09 September 2017 - icab.org.bd CRC-ICAB Organized CPD ... working to draft law in Bangla version....

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINSeptember 2017

Number 335

ISSN 1993-5366

Members’ Conference on Changes in Income Tax Brought by the Finance Act 2017

he tax authority is exploring the possibility of suspending auditing of tax files for the time being following

widespread allegations of taxpayers’ harassment, the national board of revenue(NBR) Chairman said.

There would be no effective impact on revenue, if the tax men stop auditing of tax files for a few days, Md. Nojibur Rahman, also said the senior secretary of internal resources division.

He pledged to explore the possibility of taking this step for the first time at a members’ conference of the Institute of Chartered Accountants of Bangladesh(ICAB) at CA Bhaban, Dhaka.

The Members' Conference on ‘Changes in Income Tax brought by the Finance Act 2017’ was organised by the Institute of Chartered Accountants of Bangladesh (ICAB) at its auditorium on 14 September 2017. Other members of NBR Md Lutfar Rahman, Barrister Jahangir Hossain, Parvez Iqbal were also present in the conference as Special Guests.

ICAB President Adeeb Hossain Khan FCA delivered welcome speech while Muhammad Mehedi Hasan FCA, Partner, Rahman Rahman Huq, Chartered Accountants presented the keynote paper and Dr. Jamaluddin Ahmed, FCA, past president-ICAB conducted the session as session chairman.

In floor discussion, ICAB members discussed about various changes in income tax law, brought by the Finance Act 2017.

The NBR Chief said that the taxmen have started tax campains across the country to connect with the potential taxpayers, who are still out of the purview of NBR.

We will bring these people under the purview of tax through motivation. It is not that they will come under a tax net. Although the new VAT law is not implemented this year, the process of digitalization is going on, he added.

NBR will place the draft of direct tax code before the cabinet by January or February 2018 and it may get approval of the parliament to be implemented from July 12, 2018, he added. The

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Members’ Conference on Changes... Act 2017

Meeting with Commerce Secretary

ICAB Holds Advisory Committee Meeting

Md. Mahamud Hosain in TV Talkshow

Meeting with Director General, NGO... Bureau

CRC-ICAB Organized CPD...‘Leadership Talk’

President’s Communica-tion September 2017

ASNAF for the First Time, Held... in Dhaka

Report on Disciplinary Actions

ICPE News

Campus Nes

Permission to Start Practice

Permission to Join as Partner

Accountancy Age Report

Teleconference between ICAB and CPA Australia

Faculties of AIS, JU visited ICAB

ICAB President attended World...ICAEW in London

Prime Minister directed to make the law easily understandable. NBR officials are working to draft law in Bangla version. It has to be made in communicable English version as well. He informed that Bangladesh Bureau of Statistics is working to register business, however, nobody will be harassed. Who pays tax, will lead life easily, such environment will be created. NBR is looking for families whose all members are paying taxes. NBR wants to award them as best taxpayers, he stated.

The tax authority will focus on collection of direct tax due to deferment in execution of the new VAT law, he added.

NBR Members of three wings were Lutfar Rahman of Customs, Jahangir Hossain of VAT and Parvez Iqbal of Income Tax-also spoke on the occasion.

Mr. Parvez said, the tax authority will try to increase payroll tax collection that

contributes only 4 percent to total income tax collection. New tax law will be easy for tax payers. The changes in income tax in the finance act this year is business friendly, he said.

Mr. Jahangir said that, to lift the country into middle income group, the tax-GDP ratio should be ideally 15 per cent , but it is around 10 percent in Bangladesh. If we use the mechanism to collect taxes fully, the tax ratio in GDP will be increased according to Mr. Jahangir. The gap would be made lower through full utilization of capacity, he added.

ICAB President Adeeb Hossain Khan FCA said that NBR changes the law every year to increase revenue collection, but these changes should be business friendly.

The ICAB members placed proposals on the income tax law for current fiscal year 2017-2018, which was appreciated.

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Delegates from ICAB attended a meeting at the Ministry of Commerce, GoB at Bangladesh Secretariat on 12 September 2017. The meeting was presided over by Subhashish Basu, Secretary, Ministry of Commerce. The meeting was summoned by the ministry to discuss the observations

made by the Legislatives and Parliamentary Affairs division on the draft of the Bangladesh Chartered Accountants Order . The members of ICAB delegation were Vice President Md. Mahamud Hosain FCA and Council Member Mahmudul Hasan Khusru FCA.

FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members and Friends,

Assalamu alaikum and greetings to you all.

On the first day of September we observed Eid-ul-Azha all over Bangladesh. I hope my fraternity has enjoyed a blessed Eid-ul-Azha with their near and dear ones. Hazrat Ibrahim (AS) has set an incomparable example of love, obedience and sacrifice to Allah by taking steps to sacrifice his beloved son Hazrat Ismail (AS) at the directives of Allah. The spirit of sacrifice of Eid-ul-Azha is a unique example of showing respect and love to almighty Allah. If the ideal of true love and sacrifice towards Allah is reflected in our personal and social life, peace will be established in society and adversity among people will decrease. Realizing the essence of sacrifice (Eid-ul-Azha), we will have to pave the way to establish peace, harmony and welfare among us all.

