Monthly News Brieﬁng from the Institute of Chartered ... Snehasish Barua, who presented a paper on...

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh (ICAB)

ICABICAB NEWS BULLETINJune 2019Number 355

ISSN 1993-5366

or the first time CA Bangladesh and the Daily Star held a “Post-Budget Discussion 2019” at The Daily Star Centre on 15 June

2019 to analyse the proposals in the budget.

Planning Minister MA Mannan, MP was the chief guest of the event where businessmen, economists, and professionals also spoke.

Among others spoke on the occasion were Ahsan H Mansur, Executive Director, PRI, Syed Mahbubur Rahman,Chairman, ABB, Abul Kasem Khan, Former President, DCCI, Dr Nazneen Ahmed, Senior Research Fellow, BIDS, Mohammad Ali Khokon President, BTMA, Rakibur Rahman, Former President, DSE. ICAB President A F Nesaruddin FCA gave introductory speech while Council Member & Past President Md. Humayun Kabir FCA moderated the session. Council Member Md. Shahadat Hossain FCA and Fellow Member Snehasish Barua FCA jointly presented the discussion paper on National Budget which provoked thoughts and ideas for discussion in the roundtable program. ICAB

Council Member Prof. Dr. Md. Salim Uddin FCA also spoke on the occasion.

New VAT law may increase the cost of many goods and services, and hurt consumers. Introduction of so many rates go against the fundamentals of the law. Since there are no rebate facilities for products and services that have less than 15 percent VAT, cost could increase by 38 percent for some products, the analysts said.

The observations came after the government unveiled the budget for fiscal year 2019-20 along with the decision to start implementing the much talked-about VAT and Supplementary Duty Act 2012. It plans to introduce four main rates, moving away from the original uniform 15 percent rate.

Under the new system, the rates of VAT would be 5 percent, 7.5 percent, 10 percent, and 15 percent. But businesses would enjoy VAT rebate facilities only if they pay 15 percent VAT.

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Post-Budget Discussion 2019

President’s Communi-cation June 2019

ICAB Team Participated in CAW’s... Dubai

CPD Seminar on ‘Salient... 2019-20’

Campus News

ICAB’s Workshop on ‘Special... Owned Banks’

Change of Office Address

Records of Trainings/ Workshops... ICPE

Members’ Conference on Salient... Dhaka

Non-Renewal of COP of Kanchi Lal Das FCA (403)

Training on IFRS and IAS

Courtesy Call on President ICAB

Training on IFRS for BB Officials

Obituary

Member’s Achievement

Report on Disciplinary Actions

ICAB Team Participated CAPA... Malaysia

CA Bangladesh-The Daily StarPost-Budget Discussion 2019

Planning Minister MA Mannan said he was always in favour of single rate VAT. He said huge reforms were necessary in the revenue board but the job was not as easy as it was said to be. “There are vested interest groups who always resist reforms in the NBR,” he said. The minister also said, the National Board of Revenue (NBR) needs extensive reforms to boost its capacity as the national tax body. He, however, said the much-needed transformation is not so easy a job. "It's easy to say, but difficult to do." "There're strong vested interest groups and beneficiaries," Mr Mannan said without explaining much about the roadblocks to reform.

He said there are misconceptions about NBR's role. "NBR is not a revenue generator, it's only a collector." The senior minister said his personal position is against the multilayered VAT structures. "I've always been talking against multilayered VAT system. If you want to exempt some necessary commodities, do it, and make a single VAT rate for the rest of the sectors." Mr Mannan also said he does not believe in banking commission for reform in the banking sector. "I've seen many commissions, it's just job creation for some people," he continued. "We have laws, we have a central bank. If they need to be strengthened, we should do that," the minister said. Pushing bank interest rates to single digit might not be a right decision for the industry, he observed.

Policy Research Institute (PRI) executive director Ahsan H Mansur said the proposed budget is going to fall flat in terms of its size. This year's revenue income growth is 7.1 per cent, which is an all-time low, he maintained. "NBR won't be able to achieve its target for this budget too like the past years," he said, adding that 80 per cent problems lie with the tax administration. "The rest of the problems are with the tax policy." The government also declared four other special VAT rates for products and services, including medicines, petroleum products, and flat registrations, and slapped specific tax on certain products, including iron rods

and bricks, according to Finance Bill 2019. “It is a complete disaster,” said executive director of Policy Research Institute (PRI) of Bangladesh, on the new VAT law. “It [the new VAT law] should be labelled as VAT and Excise Duty Act 2019 because it is a combination of VAT and excise duty,” he said. Mr. Mansur said if a business was not eligible for paying 15 percent VAT, it would have to endure tax on tax. “We have been really abused by the introduction of the new VAT law. We were better off with the 1991 law,” he said. “You have traded off VAT for excise. There is no VAT left. Just pure and simple cascading excise system,” said Mansur, adding the introduction of the system would hurt development of small and medium enterprises.

Nazneen Ahmed, senior research fellow of Bangladesh Institute of Development Studies, agreed with Mansur on the VAT law. She said it would distort the whole system and hurt the business community.

Presenting statistical aspects of national budget 2019-20, she said in the current year, the level of implementation is really well below the expectation. Capacity, both technical and logistical, of the government is really an issue specially in implementing large projects. ICAB President A F Nesaruddin highlighted the VAT Act Implementation issue and the Role of Chartered Accountants, Tax Administration and Justice and capital market issues from the perspective of finance bill and the national budget.

He said, “I believe, the suggestions given by CA Bangladesh to NBR on national budget each year, especially on fiscal policy is very comprehensive”.

Globally, it is well accepted that chartered accountants have vast expertise on International Financial Reporting and Auditing Standards, VAT and other relevant Acts, and overall applied knowledge on financial statements. But it is surprising and sad to see the exclusion of Chartered Accountants from authorized VAT practitioners / representatives which is

indeed unjustified and will impact the smooth and successful implementation of VAT Act. Even under section 46 of VAT Act 1991, Chartered Accountants were included so, he added. The proposed section should be replaced by the section in VAT Act, 1991, he demands.

ICAB President AF Nesaruddin said multi-level VAT rates was in fact a continuation of the existing system. “Since automation is key to this VAT law, steps should be taken immediately for its smooth implementation,” he said, suggesting that the government review the impact of not allowing input tax credit on products and services that have less than 15 percent VAT.

Snehasish Barua, who presented a paper on the fiscal measures in the budget, suggested allowing proportional rebate for businesses that would pay less than 15 percent VAT. “Very high penalty has been proposed for non-compliance of VAT rules. It should be reduced,” he said.

