march2012 issn1993-5366 icab news bulletin...cfos/head of accounts/chief accountants from banks,...

March 2012

Monthly News briefing from the Institute of Chartered Accountants of Bangladesh

ICAB News BulletinNo. 269

� Demutualization to insureTransparency and Accountabilityin Market

� ICAB team meets SECChairman

� President's CommunicationMarch 2012

� UK Chapter ActivitiesMarch 2012

� NA Chapter Activities

� Call on by Former Chairman NorthAmerican Chapter ManagementCommittee to President, ICAB

� ICAB organizes Members’Conference on Good CorporateGovernance

� 20th SAFA Board and twoCommittee meetings

� Joint meeting between SAFABoard and IFAC PAIBCommittee

� ICAB starts Intensive CoachingClasses for three months

� SAFA Task Force meetingto review the existingorganizational structureof SAFA

� Meeting Between DRC andICAB Management held

� ICAB Delegation meetsCommerce Minister

� ICAB on Draft FRA 2010

� CRC News

� ICAB Campus News

� Renovation Work at ICABAcademic Campus, Dhaka

� Standing and Other CommitteeMeetings Held

� Member's Achievement

� Admission as Associates

� Admission as Fellows

� Permission to Start Practice

� Permission to Join as Partner

� SAFA BPA Presentation meetingfor CFOs, Head of Accounts,Chief Accountants of ListedCompanies held

ISSN 1993-5366

IN THIS ISSUE

MEMBER OF:

Dr. Mohammed Farashuddin, former Governor, Bangladesh Bank delivering his speech as Chief Guestof a Memberʼs Conference organized by ICAB on 24 March 2012.

The country will grow and the stockmarket will expand. So, there shouldbe no reasons for the stockmarkets to

lose their business because ofdemutualization”, said Dr. MohammedFarashuddin, former governor, BangladeshBank. “Once demutualized, a stock exchangemust become a profit-oriented competitiveorganization and be accountable to itsshareholders”, he further added whilespeaking as the Chief Guest of the members’conference on “Demutualization of StockExchanges: Rationale, Country Practices andRoad Map for Bangladesh” organized by theInstitute of Chartered Accountants ofBangladesh (ICAB) on 24 March 2012 at itsauditorium.Chief Guest also said that security exchangesare not thought to be efficient in maintainingtransparency and have not been able to do so

till now. Demutualization transforms a stockexchange from an entity owned by mostlybrokerage-owning members into a for-profitcompany owned by shareholders. Farashuddinfurther went on to say that Securities andExchange Commission should give moreattention to omnibus accounts to increasetransparency in the market as some peoplemight be manipulating the market throughthese accounts.Mr. Md. Arif Khan FCMA, Member,Securities & Exchange Commission waspresent at the Conference as Special Guestwhile Mr. Md. Al Maruf Khan FCA, President,Chittagong Stock Exchange Ltd. was presentas Panel Speaker. Mr. Jamaluddin AhmedPh.D, FCA, council member and formerpresident, ICAB presented the keynote paper.The session of the conference was conductedby Mr. ASM Nayeem FCA, council member

Demutualization to insure Transparencyand Accountability in Market

ICAB News Bulletin No. 269

March 20122

A view of the Audience of Membersʼ Conference held on 24 March 2012.

and former president, ICAB.Delivering the address of welcome,Mr. Md. Syful Islam FCA, President,ICAB said that the demutualization ofstock exchange is a recent experiencein the economic world. Due to therecent years’ technologicalimprovements and competitiveenvironment changes, newopportunities alongside new threats arehaving impact on stock markets. As ananswer to these challenges stockexchanges began to change theirownership of organizational form,demutualization is an importantresponse to that challenge.

Mr. Arif Khan, member, SEC stronglyadvocated for demutualization. Hesaid that demutualized stockexchanges with a profit-orientedcorporate model will enable themanagement to take action in the bestinterest of customers and theexchanges themselves. “Manywrongly think that the brokers willfinancially be hurt if demutualizationis done. Rather, brokers will bebenefited most, it will help removeconflicts of interests between ownersand management”, he added. Mr. Arifopined that for the sake of good

governance and transparency,demutualization should be done inthe shortest possible time. “Let’swork together, we can mutuallycomplete the demutualizationprocess. Bangladesh will have abetter story to tell the capital marketwithin the next 10 years if it is

implemented” said Mr. Arif.Panel Speaker Mr. Al-Maruf Khanhighlighted different drawbacks ofdemutualization. He focused on somepractical problems likely to beencountered to implement this process.

