (STD A/C) 15,916 15,916
AB Bank - Employee Gratuity fund (Note-10.2.1) 53,123 7,534,591
AB Bank - ICAB Center for Professional Excellence 364,114 198,805
AB Bank - ICAB IDC Penalty Deposit Account 189,074 125,990
AB Bank - ICAB Scholarship fund account 102,935 704,805
Social Islamic Investment Bank ltd. Chittagong. 127,380 276,019
852,542 8,856,126
10.3 Fixed deposit receipts with banks

Deposit amount 378,230,256 420,387,602
Interest receivable 7,570,922 6,089,783
385,801,178 426,477,385
Movement of fixed deposits receipts with banks
Opening balance 426,477,385 379,193,965
Add: Investment during the year 145,000,000 75,000,000
Add: Accrued interest on fixed deposits receipts 18,755,071 19,296,794
163,755,071 94,296,794
Less: Encashment during the year 204,431,278 47,013,374
Closing balance 385,801,178 426,477,385
Details of sources for fixed deposits receipts:

General and Dhaka & Chittagong land & building fund 335,433,980 367,897,943
Employees' Gratuity fund 43,845,098 52,471,078
Scholarship fund 6,522,100 6,108,364
385,801,178 426,477,385

ANNUAL
REPORT 2018
30 June 2018 30 June 2017
Taka Taka
Maturity grouping of fixed deposits receipts with banks:
Within 03 months 150,996,625 230,459,840
Within 03 to 06 months 114,106,445 50,422,706
Within 06 to 12 months 120,698,107 145,594,839
385,801,178 426,477,385
Bank-wise breakup of fixed deposits receipts with banks:

AB Bank Limited - 17,497,191
Delta Brac Housing Limited 52,742,458 21,103,719
IDLC Finance limited 53,061,821 21,240,773
Lanka Bangla Finance limited 96,521,073 91,240,334
Southeast Bank Limited 109,392,994 273,433,264
NRB Bank Limited 30,345,411 -
One Bank Limited 41,661,830 -
Social Islamic Bank Limited, Agrabad branch 2,075,590 1,962,104
385,801,178 426,477,385
11.0 General fund

Opening balance 199,933,566 206,848,662
Add/(less): Surplus/(deficit) during the year 1,870,344 (6,915,096)
Closing balance 201,803,910 199,933,566
12.0 Land and building fund

Opening balance 236,220,643 236,203,599
Interest on fixed deposits of Chittagong land project - 17,044
Closing Balance (Note-12.1) 236,220,643 236,220,643
Land and building fund was created for the permanent establishment of Dhaka campus and Chittagong regional
office. Initially, this fund was build up by some contributions from the Council members and corporate bodies.
12.1 Land and building fund consists of the following balances

Chittagong land project 466,245 466,245
Council members contribution 2,090,501 2,090,501
Corporate contribution 4,500,000 4,500,000
Development fund account 38,505,681 38,505,681
Building fund 190,000,000 190,000,000
Interest 658,216 658,216
236,220,643 236,220,643
13.0 Reserve for employees' gratuity fund

Opening balance 60,745,560 57,741,160
Add: Provision for the year 8,001,780 10,469,020
68,747,340 68,210,180
Less: Payments to retired employees (Note 13.1) 10,697,900 7,464,620
Closing balance ( Note 13.1) 58,049,440 60,745,560
Maturity grouping of the fund is as under:

Current liabilities 1,468,320 1,233,580
Non-current liabilities 56,581,120 59,511,980
58,049,440 60,745,560
13.1 Reserve for employees' gratuity fund

Add: Prior year error * (Note 28.1) 869,020
Restated closing balance as on 30.06.17 60,745,560
* Shortfall of provision for gratuity aggregating to Tk. 869,020 was not accounted for in 2016-17 which is now
corrected as per IAS-8.

ANNUAL
REPORT 2018
30 June 2018 30 June 2017
Taka Taka
13.1 Payment to Retired Employees
Mr. Md Shafiqul Islam - 4,951,440
Mr. Md. Mokhteruzzaman Khan 4,892,880 -
Ms. Khayrun Nahar 3,212,580 -
Mr. Md Abul Hashem 1,330,760 -
Mr. Liaqat Ali - 1,388,560
Mr. Md. Anisur Rahman 1,261,680 -
Mr. Md AKM Abdus Satter 1,124,620
10,697,900 7,464,620
14.0 Reserve for Members' Welfare Fund