The government’s increased dependency on bank borrowing to finance deficit would increase stress on the ailing banking sector, which suffers from liquidity crunch due to soaring default loans, falling deposits, and recent surge in government borrowing. As a result, private sector might face difficulty in getting funds for investment, said the analysts.

Citing the liquidity crisis in banks, Association of Bankers, Bangladesh Chairman Syed Mahbubur Rahman said increased bank borrowing would put further pressure on the sector.

Abul Kasem Khan, former president of Dhaka Chamber of Commerce and Industry, demanded visible and exemplary punishment for willful defaulters. For regular taxpayers, the tax ranges from 10 percent to 30 percent depending on income. “This will set a bad example,” said Abul Kasem Khan, a former president of the Dhaka Chamber of Commerce and Industry. Thanks to the scope, it appears that good taxpayers will be encouraged not to pay

taxes properly. They will be non-compliant and then invest in economic zones to avail the opportunity to legalise their money by paying 10 percent, he said. “I think, you are encouraging people to be dishonest,” said Khan, also a director of AK Khan & Co.

As much as $79 billion would be required to meet the government’s target of raising private investment to 24 percent of GDP next fiscal year. “But, given the rising default loans and fund shortage in banks, where will the money come from?” Khan said. Private investment has been hovering around 22-23 percent for long.

Rakibur Rahman, former president of Dhaka Stock Exchange, said the government’s proposed measures for capital market would be beneficial for small investors.

The opportunity to legalise black money at nominal tax will encourage compliant taxpayers to be dishonest, said business leaders and economists at a post-budget discussion yesterday.

The reaction came after Finance Minister AHM Mustafa Kamal proposed investment of undisclosed incomes without question in special economic zones and hi-tech parks upon payment of 10 percent tax on the invested sum from July 1 this year through June 2024.

Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh, echoed Khan, saying the government should not extend the money whitening opportunity as it is not fair. “By promoting whitening of black money you are really going to hurt the compliant taxpayers.” At present, the income tax department does not raise any question about the sources of fund when invested in the purchase or construction of any apartment, flat or building after a certain tax is paid on the sum. “Somebody who is not paying the proper tax, which may be over 30 percent, will be investing in an SEZ after paying only 10 percent tax and there will be no tax liability on that investment for the future. This is not right,” he added.

The participants at the discussion lauded the move to increase the tax-free turnover for small and medium enterprises and form a Tk 100 crore fund for budding startups.

They also welcomed the initiative to widen the social safety net. The allocation for the health sector was insufficient at only 4.9 percent of the total budget of Tk 523,190 crore, said another paper presenter Md. Shahadat Hossain, a council member of the ICAB. He also said revenue collection would fall short of target this fiscal year. Shahedul Anam Khan, Acting Editor, the Daily Star also spoke on the occasion.

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June 2019 No. 355









FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members,The main focus and point of discussion of June is the National Budget 2019-20. Finance Minister AHM Mustafa Kamal placed the National Budget of Tk. 5,23,190 crore for the 2019-20 fiscal year on 13 June 2019. The budget is the largest-ever budget with a focus on developing communications, infrastructure and human resources and achieve the 8.2 percent GDP growth. Inflation has been projected at 5.5 percent. The Budget is a roadmap to a future that embodies a future of opportunities and security for all of us. Bangladesh needs to implement the ambitious targets with national planning process and allocate necessary allocation accordingly in the national budgets. This budget will face different challenges yet I think that when we are united facing of the challenges, our Nation emerges stronger and better than before. When we work together, there are no limits to what we can achieve. Together, we will move forward to innovate, to expand opportunities and steps ahead with the economy. Let us dream but make it happen.A round table Post Budget Discussion meeting was held jointly by ICAB and The Daily Star on 15 June 2019. The main focus of the discussion was the changes on proposed Budget and Financial Act 2019-2020 compared to previous year. A good number of discussants where country’s prominent economists, business leaders, experts and academics took part in the discussion which made the program very lively. On 5th June we observed Eid-ul-Fitr, the auspicious occasion of the Muslims all over the world. Eid teaches us about peace, sympathy and brotherhood. After a month-long fast, Eid-ul-Fitr brings messages of pure joy and pleasure for mankind. We should thank Allah, Subhanahu wa Ta’ala, for having been able to experience yet another blessed Ramadaan – the month of Al-Qur’aan, the month to acquire Taqwa (Allah-Consciousness), the month to provide us with an excellent opportunity for personal and spiritual elevation! I hope my dear fraternity and the fellow members with their families had a very pleasant Eid-ul-Fitr amongst their dear and near ones. May Allah (SWT) accept our devotion and dedication meant for his satisfaction during this month and guide, protect and bless us over the world. Ameen With warmest regards

Dr. Md. Abu Sayed Khan FCA























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June 2019No. 355































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June 2019 No. 355

Assalamualaikum, my dear Professional Colleagues, greetings to you all

Dear members, as President of the Institute I have already passed six months of my tenure. During this time, we have tried to give momentum in ICAB’s activities in view of the rapid changes of business environment and technological transformation, so that our members can effectively continue to contribute to the economic development of the country. Many important trainings and workshops were held in June, although we had few working days because of Eid vacation. With a determined stand to grow along with the nation, ICAB and CA profession have transformed themselves from being the anchor of our country’s fiscal prudence and play the role of partners in nation building. For the first time ever, ICAB organized post budget roundtable discussion in association with The Daily Star on National Budget 2019. It was a unique event, thought provoking ideas and suggestions/ recommendations were emanated from this session for a pragmatic budget and the Finance Bill 2019.

My dear members of this fraternity, we are pleased to inform you that the NBR has brought amendment to Section 130 of the VAT and Supplementary Duty Act 2012 following our appeal and now the concerned Chartered Accountant will not be required to sit for exam but will be required to apply for VAT practicing license instead. I express my heartfelt thanks to NBR Chairman for his prudence and wisdom.

Let me now update the activities of the Institute during the month of June 2019.