Md. Syful Islam FCAPresident-ICAB

Mr. Arif Khan FCMAMember-SEC

Mr. Al-Maruf Khan FCAPresident, CSE


He said “the CSE members are readyto come forward. We want to makesure that the investors’ interest isprotected and business is there”. Healso said that the Asian DevelopmentBank (ADB) is supporting the

government for the demutualization ofthe bourses. “There are 12 principlesthat are needed to abide by given bythe ADB-based on International bestpractices” he added.Presenting the keynote paper, Mr.Jamaluddin Ahmed said thatdemutualization would improveregulatory framework and operation,especially in a situation where sharevalues of some profitable companieshad been increased fictitiously.“With the increased confidence in thestock market, the investors will alsosee the benefits in diverting theirsavings into investment”, he said. Healso said “it should be kept in mindthat demutualization is not withoutrisks and the most challenging issuehere is to identify those risks and takeappropriate measures to mitigate thosein the process of successful executionof demutualization”.

“Demutualization of stock market ismust to improve corporate governancein the bourses, protect public interestsand boost the confidence of investors”,said Mr. ASM Nayeem whilesumming-up the session.

March 20123

Mr. Jamaluddin Ahmed Ph.D, FCAPaper Presenter

Mr. ASM Nayeem, FCASession Chairman

A 4-Member ICAB team hed by Mr. Md. Syful Islam FCA,President, ICAB made a courtesy call to Professor Dr. M. KhairulHossain, Chairman of Securities and Exchange Commission(SEC)of Bangladesh in his office on 07 March 2012. Delegation teamassured the Chairman that ICAB will extend all sorts of cooperationto SEC for the greater interest of Capital Market investors. Theyalso informed about the ICAB’s initiative to hold Members’

Conference on Good Corporate Governance. Chairman SEC alsoshowed his eagerness to work with ICAB in the coming days for thesake of strengthening the public confidence, transparency andaccountability among the investors.Others in delegation team were Mr. Md. Abdus Salam FCA, VicePresident (E&T), ICAB, Mr. N I Chowdhury FCA, Secretary ICABand Dr. Mahfuzul Hoque, Director LPD-ICAB. �

ICAB delegation led by Mr. Md. Syful Islam FCA, President, ICAB met Professor Dr. M. Khairul Hossain, Chairman, Securities andEchange Commission at laterʼs office.

