members’ conference on prevailing money market situation ... abdul kader joaddar fca, deputy...

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINJuly 2018

Number 344

ISSN 1993-5366

igher than targeted private sector credit growth compared to deposits is believed to be the key reason for exceeding the

advances-deposits ratio (ADR) by private banks. Currently private banking sector is suffering from multiple problems which include liquidity crisis, non-performing loans, growing gap between lending and deposit growth, widening current account deficit, a distortion in the interest rate market and lack of skilled manpower. This was revealed in a paper presented at ICAB conference on 21 July. The report said increased investment in fixed income securities -- national savings tools is another reason for the recent overshoot.

Abdul Kader Joaddar FCA, deputy managing director of BRAC Bank Ltd, presented the paper on 'prevailing money market situation and the way forward' at the conference organized by the Institute of Chartered Accountants of Bangladesh (ICAB) at its auditorium.

Dr Mustafizur Rahman, distinguished fellow of the leading local think tank Centre for Policy Dialogue (CPD), was present there as the chief guest. Syed Mahbubur Rahman, Managing Director & CEO of Dhaka Bank and Chairman, Association of Bankers, Bangladesh (ABB)

was present as Special Guest while Md. Abdul Kader Joaddar FCA, Deputy Managing Director & CFO, BRAC Bank Ltd delivered the conference paper. ICAB President Dewan Nurul Islam FCA gave welcome speech while Mahmudul Hasan Khusru FCA, Member Council and Vice President moderated the conference. Sajjadaur Rahman, Business Editor, Daily Star, Md. Mahbubur Rahman FCA, Deputy Managing Director, Dhaka Bank Limited, Mohammad Habibur Rahman Chowdhury FCA , Deputy Managing Director, Prime Bank Limited were the panel discussants of the conference.

The Bangladesh Bank could have been more proactive in bringing back stability in the banking sector, said Mustafizur Rahman. The central bank should adopt a zero tolerance policy to rescheduling default loans by passing its regulations as many influential borrowers frequently enjoy the facility, he said. It will also have to strengthen its monitoring on the banking sector to restore corporate governance. It is not possible to bring down the lending rate to single digit if more than 10 percent of the outstanding loans are non-performing, he said. The high classified

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Members’ Conference on...Way Forward

FRC Works to Restore ... Financial Sector

President’s Communi-cation July 2018

SMP Conference 2018

DU Career Fest 2018

Workshop on ‘Effective Writing... in English’

Permission to Start Practice

Permission to Join as Partner

Obituary

Campus News

PwC replaces Deloitte as... Arsenal lawsuit

MoU Between ICAB and LGSP-3

Seminar on Chartered Accountancy:.. Kushtia

Members’ Achievement

Fruits Festival at CA Bhaban

Membership Pathways ... Between ICAB and CPA

Meeting with Chairman of Binary University

Members’ Conference on Prevailing Money Market Situation and Way Forward

Speakers point out volatilities in private banking sectors

loans indicate that the banks have less money, meaning their cost of fund is high, said Rahman, who was the chief guest of the event. At the end of March, the total default loans in the banking sector stood at Tk 88,589 crore, up from Tk 74,303 crore at the end of December last year, according to data from the central bank. The sponsors of banks have recently taken a decision not to charge more than 6 percent interest on fixed deposit schemes. At the same time, the government has targeted to contain inflation within six percent. “The depositors will not get anything from their savings in banks because of the same rate between inflation and deposit,” he further added.

State-run commercial banks and DFIs failed to meet the Basel III requirement for capital to risk-weighted asset ratio of 10 percent last year thanks to having more than 20 percent non-performing loans, said Dewan Nurul Islam FCA, president of ICAB. At the same time both categories of banks had more than 20 percent non-performing assets in 2017.

Towards the end of last year the liquidity situation of the majority of the banks started to deteriorate, which metastasized into a liquidity crunch in January this year. “The sudden shift in the scenario, from a position of excess liquidity to a liquidity crunch, triggers the questions where the money has actually gone,” Mr. Islam added.

The unrest in the money market had emerged after the central bank's instruction of lowering the loan-deposit ratio by June, said Sajjadur Rahman, business editor of The Daily Star. “The central bank should have considered

that all banks' capacities are not the same.” Later, the BB's about turn on the issue, bowing down to the pressure of private banks, has aggravated the situation, he added.

The depreciation of taka against the dollar may ward off foreign investors from the capital market, said M Habibur Rahman Chowdhury, DMD of Prime Bank Ltd.

A higher loan growth (18.4 percent) than the deposit growth (10.20 percent) drove up the private banks' loan-deposit ratio to 85.80 percent in March this year, said Abdul Kader Joaddar, deputy managing director of Brac Bank Ltd. “People have been parking their funds in national savings instruments instead of banks' products because of higher interest rates.” Subsequently, he urged the authorities to lower the interest rate on savings tools in line with the rates offered by banks.

