June 2021 Number 377 icab news bulletin Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh (ICAB) SME’s Contribution to GDP is Very Low in Comparison to Other Emerging Economies, Needs SMPs’ Support to Revive the Sector Speakers suggest at a Global Webinar SME’s Contribution to 1 GDP... Revive the Sector Auditing Software 3 Launched:.. audit begins President’s 4 Communication Inauguration of ICAB 7 Digital... Education Minister Some provisions of 8 Companies... Webinar Meeting with NBR 9 Chairman Meeting with CAG 9 Bangladesh Press Conference on 10 National Budget 2021 ICAB Team paid a 12 courtesy... Secretary, GoB Campus News 12 Chartered Accountancy- 13 A Career Choice Training on “Minimum 13 audit... each audit client” Virtual Members’ 14 Conference... forward’ Online Certificate Course 14 ... Audit (IS Audit)-5th Batch n Bangladesh SMEs are considered as situation has aggravated as cash-flow problem, Online Certificate Course 14 on... Based on ISA engine of economic growth that constitutes liquidity crisis, IT skill gap, reduction of Anwaruddin Chowdhury 15 I over 90 percent of business enterprises while production costs, shifting to e-commerce Participates... Meeting it is 97.60 percent in India, 99 percent in China, practices and digitalization of operations have Admission as Fellows 15 99.70 percent in Japan and 60 percent in emerged as new challenges to SME sector. Permission to Continue 15 Pakistan. SME contributes to GDP 20.25 Practice The Institute of Chartered Accountants of percent which is very low in comparison to other Permission to Start 16 Bangladesh (ICAB) organized the Global emerging economies. Bangladesh has 17,384 Practice Webinar on ‘Future ready SMEs and SMPs: micro enterprises, out of which 15,666 is small, Permission to Join as 16 Vital for Sustainable Economy on 27 June Partner 6103 medium and 3639 large scale enterprises. 2021 to mark International SMEs/SMPs day Permission to train 16 Articled Students Speakers also said, in the country SME sector 2021. can not grow substantially because of the lack Change of Firm’s 16 Commerce Minister Tipu Munshi, MP said, Address of fiscal incentives, management problems, during ongoing COVID-19 crisis, Small & Report on Disciplinary 17 access to finance, skilled manpower and policy Medium Practitioners (SMP) can play a great Action inconsistency. In the Covid scenario the MoU signed between 18 ICAB and CA ANZ ISSN 1993-5366 www.icab.org.bd role in supporting SMEs. As procedures, employment advisor to the SMEs, they regulations etc. provide the link between the Describing the challenges for SME sector and the ecosystem the SMPs in Bangladesh, she that the sector has to navigate. said, to build capacity of SMPs, As the Chief Guest Tipu ICAB has taken initiative to Munshi, MP, Honorable digitalize audit practice, Minister, Ministry of subsidize audit software Commerce, GoB said, ‘I license for all CA Firms, believe SMPs have been able provide training on audit to demonstrate themselves to software at free of costs. their clients as value advisers, and help them to build Describing the transformation businesses that are of SMP’s, another keynote sustainable for the long term’. presenter Christopher Arnold pointed out the importance of In his address of welcome SMP services during and after ICAB President Mahmudul Covid as SMP always focus on Hasan Khusru FCA said, Small advisory role and the growth & Medium Practitioners (SMPs) opportunities of the sector. are providing services for Tipu Munshi, MP, Honorable adjustment to technological Minister, Ministry of advancements and evolving Commerce, GoB grace the needs of their clients with the webinar as the Chief Guest. changing business Maria Howlader FCA, Vice environment President of ICAB and On how small and medium Christopher Arnold, Head of practitioners (SMPs) can SME/SMP and Research, support SMEs, Maria Howlader International Federation of FCA, Vice President-ICAB, one Accountants (IFAC) jointly of the keynote presenters said, presented the keynote paper. many SME industries do not ICAB President Mahmudul know the importance of SMPs Hasan Khusru FCA delivered in their business procedure. address of welcome. ICAB ICAB will take initiatives for CEO Shubhashish Bose collaboration with government, delivered opening remarks SME Foundation, different while Vice President Md. Abdul trade bodies for making the Kader Joaddar FCA made industry aware of the quality closing remarks. AKM Aftabul and diversified services of Islam FCA, Principal Partner, SMPs. Islam Aftab Kamrul & Co, Chartered Accountants Ms. Howlader said, small and moderated the session as medium practitioners can session chairman, provide advisory supports to SME in the fields of tax & VAT As panel speakers