ICAB teammeets SEC Chairman


March 20124

Dear Fellow Members,Assalamu Alaikum.Please accept my heartfelt greetings once again. March is a verymemorable month for Bangladesh. Our independence was declared in thismonth in 1971 and achieved our long cherished victory on the 16thDecember 1971. Our members join with me to express our highestrespects for the brave Martyrs of Liberation War and pray to the AlmightyAllah for peace and salvation of the departed souls of all Martyrs of 1971.I would like to share the major activities accomplished and the initiativeswe have undertaken in March 2012 in the subsequent paragraphs.Major Activities in March 2012Courtesy Call with the Chairman, SECA 4-Member ICAB team comprising myself, Mr. Md. Abdus Salam FCA,Vice President (E&T)-ICAB, Mr. N I Chowdhury FCA, Secretary ICAB andDr. Mahfuzul Hoque, Director LPD-ICAB had a courtesy call with ProfessorDr. M. Khairul Hossain, Chairman of Securities and Exchange Commission(SEC) of Bangladesh in his office on 07 March 2012 morning. Duringdiscussion, I assured that ICAB will extend all sorts of cooperation to SECfor ensuring the interest of the Capital Market investors. I also informed theChairman that ICAB is going to organize a Members’ Conference on SECproposed (draft) Corporate Governance Guidelines in the last week ofMarch 2012. Recommendations from the ICAB Members’ Conference willbe formally sent to SEC for their consideration to incorporate in the“proposed Corporate Governance Guidelines” and protect the interest ofthe stakeholders. Chairman SEC also assured his all sorts of cooperationto ICAB in the coming days for strengthening the public confidence,transparency and accountability among the investors.Meeting with the Office Bearers of Dhaka Regional CommitteeA meeting between ICAB Management and the Office Bearers of DhakaRegional Committee(DRC) was held on 07 March 2012 evening at MiniConference Room, CA Bhaban, Dhaka. ICAB team comprising of myself,Mr. Md. Abdus Salam FCA, Vice President(E&T)-ICAB and Mr. N IChowdhury FCA, Secretary-ICAB. 5-Member DRC Office Bearerscomprising of Mr. Mahmudul Hasan Khusru FCA, Chairman DRC, Mr.Masud Parvez FCA. Secretary DRC and three DRC members Mr. Md.Atikur Rahman FCA, Mr. AKM Saif Ullah Kowchar FCA and Mr. Md.Mahamud Hosain FCA. Agenda wise different DRC matters werediscussed and I assured DRC team that ICAB will extend all sorts ofcooperation for fulfillment of members’ interest as well as the interest of theprofession.Intensive Coaching Classes, Case Study Classes and Meetingwith the Teachers of Intensive Coaching ClassesIntensive Coaching Classes for Professional Examination Level-IIIstudents have started on 10 March 2012 and it will continue till 21 May2012. Total 177 students enrolled to participate the coaching classes. Ihope that students will be benefited much from these classes and morestudents will come out successful in the next Professional Examination thisyear.Case Study Classes for Advanced Stage students have also been startedon 15 March 2012 and a number of 4 students are joining classes regularly.A discussion meeting between ICAB Management led by myself and theteachers of Intensive Coaching Classes was held on 31 March 2012evening at the Training Room(6th Floor) of CA Bhaban Dhaka. Mr. Md.Abdus Salam FCA, Vice President (E&T)-ICAB, Mr. N I Chowdhury FCA,Secretary-ICAB and Dr. Mahfuzul Hoque, Director(LPD)-ICAB alsoattended the meeting. During meeting, I urged the teachers for taking moreefforts to ensure maximum passing rates from PE-III students withoutcompromising the quality of education.ICAB Academic Campus NewsCoaching Classes for Professional Stage(Knowledge Level) has started on01 March 2012. Coaching Classes for Professional Stage(ApplicationLevel) and Advanced Stage have also started on 10 March 2012. Total 201students are attending PS(Knowledge Level) Classes and 202 studentsare attending PS(Application Level) classes. In the Advanced Stage, 10students are attending coaching classes for appearing ProfessionalExaminations in November-December 2012 session.

SAFA events and CostConvention of ICWAI on 12-15March 2012 at New DelhiA 4-Member ICAB delegationcomprising of myself and two VicePresidents, Mr. Showkat HossainFCA & Mr. Md. Abdus Salam FCAand Mr. Abbas Uddin Khan FCA,Member Council & Past PresidentICAB participated SAFA events during12-15 March 2012 at New Delhi,India.Joint meeting between SAFABoard and IFAC PAIBCommitteeI participated joint meeting between SAFA Board and IFAC PAIBCommittee on 12 March 2012 morning at Hotel Taj Mahal, New Delhi,India. Mr. John Cahill, Deputy Chairman of IFAC PAIB Committee andPresident & Chairman of the Board of CPA Australia chaired the jointmeeting. Mr. Stathis Gould, Senior Technical Manager of IFAC PAIBCommittee presented Strategic Work Plan, Task Forces & Key outputs andrecent publication on sustainable growth and role of IFAC PAIBCommittee. Later an interactive discussion was held between SAFA andIFAC PAIB on how to take value out of the technical outputs of IFAC inSAFA region.After the programme, a formal meeting between ICAB team and Mr. JohnCahil, President & Chairman of the Board of CPAAustralia was held. ICABteam comprising of myself, Mr. Md. Abdus Salam FCA, Vice President(E&T)-ICAB and Mr. Abbas Uddin Khan FCA, Member Council & PastPresident ICAB participated in the meeting. We discussed the possibility ofMRA between ICAB and CPA Australia.Mr. Cahill showed his interest on this matter and assured that CPAAustralia will response on this matter in due course.SAFA Task Force meeting to review the existing organizationalstructure of SAFAAs per decision of the last SAFA Board meeting held in February 2012 atLahore, a 3-member Task Force comprising of Mr. Sujeewa Rajapakse,President of ICA Sri Lanka, myself and Mr. Narayan Bajaj, Past PresidentICA Nepal participated newly constituted Task Force meeting on 12 March2012 and discussed to formulate appropriate guidelines in the context ofcomposition and term/tenure of nominees on various SAFA organs. Mr.Md. Abdus Salam FCA, Vice President (E&T)-ICAB attended this TaskForce meeting on invitation.20th SAFA Board and two Committee meetings20th SAFA Board meeting was held on 14 March 2012 at Taj Mahal Hotel,New Delhi, India. I and Mr. Md. Abdus Salam FCA, Vice President (E&T)-ICAB attended in the SAFA Board meeting.Earlier SAFA Board Meeting, two Committee meetings namely “SAFACommittee for Improvement, Transparency, Accountability andGovernance(ITAG)” and “SAFACommittee on Harmonization of Fiscal andTariff Regime were held on 13 March 2012 at the same venue. Mr. AbbasUddin Khan FCA, Member Council & Past President ICAB representedICAB in the SAFA ITAG Committee meeting and Mr. Showkat HossainFCA, Vice President(T&R)-ICAB represented ICAB in the other Committeemeeting. I along with Mr. Md. Abdus Salam FCA, Vice President(E&T)-ICAB attended both the Committee meetings.As per invitation, I also participated the Inaugural Session of 53rd NationalCost Convention titled “Sustainability Framework- IntegratedReporting, Imperative for CMAs” of ICWA India on 15 March 2012morning at Vigyan Bhawan, New Delhi, India. Mr. Md. Abdus Salam FCA,Vice President (E&T)-ICAB also participated this convention.Courtesy Call with the Commerce MinisterAn ICAB delegation headed by myself made a courtesy call on Mr.Ghulam Muhammed Quader, Hon’ble Minister, Ministry of Commerce,GoB at his office on 18 March 2012. Mr. Md Abdus Salam FCA, VicePresident ICAB, Member Council & Past Presidents Mr. Sheikh A. Hafiz