This was an eventful month. A good number of training and workshop were organized in this month. We have also an experienced and renowned resource pool. This will enhance the reputation of ICPE as a training Centre as well as it will enrich our members as professionals.

The Institute of Chartered Accountants of Bangladesh (ICAB) has undertaken a massive move on to the increase of students’ enrollment in CA Profession. ICAB has signed MoU with the University of Dhaka (AIS Department) and Jagannath University (AIS Department). The evaluation process with seven prominent public and private universities are under process. The aim of this move is to attract brilliant students in this profession and enrich and enlighten CA profession as a whole. This will help propel ICAB to a new height by creatively conveying the powerful strategy that will take it from where it is to where it wants to go in near future.

With warmest regards to you all.

Dr. Jamshed S A Choudhury FCA

A partial view of the Audience.

Meeting with Commerce Secretary

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Meeting with Director General, NGO Affairs Bureau

An ICAB delegation led by Muhammad Farooq FCA, Council Member met Khondoker Raquibur Rahman, Director General, NGO Affairs Bureau at latter’s office on 26 September.

The other members of delegation were ICAB Secretary Maj Gen Muhammad Imrul Quayes (Retd.) PDC Members Fauzia Haque FCA, Md. Mohiuddin Ahmed FCA and Muhammad Fakhrul Alam Patwary FCA and ICAB Deputy Director Md. Shahjahan Siraz.

The meeting discussed about mutual professional issues including audit fees, recruitment of more chartered accountants in NGOs, increasing the remuneration of CAs, etc. ICAB expressed its willingness to help preparing flawless financial statements. In this regard ICAB agreed to arrange training programmes for NGOs relevant officials upon receiving formal proposal from NGO Affairs Bureau.









ICAB Holds Advisory Committee Meeting

he Institute of Chartered Accountants of Bangladesh (ICAB) held its Advisory Committee Meeting

of the Council at Hotel Pan Pacific Sonargaon, Dhaka on 17 September 2017. The meeting was presided over by M A Halim Gaznavi FCA, Past President of ICAB. ICAB President Adeeb Hossain Khan FCA made a short presentation on the activities of ICAB taken so far 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 top priouty on improvement of audit and assurance quality and capacity building of the Institute.

Md. Mahamud Hosain in TV Talkshow

Md. Mahamud Hosain FCA, Vice President & Council Member of ICAB participated in NTV live business talk show "Market Watch" on 25 September 2017. He also participated in Ekushey TV live business talk show "Ekushey Business" on 12 September.

Mr. Mahamud spoke about the stock marker present scenario, the phenomenon which impact on the market fluctuation, the investors’ behavior and overall economy of the country.

CRC-ICAB Organized CPD Seminar on ‘Leadership Talk’

Chittagong Regional Committee (CRC) of ICAB organised a CPD Seminar on “Leadership Talk” on 25 August 2017 at the conference hall of Chittagong office. Ejazur Rahman, managing director, Mind Mapper Limited & CEO – ISCEA Asia and former supply chain director, Coats Bangladesh Limited presented the key note paper.

Haradhan Dey FCA, Partner MRH Dey & Co., Chartered Accountants conducted the session as Session Chairman. A floor discussion was held on the seminar topic.

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Dear Fellow Members,

AssalamuAlaikum and greetings to you all.

I would like to share with you of our important activities during the month of September 2017. We had to keep our programmes limited in September because the office remained closed in the first week of the month for Eid-ul Azha. I hope members of this fraternity enjoyed the Eid vacation with the near and dear ones.

The Members’ Conference on ‘Changes in Income Tax brought by the Finance Act 2017’ was organised by ICAB at its auditorium on 14 September 2017.Mr. Md. Nojibur Rahman, Chairman, National Board Revenue (NBR) was present as the Chief Guest and three other members of NBR Mr. Md Lutfar Rahman, Barrister Jahangir Hossain, Mr. Parvez Iqbal remained present as Special Guests.

At the onset I delivered welcome speech while Dr. Jamaluddin Ahmed FCA, our past President, conducted the session as session chairman. Mr. Muhammad Mehedi Hasan FCA, Partner, Rahman Rahman Huq, Chartered Accountants presented the key note.

ICAB members discussed various changes in income tax law, brought by the Finance Act 2017 in floor discussion held after paper presentation. I believe the members benefited from this discussion.

Advisory Committee Meeting of the Council, ICAB was held at Hotel Pan Pacific Sonargaon, Dhaka on 17 September 2017. I made a short presentation about the activities of ICAB taken so far and the strategic plan for rest of the months of my tenure. I also sought guideline and advice from the Past Presidents regarding further advancement of the Institute.

I along with Mr. Mahbub Ahmed Siddique FCA, Director Technical, attended the World Standard-Setters (WSS) Conference on 25-26 September 2017 in London, UK in addition to meeting and signing agreement with International Financial Reporting Standards (IFRS) Foundation, the Chartered Institute of Public Finance and Accountancy (CIPFA), Chartered Accountants Worldwide (CAW) and the Institute of Chartered Accountants in England and Wales (ICAEW). The WSS Conference was jointly organized by IFRS

Foundation and International Accounting Standards Board (IASB).