For the first time ever, “ICAB-The Daily Star Post-Budget Discussion 2019” was organized jointly by ICAB and The Daily Star at The Daily Star Centre on June 15, 2019 to analyse the proposals in the budget. Planning Minister Mr. MA Mannan, MP was the chief guest of the event. Country’s renowned economists, businessmen and professionals also spoke in the program. Among them were Mr. Ahsan H Mansur, Executive Director, PRI, Mr.Syed Mahbubur Rahman,Chairman, ABB, Mr.Abul Kasem Khan, Former President, DCCI, Dr Nazneen Ahmed, Senior Research Fellow, BIDS, Mr. Mohammad Ali

Khokon President, BTMA, Mr.Rakibur Rahman, Former President, DSE and Mr. Shahedul Anam Khan, Acting Editor, The Daily Star. I gave a brief overview of the budget in my introductory speech while Council Member & Past President Mr. Md. Humayun Kabir FCA moderated the session. Council Member Mr. Md. Shahadat Hossain FCA and Fellow Member Mr. Snehasish Barua FCA jointly presented the key-note paper on National Budget which provoked thoughts and ideas for discussion. ICAB Council Member Prof. Dr. Md. Salim Uddin FCA also spoke on the occasion.

I, along with Council Member Mr. Sabbir Ahmed FCA participated in CAW’s events in Dubai on 17 & 18 June 2019. Council Member Mr. Sabbir Ahmed FCA participated as a speaker at the Chartered Accountants Worldwide (CAW) panel discussion: ‘The Future of Trust: new technology meets old-fashioned values’ followed by a networking event held on 17 June at the Boulevard’ Hotel, Dubai. It was well attended by the CEOs of the member institutes from Chartered Accountants Worldwide along with selected senior business and finance professionals.

The debate focused on the importance of trust in finance and business exploring global perspectives on a number of relevant topics including technology, ethics, the impact of A.I. on the profession and the regulators and the skills of tomorrow’s business leaders with the aim of providing insightful solutions to inform future planning and strategy.

ICAB organized a workshop on ‘Special Audit on Imports and Exports of Selected Five State Owned Banks’ on 25 June 2019 at CA Bhaban. I along with Vice President Mr. Md. Moniruzzaman, Council Member Mr. Muhammad Farooq FCA and Acting Secretary-ICAB & Director (Technical)

Mr.Mahbub Ahmed Siddique FCA were present in the inaugural session of the workshop. The state owned banks were Sonali Bank Limited, Janata Bank Limited, Agrani Bank Limited, Rupali Bank Limited and BASIC Bank Limited.

Mr. Md. Yusuf Ali, Deputy Managing Director, Agrani Bank Limited, Mr. Md. Ismail Hosssain, Deputy Managing Director, Janata Bank Limited and Mr. A.K.M Masudur Rahman, General Manager, Basic Bank Limited delivered lectures and took part in panel discussion as the guest speakers.

Among others Mr. Ajit Kumar Paul FCA, Additional Secretary, Financial Institutions Division, Ministry of Finance, GoB, were the resource persons.

ICAB organized a members’ conference on ‘Salient Features of Finance Bill 2019-‘20’ on 16 June 2019 at CA Bhaban. Mr. Mosharraf Hossain Bhuiyan, ndc, Senior Secretary, Internal Resources Division (IRD) & Chairman, National Board of Revenue (NBR), Ministry of Finance, Government of the People’s Republic of Bangladesh was present as the Chief Guest. I gave welcome speech. Fellow Member Mr. Snehasish Barua FCA and Council Member Mr.Md. Shahadat Hossain FCA jointly presented the keynote paper. ICAB Council Member & Past President Mr. Md. Humayun Kabir FCA moderated the session as session chair of the conference. In his speech NBR Chairman assured that the Section 130 of the VAT and Supplementary Duty Act 2012 and SRO 202-Law/2019/59-VAT dated 13 June 2019 would be replaced by the provision of VAT act 1991. We instantly lauded his visionary remarks. Prof. Dr. Md Salim Uddin FCA rendered vote of thanks.

An Advance Level Certificate Course on ‘International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS) was

started on 22 June and would continue till 3 August 2019. A total number of participants were 43. Another training program on ‘International Financial Reporting Standards (IFRS) for Bangladesh Bank Official’ was started on 23 June and would continue till 5 August 2019. A total number of 50 participants ranked Deputy Director and joint Director are participating in the program.

Mr. Dewan Hanif Mahmud, Editor of the daily Bonik Barta paid a courtesy visit at ICAB on 25 June 2019. We discussed different issues regarding Budget and Fiscal policies. The Editor also expressed interest to undertake joint initiative for holding roundtable discussion.

Meetings of Council and Standing & Non-standing Committees

The following meetings of the Council, Non-Standing Committees of ICAB were held during the month of June 2019:

Non-standing Committees:

- 5th Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 13 June 2019 at 4:00 pm.

- 3rd Meeting of the Editorial Board Meeting was held on 17 June 2019 at 5:30 pm.

- 4th Meeting of the Continuing Professional Development Committee (CPDC) was held on 26 June 2019 at 6:00 pm.

- 2nd Meeting of the International and Regional Affairs Committee was held on 30 June 2019 at 6:30 pm.

Wish you all the best.

A F NesaruddinPresident

President’sCommunication

June 2019

FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members,The main focus and point of discussion of June is the National Budget 2019-20. Finance Minister AHM Mustafa Kamal placed the National Budget of Tk. 5,23,190 crore for the 2019-20 fiscal year on 13 June 2019. The budget is the largest-ever budget with a focus on developing communications, infrastructure and human resources and achieve the 8.2 percent GDP growth. Inflation has been projected at 5.5 percent. The Budget is a roadmap to a future that embodies a future of opportunities and security for all of us. Bangladesh needs to implement the ambitious targets with national planning process and allocate necessary allocation accordingly in the national budgets. This budget will face different challenges yet I think that when we are united facing of the challenges, our Nation emerges stronger and better than before. When we work together, there are no limits to what we can achieve. Together, we will move forward to innovate, to expand opportunities and steps ahead with the economy. Let us dream but make it happen.A round table Post Budget Discussion meeting was held jointly by ICAB and The Daily Star on 15 June 2019. The main focus of the discussion was the changes on proposed Budget and Financial Act 2019-2020 compared to previous year. A good number of discussants where country’s prominent economists, business leaders, experts and academics took part in the discussion which made the program very lively. On 5th June we observed Eid-ul-Fitr, the auspicious occasion of the Muslims all over the world. Eid teaches us about peace, sympathy and brotherhood. After a month-long fast, Eid-ul-Fitr brings messages of pure joy and pleasure for mankind. We should thank Allah, Subhanahu wa Ta’ala, for having been able to experience yet another blessed Ramadaan – the month of Al-Qur’aan, the month to acquire Taqwa (Allah-Consciousness), the month to provide us with an excellent opportunity for personal and spiritual elevation! I hope my dear fraternity and the fellow members with their families had a very pleasant Eid-ul-Fitr amongst their dear and near ones. May Allah (SWT) accept our devotion and dedication meant for his satisfaction during this month and guide, protect and bless us over the world. Ameen With warmest regards