President's Communication – March 2012

FCA, Mr. ASM Nayeem FCA, Mr. Abbas Uddin Khan FCA, Mr. M. FarhadHussain FCA and Mr. N I Chowdhury FCA, Secretary-ICAB alsoaccompanied the team. ICAB delegation discussed about various concernrelated to recently published news item which reported regarding possibleintrusion of Foreign Body into our service sector, in particular withinthe accounting, auditing and financial services beside other serviceslike management consultancy, computer services, telecom services,courier services, construction services, education services, audio-videoservices and maritime services. I referred from a senior Trade official thatDhaka has sent a wish list relating to Indian Service sector that is due toopen up under the SAARC Agreement on Trade in Services(SATIS) forstrengthening SAARC economic cooperation for fostering the region’strade and development. ICAB delegates expressed our concern over theissue of invitation to foreigners in the service sectors compromising theissue like losing valuable foreign currency, outnumbering our eligibleprofessionals alongside legal and ethical values. Having access to ouraccounting and auditing sector, the large number of foreign CharteredAccountants will not only overwhelm the number of Chartered Accountantsprofessionals we have but also undermine the quality of the overallfunction of accounting, auditing affecting economy. Moreover, there is alsodanger to that; once the foreign professional will have access to the verysecret of the business farms for being legal entity as auditors, theconfidential information like manufacturing of products etc will no longerremain secrecy, though some might term it under SATIS agreement, theywill be supplied with only publicly available non confidential information;but anyone knows the audit procedure will be telling that it is impractical todo audit works without having been full disclosure of the information.Furthermore, there is a wider possibility that there will be messed up withthe legal areas like Company Law, Tax Law, Customs procedures,Business and Commercial Laws with the local business organisation if theyare permitted to operate here. The ICAB delegation also did not hesitate tohighlight within the short span of their meeting with the Commerce Ministerabout the difficulties that other professionals will encounter with thatpossible intrusion of foreign elements into our service sectors.I re-iterated that we are not against the initiatives of the Govt’s liberalisationof trade and commerce which obviously boost up our economy, we arehowever, against the idea where we have the possibility not to gain but toloose, especially where our CAs are not behind anything short ofInternational Standard. I also pointed out many reportings that already tellus that many foreigners are entering without legal permission who are onlytaking, even not paying taxes to the Government. I had lodged a formalrepresentation accommodating our concerns and the rationale on thissignificant issue.The Commerce Minister gave a patient hearing and offers his unequivocalsupport to Chartered Accountant professionals and said that theGovernment is not going to do anything harmful for our professionals. Hesaid that a working Group is formed to explore the possibilities of the areathat the business, trade and commerce can flourish but no thought is puton the table over the issue of inviting foreigners into the areas likeaccounting, auditing, etc. He appreciated ICAB delegates to bring theissues for clarification and assured his continuous support to CharteredAccountants’ profession.Meeting with the World Bank regarding proposed project on“Promoting Public Private Partnership for Improved AuditQuality”Ameeting between 4-Member ICAB team headed by myself and the WorldBank was held at the World Bank Office in Dhaka on 18 March 2012. Ms.Suraiya Zannath Khan FCA, Sr. Financial Management Specialist, SouthAsia Region, the World Bank led the World Bank team and Mr. Md. AminurRahman Chowdhury FCA, Financial Management Consultant, the WorldBank accompanied her. Mr. Md. Abdus Salam FCA, Vice President (E&T),ICAB, Dr. Mahfuzul Hoque, Director LPD and Mr. Mahbub Ahmed SiddiqueACA, Sr. Deputy Director (Technical) also attended the meeting from ICAB.We discussed about the project proposal on “Strengthening Audit Practiceand Professional Education: Technical support for Post TwinningArrangement” submitted to the World Bank by ICAB on September 2011and the funding issues on that project proposal. Ms. Zannath briefed thestatus of the said project proposal and informed that this proposal is still inthe process. Moreover, she shared with ICAB team about a new projectdraft on “Promoting Public Private Partnership for Improved Audit Quality”which would be funded by the DFID. She mentioned that the new proposal

