March 2018 ICAB N B Assalamualaikum and greetings to you all. The ‘Monthly News Bulletin’ of ICAB is the epitome of happenings of the Institute. The aim of this endeavor is to

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINMarch 2018

Number 340

ISSN 1993-5366

Auditors Training on Union Parishads’ Financial Audit

he two-day long ‘Auditors Training on Financial Audit, Performance Assessment and Fiduciary & Safeguards Compliance

Assessment of Union Parishads’ Fiscal Year 2016-17’ for the Audit Firms, Reviewer Firms and District Facilitators was started at CA Bhaban in the city on Tuesday, 27 March 2018. The training was organized jointly by the Institute of Chartered Accountants of Bangladesh (ICAB) and the Local Governance Support Project (LGSP)-3, Local Government Division, GoB. A total of 500 UP auditors participated in the training.

Dr. Zafar Ahmed Khan, Senior Secretary, Local Government Division, LGRD & Cooperatives Ministry, GoB was present as the Chief Guest. Dewan Nurul Islam FCA, ICAB President, Muhammad Emdad Ullah FCA, Joint Secretary, LGD and AKM Rahmat Ullah FCA, Senior Audit Specialist, LGSP-3 were present as Special Guests. Sardar Sarafat Ali, Project Director, LGSP-3 chaired the inaugural session of the training. The

training was concluded on 28 March 2018. The Local Governance Support Project (LGSP) is the centre piece of a broader programme to strengthen accountable forms of local governance across Bangladesh. The LGSP provided grants and capacity building support to Union Parishads (UPs), which is the lowest tier of rural local government bodies.

ICAB is regularly rendering technical support to the auditors on various issues including professional capacity building, integrity, etc. It is highly desired that the auditors of Union Parishads under LGSP-3 will maintain high ethical standards and exercise adequate care to ensure the required quality of audit.

T

01

02

0203

03

04

07

07

07

0809

09

09

09

10

10

10

1011

11

111112

12

Auditors Training on Union... Financial AuditMeeting with Secretary in Charge,... Division, MoFMeeting with ICAEWCareer Counseling for Newly Qualified CAsCertificate Course on Information.. BatchPresident’s Communica-tion March 2018 04ICAB Holds Advisory Committee MeetingMeeting with Comptroller and Auditor GeneralICAB Observes... Women’s DayCampus NewsCRC-ICAB Observes Independence DayCRC Annual Picnic 2018DRC-ICAB Observes Independence DayCRC-ICAB organizes WorkshopLearning IFRS 9 implementationACNABIN Observes... Women’s DayLGSP-III Coordination Meeting at CA BhabanMeeting with LGSP-IIIMahamud Hosain FCA Participates... TalkshowACNABIN Congratulates Successful StudentsMember’s AchievementAccountancy Age ReportSeminar on Chartered ... at Govt. BM CollegeMeeting re Proposed Companies Act 2017

2

March 2018 No. 340

Justin West, Acting Director, Students Recruitment, ICAEW visited ICAB on 18 March 2018 and discussed issues of bi-lateral interest.

The meeting covered the issues include discussion on route to membership of ICAB for members of ICAEW. In particular this relates to which ICAEW members can be recognised for reciprocal membership of ICAB (for practice and audit purposes), and in this process further requirements. ICAEW agreed that ICAB would provide a clear guidance on different requirements in this purpose. In this aspect the meeting discussed the following main categories:

ICAEW members that qualified through a ‘top up’ route based on being an ACCA affiliate or member

ICAEW members that qualified through a limited 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 Management exams will both be computer input only from July 2018.

He gave a brief demonstration of the ICAEW training on Assurance which covered Part 1 (of 4) only. The meeting discussed the possibility of facilitating the whole video to a wider audience at ICAB. The meeting was attended by ICAB Vice President Mahmudul Hasan Khusru FCA and Secretary Major General Muhammad Imrul Quayes, ndc, psc (Retd.).

ICAB President Dewan Nurul Islam FCA along with a team of the Institute met Muhammad Muslim Chowdhury, Secretary in Charge, Finance Division, Ministry of Finance, GoB at Bangladesh Secretariat on 5 March 2018. The other members of the team were Vice President Mahmudul Hasan Khusru FCA, Council Members & Past Presidents Muhammed Farhad Hussain FCA, Md. Humayun Kabir FCA, Parveen Mahmud FCA, Adeeb Hossain Khan FCA and ICAB Secretary Major General Muhammad Imrul Quayes (Retd). ICAB

high power representatives have made conversant its ongoing activities with the Secretary. The Secretary in reply assured the ICAB team about all out his supports to ICAB for better development of the economy.