Opening balance - 89,111
Add: Members' contributions 1,848,579 1,101,250
1,848,579 1,190,361
Less: Disbursements during the year 1,848,579 1,190,361
Closing balance - -
15.0 General scholarship fund
Sl. # Name of Scholarship Opening balance Contribution Interests Disbursement Closing balance Closing balance
a ACNABIN Scholarship 774,162 - 30,390 81,000 723,552 774,162
b ACNABIN Female Scholarship 300,000 108,000 192,000 -
c ABM Azizuddin Scholarships 630,014 15,000 31,317 42,000 634,332 630,014
d AKM Mizanur Rahman Scholarship - 24,000 24,000 - -
e Bhola Foundation 1,052,818 - 52,808 36,000 1,069,626 1,052,818
f Hawlader Yunus Scholarship - 60,000 60,000 - -
g Masih Muhith Haque Scholarship 60,000 60,000 -
h ICAB Scholarship 1,003,598 - 9,016 830,000 182,614 1,003,598
i Masihur Rahman Memorial 515,094 - 18,961 150,000 384,055 515,094
j RRH Scholarship 370,040 432,000 14,232 96,000 720,273 370,040
k Syful Shamsul Alam Scholarship - 120,000 120,000 - -
l SF Ahmed Foundation Scholarship 17,317 180,000 899 180,000 18,217 17,317
m Sena Kallayan Sangstha Scholarship 2,990 - 155 3,145 2,990
n President Scholarship Fund 2,270,552 - 114,804 60,000 2,325,357 2,270,552
o RRH Associates Scholarship 120,000 - 120,000 - 120,000
6,756,585 1,191,000 272,586 1,967,000 6,253,171 6,756,585
Details of disbursement from scholarship fund are stated in Annexure-"D"
16.0 Grants received in advance

Opening balance 7,282,630 9,906,332
Add: Grant received during the year (Note 16.1) 26,208,265 35,817,253
33,490,895 45,723,585
Less: Grant used for CAATT Software 400,000
Less: Transferred to income (Note 16.2) 30,573,378 38,440,955
Closing balance 2,517,517 7,282,630
16.1 Grant received during the year

Government assistance (Note 16.1.1) 26,000,000 24,750,000
World Bank fund Strengthening Financial Reporting Framework and 208,265 11,067,253
Audit Practice Project (Note 16.1.2)
26,208,265 35,817,253

ANNUAL
REPORT 2018
30 June 2018 30 June 2017
16.1.1 Government assistance: Taka Taka
Encashment dates
2017-2018 2016-2017
20.09.2017 24.08.2016 6,500,000 6,187,500
05.12.2017 01.11.2016 6,500,000 6,187,500
22.03.2018 07.02.2017 6,500,000 6,187,500
11.06.2018 13.06.2017 6,500,000 6,187,500
26,000,000 24,750,000
16.1.2 World Bank fund Strengthening Financial Reporting Framework and Audit Practice Project
Receiving dates US$ Exchange rate
02.11.2016 5,068.00 78.61 - 398,395
11.01.2017 46,946.25 79.14 - 3,715,326
25.04.2017 34,159.60 83.65 - 2,857,451
25.04.2017 26,381.00 83.65 - 2,206,771
04.05.2017 23,156.15 81.59 - 1,889,310
28.09.2017 2,679.68 77.72 208,265 -
208,265 11,067,253
16.2 Transferred to income

Government assistance expenses (Note 22.0) 26,000,000 24,750,000
World Bank fund Strengthening Financial Reporting Framework and 4,573,378 13,690,955
Audit Practice Project (Note 22.0) 30,573,378 38,440,955
17.0 Payables and accruals
Remuneration of resource personnel 5,235,349 9,506,625
Salaries & allowances 561,638 75,137
Printing and stationery expenses 324,167 456,176
Advertisement expenses 113,873 681,454
Repair and maintenance 17,000 60,870
Utility bills 1,322,443 952,003
Travelling - 260,666
Office rent and others 69,498 20,654
Articled students 256,700 256,700
Installment of Scholarship 323,000 -
Withholding tax payable 4,195,984 5,174,953
Invigilators remuneration 35,000 2,375,181
Audit fees 609,500 586,500
Holding tax (13th floor of TK bhaban) 438,513 438,512
Legal and professional fees payable 28,000 28,000
Video documentary 323,250 323,250
Examination hall rent/ auditorium rent 194,250 203,750
SAFA subscription - 1,212,200
Event management expenses payable - 164,931
Payables to TK bhaban 185,694 187,353
Provision for leave encashment (Note 17.1) 18,557,093 20,862,295
Sundry payables and accruals ( Note 17.2) 7,166,479 5,421,962
Closing balance 39,957,430 49,249,172
An amount of Tk. 1,34,51,317 has subsequently been paid.
17.1 Provision for leave encashment

Opening balance (Note 17.1.1) 20,862,295 17,269,009
Add: Provision for the year (736,329) 3,593,286
less: Payment during the year 1,568,873 -
Closing balance 18,557,093 20,862,295