has been extracted from the components of the September 2011 projectproposal. She explicitly expressed that the issue covered by the initialproposal - “Strengthening the collaboration between Public and Private forEffective Audit” will be covered by that new project and the financialexposure for this purpose would be increased. She added that the TOR ofthe new project would be shared with ICAB soon in a further meeting. Shealso ensured the members that she would discuss in detail regarding theactivities and funding of the other components of the earlier proposal withthe ICAB.The Aries Group Consultants visited ICABOn March 18, Mr. Lewis J. Mendelson, Senior Consultant and ProfessorDr. M. Osman Imam, Consultant of The Aries Group Ltd. paid a visit toICAB and meeting with Dr. Mahfuzul Hoque, Director (LPD) and Mr.Mahbub Ahmed Saddique, Sr. Deputy Director (Technical). The AriesGroup is acting as consultant to the ADB with respect to its Capital MarketDevelopment Project II(CMPD II) which is recommending a sequencedplan for the development of Bangladesh’s Capital Market over the next fiveyears. During discussion, the Aries Group consultants submitted aquestionnaire to the ICAB regarding proposed Financial Reporting Act,reply of which will be sent to them shortly.In continuation of earlier meeting, Professor Dr. M. Osman Imam,Consultant of the Aries Group Ltd. again met with ICAB team headed bymyself on 29 March 2012. Dr. Mahfuzul Hoque, Director(LPD) and Mr.Mahbub Ahmed Siddique ACA, Sr. Deputy Director(Technical) alsoparticipated the meeting. We discussed some areas of proposed FRAmentioned in their questionnaire and also discussed ground reality andICAB stands on the proposed FRA.SAFA BPA Presentation Meeting for CFOs/Head ofAccounts/Chief Accountants of Listed Companies heldA discussion meeting for CFOs/Head of Accounts/Chief Accountants oflisted companies on latest SAFA Evaluation Criteria for improving thequality of Published Accounts and Reports of Bangladeshi listedcompanies was held on 20 March 2012 at the Training Room of ICAB(6thFloor), CA Bhaban, Dhaka. Total 23 participants at the rank ofCFOs/Head of Accounts/Chief Accountants from Banks, non-bankfinancial Institutions, Insurance, Manufacturing, Hospitality, Public Sector,IT and NGOs participated at this discussion meeting. Under theChairmanship of Mr. Abbas Uddin Khan FCA, Member Council & PastPresident ICAB, Mr. Md. Abdus Salam FCA, Vice President(E&T)-ICABpresented live presentation on different SAFA BPA evaluation criteria. Mr.Mohammed Sabir Ahmed FCA, CFO & Company Secretary of RelianceInsurance Ltd assisted Mr. Salam and replied some questions ofparticipants. It is expected that this type of meeting will be held every yearto improve the quality of Annual Reports and ensure transparency in thecorporate sector of Bangladesh. It was decided to hold similar presentationfor the NGOs and Corporate Governance, as applicable for all sectorssoon.1st SAFA-EFAA Webinar held 23 March 20121st Webinar(Web based Seminar) jointly organized by South AsianFederation of Accountants(SAFA) and The European Federation ofAccountants and Auditors for Small and Medium-Sized Enterprises(EFAA)was held on 23 March 2012 at 4.30 p.m. Mr. Ernest Gatto of EFAApresented his paper on ‘VAT - Green Paper’. Mr. Md. Abdus Salam FCA,Vice President(E&T)-ICAB and Mr. Abdul Khalek FCA, Director(Finance) &Company Secretary, Berger Paints(Bangladesh) Ltd. participated in theWebinar through web link from ICAB. Representatives of all SAFAMemberbodies participated this one hour live presentation and exchange viewswith the Presenter on VAT. Earlier, I also joined demo session of thewebinar held on 21 March 2012 evening.Members’ Conferences at DhakaThe 3rd Members’ Conference for 2012 was held on 24 March 2012morning on the theme “Demutualization Stock Exchanges: Rationale,Country Practices and a Roadmap for Bangladesh”. Dr. MohammedFarashuddin, President, Board of Trustees, East West University & FormerGovernor, Bangladesh Bank was present in the conference as the ChiefGuest. Mr. Md. Arif Khan FCMA, Member, Securities and ExchangeCommission was present at the Members’ Conference as the SpecialGuest. Mr. Jamaluddin Ahmed Ph.D., FCA, Member Council & PastPresident, ICAB presented the keynote paper.