"The private sector credit growth was 19 per cent at a time when the deposit growth was just 10 per cent," said Abdul Kader Joaddar. He said Tk 100 billion annual investments in the savings certificates account for 5.0 per cent of advances-deposits ratio for the entire banking system. Mr Joaddar said the current account deficit is putting pressure on the local currency liquidity as well as foreign exchange rates. Citing higher non-performing loans (NPLs), he said the NPLs have posed a threat to banks' solvency at a time when many are struggling to meet the BASEL-III requirements. Mr Joaddar, however, suggested the strengthening of governance and compliances in the banking industry with "zero tolerance" to regulatory compliances by banks.

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July 2018 No. 344







FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members and Friends,Assalamu alaikum and greetings to you all.ICAB has achieved significant successes in many areas, and I hope, certainly it is on the route to achieve excellence. It has made eventful progress in education, training, setting standards, quality assurance, IT, infrastructure, management, professional conduct and in other relevant areas. ICAB has taken various initiatives to attract high quality students of reputed universities and professionals of different professional institutes in the CA Profession. As a part of this initiative, ICAB participated in the Dhaka University Career Fest 2018 and also visited Islamic University Kushtia and arranged very successful events in both of the places. Recently, a Memorandum of Understanding (MoU) was signed between Certified Practicing Accountant (CPA) Australia and ICAB. ICAB members can become members of CPA Australia just after passing 4 papers. It’s a great achievement for ICAB. In July, ICAB has arranged a couple of workshops and seminars. ICAB organized Small and Medium Practitioners’ (SMP) Conference 2018. The aim of the conference was to aware the members of this institute about different aspect of auditing and how to detect malpractice of the organizations who were preparing dual financial statements. Seminar on ‘Financial Reporting Council(FRC) works to restore the people’s trust in financial sector’ was another timely initiative. ICAB is working on creating expertise in accountancy profession who are not merely the accountants rather the business leaders and advisors in nation building. We believe that we can establish the transparency and accountability in every aspect of our society through maintaining highest level of professionalism and ethics. With warmest regards to you all.

Dr. Jamshed S A Choudhury FCA









3

July 2018No. 344















he main objective of Financial Reporting Council(FRC) is to restore the people’s trust in

financial sector. If the gatekeepers are dishonest, distrust will prevail in every sectors. Many listed companies do not comply with the existing financial reporting standards while preparing their financial reports, CQK Mustaq Ahmed, Chairman Financial Reporting Council said at ICAB members’ conference on 20 July 2018 at CA Bhaban.

He said many renowned listed companies are mostly run by family members who do not really maintain the requirement in their companies’ financial statements. The things are even worse for non-listed companies too. The Financial Reporting Council Act would look after these issues, he said.

The FRC chair noted that the council is trying its best to ensure the requirement with involvement of skilled professionals as part of the government plan to bring back discipline in the financial sector.

Mr. Ahmed made these remarks while speaking as the chief guest at conference on the conceptual framework for financial reporting as issued by the International Accounting Standards Board (IASB) organized by the Institute of Chartered Accountants of Bangladesh(ICAB).

People have lack trust of over the financial institutions (FIs). We have to work hard with integrity to bring back the confidence of the people. The FRC chairman said that the council might hire experts from abroad to bring discipline. The council will not take decision of its own, it will work with different stakeholders who are representing the FRC.

ICAB president Dewan Nurul Islam said the existing framework for financial reporting, issued by the IASB, is largely criticised due to a lack of clarity and exclusion of some of important concepts.

He said the definition of assets and liabilities in line with the new conceptual

framework carries the significant weight and is very useful for the stakeholders.

The framework also assists companies in developing accounting policies and helps stakeholders understand and interpret the standards. This intensive discussion along with the panel remarks on the conceptual framework will add value to the knowledge of the users, according to panelists.

They also discussed in detailed about concepts of financial and physical capital, its maintenance and determination of profits as well as capital maintenance adjustment.

The Conceptual Framework sets out the fundamental concepts for financial reporting that provide useful information for stakeholders. It also assists companies in developing accounting policies and helps stakeholders to understand and interpret the Standards. This intensive discussion along with panel remarks on conceptual framework will add value to the knowledge of the users.

ICAB President Dewan Nurul Islam FCA delivered welcome speech while Mahmudul Hasan Khusru FCA, Member Council and Vice President ICAB moderated the conference.

Snehasish Barua FCA, Partner, Snehasish Mahmud & Co.- Chartered Accountants presented the Key Note paper. Sabbir Ahmed FCA, Partner, Hoda Vasi Chowdhury & Co, Md. Rokonuzzaman FCA, Partner, ACNABIN, Sk. Md. Tarikul Islam FCA, Director, Audit & Advisory, Hoda Vasi Chowdhury & Co, Md. Sk. Ashik Iqbal ACA, CPA and Wasequl Huq Reagan ACA, Partner, Mahfel Huq & Co were the panelists of the discussion.

