Icabnews Bulletin
Total Page:16
File Type:pdf, Size:1020Kb
January 2010 ISSN 1993-5366 ICAB News BulletinNo. 243 Monthly News briefing from the Institute of Chartered Accountants of Bangladesh MEMBER OF: International Federation of CPD Seminar on Ethics and Independence held at ICAB Accountants (IFAC) International Accounting Speakers call upon Professional Accountants to Standards Board (IASB) South Asian Federation of strictly Adhere to Professional Code of Ethics Accountants (SAFA) Confederation of Asian and to guard against professional threats Pacific Accountants (CAPA) In This Issue ❐ CPD Seminar on Ethics and Independence held at ICAB ❐ IT auditor will generally cover the general controls and Application Controls as part of his review process, says ICAB President in the Seminar Organized Dr. Mizanur Rahman Shelly, Chairman, Centre for Development Research for Bangladesh (centre) was present as Chief Guest. Others by ACNABIN are - (L-R) Mr. Md. Humayun Kabir FCA, Member Council and Past President, ICAB, Paper Presenter, Mr. Jamaluddin Ahmed Ph.D, ❐ Committees of FCA, President-ICAB, Mr. Sheikh A. Hafiz FCA, President, SAFA, Session Chairman and Mr. Md Abdus Salam FCA, Vice President, ICAB. ICAB for 2009 CPD Seminar was organized by The Institute Accountants, International Accounting Standards ❐ Meetings and of Chartered Accountants of Bangladesh Committee and International Accounting Standards Programmes held in (ICAB) on 14 January 2010 at ICAB Board. The President said that the distinguishing the Month of Jan 2010 A Auditorium, Chartered Accountant Bhaban, 100 Kazi character of the accounting profession is that it can ❐ Teachers’ Orientation Nazrul Islam Avenue, Kawran Bazar, Dhaka-1215 on take up challenges and accept responsibility to act in on new Syllabus Professional Ethics and Independence. Chaired by Mr public interest. A professional Accountant's ❐ ICAB President attends Mr. Sheikh A. Hafiz FCA, President, South Asian responsibility is not to satisfy the needs of an SAFA Board and individual only, but to serve the interest of the public Assembly Meeting Federation of Accountants (SAFA) the seminar was participated as Chief Guest by Dr. at large. The President referred to the ❐ ICAB Delegation meets fundamental principles of professional Secretary-ERD Mizanur Rahman Shelly a renowned think tank of the country and ethics to be followed by the professional ❐ ICAB participates in accountants and said that identifying IFRS for SMEs Chairman, Centre for Development Workshop in Research for Bangladesh. Mr. Md. threats to the compliance of the Kuala Lumpur Humayun Kabir FCA, Member Council principles of ethics, evaluation of the ❐ Library Attendance and Past President, ICAB presented the significance of threats identified, January 2010 keynote paper. application of safeguard measures to ❐ ACCA meets ICAB In his address of welcome Dr. eliminate threats or reduce the threats to as a courtesy call Jamaluddin Ahmed FCA, President, an acceptable level are of paramount ❐ Members' Achievement ICAB, highlighted the Code of Ethics importance to protect not only the adopted by ICAB and the various interest of the profession of the ❐ Memories, create during picnic outings, lasts a conceptual features of Ethics and accountants but also the interest of the lifetime as treasured Independence pronounced by the Jamaluddin Ahmed Ph.D, FCA society in general. Dr Jamal further tradition International Federation of President-ICAB emphasized that a professional ICAB News Bulletin No. 243 accountant may take a professional judgment reputation is one of his/her most important self-control of the accountants for making on the basis of the conceptual frame work of moral qualities. The confidences of the their professional independence meaningful professional ethics. He stressed that the people in the quality of the complex ethical which are contained in the code of ethics of fundamental principles within the conceptual services provided by the professionals are ICAB. He said the chartered accountants framework of professional ethics must be important. The ICAB Code of Ethics for have to ensure practice of these and it is not complied with by professional accountants professional conduct adopted on the basis of possible to impose anything on them from such as integrity, objectivity, professional SAFA Code of Ethics is very important guide outside. competence and due care, confidentiality and for the members of ICAB to render ethical He categorically gave importance on the professional behaviour. He made a services to the different segments of society. disclosure by a professional accountant clarion call to the members of the Institute to Dr. Mizanur which he termed very important to protect the protect themselves from threats of Rahman Shelly, interest of