March 20125

Demutualization of stock exchanges is a recent experience in theeconomic world. Due to the recent years’ technological improvements andcompetitive environment changes, new opportunities alongside newthreats are having impact on stock exchanges. As an answer to thesechallenges stock exchanges began to change their ownership,organizational form, demutualization is an important response to thechallenges. To enhance the awareness, the topic was selected forMember’s Conference. A good number of members attended theMembers’ Conference and participated in the discussion.The 4th Members’ Conference for 2012 on “Good CorporateGovernance is a tool for the protection of Stakeholders’ interest” washeld on 31 March 2012. Mr. Abul Quasem, Deputy Governor, BangladeshBank attended the Conference as Chief Guest. Mr. Md. Matiul Islam FCA,Chairman, Industrial and Infrastructure Development Finance CompanyLtd. and the then 1st Secretary of Finance, GoB chaired the members’Conference where Mr. Akhter Matin Chaudhury FCA, Member CouncilICAB presented his paper to focus some recommendations of him on SECproposed (draft) Corporate Governance Guidelines. ICAB will send therecommendations from this ICAB Members’ Conference to SEC for theirconsideration to incorporate in the “proposed Corporate GovernanceGuidelines”.ICAB paid Homage to the Martyrs of 1971ICAB joined with the whole nation to pay homage to 1971 martyrs. AnICAB team led by Mr. Md. Shahadat Hossain FCA, Member Council ICABvisited National Martyrs’ Memorial at Savar on 26 March 2012 andplaced flower bouquet there as a mark of our tribute to the 1971 martyrs.Students of Bangladesh CA Chhatra Parishad led by Mr. Md. MashiurRhaman, VP, Central Committee also accompanied with the ICAB team.Meeting with former Chairman, ICAB North American ChapterMr. Shahed Hasan Sharfuddin FCA, immediate Past Chairman of ICABNorth American Chapter paid a visit to ICAB office on 27 March 2012 andmet with myself in ICAB President’s Office. Mr. Md. Abdus Salam FCA,Vice President(E&T)-ICAB, Mr. N I Chowdhury FCA, Secretary ICAB andMr. Md. Nasrat Hasan, Senior Assistant Secretary-ICAB were also presentat the meeting. Mr. Sharfuddin briefed different issues of the Chapter. Wediscussed different professional issues and urged NAC ManagementCommittee to take more proactive role for increasing the membershipstrength in near future. I also requested him to take appropriate steps byNAC for conducting CA Professional Examinations in Canada in future inline with ICAB UK Chapter.ICAB activities on Proposed Draft Financial Reporting Act 2010I would now like to inform our fellow members about the latest status ofproposed Draft Financial Reporting Act 2010 to oversee and control theaccounting and auditing profession of Bangladesh and ICAB’s stand onthis matter.Council ICAB is working hard since last couple of years to stop theformation of Financial Reporting Council(FRC) in Bangladesh. Recently,Cabinet Division of the Government of Bangladesh has formed a ReviewCommittee under the Convenorship of Dr. Mashiur Rahman, Adviser,Economic Affairs to the Hon’ble Prime Minister, GoB. This Committee isnow reviewing the proposed Draft Financial Reporting Act 2010. ICAB hassent its opinion arguing that the FRA is not necessary in Bangladesh whilein SAFA countries such FRA is not in place.Other Key Activities of the MonthIntroducing Monthly Activities Report of ICAB UK Chapterand ICAB North American ChapterAs per my request, ICAB UK Chapter and North American Chapter aresending their Chapters activities to ICAB Secretariat regularly. We decidedto publish monthly activities report of two chapters regularly in the ICABMonthly New Bulletin.Proposed MRA with ICA Australia and CPA AustraliaI wrote to President ICA Australia and President CPA Australia on 12March 2012 for signing of Mutual Recognition Agreement(MRA) with ICAB.I hope that we shall get positive response from both the AustralianInstitutes soon.Meeting on Proposed Financial Reporting ActMeeting of reconstituted 6-Member Council Sub-Committee on FRA washeld on 21 March 2012 in Dhaka under the Chairmanship of myself. Other