The paper presenter discussed the different aspects of financial reporting framework and the changes required for improvement. The IASB decided that updating the discussion of capital and capital maintenance could have delayed the completion of framework significantly.

T

FRC Works to Restore People’s Trust in Financial SectorChairman tells at ICAB Conference

4

July 2018 No. 344

Dear Fellow Members,

Assalamu Alaikum and greetings to you

all!

My dear colleagues and fellow members

of the Institute, I have passed seven

months of my presidency and all the

months were quite eventful. I have

realized sitting in the "Chair” that the

number of effort, the office bearers have

been putting for the betterment of our

beloved profession and the Institute. My

heartfelt gratitude to the members of the

Council for their support and tireless

effort.

My dear fraternities, you all would have

observed that I have used the time

without losing streak. Many initiatives

have been taken to bring benefits and

opportunities for the members at home

and abroad. This month we have signed

a MoU with CPA Australia which would

lead the member’s easy way to become

member of this accounting body.

Further, ICAB held a very fruitful meeting

with his excellence Tan Sri Dato

Professor Joseph Adaikalam, Founder

and Executive Chairman of Binary

University – Malaysia. Members could

pursue higher degree in the university.

ICAB has been trying since 2017 to

come across a collaboration with an

International University and it is in the

final stage of this process with Binary

University. More on, such initiatives are

under process to open a broader horizon

for the members.

I am now highlighting our monthly

activities of July 2018 that have taken

place under the ambit of action plan

2018 of the council.

Mr. CQK Mustaq Ahmed, Chairman

Financial Reporting Council was the

chief guest at a members’ conference on the conceptual framework for financial reporting as issued by the International Accounting Standards Board (IASB) organized by the Institute

of Chartered Accountants of

Bangladesh(ICAB) on 20 July 2018.

Mr. Abdul Kader Joaddar FCA, deputy

managing director of BRAC Bank Ltd,

presented the keynote paper at another

Members’ conference on ‘prevailing money market situation and the way forward’ organized by

the Institute of Chartered Accountants

of Bangladesh (ICAB) at its

auditorium on 21 July 2018. Dr.

Mustafizur Rahman, distinguished

fellow of the leading local think tank

Centre for Policy Dialogue (CPD),

was present there as the chief guest.

Mr. Syed Mahbubur Rahman,

Managing Director & CEO of Dhaka

Bank and Chairman, Association of

Bankers, Bangladesh (ABB) was

present as Special Guest. I delivered

a welcome speech while Mr.

Mahmudul Hasan Khusru FCA,

Member Council and Vice President

moderated the conference. Mr.

Sajjadaur Rahman, Business Editor,

Daily Star, Mr. Md. Mahbubur

Rahman FCA, Deputy Managing

Director, Dhaka Bank Limited, Mr.

Mohammad Habibur Rahman

Chowdhury FCA, Deputy Managing

Director, Prime Bank Limited were the

panel discussants of the conference.

My gratitude and thanks to the Chief

Guest and the Special Guest for their

presence in the conference. I thanked

the panelists who managed their

times and thoughtful deliberations.

I delivered a welcome speech and Mr.



ICAB moderated the conference.

Mr. Snehasish Barua FCA, Partner,

Snehasish Mahmud & Co.- Chartered

Accountants presented the Key

Notepaper. Mr. Sabbir Ahmed FCA,

Partner, Hoda Vasi Chowdhury & Co,

Mr. Md. Rokonuzzaman FCA,

Partner, ACNABIN, Mr. Sk. Md.

Tarikul Islam FCA, Director, Audit &

Advisory, Hoda Vasi Chowdhury &

Co, Mr. Md. Sk. Ashik Iqbal ACA,

CPA and Mr. Wasequl Huq Reagan

ACA, Partner, Mahfel Huq & Co were

the panelists of the discussion.

We are grateful to the chairman of

FRC for his gracious presence in the

conference despite his busy

schedules. I believe members would

be benefited from knowledge

emanated from both the conferences

and help them in discharging their

services.

ICAB Small and Medium Practitioners

(SMP) Committee organised Small and Medium Practitioners’ (SMP) Conference 2018 at ICPE training

room on 14 July 2018 with a view to

enhancing the capacity of practicing

members of the Institute. The

conference also made conversant the

members of this institute with a

different aspect of auditing and how to

detect malpractice of the

organizations who are preparing dual

financial statements. The Chairman

of the SMP Committee Mr. Md.

Shahadat Hossain FCA conducted

the conference. I gave welcome

speech and Vice President Mr.


Council Member & Co-Chairman of

the Committee Dr. Jamshed Sanyiath

Ahmed Choudhury FCA, Council

Members Mr. Muhammad Farooq

FCA, Mr. Mostafa Kamal FCA and

Past President Mr. Md. Abdus Salam

FCA spoke at the conference. The

conference resource persons were

Mr. Sabbir Ahmed, Partner, Hoda

Vasi Chowdhury & Co, ICAB Director

(Technical) Mr. Mahbub Ahmed

Siddique FCA, Senior Deputy

Director Mr. Md. Saiful Islam FCA and

Database System Manager

Mohammad Delwar Hossain. About

60 practicing members of the Institute

participated in the conference.