Meeting with Secretary in Charge, Finance Division, MoF

FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members and Friends,

Assalamualaikum and greetings to you all.The ‘Monthly News Bulletin’ of ICAB is the epitome of happenings of the Institute. The aim of this endeavor is to let all know the unfolding of various initiatives taken by ICAB towards development of our beloved profession. A wide variety of events took place in the month of March 2018. ICAB delegates held a series of meetings with the ministry of commerce; ministry of finance; BSEC; Comptroller and Auditor General of Bangladesh (OCAG); Bangladesh Bank, etc. to discuss about proposed Companies Act, Trade Organization Act, Corporate Governance Guidelines and the Institute’s ongoing activities of professional interest. This type of endeavors will definitely enhance the credibility of ICAB to all concerned.

Apart from these, ICAB training wing, ICPE, has followed a busiest schedule in March in organizing a couple of trainings and workshops. Such events will also upsurge in the coming days to keep pace with the developments in the professional arena.

In this month we are very proud to have a number of newly qualified Chartered Accountants in our fraternity. They are undoubtedly the brilliants of the brilliants and we wish them a very big success in their pursuit of career. They would definitely illuminate the country with their sparkling wisdom and knowledge. ICAB accorded a very warm reception to them by organizing a programme titled ‘Dream Career: Day with the Leaders’ on 3 March 2018.

ICAB has strengthened its talent hunting drive with a view to increasing the enrollment of meritorious students in CA profession. In March, a team of the Institute visited Govt. BM College, Barishal and conducted a seminar, which was actively participated by the faculties and students. Such efforts will definitely encourage brilliant students to pursue CA profession.

The month of March is embalmed with our great Independence Day-the 26th March. The Nation paid deep homage to our beloved Father of the Nation Bangabandhu Sheikh Mujibur Rahman and millions of the martyrs who laid their lives in the great liberation war in 1971. We pray to Almighty Allah for the salvation of their departed souls. Our heartfelt gratitude and deep respect to all the valiant freedom fighters.

Dear fellow members, our team of the Editorial Board has been working tirelessly to bring out the publication timely. We solicit your suggestion for the betterment of the publication. We firmly believe that our combined efforts would yield a better ‘Monthly Bulletin’.

With warmest regards to you all.

Dr. Jamshed S A Choudhury FCA

Meeting with ICAEW

3

March 2018No. 340

Career Counseling for Newly Qualified CAs

he smiling faces, among others were the newly qualified Chartered Accountants at a

programme on ‘Dream Career: Day with the Leaders’ organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on 3 March 2018 at CA Bhaban, Dhaka.

Akhter Matin Chaudhury FCA, Chairman & Managing Director, Nuvista Pharma Ltd in his speech gave a direction to the newly qualified CAs. ICAB President Dewan Nurul Islam FCA, Vice President Mahmudul Hasan Khusru FCA, Council Members Mostafa Kamal FCA and Secretary Major General Muhammad Imrul Quayes,

ndc, psc (Retd) also shared their success stories on the occasion. CEO of Grow n Excel Zulfiquar Hussain delivered speech on Career 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.

T

Certificate Course on Information Systems Audit(IS Audit) for 3rd Batch

ICAB organized six month long Certificate Course on “Information Systems Audit (IS Audit)” which was started on 3 March 2018 at CA Bhaban. We know that IT is taking over everything in the world and it comes with some challenges. Bangladesh is rapidly coping with the these 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. Information systems auditing is critically required in today's information systems intensive environment.

Objectives of the IS Audit is to enhance the competence of professionals.

A total of 45 participants are participating in the course.

Dewan Nurul Islam FCA, President - ICAB, Mahmudul Hasan Khursu FCA Vice-President, Mostafa Kamal FCA - ICAB Member Council, Major General Muhammad Imrul Quayes, ndc, psc

(Retd), Secretary-ICAB, resource persons of the training course Imran Ahmed FCA, CISA and officials of ICAB were present in the Inauguration Session.

4

March 2018 No. 340

Assalamu Alaikum and greetings to you all.

Dear members,

The historic month of ‘March’ reminds us the enormous sacrifice and heroism of our people against an organised army. The massacre that began on 25 March 1971 prompted us to take up arms to drive away the enemy forever. Since then the whole Nation observes 26 March as the National Independence Day with due solemnity, forever and festivity. This is also a month which inspires us to uphold the value of democracy, rule of law and stand against all odds.