During my stay in London, I signed an “agreement for the supply of data for the adoption and publication of IFRS standards and IFRS for SMEs standard” with IFRS Foundation. IASB Chairman Hans Hoogervorst signed on behlf of IFRS Foundation. Mr. Siddique and Ms. Michelle Sansom, Technical Principal and National Standard Setters Relations of IASB, Anna Hemmant, Project Manager -Translation, Adoption & Copyright of IFRS Foundation were present during the signing ceremony.

We took part in another meeting with the Chair CIPFA Development Alan Edwards and CIPFA Head of Membership Alastair Barr on 27 September 2017 at CIPFA Head Office in London. The meeting discussed mutual collaboration between ICAB and CIPFA. CIPFA team expressed their willingness to work jointly with ICAB in Bangladesh in development of public sector financial management. They also agreed to cooperate with ICAB for opening a separate public-sector wing under ICAB leadership with a view to training, educating and examining public-sector personnel and awarding them with local public-sector qualification towards achieving CIPFA qualification and membership.

The CIPFA team also expressed their intention to provide training in public sector financial management (PSFM) and branding qualification and membership of CIPFA in Bangladesh through ICAB. They also showed their keen interest to work with ICAB in any upcoming PSFM project in Bangladesh.

We had a meeting with Sue Best, Secretary to the Board, Chartered Accountants Worldwide and Ruth Hidalgo, Senior Manager of CAW. We discussed how individual CA institute could work with CAW to promote the brand of CA globally.

I also signed a renewal of Memorandum of Understanding

(MoU) with ICAEW President Nick Parker on 27 September 2017 at ICAEW office in London. ICAB Director Technical, ICAEW Chief Operating Officer Vernon Soare, and International Relationship Manager Sarah Prescott were also present in the occasion.

I also shared about ICAB’s progress, its current initiatives and future involvement for capacity building of the Institute and overall development of the profession. We also discussed about the relevant issues between the professional accountancy bodies and of Financial Reporting Council in Bangladesh and UK. I thanked for the support and guidance provided by ICAEW over the years since the inception of the ICAB-ICAEW twinning Project.

A teleconference between ICAB and CPA Australia was held on 7 September 2017 to discuss about CPA Australia Membership pathway for ICAB members. ICAB Vice President Mr. Mostafa Kamal FCA, Council Members Mr. Dewan Nurul Islam FCA, Mr. Gopal Chandra Ghosh FCA, Mr. Mahmudul Hasan Khusru FCA, Director(Technical) Mr. Mahbub Ahmed Siddique FCA, Mr. Abu Kibria from Australia and Mr. Rob Thomason, Executive General Manager, Education, CPA Australia were the participants of the teleconference. This was in connection with exemptions granted to ICAB members.

A 7 day-long intensive course on ‘Cyber Security, Enterprise Information Risk Management and Compliance’ started from 19 September at ICPE Training room. Considering the importance of IT, ICAB has organised a course on Cyber Security, Enterprise Information Risk Management and Compliance where 36 persons participated.

Major benefits of the course expected to be on understanding the following cybersecurity concerns - Confidentiality, Integrity, and Availability (CIA), the

cyberspace, cyber threat, vulnerably, and cyber attack, the encryption, decryption, biometrics, and digital forensics, personally identifiable information, digital privacy, identity theft, and identity theft prevention, contingency plan, incident response plan, and digital risk management, etc.

Recourse person of the course is Dr. Em Pannah, Associate Professor, Cyber security & Information Assurance Department, University of Maryland, USA.

Sessions of the ‘Certificate Course on Information Systems Audit (IS Audit)’ - 2nd Batch is going on successfully and the course will continue up to 25 October 2017.Objectives of the IS Audit is to enhance the competence of professionals. 50 participants are participating in the course.

A six-day long training on ‘International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS)’ has been started from 12 August at ICPE training room. The participants are enjoying the sessions. The course will continue till 14 October 2017.

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 September 2017:

Standing Committees:

- 10th Meeting of the Investigation & Disciplinary Committee (IDC) was held on 16 September 2017 at 11:00 a.m.

- 14th Meeting of the Council was held on 17 September 2017 at 5:00 p.m.

- 3rd Meeting of the Quality Assurance Board (QAB) was held on 20 September 2017 at 5:30 p.m.

President’sCommunicationSeptember 2017

FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members and Friends,

Assalamu alaikum and greetings to you all.

On the first day of September we observed Eid-ul-Azha all over Bangladesh. I hope my fraternity has enjoyed a blessed Eid-ul-Azha with their near and dear ones. Hazrat Ibrahim (AS) has set an incomparable example of love, obedience and sacrifice to Allah by taking steps to sacrifice his beloved son Hazrat Ismail (AS) at the directives of Allah. The spirit of sacrifice of Eid-ul-Azha is a unique example of showing respect and love to almighty Allah. If the ideal of true love and sacrifice towards Allah is reflected in our personal and social life, peace will be established in society and adversity among people will decrease. Realizing the essence of sacrifice (Eid-ul-Azha), we will have to pave the way to establish peace, harmony and welfare among us all.