The major deliberations of the

conference were on audit

documentation, compliance required

for practice, findings of QAB and IDC,

audit guide of small and medium

enterprises(SME) and

computer-assisted audit techniques

and tools (CAATT), etc.

As part of media and branding

initiatives, ICAB participated in Dhaka University (DU) Career Fest 2018 at

Teachers Students Centre (TSC) on

16-17 July 2018. ICAB displayed

Audio Visual (AV) about ICAB and its

curriculum at the stall, besides

showcasing ICAB’s different

publications. Students from different

departments of the University visited

the stall during the festival. They also

participated in ICAB’s instant quiz

contest and received the prize as 1st,

2nd and 3rd winners. This quiz

programme created a buzz in the fair.

A Memorandum of Understanding (MoU) between Local Government Division (LGD), GoB and the Institute of Chartered Accountants of Bangladesh (ICAB) on Local

Governance Support Project-3

(LGSP-3) was signed on 25 July 2018

at ICAB Council Hall. On behalf of the

Institute I and Mr. Sardar Sarafat Ali,

Project Director-LGSP-3, Local

Government Division, GoB have

signed the MoU.

During this ceremony ICAB Council

Member & Past President Ms.

Parveen Mahmud FCA, Council

Member Mr. Md. Shahadat Hossain

FCA, Secretary Major General

President’sCommunication

July 2018

FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members and Friends,Assalamu alaikum and greetings to you all.ICAB has achieved significant successes in many areas, and I hope, certainly it is on the route to achieve excellence. It has made eventful progress in education, training, setting standards, quality assurance, IT, infrastructure, management, professional conduct and in other relevant areas. ICAB has taken various initiatives to attract high quality students of reputed universities and professionals of different professional institutes in the CA Profession. As a part of this initiative, ICAB participated in the Dhaka University Career Fest 2018 and also visited Islamic University Kushtia and arranged very successful events in both of the places. Recently, a Memorandum of Understanding (MoU) was signed between Certified Practicing Accountant (CPA) Australia and ICAB. ICAB members can become members of CPA Australia just after passing 4 papers. It’s a great achievement for ICAB. In July, ICAB has arranged a couple of workshops and seminars. ICAB organized Small and Medium Practitioners’ (SMP) Conference 2018. The aim of the conference was to aware the members of this institute about different aspect of auditing and how to detect malpractice of the organizations who were preparing dual financial statements. Seminar on ‘Financial Reporting Council(FRC) works to restore the people’s trust in financial sector’ was another timely initiative. ICAB is working on creating expertise in accountancy profession who are not merely the accountants rather the business leaders and advisors in nation building. We believe that we can establish the transparency and accountability in every aspect of our society through maintaining highest level of professionalism and ethics. With warmest regards to you all.

Dr. Jamshed S A Choudhury FCA

Muhammad Imrul Quayes, ndc, psc

(Retd), Director (Technical) Mr.

Mahbub Ahmed Siddique FCA and

LGSP Senior Audit Specialist Mr.

AKM Rahmat Ullah FCA, among

others were present in the occasion.

Another Memorandum of Understanding (MoU) was signed between Certified Practising Accountant (CPA) Australia and the Institute of Chartered Accountants of Bangladesh (ICAB) on 20 July 22018. I signed the MoU

on behalf of the Institute while

Chairman, Financial Reporting

Council (FRC) CQK Mustaq Ahmed

and other office bearers were present

in the ceremony.

Under this MoU, ICAB members can

be the members of CPA Australia just

after passing only 4 papers out of

their 12 papers.

ICAB recognizes the valued

contribution of the team working on

this agreement including the

Secretary, ICAB Asia Pacific Chapter

in Sydney, Australia. ICAB believes

that this agreement will explore the

greater opportunity for all ICAB

members especially members

residing in Australia.

ICAB had a wonderful meeting with His Excellency Tan Sri Dato Professor Joseph Adaikalam, Founder and Executive Chairman of Binary University – Malaysia. H.

E. Tan Sri has been acting as Advisor

to last 4 Prime Ministers of Malaysia

for over 20 years.



International University and is in the


University. Binary University is a Five

Star rated ‘A’ grade University in

Malaysia having 23 Campuses all

over the world.

This is going to be an extensively

beneficial international collaboration

for ICAB members. Under the MoU

between Binary University and ICAB,

members of ICAB will be able to

pursue Ph.D., DBA, MBA/BBA. On

the other hand, Binary University will

send their academicians at ICAB on a

regular basis to conduct the academic

activities.

Lastly, I would like to extend my

sincere condolences on behalf of the

Council of ICAB for the sad passing

away of Mr. Mujibul Huque FCA (Enrl.