Dear fellow members, we are persistently working to address the challenges of the CA Profession. Alongside, we have also expedited our endeavors to materialise our action plan. We are also trying to hunt talents for our beloved CA profession.

As the proverb goes, ‘United we Stand’, we firmly believe that our collective efforts would lead the Institute to a greater heights. Dear fellow members, our main responsibility is to keep you updated with

the contemporary issues of professional interests. Keeping that in mind, ICPE regularly organizes training sessions and workshops on concurrent professional issues. We are confident that our respected members would be immensely benefited from such trainings.

Efforts are also being made to maintain strong ties with other professional Institutes, ministries of the Government and all other stakeholders. We resolved that the liaison of ICAB with the government organizations and other regulatory bodies has to be significantly strengthened to secure mutual benefit.

The activities of the Month of March 2018 are highlighted as follows:

The two-day long ‘Auditors Training on Financial Audit, Performance Assessment and Fiduciary & Safeguards Compliance Assessment of Union Parishads’ Fiscal Year 2016-17’for the Audit Firms, Reviewer Firms and District Facilitators started on 27 March 2018 at CA Bhaban. The training was organized jointly by the Institute of Chartered Accountants of Bangladesh

(ICAB) and Local Governance Support Project (LGSP)-3, Local Government Division, GoB. A total of 500 auditors participated in the training.

Dr. Zafar Ahmed Khan, Senior

Secretary, Local Government Division,

LGRD & Cooperatives Ministry, GoB

was present as the Chief Guest while I,

myself along with Mr. Muhammad

Emdad Ullah FCA, Joint Secretary, LGD

and Mr.AKM Rahmat Ullah FCA, Senior

Audit Specialist, LGSP-3 were present

as Special Guests. Mr.Sardar Sarafat

Ali, Project Director, LGSP-3 chaired the

inaugural session of this training. The

Local Governance Support Project

(LGSP) is the centre piece of a broader

programme to strengthen accountability

of local governance all over Bangladesh.

On the following day a coordination meeting between ICAB, LGSP-3 and the Auditors of that project was held on 28 March 2018 at CA Bhaban to discuss on various issues including problems likely to be faced during conducting audit of Union Parishads. I myself, Vice President Mr. Mahamud Hosain FCA, Secretary Major General (Retd) Muhammad Imrul Quayes, ndc, psc, Fellow Member Mr. Eftekhar Hossain FCA , Mr. Ajit Kumar Paul FCA, Mr. Atiar Rahman FCA, Mr. Atikur Rahman FCA ,ICAB Deputy Director Mr. Afsar Uddin FCA, LGSP-3 Sr. Audit Specialist Mr. AKM Rahmat Ullah FCA, and the representatives from CA Firms who are awarded LGSP audit works also

participated in the meeting.

The newly qualified Chartered

Accountants were given a special

reception at a programme titled ‘Dream Career: Day with the Leaders’ organized by ICAB on 3 March 2018 at

CA Bhaban where Mr.Akhter Matin

Chaudhury FCA, Chairman & Managing

Director, Nuvista Pharma Ltd made

valuable speeches as chief guest. I

myself along with Vice Presidents Mr.

Mahmudul Hasan Khusru FCA, Mr.

Mostafa Kamal FCA and Secretary

Major General Muhammad Imrul

Quayes, ndc, psc (Retd) shared our own

success stories with them.

CEO of Grow N Excel Mr. Zulfiquar

Hussain delivered speech on Career

Counseling session while Head of

Strategic, Project AAMRA Networks Ltd

Mr. Muhammad Solaiman delivered the

inspirational session for newly qualified

CAs.Thanks to Mr. Zulfiquar Hussain

and Mr. Muhammad Solaiman for giving

us their time and sharing their valuable

insights.

ICAB organized a seminar on Specialised Authorised Training Organisation (SATO) on 2 March 2018 to disseminate the procedural requirements for the SATO. Executive Chairman of Bangladesh Investment Development Authority Mr.Kazi M Aminul Islam was present in the programme as the Chief Guest and Board Director of Bangladesh Bank Mr. AKM Aftab Ul Islam FCA was present as special guest. Officers from different Ministries, Office of Comptroller and Auditor General (OC&AG), Office of the Controller General of Accounts (OCGA), National Board of Revenue (NBR), Bangladesh Investment Development Authority (BIDA), Bangladesh Bank, Bangladesh Securities and Exchange Commission (BSEC) and Faculties from different universities participated in the seminar.