members of the Sub-Committee are Mr. Sheikh A. Hafiz FCA, Mr. ASMNayeem FCA, Mr. Abbas Uddin Khan FCA, Mr. Md. M. Farhad HussainFCA and Mr. Md. Humayun Kabir FCA. This Sub-Committee was formedto review the proposed Draft Financial Reporting Act (FRA) and DraftCorporate Governance Guidelines and place its recommendations to theCouncil ICAB for consideration.Renovation Work at ICAB Academic Campus, DhakaRenovation work(Air Condition Facility) of ICAB Academic Campus,Panthapath, Dhaka has been completed recently and inaugurated bymyself on 31 March 2012 evening. Mr. Md. Abdus Salam FCA, VicePresident (E&T)-ICAB, Mr. N I Chowdhury FCA, Secretary-ICAB and Dr.Mahfuzul Hoque, Director(LPD)-ICAB were also present at the occasion.This matter was a long felt demand of the teachers and the students. Nowthe students and teachers are happy and comfortable in the class.Standing and Other Committee Meetings HeldThe following Standing and other Committee meetings were held in March,2012:• 4th meeting for 2012 of the Council ICAB was held on 19 March at

5.30 p.m.Following hon’ble Council members attended the meeting:

Mr. Md. Syful Islam FCA, Mr. Showkat Hossain FCA, Mr. Md. Abdus SalamFCA, Mr. Md. Shahjahan Majumder FCA, Mr. Md. Jainul Abedin FCA, Mr.Sheikh A.Hafiz FCA, Mr. Masih Malik Chowdhury FCA, Dr. Md. Abu SayedKhan FCA, Mr. Abbas Uddin Khan FCA, Mr. M. Farhad Hussain FCA, Mr.Md. Humayun Kabir FCA, Dr. Jamaluddin Ahmed FCA, Mr. Akhter MatinChaudhury FCA, Mr. Nasir Uddin Ahmed FCA and Mr. Md. ShahadatHossain FCA.• 1st meeting for 2012 of Review Committee for Published Accounts &

Reports(RCPAR) was held on 04 March 2012 at 5.00 p.m.• 1st meeting for 2012 of Editorial Board was held on 05 March 2012 at

4.00 p.m.• 1st meeting for 2012 of Small and Medium Practitioners (SMP)

Committee was held on 05 March 2012 at 5.00 p.m.• 1st meeting for 2012 of Taxation and Corporate Laws Committee

(TCLC) was held on 10 March 2012 at 5.30 p.m.• 1st meeting for 2012 of Public Finance & Public Sector Accounting

Committee was held on 13 March 2012 at 5.00 p.m.• 2nd meeting for 2012 of the Executive Committee was held on 18