ANNUAL
REPORT 2018
30 June 2018 30 June 2017
Taka Taka
17.1.1 Leave encashment was not considered in the financial statements from inception due to error which is corrected by
restating the opening balance of liability and equity of prior periods by Tk. 17,269,009 as per IAS-8.
17.2 Sundry payable and accruals
Add: Prior year error* 673,366
*Remuneration for preparation of training module for Certificate course of IS audit amounting to Tk.160,000, Rent
and utility bill of CRC amounting to Tk 430,806 and CPD seminar related expenses of year 2016-17 were not accrued
in that financial statements which is now corrected as per IAS-8.
18.0 Advance fees, rent and deposits
Annual fees from members: 4,284,368 5,556,335
In practice 2,003,300 3,302,900
Not in practice 2,281,068 2,253,435
Students' association fees 204,829 993,290
Against tenants and others 2,536,138 1,874,092
Advance training and workshop fees* 1,407,422 3,682,000
Against advertisement through journal - 83,332
Security deposits 237,000 237,000
Closing balance (Note-18.1) 8,669,757 12,426,049
18.1 Advance fees, rent and deposits

Add: Prior year error* (Note 20.2) 3,682,000
*Income related to Certificate course of Information System Audit amounting to Tk.3,682,000 for 1st batch and 2nd
batch has been completed during 2017-18 but was wrongly shown in the financial statements as income of 2016-17
which is now corrected as per IAS-8.
19.0 Other liability

CAATT Fund 10,000 -
10,000 -

Taka Taka
Restated
20.0 Members fees & other services
Membership fees (Note 20.1) 29,153,600 23,411,140
Training and workshop fees (Note 20.2) 6,200,870 8,578,440
35,354,470 31,989,580
20.1 Membership fees
Annual fees from members 25,335,300 20,071,140
Admission and other fees 3,818,300 3,340,000
29,153,600 23,411,140
20.2 Training and workshop fees
Income for the year 2016-17 12,260,440
Less: Prior period error* (Note 18.1) 3,682,000
Restated income for the year 2016-17 8,578,440
*Income related to Certificate course of Information System Audit amounting to Tk.3,682,000 for 1st batch and 2nd
batch has been completed during 2017-18 but was wrongly shown in the financial statements as income of 2016-17
which is now corrected as per IAS-8.

ANNUAL
REPORT 2018
Taka Taka
21.0 Students registration & other services
Enrolment fees 26,580,000 27,946,500
Student registration fees 12,058,200 11,747,400
Examination fees 90,250,150 86,183,642
Library card and ID card charges 4,111,600 4,079,800
Transcripts fees 309,000 233,000
Study manuals 4,706,850 4,740,285
Suggested answers 2,421,410 2,463,025
BAS, BSA and audit practice management guide 76,500 301,100
Syllabus and list of firms 10,470 18,250
140,524,180 137,713,002
Three members investigation board (IB) has completed their investigation and submitted the report on 2nd
October 2018. The Board has identified total cash defalcation amount aggregated to Tk. 1,809,531 for the period
from 1 July 2013 to 31 July 2017. The IB's report has been placed to the 14th council meeting of the year 2018 held
on 4th October 2018. The council has requested the IB to give specific recommendation for realisation of the
said amount from the concerned employees. Identified employees have been asked to explain as to why the
disciplinary action will not be taken against them. Their response is awaited.
22.0 Grant income

Government assistance 26,000,000 24,750,000
World Bank projects "Strengthening Financial Reporting
Framework and Audit Practice" 4,573,378 13,690,955
30,573,378 38,440,955
23.0 Subscription & other income from events

Contribution for national awards, annual dinner etc. (Note 23.1) 5,435,592 6,330,783
SAFA international conference - 9,954,957
ICAB - students summit (expenses of this head - Note 26.0) 2,340,000 -
7,775,592 16,285,740
23.1 Contribution for national awards, annual dinner etc.

National awards advertisement 3,396,492 2,693,500
National awards sponsorship 1,400,000 2,884,783
National awards members contribution 269,100 412,500
Annual dinner members contribution 370,000 340,000
5,435,592 6,330,783
24.0 Other income

Income from investment property (Note 24.1) 27,452,190 26,436,675
Auditorium rent 82,000 40,000
Advertisement income through journal 183,332 256,334
Bank interest (Note 24.2) 26,482,065 19,430,052
Firm inspection fees 560,000 740,000
IDC penalty 1,800,000 4,100,000
Donation received for CRC library 1,350,000 -
Contribution received CRC Picnic 1,174,000 250,000
Profit on sale of non current assets 56,000 65,790
Other receipts 342,710 271,759
59,482,297 51,590,610