the investors and stakeholders. Dr professional independence such as self Chairman, Centre for Shelly strongly expressed his opinion that the interest threats, self review threat, advocacy Development Members of the Institute of Chartered threats familiarity threats and intimidation Research for Accountants of Bangladesh should practice threats .Dr Jamal citing the records of the Bangladesh in his the principles of Ethics, Independence and professional accomplishments of the speech as Chief Guest Governance to help build up sound and members of the Institute expressed commented that steady economy of the entities. satisfaction that the ICAB members except accounting is a very Mr. Sheikh A. Hafiz one or two are all trying to strictly adhere to Dr. Mizanur Rahman Shelly vital profession which FCA, President, and Chief Guest the principles of ethics which has been has the apparatus and South Asian contributing profusely in strengthening the mechanism for running efficiently the Federation of accountancy profession in Bangladesh.. financial administration of an entity to Accountants (SAFA) Dr Jamal stated with high expectation that “If generate institutional effectiveness and the Chair of the we go by the code of ethics then the society leadership. Dr Shelly emphasized that Seminar while will respect the members of the accountancy chartered accountants must uphold the summing up the floor profession as ethics in accountancy is an professional integrity, independence and trust discussion cautioned element of great importance to improve the to benefit the people and society through their Mr. Sheikh A. Hafiz FCA the Members of the Session Chairman quality of financial and other services to the service. At the same time, they should always Accountancy society. Due compliance of the codes of keep in mind the values and morality which Profession to be intensely careful and ethics by the Public Accountants and other people demand from them. The Chief Guest conscious and exercise professional skill in accounting professionals may be difficult but elaborated further that morality is much more the application and compliance of very useful both for the management and the important than presentability of financial Accounting and Auditing Standards to professional accountants to make legible and statements. So the members of the ICAB protect public interest. valuable decision. The members of the must culture the code of ethics for application Mr. Hafiz said that the Ethics and accountancy profession must not only be well as professional accountants to preserve and Independence are two very serious terms and qualified but must also possess high degree of safeguard moral values and public interest. one is incomplete without the linkage of the professional integrity. A professional’s Dr Shelly stressed the need for self-rule and other. If you do not have Independence you A section of audience of the seminar. January 2010 2 ICAB News Bulletin No. 243 cannot make efforts to comply with the founding of IFAC Transparency, Integrity and Accountability. principles of ethics. The Professional for many years there These are facts and integral parts of our Accountants who are in the profession of was no discussion profession. audit must have the courage to tell the truth as about ethics. It was in Mr. Md. Humayun external auditors to preserve the interest of early 1990s that Kabir FCA, Member various stake holders. This is a noble discussion started Council and Former responsibility.Mr Hafiz informed the very widely and President-ICAB presented the audience that IFAC was founded in October loudly on ethics and Keynote Paper which 1977 at the 11th World Congress of Mr. Md. Humayun Kabir FCA independence and was highly Accountants in Munich. In the same month Paper Presenter corporate governance appreciated by the the IFAC assembly and council took the 12 in early 1990s when there was a series of house. point work programme to guide IFAC major corporate collapse in UK. Any code of Mr. Md. Abdus members and staff. Of the 12 one was about ethics or any principle that we talk about is Salam FCA offered Mr. Md. Abdus Salam FCA code of ethics. Mr. Hafiz lamented that after based on three basic principles: Vice President-ICAB the vote of thanks. IT auditor will generally cover the general controls and Application Controls as part of his review process, says ICAB President in the Seminar Organized by ACNABIN r. Jamaluddin Ahmed FCA, President, ICAB said that an IT Daudit refers to the examination of a company’s Information Technology systems and assessment to the risks involved. The IT auditor will generally cover the General Controls and Application Controls as part of his review process. General controls relate to the overall information processing environment and has a large