However, following the growing concern over SATO, the initiative to introduce SATO was rescinded. Further I would like to assure all that no initiative which has the potentiality to harm CA

profession will be undertaken.

A delegation of ICAB led by me met Mr. Masud Ahmed, Comptroller and Auditor General at latter’s office on 21 March 2018. We discussed about professional progress and the steps those have been undertaken by the Institute for the development of accountancy profession in the country. We also expressed willingness to work jointly with C&AG office for overcoming the shortcomings in both public sector accountancy profession. The other members of the delegation were Vice Presidents Mr.Mahmudul Hasan Khusru FCA, Mr.Mahamud Hosain FCA and Major General Muhammad Imrul Quayes, ndc, psc (Retd).

I, along with Vice President Mr. Mahmudul Hasan Khusru FCA, Council Members & Past Presidents Mr. Muhammed Farhad Hussain FCA, Mr. Md. Humayun Kabir FCA, Ms. Parveen Mahmud FCA, Mr. Adeeb Hossain Khan FCA and Secretary, Major General Muhammad Imrul Quayes, ndc, psc (Retd) met Mr. Muhammad Muslim Chowdhury, Secretary in Charge, Finance Division, Ministry of Finance, GoB at Bangladesh Secretariat on 5 March 2018. We made him conversant with ICAB’s ongoing activities.

Another team led by me met LGSP-III Project Director Mr. Sardar Sarafat Ali on 20 March 2018 at LGSP office. We discussed upcoming inauguration programme of LGSP-3 project to be held on 27 March where Dr. Zafar Ahmed Khan, Senior Secretary, Local Government Division, LGRD & Cooperatives Ministry, GoB will be present as the Chief Guest. The meeting discussed the modalities of imparting trainings for about 200 pupils intended to be the auditors of Union Parishads. We

President’sCommunication

March 2018

FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members and Friends,

Assalamualaikum and greetings to you all.The ‘Monthly News Bulletin’ of ICAB is the epitome of happenings of the Institute. The aim of this endeavor is to let all know the unfolding of various initiatives taken by ICAB towards development of our beloved profession. A wide variety of events took place in the month of March 2018. ICAB delegates held a series of meetings with the ministry of commerce; ministry of finance; BSEC; Comptroller and Auditor General of Bangladesh (OCAG); Bangladesh Bank, etc. to discuss about proposed Companies Act, Trade Organization Act, Corporate Governance Guidelines and the Institute’s ongoing activities of professional interest. This type of endeavors will definitely enhance the credibility of ICAB to all concerned.

Apart from these, ICAB training wing, ICPE, has followed a busiest schedule in March in organizing a couple of trainings and workshops. Such events will also upsurge in the coming days to keep pace with the developments in the professional arena.

In this month we are very proud to have a number of newly qualified Chartered Accountants in our fraternity. They are undoubtedly the brilliants of the brilliants and we wish them a very big success in their pursuit of career. They would definitely illuminate the country with their sparkling wisdom and knowledge. ICAB accorded a very warm reception to them by organizing a programme titled ‘Dream Career: Day with the Leaders’ on 3 March 2018.

ICAB has strengthened its talent hunting drive with a view to increasing the enrollment of meritorious students in CA profession. In March, a team of the Institute visited Govt. BM College, Barishal and conducted a seminar, which was actively participated by the faculties and students. Such efforts will definitely encourage brilliant students to pursue CA profession.

The month of March is embalmed with our great Independence Day-the 26th March. The Nation paid deep homage to our beloved Father of the Nation Bangabandhu Sheikh Mujibur Rahman and millions of the martyrs who laid their lives in the great liberation war in 1971. We pray to Almighty Allah for the salvation of their departed souls. Our heartfelt gratitude and deep respect to all the valiant freedom fighters.

Dear fellow members, our team of the Editorial Board has been working tirelessly to bring out the publication timely. We solicit your suggestion for the betterment of the publication. We firmly believe that our combined efforts would yield a better ‘Monthly Bulletin’.

With warmest regards to you all.

Dr. Jamshed S A Choudhury FCA

discussed the various difficulties that might be faced during the audit. The other members of ICAB team were Vice President Mr. Mahmudul Hasan Khusru FCA, Secretary Major General (Retd) Muhammad Imrul Quayes, ndc, psc and LGSP-3 Sr. Audit Specialist Mr. AKM Rahmat Ullah FCA.