ANNUAL
REPORT 2018
Taka Taka
24.1 Income from investment property
CA bhaban ground floor Media Star ltd. 4,464,288 4,030,271
CA bhaban 1st floor Media Star ltd. 5,361,984 4,840,680
CA bhaban 4th floor Media Star ltd. 4,840,680 4,840,680
CA bhaban 5th floor Media Star ltd. 4,840,686 4,840,680
TK Bhaban 12th floor Premier Cement ltd. 7,944,552 7,884,364
27,452,190 26,436,675
24.2 Bank interest

Interest income 28,372,593 22,133,356
Less: Income tax deducted at source 1,890,528 2,703,304
26,482,065 19,430,052
25.0 Members services

Training and workshop expenses( Note 25.1) 4,903,664 4,570,156
CPD seminar expenses (Note 25.2) 2,382,021 2,068,420
Journal and news bulletin 3,729,940 2,690,829
11,015,625 9,329,405
25.1 Training and workshop expenses

Expenses for the year 2016-17 6,221,584
Less: Prior period error* (Note 9.1.2a) 1,651,428
Restated expenes for the year 2016-17 4,570,156
*Remuneration for preparation of training module for Certificate course of IS audit amounting to Tk. 160,000 was not
charged in 2016-17 wrongly. On the other hand, Certificate course of IS audit training for 1st and 2nd batch amounting
to Tk. 1,811,428 has been wrongly charged in the expenses under training and workshop expenses in the year 2016-17.
But both the batches have been completed during the year 2017-18 which is now corrected as per IAS-8.
25.2 CPD seminer expenses

Add: Prior period error 82,560
CPD seminar expenses amounting to Tk.82,560 has not been charged in the previous year under CPD seminar
expenses which is now corrected as per IAS-8.
26.0 Students services

Examination related expenses 3,876,842 3,697,089
Remuneration to resource personnel 40,615,006 38,331,882
Printing charges 4,838,634 4,647,835
Academic campus rent 15,393,828 15,393,829
Advertisement 229,425 713,149
Grant, scholarship and other payment to BCACP (Note 26.1) 3,314,977 3,232,161
ICAB - students summit (income of this head - Note 23.0) 6,564,666 -
Expenses regarding MoU with universities 1,457,247 -
Others (education, training & exams expenses) 1,489,094 720,877
77,779,719 66,736,822
26.1 Grant, scholarship and other payment to BCACP

General grant 840,000 840,000
Scholarship 1,680,000 1,680,000
Office rent and utilities 794,977 712,161
3,314,977 3,232,161

ANNUAL
REPORT 2018
Taka Taka
27.0 Events related expenses
National awards 6,410,886 6,255,799
Picnic & other cultural programme 4,611,656 1,567,460
Annual dinner 2,031,150 1,705,592
CA Women's Forum 1,651,400 -
SAFA international conference (Note 27.1) - 12,444,016
14,705,092 21,972,867
27.1 SAFA international conference

Add: Prior period error* (Note 9.1.1a) 845,527
* An amount of Tk 845,527 relating to SAFA International Conference has not been charged as expenses in
2016-17 which is now corrected as per IAS-8.
28.0 Administrative expenses

Salaries and allowances(Note 28.1) 96,120,991 98,841,015
Office expenses (Note 28.2) 13,574,408 12,664,572
Rent, rates and taxes (Note 28.3) 5,526,489 4,248,249
Legal and professional fees (Note 28.4) 1,106,250 877,388
Travelling and conveyance (Note 28.5) 3,623,195 4,118,463
Electricity and water 9,357,769 9,135,788
Repairs and maintenance 2,275,237 1,893,370
Depreciation- for property plant and equipment 12,833,369 11,758,142
Depreciation- for investment property 893,065 893,065
Amortization 417,958 16,007
145,728,731 144,446,059
28.1 Salaries and allowances

Add: Prior period error* (Note 13.1) 4,462,306
* An amount of Tk.869,020 and Tk.3,593,286 relating to gratuity expenses and leave encashment respectively
was not charged in 2016-17 which is now corrected as per IAS-8.
28.2 Office expenses

Drinking water 652,144 625,785
Printing & stationery 3,744,410 3,091,087
Fuel and power 343,243 404,711
Telephone, internet and fax 1,295,012 500,640
AGM and other meetings 3,046,111 3,786,903
Postage and courier 681,857 377,472
Advertisement (general) 1,167,618 1,499,751
Newspaper and periodicals 105,600 71,303
Entertainment 1,303,540 1,385,643
Insurance premium 199,447 270,936
Photography & videography 88,400 46,550
MoU Ceremony Expenses 83,830 -
Employee medical expenses - 5,850
Employee training expenses - 9,500
Miscellaneous expenses 863,196 588,441
13,574,408 12,664,572