This was an eventful month. A good number of training and workshop were organized in this month. We have also an experienced and renowned resource pool. This will enhance the reputation of ICPE as a training Centre as well as it will enrich our members as professionals.

The Institute of Chartered Accountants of Bangladesh (ICAB) has undertaken a massive move on to the increase of students’ enrollment in CA Profession. ICAB has signed MoU with the University of Dhaka (AIS Department) and Jagannath University (AIS Department). The evaluation process with seven prominent public and private universities are under process. The aim of this move is to attract brilliant students in this profession and enrich and enlighten CA profession as a whole. This will help propel ICAB to a new height by creatively conveying the powerful strategy that will take it from where it is to where it wants to go in near future.

With warmest regards to you all.

Dr. Jamshed S A Choudhury FCA

Non-standing Committee:

- 4th Meeting of the Media & Branding Committee was held on 09 September 2017 at 10:30 a.m.

- 2nd Meeting of the Committee for Women in Leadership was held on 10 September 2017 at 5:30 p.m.

- 4th Meeting of the Editorial Board (EB) was held on 12 September 2017 at 5:30 p.m.

- 2nd Meeting of the Advisory Committee Meeting was held on 17 September 2017 at 7:30 p.m.

- 2nd Meeting of the Committee on Public Finance and Public Sector Accounting (PF & PSA) was held on 21 September 2017 at 6:30 p.m.

- 2nd Meeting of the Members Services & Welfare Committee (MSWC) was held on 18 September 2017 at 5:30 p.m.

- 2nd Meeting of the Professional Development Committee (PDC) was held on 27 September 2017 at 5:30 p.m.

Standing and Non-standing Sub-committees:

- 3rd Meeting of the 10-Members Articled Students (ASC) Sub-committee was held on 12 September 2017 at 6:00 p.m.

- 3rd Meeting of the ERP Project Steering Committee of Information & Communication Technology Committee (ICTC) was held on 13 September 2017 at 6:00 p.m.

- 1st Meeting of the 5-Member Taskforce under Quality Assurance Board (QAB) was held on 17 September 2017 at 5:30 p.m.

- 2nd Meeting of the Working Group on Professional issues related to Banks and Financial Institutions of Professional Development Committee (PDC) was held on 19 September 2017 at 5:30 p.m.

- 3rd Meeting of the Working Group on Professional issues related to Non-Government Organization

(NGOs) and MFIs of Professional Development Committee (PDC) was held on 20 September 2017 at 5:30 p.m.

- Meeting of Working Group of the Committee for Women in Leadership was held on 20 September 2017 at 5:30 p.m.

- 6th Meeting of Renovation Committee was held on 21 September 2017 at 4:00 p.m.

With best wishes to all.

Adeeb Hossain Khan FCA President

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Students visiting CA Firm’s Stalls at Student Summit 2017

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ASNAF for the First Time, Held Annual Conference in Dhaka

SNAF, for the first time, held its annual conference in Dhaka, Bangladesh from 29–30

September 2017 at the Westin Dhaka which was hosted by Hussain Farhad & Co., Chartered Accountants (HFC), Bangladesh's member of ASNAF.

Delegates representing the member countries and associates from all over the globe flew attended the conference with a view to raise awareness of the rapid and pervasive changes in international economies and business environment around the world. The speakers covered both the opportunities as well as challenges to the provision of quality accounting practice and services.

Iqbal Sobhan Chowdhury, Information Advisor to the Hon’ble Prime Minister of the People’s Republic of Bangladesh and C. Q. K. Mustaq Ahmed, Chairman of Financial Reporting Council (FRC) graced the conference as special guests on September 29, 2017 and September 30, 2017 respectively.

Besides, external and internal presentations on various topical issues, such as "Paperless Audit Engagement" by Dominic W. F. Puen,

Hong Kong, “One Belt One Road (Obor) And Its Impact On Economic And Social Activities – Malaysia’s Experience” by Aminuddin bin Yahaya, Malaysia and "Financial Reporting Oversight: Global Practice And Bangladesh" by Md. Shahadat Hossain FCA, Council Member, ICAB, a session on “Team Building” by Suree Rohan, Singapore and chairmanship handover ceremony, ASNAF council meeting and reporting also been conducted on 29 September and 30 September 2017 at the same venue.

The conference not only highlighted Bangladesh in the international network of accounting firms but also endorsed international standards and uniformity in accounting and financial services provided in the country. This conference also focused on the economy of the country as a viable option for the international clients for investment. However, the unity of the ASNAF member countries and their enthusiasm to work closely together through

transfer of cross border intellect and brings in a lot of opportunity for the region.