180), Ex-partner of ARTISAN

Chartered Accountants, who had died

due to old age complications at Apollo

Hospital, Dhaka on 15 July 2018.

(Innah Lillahe ... Rajeun). He was 73.

I was very dazed when I heard this

news, and on behalf of the Council of

ICAB, I sent a condolence letter to the

bereaved family and our prayers to

the departed soul for eternal peace!

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 July 2018:

Standing Committees:

- 5th Meeting of the Investigation & Disciplinary Committee (IDC) was held on 7 July 2018 at 11:00 am.

- 3rd Meeting of the Articled Students Committee (ASC) was held on 8 July 2018 at 6:00 pm.

- 3rd Meeting of the Quality Assurance Board (QAB) was held on 9 July 2018 at 5:30 pm.

- 8th Council Meeting was held on 19 July 2018 at 5:00 pm.

- 2nd Meeting of the Examination Committee was held on 23 July 2018 at 5:30 pm.

- 6th Meeting of the Investigation and Disciplinary Committee (IDC) was held on 30 July 2018 at 11:00 am.

- 9th Meeting of the Council was held on 31 July 2018 at 5:30 pm.

Non-standing Committees:

- 2nd Meeting of the Renovation Committee was held on 1 July 2018 at 3:00 pm.

- 3rd Meeting of the Renovation Committee was held on 8 July 2018 at 4:00 pm.

- 1st Meeting of the Audit Committee was held on 11 July 2018 at 5:30 pm.

- 4th Meeting of the Renovation Committee was held on 15 July 2018 at 7:15 pm.

- 2nd Meeting of the Committee for Women in Leadership was held on 18 July 2018 at 5:30 pm.


- 2nd Meeting of the Audit Committee was held on 29 July 2018 at 5:30 pm.

Standing and Non-Standing Sub-committees:

- 6-Member Sub-Committee Meeting constituted by the Board of Studies (BoS) was held on 11 July 2018 at 6:30 pm.

- 1st Meeting of the Sub-Committee of Media & Branding for Networking & Roundtable was held on 15 July 2018 at 6:30 pm.

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

Dewan Nurul Islam FCA President

5

July 2018No. 344



all!











effort.






















for the members.



































































services.






































audit guide of small and medium enterprises(SME) and
























signed the MoU.

















in the ceremony.




their 12 papers.













for over 20 years.








over the world.










activities.






































6

July 2018 No. 344



all!











effort.






















for the members.



































































services.































































signed the MoU.

















in the ceremony.




their 12 papers.













for over 20 years.








over the world.










activities.






































7

July 2018No. 344



all!











effort.






















for the members.



































































services.































































signed the MoU.






SMP Conference 2018ICAB Small and Medium Practioners (SMP) Committee organised Small and Medium Practitioners’ (SMP) Conference 2018 at ICPE training room on 14 July 2018 with a view to enhance the capacity of practicing members of the Institute. The conference also made conversant the members of this institute with different aspect of auditing and how to detect malpractice of the organizations who are preparing dual financial statements. The Chairman of the SMP Committee Md. Shahadat Hossain FCA conducted the conference. ICAB President Dewan Nurul Islam FCA gave welcome speech while Vice President Mahmudul Hasan Khusru FCA, Council Member & Co-Chairman of the Committee Dr. Jamshed Sanyiath Ahmed Choudhury FCA, Council Members Muhammad Farooq FCA, Mostafa Kamal FCA and Past President Md. Abdus Salam FCA spoke in the conference. The conference resource persons were Sabbir Ahmed, Partner, Hoda Vasi Chowdhury & Co, ICAB Director (Technical) Mahbub Ahmed Siddique FCA, Senior Deputy Director Md. Saiful Islam FCA and Database System Manager Mohammad Delwar Hossain. About 60 practicing members of the Institute participated in the conference.

The major deliberations of the conference were on audit documentation, compliance required for practice, findings of QAB and IDC, audit guide of small and medium enterprises(SME) and computer assisted audit techniques and tools (CAATT), etc.

Muhammad Aminul Hoque FCA, Partner, ACNABIN gave deliberation on audit documentation, permanent audit file (PAF) and current working file (CWF) contents.

DU Career Fest 2018ICAB participated in Dhaka University (DU) Career Fest 2018 at Teachers Students Centre (TSC) on 16-17 July 2018. ICAB displayed Audio Visual (AV) about ICAB and its curriculum at the stall, besides showcasing ICAB’s different publications. Students from different departments of the University visited the stall during the festival. They also participated in ICAB’s instant quiz contest and received the prize as 1st, 2nd and 3rd winners. This quiz programme created a buzz in the fair.

Sabbir Ahmed FCA, Partner Hoda Vasi Chowdhury & Co., gave lecture on some important audit documentation of SMP and different aspects of Audit.

