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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 The Institute of Chartered Accountants of Bangladesh | 07 ANNUAL REPORT 2019 Integrity To uphold the highest professional integrity and ethical standards. Expertise VALUES To conduct professional responsibilities with a high level of knowledge, competency and skill. Transparency To conduct activities in a clear and transparent way. Accountability ICAB members are responsible for their own actions. 08 | The Institute of Chartered Accountants of Bangladesh • Increase number of members, students and financial strength • Align with members' careers • Enhance ICAB's image within the country and internationally • Further enhance the reputation for professionalism and maintain the high standards of integrity STRATEGIC GOALS STRATEGIC • Ensure compliance with requirements of IFAC (International Federation of Accountants) membership The Institute of Chartered Accountants of Bangladesh | 09 ANNUAL REPORT 2019 To accomplish the above mission, ICAB has been endeavoring to: Regulate the Accountancy Profession and matters connected therewith Administer its members and students Ensure professional ethics and the code of conduct Provide specialized and professional training in Accounting, Auditing. Taxation, Corporate Laws, Management Consultancy, Information Technology and related subjects Impart Continuing Professional Development (CPD) to members Foster acceptance and observance of International Accounting Standards/ International Financial Reporting Standards (IAS/IFRS) and International Standards on Auditing /International Auditing Practices Standards (ISA/IAPS) and adopt the same in Bangladesh as Bangladesh Accounting Standards/ Bangladesh Financial Reporting Standards (BAS/BFRS) and Bangladesh Standards on Auditing/ Bangladesh Auditing Practices Standards (BSA/BAPS) AIMS & OBJECTIVES respectively Keep abreast of the latest developments in accounting techniques, audit methodology, information technology, management consultancy and related fields and; Liaise with international and regional organizations to strengthen mutual cooperation 10 | The Institute of Chartered Accountants of Bangladesh ANNUAL REPORT 2019 01 ADMINISTRATIVE MINISTRY The Ministry of Commerce, Government of the People’s Republic of Bangladesh is the Administrative Ministry of the Institute of Chartered Accountants of Bangladesh. 02 GOVERNANCE The Council-ICAB is the supreme authority responsible for the administration and management of the Institute in accordance with P.O. No. 2 of 1973 and ICAB Bye-Laws 2004. The Council is composed of twenty members elected by the members of the Institute from its two regional constituencies in Bangladesh every three years. The President and the Vice-Presidents of the Institute are elected by the Council every calendar year to manage the affairs of the Institute. The Council is assisted by various Standing and other (Non-Standing) Committees and Boards. For the purpose of assisting the Council and the Committees/Boards in matters concerning their functions, the Council is empowered to constitute Regional Committees, the members of which are elected by the general members of the respective constituencies. Currently, there are two Regional Committees in Dhaka and Chittagong and the Overseas Chapters: UK Chapter Management Committee, North American Chapter and Asia-Pacific Chapter. The day to day activities of the Institute is delegated to the Secretariat headed by the Secretary & CEO of the Institute. 03 MEMBERSHIP As of 01 July 2019, the Institute had 1647 members of whom 1520 are residing in Bangladesh and 127 are living abroad. There are 1250 Fellows and 397 Associates enrolled with the Institute. Out of 1647 members, 370 are practicing as public accountants and the rest 1277 are either serving in various key positions in public and private organizations, both at home and abroad or self employed running their own business. The Institute of Chartered Accountants of Bangladesh | 11 ANNUAL REPORT 2019 04 SERVICES RENDERED While almost all the non-practicing chartered accountants serve in key positions of various government and non-government organizations, banks, autonomous & semi-autonomous bodies, listed and other types of corporate and non-corporate entities, educational institutions, etc., within the country and abroad, the practicing Chartered Accountants mainly carry out audits of financial statements of various enterprises as public accountants under the banner of various CA firms approved by the Institute. Apart from specialization in traditional accounting and auditing services, CA Firms are also engaged in: • Taxation services • Information Technology • Statutory and Liquidation services • Management consultancy services encompassing, inter alia, the following are as; - Valuation of business and shares - Designing of accounting, internal control and operational systems for organizations • Rendering miscellaneous services like maintaining computerized financial accounts of companies, business processes-engineering, management selection and recruitment, disinvestment of government enterprises, etc. • Due diligence study, feasibility study etc. 05 INTERNATIONAL AFFILIATION ICAB is an active member of the following international and regional accounting bodies: • International Federation of Accountants (IFAC)- as a founding member • Confederation of Asian and Pacific Accountants (CAPA) • South Asian Federation of Accountants (SAFA)- as a founding member • Chartered Accountants Worldwide (CAW)- ICAB is an associate member 12 | The Institute of Chartered Accountants of Bangladesh 06 MoU & MRA ICAB has Memorandum of Understanding (MoU) and Mutual Recognition Arrangement (MRA) with the following national