Advisory Committee Meeting of the

Council was held at Bangabandhu

International Conference Center(BICC)

on 27 March 2018. I gave a short

presentation about the activities of ICAB

and the Strategic Plan 2018. I also

sought guidelines and advices from the

Council and the Past Presidents

regarding further advancement of the

Institute.

A team of ICAB participated in a

meeting invited by the Ministry of Commerce, GoB on 15 March 2018 at

Bangladesh Secretariat to discuss and

review the proposed Companies Act

2017. The other members of the team

were ICAB Vice President Mr.

Mahmudul Hasan Khusru FCA, Council

Members Mr. Shahadat Hossain FCA,

Mr. Mostafa Kamal FCA, Senior Fellow

Member Mr. Ajit Kumar Paul FCA and

Director (Technical) Mr. Mahbub Ahmed

Siddique FCA. Earlier a series of

meetings were held at the ministry with a

view to formulating a pragmatic Act

which could help to flourish the business

of the country. ICAB proactively

participated all the meetings to bring

better standing and image of the

profession.

Mr. Justin West, Acting Director,

Students Recruitment, ICAEW visited

ICAB on 18 March 2018 and discussed

issues of bi-lateral interest. Mr. Justin

West gave a brief overview of the new

ICAEW computer input exams in

advanced level. He gave a brief

demonstration of the ICAEW training on

False Assurance. The meeting

discussed the possibility of displaying

the whole video to a wider audience at

ICAB. ICAB Vice President Mr.

Mahmudul Hasan Khusru FCA and


Quayes, ndc, psc (Retd) participated in

the meeting.

Meetings of Council and Standing & Non-standing Committees and Sub-committees

The following meetings of the Council,

Standing and Non-Standing

Committees and Sub-committees of

ICAB were held during the month of

March 2018:

Standing Committees:

- 3rd Meeting of the Council was held on 14 March 2018 at 5:00 pm.

- 1st Meeting of the Articled Students Committee (ASC) was held on 21 March 2018 at 6:00 pm.

- 1st Meeting of the Quality Assurance Board (QAB) was held on 22 March 2018 at 5:30 pm.

- 1st Meeting of the Technical & Research Committee (TRC) was held on 28 March 2018 at 6:30 pm.

Non-standing Committees:

- 2nd Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 06 March 2018 at 5:30 pm.

- 1st Meeting of the Information & Communication Technology Committee

(ICTC) was held on 11 March 2018 at 5:30 pm.

- 1st Meeting of the Editorial Board (EB) was held on 21 March 2018 at 6:00 pm.

- 1st Meeting of the Professional Development Committee (PDC) was held on 25 March 2018 at 5:30 pm.

- 1st Meeting of the Advisory Committee was held on 27 March 2018 at 6:00 pm.

- 1st Meeting of the Real Estate Committee (REC) was held on 29 March 2018 at 6:30 pm.

Standing and Non-Standing Sub-committees:

- 2nd Meeting of the Taxation and Corporate Laws Committee (TCLC) 7-Member Sub-Committee was held on 03 March 2018 at 6:00 pm.

- 1st Meeting of the ERP Project Steering under the Information & Communication Technology Committee (ICTC) Sub-Committee was held on 22 March 2018 at 6:00 pm

- 1st Meeting of the Media & Branding Committee was held on 29 March 2018 at 6:00 pm.

No more today. Wish you all the best for everyone.

Dewan Nurul Islam FCAPresident

5

March 2018No. 340


Dear members,
















































insights.

















Institute.



















profession.
















the meeting.






March 2018:




















6

March 2018 No. 340


Dear members,
















































insights.

















Institute.



















profession.
















the meeting.






March 2018:




















7

March 2018No. 340


Dear members,
















































insights.







ICAB Holds Advisory Committee Meetinghe Institute of Chartered Accountants of Bangladesh (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 about the activities of ICAB taken and the strategic plan during his tenure. He also sought guidelines and advices from the Past Presidents regarding further advancement of the Institute.

Demonstrating his action plan, ICAB President said to ensure transparency and good governance in financial sector, ICAB is implementing practical IT 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.

T

Meeting with Comptroller and Auditor General

A delegation of ICAB led by its President Dewan Nurul Islam FCA held a meeting with Masud Ahmed, Comptroller of Auditor General (C&AG) at latter’s office on 21 March 2018. The delegation discussed about professional progress and the steps those have been undertaken by the Institute for the development of accountancy profession in the country. ICAB expressed willingness to work jointly with C&AG office for overcoming the shortcomings in public sector accountancy profession. The other members of the delegation were Vice Presidents Mahmudul Hasan Khusru FCA, Mahamud Hosain FCA and ICAB Secretary Major General Muhammad Imrul Quayes, ndc, psc (Retd).