Mahbub Ahmed Siddique FCA, Director (Technical)-ICAB described current status of SMP's requirements as per BSQC 1 and CA Bye-laws, latest status of FRC and ACC, DIAR, Annual Return (AR) of ICAB, etc.

Md. Saiful Islam FCA, SDD-ICAB discussed important compliance of practice and latest practicing issues including Bye-Laws, IDC & QAB. Md Shahadat Hossain FCA , Chairman, SMP Committee conducted the questions and answers session.

Dr. Jamshed Sanyiath Ahmed Choudhury FCA, Council Member & Co-Chairman of the Committee, Mostafa Kamal FCA and Md Abdus Salam FCA gave speech summing up the discussion.












in the ceremony.




their 12 papers.













for over 20 years.








over the world.










activities.






































8

July 2018 No. 344

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

Name Effective DateGolam Fazlul Kabir ACA (1721) 16 May 2018PartnerAziz Halim Khair ChoudhuryChartered AccountantsHouse No. 64 (1st & 2nd floor), Road No. 12A (New)Dhanmondi, Dhka-1209

Permission to Join as PartnerGolam Fazlul Kabir ACA (1721) has been permitted to form partnership and continue practice under the name and style of:

Name Effective DateM/s. Aziz Halim Khair Choudhury 16 May 2018Chartered AccountantsHouse No. 64 (1st & 2nd floor), Road No. 12A (New)Dhanmondi, Dhka-1209

The other partners of the Firm: M A Halim Gaznavi FCA (97), Khairul Alam FCA (182), Dr. Jamshed Sanyiath Ahmed Choudhury FCA (363), Md. Aftab Uddin Ahmed FCA (804), Mofazzal Hossain Khan FCA (285), Khairul Basher FCA (617) and Nayma Meherin FCA (985).

Obituary

Mujibul Huque FCA (Enrl. 180), Ex-partner of ARTISAN Chartered Accountants died due to old age complications at Apollo Hospital, Dhaka on 15 July 2018. (Innah Lillahe ... Rajeun). He was 73.

On behalf of the Council of ICAB, President Dewan Nurul Islam FCA sent a condolence letter to the bereaved family and sought eternal peace to the departed soul.

CAB Centre for Professional Excellence (ICPE) organized a Workshop on ‘Effective writing Communication Skills

in English’ on 17 July, 2018 at the ICAB Auditorium (9th Floor).

Experience trainer from British Council Ms. Mobaroka Toaha conducted the workshop. It was continued for two hours while student (articled students in CA firms) were able to learn how to write English more effectively and efficiently.

A total number of 200 participants took part in the programme.

Dewan Nurul Islam FCA President - ICAB, Mahmudul Hasan Khusru FCA and Vice President (E&T) - ICAB were present in the Inaugural Session.

Major General Muhammad Imrul Quayes ndc, psc (retd), Secretary ICAB and Resource Person Ms. Mobaroka Toaha were present in the concluding session.

I

Workshop on ‘Effective Writing Communication Skills in English’

Mujibul Huque FCA

9

July 2018No. 344

Announcement(Classes of Next Session)

The New Session of Day Time Classes for Certificate Level (1st Batch) will commence on Tuesday, 28 August 2018 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 26 August 2018, and to allow them to attend at day shift classes as per schedule in the interest of the CA Profession.

Source: ICAB Campus

ICAB Academic Campus NewsThe Pre-examination classes for Certificate Level (new name of Knowledge Level Revised Syllabus) which were started from 05 June 2018 at ICAB-Academic Campus and will now be concluded on 31 August 2018. There were 382 students joining with 71 teachers into six sections (A-F) classes. All the students of this course are the fresh examinees for Exam Session: November-December 2018.

As a result, the cumulative number of participated students in classes of ICAB under new curriculum has come to 14626, till July 25, 2018.

On the other hand, the New session of Day Time Classes for Certificate Level (1st Batch) will begin form Tuesday, 28 August 2018 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 26 August 2018, and permit them to be present at day shift classes in the interest of the CA profession.

The another regular session for the students of Professional Level (1st Batch) and Advanced Stage (16th Batch) will commence on Monday, 03 September 2018 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already been issued in this matter and all the concerned students are advised to enroll for the classes by 30 August 2018, and adhere the session accordingly.

Besides, 8- Saturdays' scheduled an- 'English Language Communication Skill' short course (3rd Batch) is going to start from 28 July 2018 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. Its objective is to enhance the skills & capacities of English Language for the CA students and enable them to situate fabulously into professional correspondences. This English Language Communication course would be closed on 15 September 2018.

In the month of July 2018, the Vice President (Education & Training) - ICAB, Mahmudul Hasan Khusru FCA, visited the Academic Campus on 05, 09, 14, 17, & 21 July 2018, 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 advised all the concerned for proper implementation of the outcomes of his visits as well.

Besides, 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 will be accomplished by August 2018.

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, Mahmudul Hasan Khusru FCA, with the

guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, Dewan Nurul Islam FCA.

