SAFA

A regional professional accounting body established to promote and harmonize accounting

standards and practices across South Asia.
Formed in 1984, SAFA aims to enhance the accounting profession's credibility, integrity, and
effectiveness within the region. It brings together national accounting bodies from eight South
Asian countries, including Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan,
and Sri Lanka.

MISSION
"As a forum of professional accounting bodies, SAFA is dedicated to establishing, preserving,
and growing the accounting profession in the South Asian Association for Regional Co-operation
(SAARC) Region and guaranteeing its continuous prominence in the accounting field; in the
public interest and towards the region's broad economic development."

OBJECIVES
The primary goals of the South Asian Federation of Accountants (SAFA) are to promote financial
integrity and transparency in the South Asian area and to further the accounting profession. Among these
objectives are the following:
1) Standardization:
2) Professional Development:
3) Advocacy
4) Collaboration
5) Ethics and Integrity
6) Building Capacity
7) Public Interest

Bangladesh
Member Organizations
Institute of Chartered Accountants of Bangladesh
Under the Bangladesh Chartered Accountants Order of 1973, the Institute of Chartered Accountants of
Bangladesh (ICAB) was the sole regulator of accountants and auditors.
Its mandate included:
(i) determination of qualifications for membership in the institute;
(ii) oversight of the initial professional development and continuing professional development of
its members;
(iii) conducting professional examinations;
(iv) establishment and maintenance of a quality assurance review system;
(v) licensing auditors;

Institute of Cost and Management Accountants of Bangladesh

Under the Cost and Management Accountants Ordinance of 1977 Ordinance, ICMAB is responsible for:
 (i) stipulating the qualifications for membership;
(ii) establishing professional examinations;
(iii) maintaining and publishing a register of members who hold practicing certificates;
(iv) developing professional standards and rules of conduct;
(v) operating an I&D system for its members; and

Legal and Regulatory Environment

• Overview of Statutory Framework for Accounting and Auditing
• Regulation of Accountancy Profession
• Audit Oversight Arrangements
• Professional Accountancy Organizations
• Projects or Other Information

Adoption of International Standards

• Quality Assurance (adopted)
• International Education Standards (Partially Adopted)
• International Standards on Auditing (Adopted)
• Code of Ethics for Professional Accountants (Adopted)
• International Public Sector Accounting Standards (Not Adopted)
• Investigation and Discipline (Partially Adopted)
• International Financial Reporting Standards (Adopted)

Disclaimer
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC
member organizations. Please see our full Disclaimer for additional information.