Dr. Md. Abu Sayed Khan FCA

5

June 2019No. 355

Assalamualaikum, my dear Professional Colleagues, greetings to you all

Dear members, as President of the Institute I have already passed six months of my tenure. During this time, we have tried to give momentum in ICAB’s activities in view of the rapid changes of business environment and technological transformation, so that our members can effectively continue to contribute to the economic development of the country. Many important trainings and workshops were held in June, although we had few working days because of Eid vacation. With a determined stand to grow along with the nation, ICAB and CA profession have transformed themselves from being the anchor of our country’s fiscal prudence and play the role of partners in nation building. For the first time ever, ICAB organized post budget roundtable discussion in association with The Daily Star on National Budget 2019. It was a unique event, thought provoking ideas and suggestions/ recommendations were emanated from this session for a pragmatic budget and the Finance Bill 2019.

My dear members of this fraternity, we are pleased to inform you that the NBR has brought amendment to Section 130 of the VAT and Supplementary Duty Act 2012 following our appeal and now the concerned Chartered Accountant will not be required to sit for exam but will be required to apply for VAT practicing license instead. I express my heartfelt thanks to NBR Chairman for his prudence and wisdom.

Let me now update the activities of the Institute during the month of June 2019.

For the first time ever, “ICAB-The Daily Star Post-Budget Discussion 2019” was organized jointly by ICAB and The Daily Star at The Daily Star Centre on June 15, 2019 to analyse the proposals in the budget. Planning Minister Mr. MA Mannan, MP was the chief guest of the event. Country’s renowned economists, businessmen and professionals also spoke in the program. Among them were Mr. Ahsan H Mansur, Executive Director, PRI, Mr.Syed Mahbubur Rahman,Chairman, ABB, Mr.Abul Kasem Khan, Former President, DCCI, Dr Nazneen Ahmed, Senior Research Fellow, BIDS, Mr. Mohammad Ali

Khokon President, BTMA, Mr.Rakibur Rahman, Former President, DSE and Mr. Shahedul Anam Khan, Acting Editor, The Daily Star. I gave a brief overview of the budget in my introductory speech while Council Member & Past President Mr. Md. Humayun Kabir FCA moderated the session. Council Member Mr. Md. Shahadat Hossain FCA and Fellow Member Mr. Snehasish Barua FCA jointly presented the key-note paper on National Budget which provoked thoughts and ideas for discussion. ICAB Council Member Prof. Dr. Md. Salim Uddin FCA also spoke on the occasion.

I, along with Council Member Mr. Sabbir Ahmed FCA participated in CAW’s events in Dubai on 17 & 18 June 2019. Council Member Mr. Sabbir Ahmed FCA participated as a speaker at the Chartered Accountants Worldwide (CAW) panel discussion: ‘The Future of Trust: new technology meets old-fashioned values’ followed by a networking event held on 17 June at the Boulevard’ Hotel, Dubai. It was well attended by the CEOs of the member institutes from Chartered Accountants Worldwide along with selected senior business and finance professionals.

The debate focused on the importance of trust in finance and business exploring global perspectives on a number of relevant topics including technology, ethics, the impact of A.I. on the profession and the regulators and the skills of tomorrow’s business leaders with the aim of providing insightful solutions to inform future planning and strategy.

ICAB organized a workshop on ‘Special Audit on Imports and Exports of Selected Five State Owned Banks’ on 25 June 2019 at CA Bhaban. I along with Vice President Mr. Md. Moniruzzaman, Council Member Mr. Muhammad Farooq FCA and Acting Secretary-ICAB & Director (Technical)

Mr.Mahbub Ahmed Siddique FCA were present in the inaugural session of the workshop. The state owned banks were Sonali Bank Limited, Janata Bank Limited, Agrani Bank Limited, Rupali Bank Limited and BASIC Bank Limited.

Mr. Md. Yusuf Ali, Deputy Managing Director, Agrani Bank Limited, Mr. Md. Ismail Hosssain, Deputy Managing Director, Janata Bank Limited and Mr. A.K.M Masudur Rahman, General Manager, Basic Bank Limited delivered lectures and took part in panel discussion as the guest speakers.

Among others Mr. Ajit Kumar Paul FCA, Additional Secretary, Financial Institutions Division, Ministry of Finance, GoB, were the resource persons.

ICAB organized a members’ conference on ‘Salient Features of Finance Bill 2019-‘20’ on 16 June 2019 at CA Bhaban. Mr. Mosharraf Hossain Bhuiyan, ndc, Senior Secretary, Internal Resources Division (IRD) & Chairman, National Board of Revenue (NBR), Ministry of Finance, Government of the People’s Republic of Bangladesh was present as the Chief Guest. I gave welcome speech. Fellow Member Mr. Snehasish Barua FCA and Council Member Mr.Md. Shahadat Hossain FCA jointly presented the keynote paper. ICAB Council Member & Past President Mr. Md. Humayun Kabir FCA moderated the session as session chair of the conference. In his speech NBR Chairman assured that the Section 130 of the VAT and Supplementary Duty Act 2012 and SRO 202-Law/2019/59-VAT dated 13 June 2019 would be replaced by the provision of VAT act 1991. We instantly lauded his visionary remarks. Prof. Dr. Md Salim Uddin FCA rendered vote of thanks.

An Advance Level Certificate Course on ‘International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS) was

started on 22 June and would continue till 3 August 2019. A total number of participants were 43. Another training program on ‘International Financial Reporting Standards (IFRS) for Bangladesh Bank Official’ was started on 23 June and would continue till 5 August 2019. A total number of 50 participants ranked Deputy Director and joint Director are participating in the program.

Mr. Dewan Hanif Mahmud, Editor of the daily Bonik Barta paid a courtesy visit at ICAB on 25 June 2019. We discussed different issues regarding Budget and Fiscal policies. The Editor also expressed interest to undertake joint initiative for holding roundtable discussion.

Meetings of Council and Standing & Non-standing Committees

The following meetings of the Council, Non-Standing Committees of ICAB were held during the month of June 2019:

Non-standing Committees:

- 5th Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 13 June 2019 at 4:00 pm.