ASNAF is the Federation of ASEAN Accounting Firms, an alliance of accounting firms in various countries across the ASEAN region and throughout Asia including Australia and New Zealand. ASNAF formed an international network of more than 400 offices in over 70 countries throughout the world covering Europe, North and Latin America, Middle East, Asia, Africa, Australia and New Zealand. The mission is to promote standardized accounting practice and services so as to enhance professionalism in regional accounting services to support the growth of all ASNAF’s clients.

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Report on Disciplinary ActionsThe Council-ICAB has taken disciplinary actions against some of its Members on 23 August 2017 based on the recommendation of the Investigation & Disciplinary Committee (IDC). The summary of those disciplinary actions is as follows:

Cases Basis of Investigation Summary of Findings Disciplinary Actions Effective

DateCase # 1:M A Zaman & Co, Chartered Accountants in connection with the QAD findings.

Recommendation of QAB

The Council-ICAB found Mr. Md. Asaduzzaman FCA guilty of professional misconduct under clauses # 16, 21, 24 and 25 of Part-I of Schedule-C, Part-II of ICAB Bye-laws 2004 for:• allowing and engaging course

completed students to run the overall business affairs of M A Zaman & Co, Chartered Accountants;

• continuing public practice as Chartered Accountants without complying with the Council Directives # 1.14 dated 11 June 2002 regarding prescribed minimum requirements for office premises;

• not paying student allowance as per bye-law # 115 (3) and related circular under reference 1/15/ICAB-2010 dated 28 June 2011 and dated 03 October 2011;

• not complying with the requirements of BSQC-1 and ICAB circular # 1/15/ICAB-2009 dated 17.06.2016; and

• not complying with the provisions of Deed of Articles, Form-ICAB-11, under ICAB Bye-laws 2004.

The Council-ICAB suspended the membership of Mr. Md. Asaduzzaman FCA (Enrolment No. 252) with ICAB for 05 (five) years with immediate effect.

15-10-2017

Case # 02Amal & Leena, Chartered Accountants regarding the audit of Sylhet Metro City Securities Ltd (Sylhet Metro)for the yearended 30 June2015 and 30June 2016.

Complain of Chittagong Stock Exchange (CSE)

The Council-ICAB found Mr. Amal Krishna Das FCA (Enrolment # 802), engagement partner, guilty of professional misconduct under clauses # 19, 20, 21, 22, 24, 25, 32 and 33 of Part-I of Schedule-C, Part-II of ICAB Bye-laws 2004 for the following:

• The operation of Sylhet Metro City Securities Ltd (Sylhet Metro) was suspended by CSE and the Financial Statements of Sylhet Metrofor the year ended 30 June 2016 were prepared under going concern basis. Whereas, Mr. Amal Krishna Das FCA has failed to identify this material fact during audit;

• Mr. Amal Krishna Das FCA has failed to report material misstatements regarding Suspense Account aggregating to Tk. 361,971,818 and reduction of paid up capital of Tk. 3,850,000 for the year ended 30 June 2016;

The Council-ICAB debarred Mr. Amal Krishna Das FCA (Enrolment # 802) from public practice for 01 (one) year and to impose monetary penalty of Tk. 100,000 (One lac) upon Mr. Amal Krishna Das FCA with immediate effect. On non-payment of penalty amount within 03 (three) months from the date of communication, the membership of Mr. Amal Krishna Das FCA with ICAB will be suspended for two (02) years from the date of expiry of three months.

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Cases Basis of Investigation Summary of Findings Disciplinary Actions Effective

Date

• Mr. Amal Krishna Das FCA has failed to apply basic audit procedure and to obtain sufficient audit evidence to warrant the expression of his audit opinion or to negate the expression of his opinion on the material balance of Accounts Receivable of Tk.362,071,596, Payable of Tk.7,425,424 and suspension of the operation of Sylhet Metro;

• The management of the Sylhet Metrodid not sign the financial statements in compliance with Company Act, 1994 whereas the same were signed by the auditor, Mr. Amal Krishna Das FCA;

• Mr. Amal Krishna Das FCA, auditor, mentioned material audit observations on Accounts Receivables, Accounts Payables and suspense Account in the notes to the financial statements instead of mentioning on the face of Audit Report; and

• Mr. Amal Krishna Das FCA has completely failed to conduct the audit of Sylhet Metro with due care and competence.

Case # 03Ahsan Ataul Azim & Co, Chartered Accountants. in connection with the QAD Findings.

Recommendation of QAB

The Council-ICAB found Mr. Sayed Mohammed Ataul Karim FCA(Enrolment # 477) guilty of professional misconduct under clause # 21, 24 and 25(i) of Part-I of Schedule-C, Part-II of ICAB Bye-laws 2004 for continuing practice for the years 2013-14, 2014-15 and 2015-16 without Certificate of Practice required under bye-law # 8 and for not providing information regarding his non-practicing partner to ICAB under bye-law # 7.

The Council-ICAB imposed monetary penalty of Tk. 100,000 (One lac) upon Mr. Sayed Mohammed Ataul Karim FCA (Enrolment # 477). On non-payment of penalty amount within three (03) months, the membership of Mr. Sayed Mohammed Ataul Karim FCA will be suspended for 01 year from the date of expiry of the above three months."