ICAB Observes International Women’s Day

The Institute of Chartered Accountants of Bangladesh(ICAB) observed the International Women’s Day on 8 March 2018. On behalf of the Institute, ICAB President Dewan Nurul Islam FCA conveyed greetings with flower bouquets and gift of chocolates to all its female members. ICAB Secretary Major General Muhammad Imrul Quayes, ndc, psc (Retd.) also exchanged greetings with flower bouquets to all female officials of the Institute on the day.











Institute.



















profession.
















the meeting.






March 2018:




















PwC’s Ukrainian branch said in a statement that it was aware of the legal proceedings initiated in the Cypriot Court system but that it not been served with any official documentation.

Accountancy Age ReportFrom page 11

8

March 2018 No. 340

Announcement(Classes of Next Session)

The New Session of Pre-examination Classes (June- August-18) for the Students of Certificate Level (1st Batch) will start from Sunday, 3 June 2018 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already been issued in this matter and all the concerned students are advised to enroll for the classes by 31 May 2018 and to join the session accordingly.

Source: ICAB Campus

ICAB Academic Campus NewsThe Pre-examination Classes for Professional Stage-Knowledge Level (17th Batch, Sections: G-I), Application Level and Advanced Stage have been started from 11 March 2018 at ICAB- Academic Campus. The session would continue to 25 May 2018. There are 467 students joining with 73 teachers in these ongoing courses. All the students are fresh candidates for Examination Session: May-June 2018.

As a result, the cumulative number of participated students in classes of ICAB under new curriculum has come to 14244, till March 31, 2018.

On the other hand, Day Time Classes for Knowledge Level (2nd Batch) have already been commenced on 10 March 2018 at ICAB- Academic Campus. By issuing a special notice, all practicing members of the Institute entitled to train articled students have been requested to kindly allow their students to attend the day shift classes as per schedule.

The regular session for the students of Certificate Level (1st Batch) will commence from Sunday, 3 June 2018 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already been issued in this regard and all concerned students are advised to enroll for the classes by 31 May 2018, and adhere the session accordingly.

Furthermore, the Mock Exams on "Assurance, Accounting & Taxation-1" for Professional Stage-Knowledge Level and "Audit & Assurance and Financial

Accounting" of Application Level students are going to be held on 3-Friday viz. 13, 20 & 27 April 2018 at 3:00pm to 5:00pm and 3:00pm to 6:00pm at ICAB Academic Campus, under the guidance of Dhaka Regional Committee (DRC)-ICAB.

The Feedback Session will also ensue on these Mock Exams for the examinees. Actually, the omissions and errors found in answers script to be discussed and to show ways and means for doing well in the final exams. This discussions to be carrried out by a group of resource persons. The concerned examinees, teachers, office bearers and Members Council of Institute are expected to be invitees in the sessions to make the programme effective.

Meanwhile, on 8- Saturday’s scheduled, a short course on English Language (2nd Batch) has already been commenced from 24 March at 3:00pm to 6:00pm for the CA students at ICAB Academic Campus under the guidance of Bangladesh Chartered Accountancy Chatra Parishad (BCACP) and it is financed by the Dhaka Regional Committee (DRC)-ICAB. The course would end by May 2018.

In the month of March 2018, Vice President (Education & Training) - ICAB, Mahmudul Hasan Khusru FCA visited the Academic Campus on 2, 9, 16, 24 & 27 March 2018, during the class-hour in the evening shift and day time sessions. He met the students and faculty members to know about the areas needed to improve with a view to make the campus environment, services and activities more congenial for study. He advised all

concerned officials for proper implementation of the outcomes of his visits.

Besides, the refurbishments of ICAB Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, have mostly been done, and the rest of works will be completed by April 2018.

The above programmes and sessions have been organised by the Additional Director, Academic Campus and his team under the supervision of Vice President (Education & Training)-ICAB, Mahmudul Hasan Khusru FCA, with guidance and consent from the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA and President of ICAB, Dewan Nurul Islam FCA.