- 3rd Meeting of the Editorial Board Meeting was held on 17 June 2019 at 5:30 pm.

- 4th Meeting of the Continuing Professional Development Committee (CPDC) was held on 26 June 2019 at 6:00 pm.

- 2nd Meeting of the International and Regional Affairs Committee was held on 30 June 2019 at 6:30 pm.

Wish you all the best.

A F NesaruddinPresident

6

June 2019 No. 355

ICAB Academic Campus NewsThe new session (June-August-2019) of Evening Shift Classes for Certificate Level (3rd Batch, Sections: A-F) has been started from Thursday, 13 June 2019 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar C/A, Dhaka-1215. There were 323 students joining with 57 teachers in the course. All students remained there as fresh candidates for the Examination Session: November- December 2019.

As a result, the cumulative number of participated students in the classes of ICAB under new curriculum has come to 16370, till June 30, 2019.

On the other hand, Day Time Classes for Certificate Level (2nd Batch) would be commenced on 01 September 2019 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar C/A, Dhaka-1215. By issuing a- special notice, all practicing members of the Institute entitled to train articled students have been requested to kindly notify their students and permit them to attend at day shift classes as per schedule in the interest of the CA profession.

However, another regular session for the students of Professional Level (3rd Batch) and Advanced Level (3nd Batch) are going to begin from Thursday, 05 September 2019 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 the concerned students are advised to enroll for the classes by 03 September 2019, and join the session accordingly.

Furthermore, a- short course on English Language, to enhance the

skills & capacities of English Language for the CA students and enable them to make professional communications effectively which started from 24 May 2019 at 3:00pm to 6:00pm for the CA students at ICAB-Academic Campus under the guidance of Bangladesh Chartered Accountancy Chatra Parishad (BCACP) & financed by the Dhaka Regional Committee (DRC)-ICAB which would be concluded on 19 July 2019. Its next batch would be announced very soon.

Besides, an-"Orientation Programme" with the new students of Certificate Level would be held on 11 June 2019 at 4:00pm in ICAB-Academic Campus Conference Room. There were total 323 participants in the session. The office bearers, members’ council, DRC members and teachers of ICAB were also invited to the session.

President-ICAB, Mr A F Nesaruddin FCA attended the session. He welcomed the students and thanks all the concerned for whole-hearted support. He opined that students' valuable responses and recommendations will guide to take care in a positive and acceptable directions. He also offered the students to come up with constructive proposals.

Mr. Mohammed Forkan Uddin FCA (Member Council-ICAB) pointed out that students have to be responsive with the time employ and thoughtful in the exam. Of course, here the teachers should be given to find out the difficulties and gap situations of the students.

The Chairman-DRC, ICAB (Mr. A H M Ariful Islam FCA) greeted the fresh students. He told that the brilliant

teachers are now in our teaching profession.

The Vice President (F&A)-ICAB, Mr. Md Moniruzzaman FCA admired the students, teachers, DRC members for spontaneous opinions. He endorsed that the Institute has given the highest value to the activities of ICAB-Academic Campus.

The Chief Guest (President-ICAB) urged in his concluding remarks that the campus is structured on a- combined set up of students, teachers, questions setters and examiners. He requested all concerned for creating awareness and ensure their regular attendance in the class. He emphasized students to bring efficiency in English. He further guided to solve minimum last 5- year questions (i.e. 10-session) for the preparation of final exams. He expected that the new students should be come forward and also be taken responsibility of the profession. He inspired the students in studies for successful completion of their examinations. He expressed that pass rate of CA profession has to increase. He stated that the Institute shall accept suggestions from all stakeholders to tackle the challenges facing by the profession. He appraised that the Institute demands quality input of output to meet-up with the requirements of ICAEW learning process. He requested teachers to take special care for the students. He also instructed students to take more practices, ensure hard work and be confident to make good results and uphold the glory of the Institute. At last, the session ended with exchanging thanks and good wishes to and from the chair.

However, the refurbishments of

CAB President AF Nesaruddin FCA and Council Member Sabbir Ahmed FCA participated in CAW’s events in

Dubai on 17 & 18 June 2019. Council Member Sabbir Ahmed FCA participated as a speaker at the Chartered Accountants Worldwide panel discussion: The Future of Trust: new technology meets old-fashioned values followed by a networking event on 17 June at the Boulevard’ Hotel, Dubai. It was well attended by the CEOs of the member institutes from Chartered Accountants Worldwide along with senior business and finance professionals. This event was also attended by a number of senior business and finance professional of the member institutes from Chartered Accountants Worldwide.

The debate focused on the importance of trust in finance and business and explore global perspectives on a number of relevant topics including technology, ethics, the impact of A.I. on the profession and the regulators and the skills of tomorrow’s business leaders with the aim of providing insightful solutions to inform future planning and strategy. Speakers include Michael Izza, Chairman of Chartered Accountants Worldwide and CEO of ICAEW, SAICA’s Chief

Executive Freeman Nomvalo, and Sabbir Ahmed, Member Council at the

Institute of Chartered Accountants Bangladesh.

IICAB Team Participated in CAW’s Events in Dubai

hittagong Regional Committee (CRC) of ICAB organised a seminar on ‘Salient Features of Finance Bill 2019-20’ on 22 June 2019 at

Conference Hall Chittagong.

Mohammad Solaiman FCA, Proprietor, M Solaiman & Co. Chartered Accountants was the Session Chairman.

The panel discussants were Prof. Dr. Md. Salim Uddin FCA and Vice President-ICAB, Sidhartha Barua FCA, Managing Partner, M. A Mallik & Co. Chartered Accountants and Council Member-ICAB and Shekhar Ranjan Kar FCA, Group CFO & Company Secretary, BSRM Group.

CCPD Seminar on ‘Salient Features of Finance Bill 2019-20’

ICAB-Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, have mostly done, and the rest of works would be completed by July 2019.

The above Programme and Session have been organised by the Additional Director, Academic Campus and a team, under the supervision of the Vice President (Education & Training)-ICAB, N K A Mobin FCA, with the guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, A F Nesaruddin FCA.