N.B.: 1. As per decision of the Council-ICAB, the above report has been published in ICAB News Bulletin and ICAB Website

under bye-law 131(1) of ICAB Bye-Laws 2004.

Senior Assistant Director (SAD)PC-ICAB

Senior Deputy Director (SDD)PC-ICAB

Secretary- ICAB

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ICPE NewsIntensive course on Cyber Security, Enterprise Information Risk Management and Compliance

he 7 day-long intensive course on Cyber Security, Enterprise Information Risk Management

and Compliance has been started from 19 September at ICPE Training Room.

Whether it is a small organization or a trillion-dollar corporation, private or government body, information (also known as digital assets) is the life blood of all. Today’s world is more interconnected than ever before. Yet, for all its advantages, increased connectivity brings increased risk of theft, fraud, and abuse.

Considering the importance of IT, ICAB has organised a course on Cyber Security, Enterprise Information Risk Management and Compliance where 40 ICAB members are participating in.

Major benefits of the course are understanding the three main cybersecurity concerns - Confidentiality, Integrity, and Availability (CIA), the cyberspace, cyberthreat, vulnerably, and cyberattack, the encryption, decryption, biometrics, and digital forensics, personally identifiable information, digital privacy, identity

theft, and identity theft prevention, contingency plan, incident response plan, and digital risk management, etc.

Recourse person of the course is Dr. Em Pannah, Associate Professor, Cybersecurity & Information Assurance Department, University of Maryland, USA.

Certificate Course on Information Systems Audit ( IS Audit)" - 2nd BatchSessions of the " Certificate Course on Information Systems Audit ( IS Audit)" - 2nd Batch are going on successfully and the course will continue till 25 October 2017.

IT is taking over everything in the world and Bangladesh is rapidly coping with the challenges. This is not a new direction or challenge for Information systems security, but a direction often not pursued

and even often not 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. Fifty participants are participating in the course.

Resource persons of the training course are Imran Ahmed FCA, Md. Tohidur Rahman Bhuiyan , S. M.Tofayel Ahmed, Ms. Mahmuda Yousuf Hemo and some other IT Professionals of the country.

Session of IFRS Training is going on

A training programme on " International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS)" has been started from 12 August at ICPE Training Room. The participants are enjoying the sessions. The course will continue till 14 October 2017.

The sessions of the programme is going on successfully. A total number of 45 participants are participating in the programme.

Resource persons are Muhammad Mehedi Hasan FCA, Ajit Kumar Pal FCA, Sabbir Ahmed FCA, Muhammad Aminul Hoque FCA, Mahmudur Rahman ACA, Mohammad Salahuddin Chowdhury FCA, Wasequl Huq Reagan ACA and Jahidur Rahman FCA.

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Announcement(Classes of Next Session)

The New Session (December 2017-February 2018) for the Students of Professional Stage-Knowledge Level (17th Batch) will start from Sunday, 03 December 2017 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already issued in this matter and all the concerned students are advised to enroll the classes by 27 November 2017 at Campus and join the session accordingly.

Source: ICAB Campus

ICAB Academic Campus NewsThe regular pre-examination classes for Professional Stage- Application Level (15th Batch, Sections: A-D) and Advanced Stage (14th Batch, Section: A) have started from Sunday, 10 September 2017, for Examination Session: November-December 2017 at ICAB Academic Campus.

On the other hand, a new session for assistance to the Knowledge Level examinees who are now as fresh articled students and didn't join in the classes yet, or else who attended previously has already commenced from 10 September 2017 at ICAB Academic Campus.

These courses would be concluded by 27 November 2017. There are 531 students joining with 79 teachers for the session.

As a result, the cumulative number of participated students of ICAB under new curriculum stood at 13,964, till September 30, 2017.

Day Time Classes for Knowledge Level (2nd Batch) which begun from 22 August 2017, for Examination Session: November-December 2017, and will now be closed on 24 October 2017. By issuing a-special notice, all practicing members of the Institute entitled to train articled students have been requested to kindly permit their students to present at the day shift classes within framed schedule in the interest of the CA profession.

Meanwhile, 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 20 & 27 October and 3 November 2017 at 3:00pm to 5:00pm & 3:00pm to 6:00pm at ICAB Academic Campus, under the guidance of Dhaka Regional Committee (DRC)-ICAB.

Moreover, the feedback session will ensue for these Mock Exams at Campus. Actually, the omissions and errors found in answers script, further means and ways for doing well in the final exams, etc. and matters and techniques were forecasted there by a group of resource persons. The concerned examinees, teachers, office bearers and members' council of Institute will be invited in the session to make the programme effective.