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

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

The conflict began when Arsenal stakeholder Lady Nina Bracewell-Smith filed a professional negligence claim against the Big Four and magic circle firms, claiming their advice caused losses of £10m

Deloitte has resigned as auditor of Linklaters after the firms became embroiled in a tax advice row over the sale of a major stake of Arsenal.

PwC has been selected to take over as the magic circle firm’s auditor after Deloitte stepped away due to the conflict of interest. Friction between Deloitte and Linklaters began last year when major Arsenal stakeholder Lady Nina Bracewell-Smith filed a lawsuit against both firms for “professional negligence”, after she employed their services to advise

on selling her 15.9% share of the club to majority shareholder Stan Kroenke in 2011. Bracewell-Smith accused the firms of negligent advice which led to loan notes being sited in the UK rather than overseas, making her liable for capital gains tax in the UK and leading to losses of £10m. She added that the error forced her to move to Monaco at the cost of £1.25m.

PwC replaces Deloitte as Linklaters auditor after Arsenal lawsuit

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July 2018 No. 344

Memorandum of Understanding (MoU) between Local Government Division (LGD),

GoB and the Institute of Chartered Accountants of Bangladesh (ICAB) on Local Governance Support Project-3 (LGSP-3) was signed on 25 July 2018 at ICAB Council Hall. ICAB President Dewan Nurul Islam FCA and Sardar Sarafat Ali, Project Director-LGSP-3, Local Government Division, GoB have signed the MoU from their respective organisations.

ICAB Council Member & Past President Parveen Mahmud FCA, Council Member Md. Shahadat Hossain FCA, Secretary Major General Muhammad Imrul Quayes, ndc, psc (Retd), Director

(Technical) Mahbub Ahmed Siddique FCA and LGSP Senior Audit Specialist

AKM Rahmat Ullah FCA, among others were present in the occasion.

AMoU Between ICAB and LGSP-3

Seminar on Chartered Accountancy: Career Excellence at Islamic University, Kushtia

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

‘“Chartered Accountancy: Career Excellence” was held at Seminar room of Department of Accounting and Information Systems, Islamic University Kushtia on 21 July 2018. Dhaka Regional Committee organised this seminar.

Prof. Dr. Arabinda Saha, Dean, Faculty of Business Administration, Prof. Dr. Md. Mizanur Rahman, Prof. Dr. Selina Nasrin, Prof. Dr. Zakir Hossain from Islamic University and Dhaka Regional Committee(DRC) Chairman Md. Ali Akther Rezvi FCA, fellow members Md. Abdur Razzaque FCA, Md. Rejaul Karim FCA, Md. Saiful Hasan FCA, Md. Farhad Hosain Suman ACA, Md. Ashraful Alam ACA from ICAB were present in the programme. Around 400 students from different sessions of the department participated in it. ICAB representatives lead by DRC Chairman Md. Ali Akther Rezvi FCA also made a courtesy visit with Vice Chancellor of Islamic University Professor Dr. Md. Harun-Ur-Rashid Askari.

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

management and other financial consultancy is in the forefront in launching these financial products.

Besides, Chartered Accountants are in the heart of business. They are engaged in public practice, employed in industries, finance and commerce playing very vital role in decision making and financial management; both at home and abroad.

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July 2018No. 344

Members’ AchievementProfessor Dr Md Salim Uddin FCA, FCMA has recently been

appointed as Chairman of Executive Committee of Islami Bank Bangladesh Limited-IBBL

Dr. Md. Salim Uddin is a Fellow Chartered Accountant (FCA), Fellow Cost & Management Accountant (FCMA), and Certified Public Finance Accountant (CIPFA), UK. He obtained MBA with distinction from the University of Brussels, Belgium. He did his PhD on “Application of International Financial Reporting Standards-IFRS in Bangladesh”.

He has qualified Bangladesh Civil Service-BCS Examination in 1993. Now he is a Professor of Department of Accounting, University of Chittagong and also Chairman of Bangladesh House Building Finance Corporation-BHBFC.

He was an Independent Director of the Chittagong Stock Exchange(CSE) appointed by the Government. He was also an Independent Director of Premier Bank Ltd and Director of Rupali Investment Ltd.

Dr. Md. Salim Uddin FCA

Zakir Hossain FCA achieved Associate Membership from ICAEW

Mr. Zakir Hossain FCA bearing

Enrolment No. 983 recently

achieved Associate

Membership from the Institute

of Chartered Accountants in

England & Wales (ICAEW)

under the Pathways to

Membership Scheme. Under

this Scheme, Mr. Hossain

fulfilled eligibility criteria and passed the ‘Examination. In his

application process Mr. Md Abdus Salam FCA, Past

President, ICAB was the Sponsor as required by ICAEW.