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June 2019 No. 355

Change of Office AddressName and New Address Effective DateMumlook Mustaque & Co. 3 March 2019Chartered AccountantsHouse # 105 (6th Floor), Road # 4Block-B, Flat # B-6Banani, Dhaka-1213

Akhtar Amir & Co. 1 April 2019Chartered Accountants18/1, Nayapaltan (6th Floor)Dhaka-1000

Announcement(Classes of Next Session)

The New Session of Day Time Classes for Certificate Level (3rd Batch) will start from Sunday, 01 September 2019 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. By issuing a-special notice, all practicing members of the Institute entitled to train articled students have been requested to kindly notify their students to register for the classes by 29 August 2019, and to allow them to adhere at day shift classes as per schedule in the interest of the CA Profession.On the other hand, the regular pre-examination classes (Session: Sept-Nov-19) for the students of Professional Level (3rd Batch) and Advanced Level (3rd Batch) are going to commence on 05 September 2019 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has been issued in this matter and all the concerned students are advised to enroll for the classes by 03 September 2019 and attend the session accordingly.

Source: ICAB Campus















he ICAB organized a workshop on ‘Special Audit on Imports and Exports of Selected Five State Owned Banks’ on 25 June 2019 at CA Bhaban. ICAB President AF Nesaruddin FCA, Vice President Moniruzzaman, Council

Member Muhammad Farooq FCA and Acting Secretary & Director(Technical) Mahbub Ahmed Siddique FCA were present in the inaugural session of the workshop. The state owned banks were Sonali Bank Limited, Janata Bank Limited, Agrani Bank Limited, Rupali Bank Limited and BASIC Bank Limited.

Md. Yusuf Ali, Deputy Managing Director, Agrani Bank Limited, Md. Ismail Hosssain, Deputy Managing Director, Janata Bank Limited and A.K.M Masudur Rahman General Manager, Basic Bank Limited delivered lectures and took part in panel discussion as the guest speakers. The resource persons of the workshop were Ajit Kumar Paul FCA, Additional Secretary, Financial Institutions Division, Ministry of Finance, GoB, ICAB Council Member Sabbir Ahmed FCA, Fellow Members Mohammad Monowar Hossain FCA and Md. Habibur Rahman Bhuiyan FCA. Representatives of auditing firms of the state owned banks were the participants of the workshop.

T

ICAB’s Workshop on ‘Special Audit on Imports and Exports of Selected

Five State Owned Banks’



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Records of Trainings/Workshops Organised by ICAB Center for Professional Excellence (ICPE)

ICAB Center for Professional Excellence (ICPE) has organised a total 10 (Ten) Trainings/Workshops in the last 06 months (January to June 2019). The report of the Trainings/ workshops is hereunder furnished:

Sl. # Name of the Training Period& Duration

No. of Participants Core Contents Facilitators

1.Training of Trainers (ToT) on Corporate Governance and Board Leadership

26 to 28 January 2019 22 Members

of ICAB Training of Trainers (ToT)

Mrs. Anne E., Molyneux FCA, FAICDand Dr. Mary Jo Larson

2.Workshop on ‘Advanced Scholastic Valuations’

20 February 2019 130 Members

of ICAB Workshop on Valuations

Dr. Fernando Scarpati

3. Advanced Level Certificate Course on 'International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS)'

2 March to 27 April 2019

48 Members of ICAB and Others Organizations

IFRS Training Mr. Mohammad Salahuddin Chowdhury FCAMr. Snehasish Barua FCAMr. Sabbir Ahmed FCAMr. Sk. Md. Tarikul Islam FCAMr. Wasequl Huq Reagan FCAMr. Muhammad Aminul Hoque FCAMr. Muhammad Mehedi Hasan FCA

4.Advanced Certificate Course in Leadership & Communication

4 April to 2 May 2019


Training on Leadership & Communication

Mohammad Saif Noman Khan

5.Training on ‘Practical Aspects of IFRS 9-Financial Instruments’

13 April 201930 The City Bank Officials

Training on IFRS 9-Financial Instruments’

Mr. Sabbir Ahmed FCA

6. Workshop on ‘Special Audit Procedure in Life Insurance for listed CA Firms’

08 May 2019 42 Members of ICAB and Others Organizations

Life Insurance

Mr. Dipen Kumar Saha Roy FCAMr. Asifur Rahman FCAMr. Mohammad Shibbir Hossain FCA

7. Advanced Level Certificate Course on 'International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS)'

22 June to 03 August 2019


IFRS Training Mr. Mohammad Salahuddin Chowdhury FCAMr. Snehasish Barua FCAMr. Sabbir Ahmed FCAMr. Sk. Md. Tarikul Islam FCAMr. Ajit Kumar Paul FCA, Mohammed Forkan Uddin FCA, Mr. Muhammad Aminul Hoque FCA

8. Training Programme on 'International Financial Reporting Standards (IFRS) for Bangladesh Bank Officials

23 June to 05August 2019

35Bangladesh Bank Officials

IFRS Training Mr. Mohammad Salahuddin Chowdhury FCAMr. Snehasish Barua FCAMr. Sabbir Ahmed FCAMr. Sk. Md. Tarikul Islam FCAMr. Ajit Kumar Paul FCA, Mohammed Forkan Uddin FCA, Mr. Muhammad Aminul Hoque FCAMr. Md. Mahamud Hosain FCA, Mr. Md. Abdul Kader Joaddar FCA

9. Workshop on ‘Special Audit on Imports and Exports of Selected Five State Owned Banks’

25 June 2019 Partner or representatives of the ten listed CA firms

IFRS Training Mr. Ajit Kumar Paul FCA, Mr. Mohammad Monowar Hossain FCA, Mr. Sabbir Ahmed FCA, Mr. Md. Habibur Rahman Bhuiyan FCA

10. Workshop on ‘ICAEW Pathway Membership for the Members of ICAB’

1 July 2019 ICAB Members

‘ICAEW Pathway

Mr. Justin West, Consultant, ICAEW

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June 2019 No. 355

Training on IFRSand IAS

Eight-day long training program on "Advance Level Certificate Course on IFRS and IAS" - 7th Batch started from 22 June 2019 which is going on smoothly. A total number of 50 participants are participating in the program.

This course has been designed to enhance the competence of professionals serving in key positions of financial sector in Bangladesh. Md. Moniruzzaman FCA, Vice President (Finance) –ICAB and Mahbub Ahmed Siddique FCA, Acting Secretary-ICAB & Director(Technical) inaugurated the training.

Mohammad Salahuddin Chowdhury FCA, Snehasish Barua FCA, Sabbir Ahmed FCA, Sk. Md Tarikul Islam FCA, Ajit Kumar Paul FCA, Mohammed Forkan Uddin FCA, Muhammad Aminul Hoque FCA and Md. Mahamud Hosain FCA are the facilitators of the program.