ANNUAL
REPORT 2018
Taka Taka
28.3 Rent, rates and taxes
City corporation tax 364,317 378,507
CRC- office rent and utility 3,438,936 3,438,936
CRC- library rent and utility (Note 28.3.1) 1,723,236 430,806
5,526,489 4,248,249
28.3.1 An amount of Tk. 430,806 relating to rent and utility expenses of CRC library rent and utility has not been charged
in the previous year which is now corrected as per IAS-8.
28.4 Legal and professional fees

Audit fees 689,500 586,500
Legal fees 416,750 290,888
1,106,250 877,388
28.5 Travelling and conveyance

Outside the country (participation in SAFA, CAPA, IFAC and events) 3,091,341 3,814,689
Inside the country 531,854 303,774
3,623,195 4,118,463
29.0 Other expenses

Bank charges 363,217 328,014
Subscription to professional bodies (Note-29.1) 2,282,962 1,040,009
Donation and CSR 430,000 300,000
Contribution to employees' picnic 350,000 250,000
Contribution to award ceremony program 200,000 -
Contribution to employees' benevolent fund - 200,000
Contribution for celebration of Int. Accountancy Day 555,000 -
ICAB quiz biz and mock test 1,360,000 -
Celebration of national days 438,611 235,000
Firm inspection fees 418,083 713,083
IDC Expenses - 31,079
Media and branding expenses (Note-29.2) 4,360,006 1,109,440
Election expenses - 274,450
World bank project's expenses 4,573,378 13,690,955
Provision against advances - 22,000,000
Bad debt against membership fees (Delisted) (Note: 29.3) 7,251,548 277,800
Recruitment Service (Outside) - Expenses 27,600 -
22,610,405 40,449,830
29.1 Subscription to professional bodies includes Membership fees Tk. 275,145 for CAPA, Tk. 1,122,281 for CAW, Tk.
365,360 for IFAC, Tk. 338,676 for IFRS and Tk. 181,500 for SAFA.
29.2 Media and branding expense includes consultancy fees for advisor to design ICAB logo, Career excellence,
preparation of audio visual etc.
29.3 Membership fees has been written off from the member's register who have outstanding dues over 3 years as per
decision of 17th meeting of the council for the year 2017 held on 3 December 2017
30.0 Financial risk management
30.1 Liquidity risk
The liquidity risk is measured as per following basis:
a. Cash and cash equivalent on the basis of their term;
b. Advance, Deposits and Prepayments on the basis of their term of maturity;
c. Receivable and Inventories on the basis of their maturity period and past trend;
d. Non-current Assets are on the basis of their useful lives;
e. Advance fees and rent on the basis of their trend and contract;
f. Various fund on the basis of their behavioral past trend and adjustment.

ANNUAL
REPORT 2018
30.2 Credit risk Taka Taka
The maximum exposure to credit risk at the reporting date is as follows:
Advance against land 22,000,000 22,000,000
Annual membership fees 7,117,109 11,653,191
Rental dues 2,385,584 2,339,408
Advances to employees - 6,243,127
Security deposits - 4,850,373
Total 31,502,693 47,086,099
Analysis of receivable and advances is as follows:

Domestic receivables 31,502,693 47,086,099
Total 31,502,693 47,086,099
The ageing of receivables

Not past due 2,385,584 12,742,608
Past due up to 1 year 5,059,766 3,884,931
Past due 1-2 year 1,205,831 2,445,412
More than 2 year 22,851,512 28,013,148
Total 31,502,693 47,086,099
Bank balances including fixed deposits are held only in reputable banks with high quality credit rating.
30.3 Market risk
The Institute does not expose to any interest rate risk or exchange rate risk.
31.0 Re-arrangement of last years figure
Previous year's figures in some places have been rearranged to conform current year's presentation.
32.0 Capital commitment
As at 30 June 2018, there are capital commitments of BDT 12,000,000 (approx.) against which work order has been
issued but the work is yet to deliver. This is in connection with renovation of ground floor face lifting works of CA
Bhaban and implementation of ERP for ICAB.
33.0 Events after reporting period
ICAB received an allotment letter for a plot of 12.18 katha located at Annonyna Residential Area, Oxyzen, opposite
site of Apollo Hospital Chittagong Vide letter dated 9 October 2018 from Chittagong Development Authority
(CDA) at a price of Tk. 59,158,260. Full payment has already been made to the CDA.
34.0 The Council of the Institute of Chartered Accountants of Bangladesh in its meeting held on 09 December 2018
approved the financial statements for the year ended 30 June 2018 and authorized the same for issue.
35.0 No material events had occurred after the reporting date to the date of issue of these financial statements.