Within the month of September 2017, the Vice President (Education and Training) of the Institute, Mostafa Kamal FCA has visited the ICAB Academic Campus on 7, 9, 15, 22 & 28 September 2017, during the class-hour in the evening shift and day time session. He met with 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

Permission to Start PracticeThe following member has been permitted to Start Practice as a Chartered Accountants with effect from the date mentioned against his name:

Name Effective DateMd. Shafiqul Alam FCA (603) 01 July 2017PartnerAhmed Zaker & Co.Chartered Accountants89 Kakrail, Green City Edge (Level-10)Dhaka-1206

Permission to Join as PartnerMd. Shafiqul Alam FCA (603) has been permitted to form partnership and continue practice under the name and style of:

Name Effective DateM/s. Ahmed Zaker & Co. 01 July 2017Chartered Accountants89 Kakrail, Green City Edge (Level-10)Dhaka-1206

The other partners of the Firm: Zaker Ahmed FCA (209), Sultan Ahmed FCA (92), Sultan Ahmed FCA (429), AKM Muhitul Haq FCA (458) and Arup Chowdhuy FCA (893).

advised all concerned for proper implementation of the outcomes of his visits as well.

The refurbishments of ICAB Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, have mostly done, and the rest of works of mezzanine floor would be completed by October 2017.

The ongoing programmes and class sessions of the Academic Campus have been organised by the Additional Director- ICAB & his Team at ICAB Academic Campus, under the supervision of the Vice President (Education & Training)- ICAB, Mostafa Kamal FCA, with the guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, Adeeb H. Khan FCA.

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two members delegation led by Adeeb Hossain Khan FCA, President-ICAB attended the

World Standard-Setters (WSS) Conference on 25-26 September 2017 in London, UK in addition to meeting and signing agreement with International Financial Reporting Standards (IFRS) Foundation, the Chartered Institute of Public Finance and Accountancy (CIPFA), Chartered Accountants Worldwide (CAW) and the Institute of Chartered Accountants in England and Wales (ICAEW). The WSS Conference was jointly organized by IFRS Foundation and International Accounting Standards Board (IASB). The other member of the delegation was ICAB Director Technical Mahbub Ahmed Siddique FCA.

During the stay in London, ICAB President signed an “agreement for the supply of data for the adoption and publication of IFRS standards and IFRS for SMEs standard” with IFRS Foundation IASB Chairman Hans Hoogervorst signed on behlf of IFRS Foundation. Mr. Siddique and Ms. Michelle Sansom, Technical Principal and National Standard Setters Relations of IASB, Anna Hemmant, Project Manager -Translation, Adoption & Copyright of IFRS Foundation were present during the signing ceremony.

It is noted that, in a recent meeting, the Council of the Institute of Chartered Accountants of Bangladesh (ICAB) has decided to move towards International Financial Reporting Standards (IFRS) in Bangladesh instead of its current format of Bangladesh Financial Reporting Standards (BFRS) from 1 January 2018. So, for all applicable entity in Bangladesh, IFRSs shall be effective for annual period beginning on or after 1 January 2018.

ICAB delegation held another meeting with the Chair CIPFA Development Alan Edwards and CIPFA Head of Membership Alastair Barr on 27 September 2017 at CIPFA Head Office in London. The meeting discussed on mutual collaboration between ICAB and

CIPFA. CIPFA team expressed their willingness to work jointly with ICAB in Bangladesh in development of public sector financial management area. They also agreed to cooperate ICAB for opening a separate public-sector wing under ICAB leadership with a view to train, educate and examine public-sector personnel and awarding them local public-sector qualification towards achieving CIPFA qualification and membership.

The CIPFA team also expressed their intention to provide training on public sector financial management (PSFM) and branding qualification and membership of CIPFA in Bangladesh through ICAB. They also shown their keen interest to work with ICAB in any

upcoming PSFM project in Bangladesh.

The ICAB delegates held a meeting with Sue Best, Secretary to the Board, Chartered A c c o u n t a n t s Worldwide and Ruth Hidalgo, Senior Manager of CAW. The meeting discussed about joining of ICAB as associate member

Accountancy Age Report

KPMG Rocked by South African Corruption Scandal

South African branch has come under fire after becoming caught up in a growing corruption scandal surrounding one of the country’s most influential families, the Guptas

KPMG’s South African branch has come under fire and suffered a severe reputational hit after becoming caught up in a growing corruption scandal surrounding one of the country’s most powerful families, the Guptas.

KPMG is accused of facilitating the family in tax evasion and corruption. The firm denies any wrongdoing but admits to missing several “red flags” in relation to the family’s accounts. At least eight senior KPMG South Africa officials have resigned in the wake of the scandal, including CEO Trevor Hoole.

The Gupta family, once called South Africa’s “shadow government” by former General Secretary of the Congress of South African Trade Unions Zwelinzima Vavi, is a very wealthy and politically influential family, with close ties to South African president Jacob Zuma. It is alleged that the family exerts undue influence over government policies as well as dictating high level governmental appointments in exchange of commercial opportunities. The family’s empire ranges across multiple sectors, including technology and mining. Links to a Gupta family company brought

down PR company Bell Pottinger earlier this year following accusations of a racially divisive campaign.

KPMG audited Gupta companies for 15 years, finally terminating the relationship in 2016 amid growing concerns about the family’s links to Zuma. In a statement KPMG said: “KPMG South Africa regrets that its association with the

Guptas and their business entities went on for far too long.”