Mr. Hossain has more than 25 years of professional

experience with renowned multinational and local corporate

houses

Zakir Hossain FCA

Government of Bangladesh (GoB) has appointed Mohammad Mohiuddin Ahmed FCA as an Executive Director, Financial Reporting, Financial Reporting

Council (FRC) under the Ministry of Finance recently

The Ministry of Finance issued a gazette notification on 25 June 2018 regarding the appointment of Mr. Ahmed.

Mr. Ahmed has had more than 19 years of experience in the banking, trade and service sectors.

Prior to joining FRC, he worked for Standard Chartered Bank, Bangladesh (SCB) for about 12 years in different positions including Head of Regulatory Reporting, Head of Group Financial & Regulatory Reporting, Head of Finance Operations Risk & Controls, etc. He was a member of Leadership Team in SCB, Bangladesh. Prior to joining in SCB, Mr. Ahmed worked for Transcom Group as a Manager - Accounts for 4 years.

Mr. Ahmed is a fellow member (FCA) of the Institute of Chartered Accountants of Bangladesh (ICAB). He holds Masters of Commerce and Bachelor of Commerce in Accounting from University of Dhaka. He also attended various leadership training programme in home and abroad.

Mohammad Mohiuddin Ahmed FCA

Fruits Festival at CA Bhaban

ICAB President Dewan Nurul Islam FCA was the Chief Guest at Fruits Festival 2018 and Cultural programme organized by the Professional Club Ltd. at CA Bhaban on 27 July 2018. Ajit Kumar Paul FCA a Fellow Member of the Institute and Additional Secretary at the Government of Bangladesh presided over the programme while ICAB Past President Md. Abdus Salam FCA and a good number of Members attended the festival followed by a Cultural Programme.

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July 2018 No. 344

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

he Institute of Chartered Accountants of Bangladesh (ICAB), the regulator of the profession of

accountants and for matters connected therewith in Bangladesh has achieved another global recognition. In presence of Hon’ble Chairman of Bangladesh Financial Reporting Council (FRC), ICAB President Mr. Dewan Nurul Islam FCA has recently signed a Membership Pathways Agreement (MPA) with CPA Australia, one of the world’s largest accounting bodies working in 125 countries and regions around the world. Earlier, President of CPA Australia, Peter Wilson signed the same agreement. During the World Congress of Accountants, a separate signing ceremony will also be organized in Sydney at this November. The other two signatories as witnesses are Robert Thomason, the then Group Executive, Member Engagement and Education, CPA Australia and ICAB Vice President Mahmudul Hasan Khusru FCA. Through this agreement, ICAB members can be the members of CPA Australia just after passing 04 papers (i.e. 1. Ethics and Governance, 2. Financial Reporting, 3. Global Strategy & Leadership and 4. Strategic Management Accounting) out of their 12 papers. This MPA will be effective from 20 July 2018.

CPA Australia is a professional accounting body in Australia, with over 150,000 members. Founded in 1886, CPA Australia is one of the world’s largest accounting bodies.

ICAB recognizes the valued contribution of the team working on this agreement Immediate Past President Adeeb Hossain Khan FCA, President Dewan Nurul Islam FCA, Vice Presidents Mahmudul Hasan Khusru FCA and Md. Mahamud Hosain FCA, Council Members Gopal Chandra Ghosh FCA and Mostafa Kamal FCA, Secretary-ICAB Maj Gen Muhammad Imrul Quayes, ndc, psc (retd.), Director (Technical) Mahbub Ahmed Siddique FCA and Abu Kibria ACA Secretary of Asia Pacific Chapter in Sydney, Australia. ICAB believes that this agreement will explore greater opportunity for all ICAB members specially members residing in Australia.

It is noted that, Professional qualification and membership of ICAB are well

recognized by many International Accounting Bodies like Institute of Chartered Accountants in England & Wales (ICAEW), the Chartered Institute of Public Finance & Accountancy (CIPFA) UK, CPA

Ireland, etc. ICAB is also working towards exploring more International/global membership opportunities with other renowned Global Accountancy bodies in coming days.

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Membership Pathways Agreement Between ICAB and CPA Australia

Meeting with Chairman of Binary University, Malaysia

ICAB had a wonderful meeting with His Excellency Tan Sri Dato Professor Joseph Adaikalam, Founder and Executive Chairman of Binary University – Malaysia. H. E. Tan Sri has been acting as Advisor to last 4 Prime Ministers of Malaysia for over 20 years.

ICAB has been trying since 2017 to come across a collaboration with an International University and is in the final stage of this process with Binary University. Binary University is a Five Star rated ‘A’ grade University in Malaysia having 23 Campuses all over the world.

This is going to be an extensively beneficial international collaboration for ICAB members. Under the MoU between Binary University and ICAB, members of ICAB will be able to pursue PhD, DBA, MBA and BBA. Binary University will consider our courses and offer minimum required number of modules to be completed in order to get the desired PhD, DBA, MBA and BBA degrees. However, Binary University will send their academics at ICAB on a regular basis to conduct the academic activities.

members’ conference on prevailing money market situation ... abdul kader joaddar fca, deputy...

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