Non-Renewal of COP ofKanchi Lal Das FCA (403)

Mr. Kanchi Lal Das FCA (403), Proprietor of Ahmad & Akhtar, Chartered Accountants, extended non-cooperation to the Institute regarding the review of audit working paper files of Coppertech Industries Ltd despite of repeated written and verbal reminders. For not complying with the requirements specified in the Council Directives issued vide Circular # 1/15/ICAB-2009 dated 17 June 2009 issued under ICAB Bye-laws No. 8(4), the Council in its meeting dated 04 July 2019 has decided not to renew the Certificate of Practice of Mr. Kanchi Lal Das FCA (403) with effect from 01 July 2019.

As Mr. Kanchi Lal Das FCA (403) was the lone member “to be in practice” by virtue of holding a valid Certificate of Practice till 30 June 2019 under the name and style of M/s. Ahmad & Akhtar, Chartered Accountants, in pursuance to Bangladesh Chartered Accountants Order 1973. Since the said Certificate of Practice is not valid beginning 01 July 2019, Mr. Kanchi Lal Das FCA (403) is not eligible to carry out any audit and related works under the name & style of M/s. Ahmad & Akhtar, Chartered Accountants.

The Council decision has already been communicated with FRC, Bangladesh Bank, NBR, IDRA, BSEC, DSE and CSE.

CAB organized a members’ conference on ‘Salient Features of Finance Bill 2019-2020’ on 16 June

2019 at CA Bhaban. Mosharraf Hossain Bhuiyan, ndc, Senior Secretary, Internal Resources Division (IRD) & Chairman, National Board of Revenue (NBR), Ministry of Finance, Government of the People’s Republic of Bangladesh was present as the Chief Guest. ICAB President AF Nesaruddin FCA gave welcome speech. Snehasish Barua FCA and Council Member Md. Shahadat Hossain FCA jointly presented the keynote paper. ICAB Council Member & Past President Md. Humayun Kabir FCA moderated the session as session chairman of the conference.

The paper presenter said that according to the proposed Finance Bill 2019, a practicing chartered accountant cannot represent their client unless they participate in the VAT licensing exam. Who else can better understand VAT act than a qualified accountant, he

placed a question and said this might work as a barrier to the implantation of the VAT Act, 2012. Provision of 1991 should be brought in the VAT Act, 2012 in this regard, he suggested.

In his speech NBR Chairman said that the CAs are doing better in income tax assessment and help revenue authority

in collection of taxes. About the matter of VAT practioner in the proposed Finance Bill 2019, the NBR Chairman said, he would looked in the the matter so that the provision of VAT act 1991 is revived. Prof. Dr. Md Salim Uddin FCA gave concluding remarks.

Members’ Conference on Salient Features of Finance Bill 2019 in Dhaka

I

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June 2019No. 355

Training on IFRS for Bangladesh Bank Officials

ICAB Centre for Professional Excellence (ICPE) has organized a training program on " International Financial Reporting Standards (IFRS)" for Bangladesh Bank Officials on 23 June 2019 and it will continue till 5 August 2019 at ICPE training room. A total number of 35 participants ranked Joint Director (JD) and Deputy Director (DD) of Bangladesh Bank are participating in the training.

Md. Moniruzzaman FCA, Vice President (Finance)-ICAB and Mahbub Ahmed Siddique FCA, Acting Secretary and Director (Technical)-ICAB inaugurated the session of the training and the resource person of the inaugural session was Muhammed Salahuddin Chowdhury FCA.

The other Facilitators of the training were Mohammad Salahuddin Chowdhury FCA, Snehasish Barua FCA, Sabbir Ahmed FCA, Sk. Md Tarikul Islam FCA, Ajit Kumar Paul FCA, Mohammed Forkan Uddin FCA, Muhammad Aminul Hoque FCA, Md. Mahamud Hosain FCA, Md. Abdul Kader Joaddar FCA and Muhammad Mehedi Hasan 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 Directors 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.

Member’s AchievementAjit Kumar Paul Chairman of BSFIC

Ajit Kumar Paul recently joined Bangladesh Sugar and Food Industries Corporation (BSFIC) as its chairman.

He was assigned for the job via an office order of the Public Administration Ministry on May 26, 2019.

Earlier, he was serving as the additional secretary of the Financial Institutions Division of the Finance Ministry.

Ajit Kumar Paul FCA

ObituaryMd Abdul Khaleque FCA (Enrl. No. 338), father of Maria Howlader FCA, Council Member-ICAB and Partner of Howlader Maria & Co. Chartered Accountants died due to old age complications on 22 June 2019. (Inna Lillahi Wa Inna Ilaihi Rajiun). He was 69.

He was graduated in commerce from the University of Dhaka in 1969 and qualified as Chartered Accountant in 1981. He worked for Alico for 7 years as Chief Accountant.

On behalf of the Council of ICAB, President-ICAB expressed condolence and sought eternal peace to the departed soul. He was burried at his own village home Kalagachia, Araihazar, Narayanganj.

Md Abdul Khaleque FCA

Courtesy Call on President ICAB

Dewan Hanif Mahmud, Editor of the Bonik Barta paid a courtesy call on ICAB president A F Nesaruddin FCA on 25 June 2019 at CA Bhaban. They discussed different issues regarding Budget and Fiscal policies. The editor also expressed interest to undertake joint initiative for holding roundtable discussion.

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June 2019 No. 355

Report on Disciplinary ActionsThe Council-ICAB has taken disciplinary actions against some of its Members on 30 April 2019 based on the recommendations 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 # 01A Matin & Co, Chartered Accountants regarding the audit of New Hope Feed Mills Ltd for the year ended 30 June 2010.

Complain of Bangladesh Bank (BB)

The IDC found Mr. AK Abdul Matin FCA (559), Managing Partner of A Matin & Co, guilty of professional misconduct under clauses # 6, 20, 21, 24, 32 and 33 of Schedule-C of ICAB Bye-laws 2004 for:

1. accepting position as auditor of New Hope Feed Mills Bangladesh Ltd. for the year ended 30 June 2010 without first ascertaining whether the requirements of Section 211 of the Companies Act. 1994 had been duly complied with;

2. being gross negligent in the conduct of his professional duties in respect of accepting audit appointment and for not applying appropriate audit procedures to warrant the expression of his audit opinion;

3. accepting audit appointment with a small audit fee;

4. failing to report material misstatements like Financial Statements (FS) of New Hope were not accompanying Statement of Cash Flows, Statement of Changes in Equity, Notes to the FS and Comparative Figures;

5. signing the audited financial statements without ensuring the signature of the management of Hew Hope which is discreditable to a member of the Institute;

6. failing to report non-compliance with Bangladesh Accounting Standards (BAS) 12: Deferred Tax; and

7. forming opinion on the Audited Financial Statements (FS) of the Company erroneously which was not in line with the Bangladesh Standards on Auditing (BSA).

