ANNUAL REPORT 2019 INSPIRING BUSINESS CONFIDENCE www.icab.org.bd www.icab.org.bd
Transparency
Professionalism Accountability
ANNUAL REPORT Integrity 2019 2 Leadership Ethics ANNUAL REPORT 2019 CONTENTS Notice 05 The Institute- A Brief Outline 06 The Council-2019 15 Regional Committees / Chapters 29 Past Presidents 30 ICAB Senior Management Team 35 Highlights of Activities of the Year 2019 37 President’s Statement 2019 45 REPORT OF THE COUNCIL FOR THE YEAR 2019 50 Chapter 1.0 Trainings and Workshops 59 Chapter 2.0 Examination and Students' Affairs 69 Chapter 3.0 Members’ Conference/CPD Program 74 Chapter 4.0 Compliance and Technical Standards 84 Chapter 5.0 Promoting Corporate Governance Meeting with the Government, 93 Chapter 6.0 Regulatory Bodies and other Organisations 96 Chapter 7.0 International Events 109 Chapter 8.0 Members’ Affairs 114 Chapter 9.0 Communications and Publications
02 | The Institute of Chartered Accountants of Bangladesh 117 Chapter 10.0 Regional & Overseas Committees/Chapters 122 Chapter 11.0 IT Development 124 Chapter 12.0 Other Important Event of the Institute ICAB Management Reforms, Project Development 131 Chapter 13.0 and Capacity Building 132 Chapter 14.0 Report of Quality Assurance Board (QAB) 136 Chapter 15.0 Report of Real Estate Committee (REC) 137 Chapter 16.0 Report of Professional Development Committee (PDC) 138 Chapter 17.0 Report of Taxation and Corporate Laws Committee (TCLC) 142 Chapter 18.0 Report of Investigation and Disciplinary Committee (IDC) 144 Chapter 19.0 Report of Audit Committee 145 Chapter 20.0 Meetings of the Council and Committees 146 Chapter 21.0 Acknowledgement
147 FINANCIAL STATEMENTS 2018-2019 ’ REPORT AUDITORS
The Institute of Chartered Accountants of Bangladesh | 03 ANNUAL REPORT 2019
04 | The Institute of Chartered Accountants of Bangladesh NOTICE (Bye-law 66 of the Institute of Chartered Accountants of Bangladesh Bye-Laws, 2004)
The 47th Annual General Meeting of the Institute of Chartered Accountants of Bangladesh (ICAB) will be held on Wednesday, 18 December 2019 at 03:00 pm at the ICAB Auditorium (9th floor), CA Bhaban, 100 Kazi Nazrul Islam Avenue, Dhaka-1215, to transact the following business:
AGENDA
1. Confirmation of the Minutes of the 46th Annual General Meeting of the Institute held on 22 December 2018; 2. Consideration of the Annual Report of the Council and Audited Financial Statements of the Institute with the Auditors’ Report thereon for the year ended 30 June 2019 and adoption thereof; 3. Appointment of the Auditors of the Institute for the year 2019-20 and fixation of their remuneration; 4. Introducing New Office Bearers of the Institute for the year 2020; and 5. Any other business with permission of the Chair.
All esteemed members of the Institute are cordially invited to attend the meeting.
Maj Gen Muhammad Imrul Quayes, ndc, psc (retd) Secretary & CEO-ICAB
Dhaka, December 2019
The Institute of Chartered Accountants of Bangladesh | 05 ANNUAL REPORT 2019
THE INSTITUTE - A BRIEF OUTLINE
The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body in Bangladesh, established under the Bangladesh Chartered Accountants Order, 1973 (President's Order No. 2 of 1973) for the purpose of regulating the profession of accountants and for matters connected therewith. The vision, mission, aims and objectives of the Institute are as follows:
ICAB members hold a widely respected professional accounting qualification which supports enterprise, corporate governance and sustainable growth in the
VISION business environment.
06 | The Institute of Chartered Accountants of Bangladesh • To promote and regulate high quality financial reporting and auditing in Bangladesh;
• To develop and maintain the competence of professional accountants and; MISSION • To enhance the reputation of the accounting profession in all sectors of the economy