Dr. Md. advisory, loan, merger & Masudur Rahman, Chairman, acquisitions, loan Small & Medium Enterprise documentation, restructuring, Foundation; Anwar-ul Alam succession planning, Chowdhury, President, insolvency, liquidation, Bangladesh Chamber of financial planning, modeling, Industries (BCI); and Tina structuring, support on Jabeen, Managing Director & business development and CEO, Startup Bangladesh Human Resources policies and Limited joined the programme. n Bangladesh SMEs are considered as situation has aggravated as cash-flow problem, engine of economic growth that constitutes liquidity crisis, IT skill gap, reduction of over 90 percent of business enterprises while production costs, shifting to e-commerce it is 97.60 percent in India, 99 percent in China, practices and digitalization of operations have 99.70 percent in Japan and 60 percent in emerged as new challenges to SME sector. Pakistan. SME contributes to GDP 20.25 The Institute of Chartered Accountants of percent which is very low in comparison to other Bangladesh (ICAB) organized the Global emerging economies. Bangladesh has 17,384 Webinar on ‘Future ready SMEs and SMPs: micro enterprises, out of which 15,666 is small, Vital for Sustainable Economy on 27 June 6103 medium and 3639 large scale enterprises. 2021 to mark International SMEs/SMPs day Speakers also said, in the country SME sector 2021. can not grow substantially because of the lack Commerce Minister Tipu Munshi, MP said, of fiscal incentives, management problems, during ongoing COVID-19 crisis, Small & access to finance, skilled manpower and policy Medium Practitioners (SMP) can play a great inconsistency. In the Covid scenario the No. 377 June 2021 icab news bulletin role in supporting SMEs. As procedures, employment Editorial Note from advisor to the SMEs, they regulations etc. Chairman – Editorial Board provide the link between the Describing the challenges for SME sector and the ecosystem the SMPs in Bangladesh, she that the sector has to navigate. said, to build capacity of SMPs, As the Chief Guest Tipu ICAB has taken initiative to Munshi, MP, Honorable digitalize audit practice, Minister, Ministry of subsidize audit software Commerce, GoB said, ‘I license for all CA Firms, believe SMPs have been able provide training on audit to demonstrate themselves to software at free of costs. their clients as value advisers, and help them to build Describing the transformation businesses that are of SMP’s, another keynote presenter Christopher Arnold Dear Readers, sustainable for the long term’. pointed out the importance of The Month of June 2021 was one of the busiest months of In his address of welcome 2021 for the institute. A number of significant events were SMP services during and after unfolded in this month. ICAB President Mahmudul Covid as SMP always focus on We organized a Global Webinar on ‘Future ready SMEs and Hasan Khusru FCA said, Small advisory role and the growth SMPs: Vital for Sustainable Economy’ on 27 June 2021 & Medium Practitioners (SMPs) opportunities of the sector. where Honorable Minister, Ministry of Commerce, GoB had are providing services for his gracious presence as the Chief Guest. A distinguished Tipu Munshi, MP, Honorable panelist from home and abroad attended the webinar and adjustment to technological Minister, Ministry of gave their valuable suggestions. advancements and evolving Commerce, GoB grace the Auditing Software was launched in this month and ICAB needs of their clients with the organized a virtual inauguration programme of Audit Practice webinar as the Chief Guest. Software in Bangladesh where Mustafa Jabbar, Honorable changing business Maria Howlader FCA, Vice Minister, Posts & Telecommunications Division, GoB graced environment the occasion as the Chief Guest. It will add high value to our President of ICAB and audit works. I must congratulate everyone who successfully On how small and medium Christopher Arnold, Head of materialized it. practitioners (SMPs) can SME/SMP and Research, We organized a webinar on ‘Ease of doing business: perspective of Companies Act’ on 24 June 2021 where support SMEs, Maria Howlader International Federation of Tapan Kanti Ghosh, Secretary, Ministry of Commerce, GoB FCA, Vice President-ICAB, one Accountants (IFAC) jointly was present as the Chief Guest. This was also a time of the keynote presenters said, befitting initiative of ICAB. presented the keynote paper. many SME industries do not We also Inaugurated ICAB Digital Library where Chief guest ICAB President Mahmudul Mohibul Hassan Chowdhoury, MP, Deputy Minister, Ministry know the importance of SMPs Hasan Khusru FCA delivered of Education, GoB attended the programme virtually on 09 in their business procedure. address of welcome. ICAB June 2021. This is also a