Opportunity for ICAB Members/Practicing CA Firms

This is for information to all the ICAB Members / Practicing CA Firms who are looking for prospective Partners/ Qualified Assistants/ Qualified Director and also who are interested to join with any Practicing CA Firm may kindly contact in writing with Secretary-ICAB, Major General Muhammad Imrul Quayes, ndc, psc (Retd).

ICAB will act as a Mediator to facilitate the process. Particulars of concerned Members/CA Firms will be kept confidential as far as possible.

9

March 2018No. 340

CRC-ICAB Observes Independence Day

CAB-Chittagong Regional Committee (CRC) organized a discussion meeting following projection of a documentary on Liberation War 1971 in 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.

DRC-ICAB Observes Independence Day

CRC Annual Picnic 2018

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. ICAB Vice Presidents Moddassar Ahmed Siddique FCA, Md Mahamud Hosain FCA and Council Member Md Saifur Rahman Mazumdar FCA on invitation participated in the programme.

Picnickers enjoyed the beauty of the world’s longest Sea beach. CRC-ICAB arranges the picnic every year.

I

CRC-ICAB Organizes Workshop

Chittagong Regional Committee (CRC) of ICAB organised a workshop on ‘KPI for Business performance Anaylsis’ on 24 March 2018 at Crystal Ball Room, hotel Aagrabad Limited, Chittagong.

Rupak M Nasrullah Zaidi, KPI, OD & HR practitioner, business & management consultant conducted the workshop. Among other ICAB Vice President Moddassar Ahmed Siddique FCA, Past President Showkat Hossain FCA were present in the workshop.

10

March 2018 No. 340

ACNABIN Observes International Women’s Day

ACNABIN, Chartered Accountants observed International Women’s Day by holding an in-house discussion meeting in their auditorium on 8 March 2018.

In the meeting, some partners of the firm shared their valued times with all the female Members at ACNABIN, to motivate, inspire and encourage them to break all the barriers and pursue their desired career. Naima sultana, Deputy Director and other women staff of ACNABIN shared their views, thoughts and personal experiences (obstacles like harassment at work place, education centers, home front etc.). The celebration was ended with a cultural programme participated by a good number of staff and students.

LGSP-III Coordination Meeting at CA Bhaban

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 Imrul Quayes, ndc, psc, Fellow Member Eftekhar Hossain FCA , Ajit Kumar Paul FCA, Atiar Rahman FCA, Atikur Rahman FCA ,ICAB Deputy Director Afsar Uddin FCA, LGSP-3 Sr. Audit Specialist AKM Rahmat Ullah FCA, and the representatives from CA Firms awarded LGSP audit works, participated in the meeting. The meeting discussed source of fund for LGSP project in future, MoU between ICAB & LGSP-3, Time frame of audit works, fieldwork review, 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.

Meeting with LGSP-IIIAn ICAB team led by its President Dewan Nurul Islam FCA met LGSP-III Project Director Sardar Sarafat Ali on 20 March 2018 at LGSP office. They discussed upcoming inauguration programme of LGSP-3 project where Dr. Zafar Ahmed Khan, Senior Secretary, Local Government Division, LGRD & Cooperatives Ministry, GoB expected to be present as the Chief Guest. The meeting discussed the modalities of conducting trainings to about 200 pupils intended to be the auditors of union parishads and the various aspects of conducting the audit. The meeting decided that cooperation to implement the project successfully, will be sought from all concerns. The other members of 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.

Learning IFRS 9 implementation

eminar on Learning IFRS 9 implementation & practical aspects was

held on 4 March 2018 at Dubai. ICAB Vice President Mahamud Hossain participated in the seminar. Mr. Hossain was privileged to interact with people across Middle East and Europe who were core team to implement significant changes of impairment of Financial Instruments. In Bangladesh, Banks follow the BRPD circular for provision against NPL. Other industry (NBFI) will have significant impact, P&L effects re Receivable, Advance, Deposit, Loan and Investment in other entities Equities or Debenture, along with Bank may apply for IFRS new guidelines. IFRS 16 would have outrageous impact for Operating Lease for Lessee. We need to work lots for both the IFRS.

S

11

March 2018No. 340

Members’ Achievement

The government has appointed Professor Dr Md Selim Uddin, FCA (Enrolment No. 710), FCMA as Chairman of Bangladesh House Building Finance Corporation (BHBFC) recently.

Prof Dr Selim Uddin took over the charges at the HBFC Head Office at Purana Paltan in Dhaka. Before joining the new post, noted educationist

Selim Uddin was serving as director of the state-owned Rupali Bank. Earlier, he was director of the Rupali Investment Ltd, Premier Bank Ltd and Chittagong Stock Exchange Ltd. He has long experience in teaching at the Department of Accounting of Chittagong University. He completed CMA from ICMAB, CA from ICAB, PFA from the UK and PhD from Chittagong University.