204
Annexure-'A'
Property, Plant and Equipment Schedule
REPORT
ANNUAL

Amount in BDT
Cost Depreciation

Written
Addition Disposals/ As at 30 Charged Disposals/ down value
Description As at 1 July As at 1 July As at 30
during the adjustments June Rate during adjustments as at 30 June
2018
2017 during the 2017 during the June 2018

year 2018 the year 2018
year year
Land 981,489 - - 981,489 - - - - 981,489
Building:
CA Bhaban (2nd, 3rd, 6th, 7th and 8th floor) 21,810,064 - - 21,810,064 2% 10,434,671 436,201 - 10,870,872 10,939,193
Major renovation:
Exterior (including glass) 10,676,438 - - 10,676,438 25% 10,621,546 25,335 - 10,646,880 29,558
Renovation - 3rd Floor 4,715,070 - - 4,715,070 10% 1,060,891 471,507 - 1,532,398 3,182,672
Renovation - 8th Floor 9,434,888 - - 9,434,888 10% 4,717,445 943,489 - 5,660,933 3,773,955
Renovation - 7th Floor 7,159,362 - - 7,159,362 10% 1,133,566 715,936 - 1,849,502 5,309,860
Renovation - New Academic Campus 6,652,585 1,143,301 - 7,795,886 20% 2,294,069 1,411,875 - 3,705,944 4,089,942
Renovation - 2nd Floor 998,100 4,837,951 - 5,836,051 10% - 534,039 - 534,039 5,302,012
Renovation - 6th Floor - 6,438,073 - 6,438,073 10% - 107,595 - 107,595 6,330,478
Renovation - CRC Library - 4,500,444 - 4,500,444 10% - 298,386 - 298,386 4,202,058
Renovation - CRC Members' Corner - 202,380 - 202,380 10% - 13,418 - 13,418 188,962
Furniture & Fixture 18,101,679 801,470 21,500 18,881,649 10% 8,771,864 1,588,098 21,500 10,338,462 8,543,187
Books and Periodicals 5,237,177 360,797 - 5,597,974 20% 5,035,298 82,527 - 5,117,825 480,149
Electrical Equipments 16,792,873 355,954 - 17,148,827 20% 14,359,209 841,445 - 15,200,654 1,948,173
Computers & IT Equipments 13,461,948 1,635,485 - 15,097,433 25% 10,432,362 1,482,503 - 11,914,864 3,182,569
Vehicle (Microbus) 1,227,840 - - 1,227,840 25% 1,227,839 - - 1,227,839 1
Office Equipments 5,831,808 1,189,319 - 7,021,127 20% 4,270,741 773,188 - 5,043,929 1,977,198
Air-conditions 20,981,450 8,351,050 669,000 28,663,500 20% 14,768,603 3,107,829 669,000 17,207,432 11,456,068
30 June 2018 144,062,771 29,816,224 690,500 173,188,495 89,128,104 12,833,369 690,500 101,270,973 71,917,523
30 June 2017 142,613,247 3,815,462 2,365,938 144,062,771 79,386,809 11,758,142 2,365,808 88,779,142 55,283,629
The Institute of Chartered Accountants of Bangladesh Annexure-'B'
Investment property schedule

Amount in BDT
Cost Depreciation
Written
Addition Disposals/ As at 30 Charged Disposals/ down value
Description As at 1 July As at 1 July As at 30
during the adjustments June during adjustments as at
2017 during the Rate 2017 June 2018
year 2018 the year during the 30 June 2018
year
year
CA Bhaban(Gr, 1st, 4th and 5th floor) 17,448,052 - - 17,448,052 2% 8,347,737 348,961 - 8,696,698 8,751,354
TK Bhaban (12th floor) 27,205,222 - - 27,205,222 2% 7,956,356 544,104 - 8,500,460 18,704,762
30 June 2018 44,653,274 - - 44,653,274 16,304,093 893,065 - 17,197,158 27,456,116
30 June 2017 44,653,274 - - 44,653,274 15,759,988 893,065 - 16,653,053 28,000,221
REPORT
ANNUAL

2018
205
206
Annexure-'C'
REPORT
ANNUAL
Intangible assets schedule

Amount in BDT

Cost Depreciation
Written
Disposals/ Disposals/
2018
Addition As at 30 Charged down value

Description As at 1 July adjustments As at 1 July adjustments As at 30
during the June Rate during as at 30 June
2017 during the 2017 during the June 2018
year 2018 the year 2018
year year
Computer software 1,239,262 - - 1,239,262 33.33% 1,239,260 - - 1,239,260 2

