Number 366 July 2020 ICAB NEWS BULLETIN Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh (ICAB) Strongest and Resilient Economies Need Trustworthy Information Strongest and Resilient 1 Economies... Information CRC Donates Medical 3 Equipment... COVID-19 President’s Communication 4 Trustworthy Financial 6 Reporting... Conference Virtual SAFA Forum on 7 Challenges... Outbreak Recommendations for 7 Monetary Policy Virtual Members’ 8 Conference... Challenges Sabbir Ahmed Participated 9 in ICMA... Webinar he strongest and most resilient Salman F Rahman MP, Private Sector Industry Admission as Fellows 9 economies will be those where people and Investment Adviser to the Honorable Prime T can trust information they receive; the Minister of the Government of the People’s Permission to Start 9 leaders can make well-informed decisions, Republic of Bangladesh attended the Practice businesses can be held to account and public conference as the Chief Guest. Manil Permission to Continue 9 finances are transparent. The skills that the Jaysinghe FCA, President CA Sri Lanka was Practice accountancy profession instills in measuring, present as Special Guest while Dr. In-Ki Joo, reporting and assuring –will be fundamental in President of the International Federation of Permission to Join as 9 Accountants (IFAC) was present as Guest of Partner building a World of Strong Economies. The technical skills, ethical approach and the Honour. Robert Hodgkinson FCA, Executive Permission to Open CA 10 integrity are very important for the purpose. Director, Technical at the Institute of Chartered Firm Under the current pressures of the pandemic, Accountants in England and Wales (ICAEW), Permission to train Articled 10 everybody CAs, in particular should take UK presented the keynote paper. Students particular care in their conduct and applying ICAB President Muhammad Farooq FCA, Permission to Open New 10 judgements. delivered address of welcome while Vice Branch Office International and regional Experts made these President Sabbir Ahmed FCA made opening remarks. Md Humayun Kabir FCA, Member Change of Firm’s Address 10 observations at a virtual conference on the Role Council and Past President of ICAB moderated of Chartered Accountants in Economic Recovery Campus News 11 the session. Mohammed Forkan Uddin FCA, and Promoting Cross-Border Investments' Vice President, ICAB delivered vote of thanks. Technical Updates 11 organised by the Institute of Chartered Obituary 11 Accountants of Bangladesh-ICAB on Saturday Chief guest Salman F Rahman in his speech 11 July 2020 through zoom video conference. utterly expressed his dismay over the trend of Virtual Members’ Conference 12 on ‘Introduction... Workplace’ ISSN 1993-5366 capital market’s downturn, putting the public interest first, area that has to be looked into. So in our works. IFAC will continue to publish information which lead economy volume of revenue collection above and beyond any other those areas, accountants have to have wide range of materials on dedicated forward, promote more transparency from taxes and foreign interests, he said. necessary insights because we are in Covid 19 page on its website. The code and long term benefits for the business that position to understand the business. is a frame work for professional and the economy. In history of many consultants’ involvement in Citing some measures taken by accountants to ensure the obligation of countries including Roman empire, chartered accountants’ the UK Government during this He further said, we need to use this the principles. Out of profession, one Spanish empire and French empire, advisory services in domestic pandemic situation, he said his understandings and knowledge in order has an important role to play in a when they kept public financing and its market. He observed that, government has introduced to help businesses to mitigate the impact collective action, to fight with the ethical unprecedented economic of this crisis and recovery as fast as bookkeeping transparent, the country accountants are now a-days behavior and transparency in all sectors. measures to support possible. In areas such as cost control, flourished. But, when they intentionally also playing important roles in This must be a joint move of the businesses, employers and new sources of finance, cash ignored or denied these, the country advisory services. Big four or government and the civil society. This employees through the management, the supply chain, digital certainly failed. When the public big five who are playing this collective action should include Covid-19 crisis. The members transformation, in house environmental services is failed, the society suffered role. We like to see increasing transparency, commitment to of ICAEW are helping to performance and governance, we have and ordinary people have most to lose. Bangladeshi firms should come existing law’s protection and stimulate implement these schemes to be resilient. These are the areas, we When the professional accountants all mechanisms to fight financial crimes; up strongly and play the –ensuring businesses and have necessary skills, now only we need work in public sector, they are really able money laundering, bribery, including the leading role because these individuals receive the help to sharpen our skills a little bit. Basically to work for those who need the sector’s breach of ethics besides other crimes area the firms who know and they need and that public it is time to apply these skills and support most. that break the ethics. As the government understand BD market much money is being used as contribute to the world business. So, we and the companies sit to review the ICAB President Muhammad Farooq better than any foreigner would intended, with efficiency and need to adopt to global standards, we economies and address the terrible FCA said, The Coronavirus pandemic do, he added. transparency. ICAEW engages need to obviously build our capacity so impact of Covid 19, professional has hit Bangladesh's economy hard with government ministers, that we can act sort of advisor to the accountant in everywhere is to ensure and jeopardized the country's One has to be careful between regulators and banks in the UK, businesses. We need the government to that our principles are obliged impressive achievements specially in advisory role and the audit role. using members’ feedback and formulate and revisit some regulations consistently. There is always a conflict of own in-house expertise to because the regulations must be poverty alleviation. ICAB as a interest. But CAs are able to ensure that businesses’ needed to address the new normal. He also said, every nation has been professional institute, is ready to prove play both the roles, he further concerns are being raised and committing a dramatic expansion of their suggestions to the Government in Dr. In-Ki Joo, President of the said. the gaps and shortcomings in fiscal policy to support people and to preparation of well-thought-out International Federation of Accountants government support are keep their economies vibrant. In this recovery plan and action programs to Keynote speaker Robert (IFAC) said, our commitment to ethics addressed. unparalleled environment the public tackle the toxic impact of the deadly Hodgkinson in the ICAB distinguishes the accountancy sector accounting and the role of disease on economy, he said. Expert Webinar said, we are all aware profession and has the agility to help As special guest Manil accountants in supporting transparency, professionals of the Institute are that as much as Covid 19 is a , President CA through difficult and uncertain situation. Jaysinghe FCA has become even more critically involved in analyzing the impact of health crisis, it is also an Sri Lanka said, ethics and International code of ethics of important. In both developed and COVID-19 on different sectors of the economic crisis which none of public trust must be in the professional accountants plays out of developing nations the professional economy and would suggest the proper us has seen before. forefront of accountants. I do five principles to abide by; integrity, accountants have an impact on strategy and plans for recovery directly Economies are disrupted and not think these should be objectivity, professional competence government fiscal policy in providing or indirectly. We have very important businesses are threatened, the compromised. An accountant and due care, confidentiality and transparent, reliable public financial responsibility for building business accountancy profession has a needs to drive the professional behavior. I encourage information. Accounting profession can confidence among the stakeholders, he vital role to play. organization’s ability and everyone to look at the global provide high quality useful financial further said. Mr. Hodgkinson said, in the innovation which can be professional resources to help and guide strongest and most resilient termed as mirror in a sense that economies people trust accounting profession must information so that leaders reflect activity innovatively, could make well-informed responding to the changes. decisions, businesses are held These are the areas which to account and public finances CPA Canada identifies. In are transparent. The skills that short, it has actually shown the accountancy profession significance of our profession. develops and applies –are the We can add value in many fundamental in building a World ways to business. Through this of Strong