As a result of the scandal KPMG have lost several audit contracts in South Africa, with even more companies considering severing ties. The firm is under investigation by South African regulatory body IRBA and risks being removed from the country’s auditors’ register, which would have a disastrous effect on its African business.

Moore Stephens Grows Revenue by 15%

Moore Stephens has reported revenue of £121.4m in 2017, up 15% from £105.5m in 2016

Moore Stephens has reported revenue of £121.4m in 2017, up 15% from £105.5m in 2016.

Despite significant investments across the firm, Moore Stephens reported an increase of profits (before tax and remuneration) by 10% to £24.1m.

Revenue growth has been achieved across all core service lines in the past year – including outsourcing services (45% growth to £11.7m), management consultancy (29% growth to £10.9m), tax advisory work (12% growth to £22.9m), restructuring and insolvency (12% growth to £5.5m) and audit and assurance (11% growth to £63.2m).

The top 10 firm attributes these increases to its organic growth strategy, which it launched two years ago, as well as the after-effects of the successful merger with Chantrey Vellacot in 2015. As a result, the firm has grown by a quarter in two years and has exceeded financial targets. It also grew its talent pool with 100 new hires in the past year.

Moore Stephens’ recent merger with James, Brennan & Associates, an actuarial consultancy firm, will continue to support its growth strategy. The firm is also focussed on investing in innovative programmes, such as ‘Hatched’ which supports fast-growth tech start-ups.

of CAW, which was ceremonially held in Mumbai, India in the last week of August 2017 and finalization of press release to be circulated by both ICAB and CAW. They also emphasized on the presence of an ICAB team in the upcoming CEO and Marketing Directors event of CAW to be held in Brussels, Belgium on 16-18 November 2017 where both the events will specify the branding, opportunities, challenges, strategy and way forward for the betterment of CA profession globally.

ICAB President Adeeb Hossain Khan FCA also signed a renewal of Memorandum of Understanding (MoU) with ICAEW President Nick Parker on 27 September 2017 at ICAEW office in London. ICAB Director Technical, ICAEW Chief Operating Officer Vernon Soare, and International Relationship Manager Sarah Prescott were also present in the occasion. ICAB president also shared about ICAB’s progress, its current initiatives and future involvement for capacity building of the Institute and overall development of the profession. He also thanked for the supports and guidance provided by ICAEW over the years since the inception of the ICAB-ICAEW Twining Project. Both ICAB and ICAEW participants also discussed about the relevant issues between the professional accountancy bodies and Financial Reporting Councils in Bangladesh and UK.

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Faculties of AIS, JUvisited ICAB

Dr. Salah Udin Rajib, Chairman, Accounting and Information System Department and Lecturer Md. Atiqur Rahman of Jahangirnagar University visited ICAB on 13 September 2017. M Abu Bakar FCA, Air Commodore, Director Finance, Bangladesh Air Force, Md. Kamruzaman ACA, Manger, RRH, Md. Abdul Wahab Akanda ACA, Assistant Manager, KPMG and Mustaq Ahmed ACA, Compliance Lead, Syngenta Bd Limited, Aleya Ferdous, Deputy Secretary-ICAB participated in the meeting with the visiting faculties. There had a fruitful meeting regarding exemption issues. Earlier, ICAB concerned persons and members of working group visited BRAC University, American International University of Bangladesh, Chittagong University and IBA of Dhaka University on the same purpose. ICAB has undertaken a massive move to increase of the enrollment of students in CA study. The evaluation process with seven prominent public and private universities including the above mentioned universities are under process. The aim of this move is to attract brilliant students in this profession and enrich CA profession as a whole.ICAB has already signed MoU with the University of Dhaka (AIS Department) and Jagannath University (AIS Department) regarding paper exemptions.

teleconference between ICAB and CPA Australia was held on 7 September 2017 to discuss about

Australia Membership pathway for ICAB members.

ICAB Vice President Mostafa Kamal FCA, Council Members Dewan Nurul Islam FCA, Gopal Chandra Ghosh FCA, Mahmudul Hasan Khusru FCA, Director (Technical) Mahbub Ahmed Siddique FCA, Abu Kibria from Australia and Rob Thomason, Executive General Manager, Education, CPA Australia were the participants of the teleconference.

It was a follow up teleconference. Previously a number of teleconferences were held to discuss the curriculum of ICAB and CPA Australia. Finally, CPA Australia agreed to provide exemptions from six foundation exams and Advanced Audit & Assurance subject and Advanced Taxation subject (i.e. 8 papers) out of their 12 papers for ICAB members who have also university degree. ICAB participants explained based on current curriculum, study and exam materials, more exemption can be expected. Accordingly, ICAB team agreed to send CPA Australia further clarity on the evaluation and comparisons of curriculums, though CPA Australia remains on their stand with the same proposal.

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From back page

Teleconference Between ICAB and CPA Australia

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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

ICAB President Attended World Standard-Setters Conference and Met with CIPFA UK, CA Worldwide and ICAEW in London










AAgreement signing with IFRS Foundation. Renewal MoU signing with ICAEW.



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President ICAB receiving ICAB’s certificate of membership of CA Worldwide from its Chairman.

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