ERP Software 1,254,000 1,254,000 33.33% - 417,958 - 417,958 836,042
WIP (ERP Software) - 504,000 - 504,000 504,000
30 June 2018 2,493,262 504,000 - 2,997,262 1,239,260 417,958 - 1,657,218 1,340,044
30 June 2017 1,866,262 627,000 - 2,493,262 - 1,223,253 16,007 - 1,239,260 1,254,002
ANNUAL
REPORT 2018
Annexure-'D'
Scholarship fund disbursement
Amount in BDT
Sl. # Particulars Name & Reg No: Date Amount Total Amount
1 ACNABIN Scholarship 81,000
Md. Niamul Hasssan Chowdhury 26088/15 21/08/2017 27,000
Mr. Md.Raihanuzzaman Sobuj, 27124/16 21/03/2018 27,000
Mr. Md.Raihanuzzaman Sobuj, 27124/16 30/06/2018 27,000
2 ACNABIN Female Scholarship 108,000
Ms. Rubayet - E - Jesmin 26254/15 07/11/2017 36,000
Ms. Sabiha Khaled,27105/16 21/03/2018 36,000
Ms. Sabiha Khaled,27105/16 30/06/2018 36,000
3 ABM Azizuddin Scholarship 42,000
Mohammad Gias Uddin, Reg 26975/16 25/03/2018 42,000
4 AKM Mizanur Rahman Scholarship 24,000
Mr.Nihal Uddin Haider,27372/16 21/03/2018 24,000
5 Bhola Foundation 36,000
Mr.Md. Ibrahim,28222/17 21/03/2018 36,000
6 Howlader Yunus Scholarship 60,000
Mr.Rafat Kader Anik, 27653/17 21/03/2018 30,000
Kader Hossain Raahi 26010/15 25/03/2018 30,000
7 Mashiur Rahman Memorial Scholarship 150,000
Md. Robiul Alam 26089/15 10/08/2017 30,000
Arnab Kumar Das 26117/15 10/08/2017 30,000
Mr.Md.Idris Ali,27969/17 21/03/2018 90,000
8 RRH Scholarships 96,000
Mr. Mehedi Hasan, 28244/17 21/03/2018 24,000
Mr. Md. Yousuf Ali, 27470-16 21/03/2018 24,000
Mr.Millat Hoshen,27814/16 21/03/2018 24,000
Mr.Md.Zubayr Bin Hanzala, 27497/16 21/03/2018 24,000
9 RRH Associates Scholarship 120,000
Mr. A.K.M. Kayes Mahmud, 27377/16 21/03/2018 60,000
Mr. Feroz Kabir, 28186/17 21/03/2018 60,000
10 Syful Shamsul Alam Scholarship 120,000
Md. Zaved Ahmed, Reg: 28339/17 01/04/2018 30,000
Ashraful Alam Saon, Reg: 26968/16 01/04/2018 30,000
Md. Burhan Uddin Chowdhury, Reg: 27020/16 01/04/2018 30,000
Sumit Sarkar, Reg:28106/17 01/04/2018 30,000
11 S F Ahmed Foundation Scholarship 180,000
Ms. Mollika Akter 26188/15 02/11/2017 60,000
Ilma Chowdhury, Reg: 27120 08/04/2018 60,000
Ummahani, Reg: 28132 08/04/2018 60,000
12 ICAB Scholarships 830,000
Ms. Momotaz Begum, 27352/16 21/03/2018 40,000
Ms. Mashruba Mashaekha, 27351/16 21/03/2018 40,000
Mr. Sagar Chandra Mondal, 27472/16 21/03/2018 40,000
Mr. Jahid Mohammad Reza Khan, 27378/16 21/03/2018 40,000
Mst. Zaytun Aktar, 28159/17 21/03/2018 40,000
Ms. Rubina Akter, 28240/17 21/03/2018 40,000
Ms.Zinia Akter,26671/16 21/03/2018 40,000
Ms.Asia Afrin, 27471/16 21/03/2018 40,000
Mr. Nur Mohammad, 28229/17 21/03/2018 40,000
Farhan Aziz Choudhury, 25001/15 21/03/2018 30,000
Bikash Chandra Paul, 28133/17 21/03/2018 40,000
Marin Shanjida, 28324/17 21/03/2018 40,000
Md. Badrul Islam, 28227/17 21/03/2018 40,000
Aurpa Saha, 24366/14 21/03/2018 20,000
Sami Mymoon Akash 26016/15 21/03/2018 40,000
Ms. Momotaz Begum, 27352/16 30/06/2018 20,000
Ms. Mashruba Mashaekha, 27351/16 30/06/2018 20,000
Mr. Sagar Chandra Mondal, 27472/16 30/06/2018 20,000
Mr. Jahid Mohammad Reza Khan, 27378/16 30/06/2018 20,000
Mst. Zaytun Aktar, 28159/17 30/06/2018 20,000
Ms. Rubina Akter, 28240/17 30/06/2018 20,000
Ms.Zinia Akter,26671/16 30/06/2018 20,000
Ms.Asia Afrin, 27471/16 30/06/2018 20,000
Mr. Nur Mohammad, 28229/17 30/06/2018 20,000
Bikash Chandra Paul, 28133/17 30/06/2018 20,000
Marin Shanjida, 28324/17 30/06/2018 20,000
Md. Badrul Islam, 28227/17 30/06/2018 20,000
Sami Mymoon Akash 26016/15 30/06/2018 20,000
13 President Scholarship Fund 60,000
Mr.Md.Saddam PK, 26947/16 21/03/2018 60,000
14 Masih Muhith Haque Scholarship 60,000
Sakh Rashed, Reg: 25430/15 19/11/2017 30,000
Md. Amir Hossain, Reg: 26393/16 19/11/2017 30,000
1,967,000