The Council decided to impose monetary penalty of Tk. 200,000 (Two lac) only upon Mr. AK Abdul Matin FCA (Enrolment # 559) with immediate effect. The Council also decided on non-payment of penalty amount within 03 (three) months from the date of communication, the membership of Mr. AK Abdul Matin FCA (Enrolment # 559) of ICAB shall be suspended for a period of 02 (two) years from the date of expiry of the above three (03) months.

30.06.19

Case # 02Nurul Azim & Co, Chartered Accountants.

Report of Quality Assurance

The IDC found the Partners of Nurul Azim & Co Chartered Accountants guilty of professional misconduct

The Council decided to impose monetary penalty of Tk. 100,000 (One lac) only

30.06.19

13

June 2019No. 355

minimum requirements for office premises;

l not complying with the requirements regarding the student allowances under bye-law 115(3) and related circulars under reference 1/15/ICAB-2010 dated 28 June 2011 and 03 October 2011; and

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

period of 01 (one) year from the date of expiry of above three (03) months.

N.B.: The partners have already deposited the penalty amount on receipt of IDC Report.

Case # 03Mollah Quadir Yusuf & Co, Chartered Accountants in connection with the recommendations of Quality Assurance Board (QAB), ICAB

Report of Quality Assurance Department (QAD), ICAB.

The IDC found Mr. M A Quadir Mollah FCA (73) guilty of professional misconduct under clauses # 21, 24 and 25 of Schedule-C of ICAB Bye-laws 2004 for not complying with the requirements under article # 7 of the Bangladesh Chartered Accountants Order 1973 as Mr. MA Quadir Mollah FCA (73) was continuingpublic practice as a chartered accountant without valid Certificate of Practice (CoP) for the year 2013-2014 and 2014-2015.

The Council decided to impose monetary penalty of Tk. 100,000 (One lac) upon Mr. MA Quadir Mollah FCA (73). On non-payment of penalty amount within three (03) months, the membership of Mr. MA Quadir Mollah FCA (73) shall be suspended for 02 years from the date of expiry of the above three (03) months."

30.06.19

Case # 04M A Taleb & Co, Chartered Accountantsin connection with the recommendations of Quality Assurance Board (QAB), ICAB.


IDC reviewed the report of QAD and identified the following observations:

l Proprietor of the firm did not have updated Certificate of Practice since 2013-14;

l Proprietor of the firm did not submit Annual Return with ICAB since 2015;

l The registered address of the firm was the House of the Principal i.e. the firm did not have separate and dedicated office space;

The Council decided to discard the name of Mr. M Abu Taleb FCA (562), proprietor of M A Taleb & Co, Chartered Accountants from the list of practicing members with immediate effect.N.B.: Mr. M Abu Taleb FCA(562) remained non-responded throughout the investigation proceedings.

30.06.19

Case # 05S.N. Meahji & Co, Chartered Accountants. in connection with the recommendations of Quality Assurance Board (QAB), ICAB.


S.N. Meahji & Co Chartered Accountants

l Proprietor of the Firm did not have updated Certificate of Practice since 2014-15;

l Proprietor of the Firm did not submit Annual Return with ICAB since 2015;

As Mr. S M Nurul Islam Meahji FCA (175) has died very recently, the Council decided to close the matter and requested Secretary-ICAB to ensure the removal of the name of S M Nurul Islam Meahji FCA (175)

30.06.19


Date

in connection with the recommendations of Quality Assurance Board (QAB), ICAB.

Department (QAD), ICAB.

under clauses # 21, 24 and 25 of Schedule-C of ICAB Bye-laws 2004 for:

l not having seating arrangement for all the partners (02) of the Firm to comply with the requirements of Council Directives # 1.14 dated 11 June 2002 regarding prescribed

upon the Partners of Nurul Azim & Co Chartered Accountants. On non-payment of penalty amount within 03 (three) months from the date of communication, their membership with ICAB shall be suspended for a

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June 2019 No. 355

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. +8809612612100, +880-2-9115340, Fax: +880-2-9125266, E-mail: [email protected], Website: www.icab.org.bd

CAB Council Member & Past President Nasir Uddin Ahmed FCA and Past President Anwaruddin

Chowdhury , Director CAPA Board participated in CAPA meetings and other related events held in Petaling Jaya , Malaysia between 30 May to 1 June 2019.

Anwaruddin Chowdhury participated in Board Meeting (Board Directors only) on 30 May 2019. The directors met before the Members Meeting to discuss various matters, including progress in implementing the 2019 work program and the ‘Strategic Plan – Towards 2025’ including AFA and SAFA collaboration activities, proposed approach to forming the new ‘Audit’ and ‘Ethics’ Groups, communication strategies, member‐led topics for the next Members Meeting in Vancouver, Canada, etc.

Nasir Uddin Ahmed participated in Members’ Meeting on 31 May and PAO

D e v e l o p m e n t committee meeting on 1 June 2019. Over forty member rep resen ta t i ves from twenty‐five organisations, and the President of the South Asian Federation of A c c o u n t a n t s (SAFA), attended the Members Meeting.

PAO Development Committee (PAODC) meeting discussed the contents for two upcoming guides in the Maturity Mode and TM Guidance Series, namely ‘Ethics’ and ‘Funding & Business Model’. The committee also discussed and received updates on other matters including Post‐promotion reports for the ‘Governance’ Guide and ‘Accounting Technicians’ publication,

both released in late 2018, update on the ‘Quality Assurance for Audit’ project, funded by the ADB, planning for the committee’s next meeting in August in Samoa, including a CPD event for local members and progress of the Pacific Collaboration Initiative, planning for the group to meet during the PAODC visit to Samoa.

ICAB Team Participated in CAPA Meetings and Events in Petaling Jaya, Malaysia

I

l The registered address of the firm is the house of the Principal i.e. the Firm does not have separate and dedicated office space;

from the list of practicing members and the name of S N Meahji & Co, Chartered Accountants from the list of Chartered Accountants Firm.

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.


Date

Source: Professional Conduct Section, ICAB

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