Prof. Dr Md Selim Uddin, FCA

For the first time, 3 Chartered Accountants won trophies in various categories in the same tournament recently at Kurmitola Golf Club (KGC). They are (from right) N K A Mobin FCA, A F Nesaruddin FCA, Council Member, ICAB and Mahbubur Rahman FCA. They all are regular long time golf player and won several trophies in various tournaments at various golf courses in Bangladesh. ACNABIN Congratulates

Successful Students

ACNABIN, Chartered Accountants organized a bi-annual review on performance of ACNABIN students in C.A. Examination: November-December 2017 session on 27 March 2018 at their Assembly Hall. The programme discussed the performance of the students of the firm in November-December 2017 session and congratulated the newly qualified chartered accountants.

Honorable President of ICAB Dewan Nurul Islam, FCA, graced the occasion as the Chief Guest. He handed over crests to the qualified chartered accountants and then delivered inspiring and motivating speech for the students of ACNABIN.

The partners of ACNABIN were present in the programme and spoke out words of encouragement for all the students of the Firm. The Partners and students present in the programme exchanged views about how to perform better in the coming examinations. The successful CAs also shared their experiences and advised the students present on various aspects of C.A. Examinations.

Accountancy Age ReportUkraine’s PrivatBank files $3bn claim against PwC Ukraine’s largest bank has filed a $3bn (£2.1bn) legal claim against PwC’s Ukrainian and Cypriot subsidiaries for “serious and extensive breaches” in its audit responsibilities. As PrivatBank’s auditor, PwC was accused of failing to identify improper activities that led to a $5.5.bn hole in the balance-sheet. The allegations relate to audits signed off by PwC for the years 2013-2015.

In 2017 PrivatBank was nationalised, following claims about its “imprudent” lending policy.

Mahamud Hosain FCA Participates 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.

Cont’ed page 7

12

March 2018 No. 340

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: +880-2-9125266, E-mail: [email protected], Website: www.icab.org.bd

Seminar on Chartered Accountancy: Career Excellence at Govt. BM College

s part of initiatives to bring brilliant Students into CA profession, a seminar on

‘Building Awareness about ‘Chartered Accountancy: Career Excellence’ was held at Birsreshtha Captain Mohiuddin Jahangir Auditorium, Govt. BM College, Barisal on Saturday, 31 March 2018.

BM College Principal Professor Md. Shafiqur Rahman Sikder, the Institute of Chartered Accountants of Bangladesh (ICAB)’s Vice President Mahamud Hosain FCA, BM College Vice Principal Professor Swapan Kumar Paul, ICAB former Vice President & BM college Ex-student CR Mozumder FCA, Prothom Alo Joint Editor Mizanur Rahman Khan,, Secretary Teachers' Council A. S. Kayym Uddin Ahmed, Chairman, Department of Accounting, Govt. BM College Professor Rubya Begum, ICAB Director (Technical) Mahbub Ahmed Siddique FCA and CITI Bank, N.A AVP Md. Saiful Hasan FCA were present in the seminar. ICAB, Govt BM College, Barisal and BM College Alumni jointly organized the seminar. The speakers gave motivational speech about the chartered accountancy. Dhaka Regional Committee ex-chairman Md. Al

Amin Siddiki FCA delivered a presentation on CA. Students from different departments participated in the seminar. Later a question answer session was held.

In the twenty first century Chartered Accountancy (CA) has emerged as a unique profession of paramount importance and is now discussed at various economic seminars, capital markets, investments and such other forums. To cope with the increasing demand in the field of economy, innovative financial instruments are

being constantly introduced and the profession world-wide, apart from accounting, taxation, financial management and other financial consultancy is in the forefront in launching these financial products.

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.

A team of ICAB participated in a day-long meeting summoned by the Ministry of Commerce, GoB on 15 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 with a view to formulating a pragmatic Act which

could help to flourish business of the country. ICAB being proactive participated in all the meetings under the leadership of ICAB President Dewan Nurul Islam FCA.

Meeting re Proposed Companies Act 2017

A

Documents

March 2018 ICAB N B Assalamualaikum and greetings to you all. The ‘Monthly News Bulletin’ of ICAB is the epitome of happenings of the Institute. The aim of this endeavor is to