w w w. i c a b . o r g . b d
CA Bhaban 880 2 9115340, 9117521, 9137847 (Off.) secretary@icab.org.bd

100 Kazi Nazrul Islam Avenue 9612612100 (Hotline) facebook.com/cabdofficial
Dhaka 1215, Bangladesh 880 2 9125266 icab.org.bd

ICAB Scholarship Fund Disbursement - 2018

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

ICAB Scholarship Fund Disbursement - 2018

Uploaded by

Copyright:

Available Formats

ANNUAL

64 Chapter 2.0 Students’ Aﬀairs

71 Chapter 3.0 Members’ Conference/CPD Programme

76 Chapter 4.0 Compliance and Technical Standards

87 Chapter 5.0 Promoting Transparency and Good Governance

95 Chapter 6.0 Collaboration with ICAEW & CPA Australia

106 Chapter 8.0 International Events

118 Chapter 9.0 Members’ Aﬀairs

127 Chapter 10.0 Communication and Publications

02 The Institute of Chartered Accountants of Bangladesh

132 Chapter 11.0 Regional & Overseas Committees/Chapters

138 Chapter 12.0 IT Development

151 Chapter 14.0 Report of the Quality Assurance Board (QAB)

155 Chapter 15.0 Report of the Real Estate Committee (REC)

157 Chapter 16.0 Report of the Professional Development Committee (PDC)

166 Chapter 19.0 Report of the Audit Committee

168 Chapter 20.0 Meetings of the Council and Committees

170 Chapter 21.0 Acknowledgement

The Institute of Chartered Accountants of Bangladesh 03

04 The Institute of Chartered Accountants of Bangladesh

Maj Gen Muhammad Imrul Quayes, ndc, psc (retd)

Dhaka, 06 December 2018

The Institute of Chartered Accountants of Bangladesh 05

ICAB members hold a widely respected

professional accounting qualiﬁcation which

06 The Institute of Chartered Accountants of Bangladesh

• To promote and regulate high quality ﬁnancial

reporting and auditing in Bangladesh

• To develop and maintain the competence of

• To enhance the reputation of the accounting

The Institute of Chartered Accountants of Bangladesh 07

Ensure compliance with

08 The Institute of Chartered Accountants of Bangladesh

 Regulate the Accountancy Profession and matters connected therewith

 Administer its members and students

 Ensure professional ethics and code of conduct

 Provide specialized and professional training in Accounting, Auditing. Taxation, Corporate

 Impart Continuing Professional Development (CPD) to members

 Foster acceptance and observance of International Accounting Standards/ International

 Keep abreast of the latest developments in Accounting techniques, Audit methodology,

 Liaise with international and regional organizations to strengthen mutual cooperation

The Institute of Chartered Accountants of Bangladesh 09

To uphold the highest professional integrity and ethical standards.

To conduct professional responsibilities with a high level of

To conduct activities in a clear and transparent way.

ICAB members to be responsible for their actions.

10 The Institute of Chartered Accountants of Bangladesh

The Ministry of Commerce, Government of the People’s Republic of Bangladesh is the

The Institute of Chartered Accountants of Bangladesh 11

06 MoU & MRA

ICAB has Memorandum of Understanding (MoU) and the Mutual Recognition

12 The Institute of Chartered Accountants of Bangladesh

ICAB members are recognized by the global/international professional Institutes as

The Institute of Chartered Accountants of Bangladesh 13

Barrister Mahbub Shafique

Md Raghib Ahsan FCA

Snehasish Barua FCA

14 The Institute of Chartered Accountants of Bangladesh

PRESIDENT PRESIDENT PRESIDENT

1972 1973-74 1974-75

PRESIDENT PRESIDENT PRESIDENT

1975-76 & 1981 1976-77 1978