March 2012 at 5.00 p.m.• 1st meeting of reconstituted 6-member Council Sub-Committee was

held on 21 March 2012 at 11.00 a.m.• 1st meeting for 2012 of the Project Development and Implementation

Committee (PDIC) was held on 27 March 2012 at 5.30 p.m.• The 1st meeting for 2012 of the Quality Assurance Board (QAB) was

held on 28 March 2012 at 5.00 p.m.• 1st meeting for 2012 of the Technical and Research Committee (TRC)

was held on 31 March 2012 at 4.00 p.m.Forthcoming Events Planned for April 2012We have already planned following activities for the month of April 2012:• Holding at least one Council meeting at Chittagong Regional

Committee along with a Members’ Conference in April 2012.• Holding workshop for Training for Trainers on “IFRS for SMEs” from

23 to 25 April 2012. This workshop will be organized by ICAB inassociation with IFRS Foundation and South Asian Federation ofAccountants (SAFA). Mr. Paul Pacter, Member, IASB and Mr.Michael Wells, Director, IFRS Education Initiative, IASB will conductthis world class Workshop. Newspaper advertisement has alreadybeen published in some national dailies and interest participants arerequested to enroll their names within 17 April 2012.

While concluding this month’s Communication, I request our esteemedmembers, interested to discuss any professional issues, please feel free tomeet me at CA Bhaban, Dhaka preferably with a prior appointment. Ourmembers visiting Bangladesh are requested to be in touch with me whilein Bangladesh.Yours sincerely,

Md. Syful Islam FCAApril 11, 2012


March 20126


March 20127

Since the new managementcommittee has been in

place, the Chapter has beenheavily concentrating on theprofessional recognition of themembers of the ICAB by theCanadian professionalinstitutes. The managementcommittee made a number ofcalls in addition to emailsexchanged with the CanadianInstitute of CharteredAccountants about thereciprocity recognition of theICAB.Finally Mr. Paule Massicotte,Principal/Director of CAqualification of IQAB sent aquestioner and requestedsupporting documents to besubmitted so that in the nextInternational QualificationAssessment Board (IQAB)meeting our request may beconsidered. Upon receiving thequestioner we forwarded it to

the ICAB for their response.Upon receiving the draftresponse from the ICAB, themanagement committeereviewed it in detail andprovided necessary feedbackwith a request to forward thefinal documents to the IQAB assoon as possible.Finally the ICAB managed tosubmit those documents to theIQAB on February 28, 2012.We are still waiting forfeedback from the CICA/IQAB.The management committee isalso following up with the CGA(Certified General Accountants)Institute regarding theaccreditation of ICAB membersas per the request of ourimmediate past President Mrs.Parveen Mahmud. Themanagement committee hasalready collected the syllabusfrom the CGA Institute as wellas a few local colleges whose

courses are recognized by theCGA institute. These have thenbeen forwarded to Mr. SohelKashem for him to coordinatewith the ICAB officials toprepare a comparative studyand submit an appeal for morecredit. We had two meetingswith the CGA representativesand mentioned that the creditgiven to our members are not infair standing. The managementcommittee has already agreedwith CGA that any ICABmember can get their credentialsassessed by CGA without anyfees which normally would cost$300.00. On May 06, 2012 weare going to organize aninformation seminar with CGA.The management committee isplanning to organize a fewseminars related to professionaldevelopment and familygatherings in the summer. �

UK Chapter Activities – March 2012

North American Chapter Activities

Mr. Shahed Hasan SharfuddinFCA, immediate Past Chairmanof ICAB North AmericanChapter paid a visit to ICABoffice on 27 March 2012 andmet President ICAB at later’s

Office. Mr. Md. Abdus SalamFCA, Vice President (E&T)-ICAB, Mr. N I ChowdhuryFCA, Secretary ICAB Mr.Sharfuddin briefed differentissues of the Chapter. A widerange of issues including the

increase of the strength ofmembers, conducting CAProfessional Examinations inCanada in coming days in linewith ICAB UK Chapter werediscussed at the meeting. �

The Management Committeehad a meeting on holding the

professional examination – PS (K)Level in London Centre. Themeeting discussed regarding thearrangement of intensive coachingclasses. The Chairman alsocontacted Mr. Md Syful Islam

FCA, President of ICAB, Mr. MdAbdus Salam FCA, VP (E&T)and Mr. N I Chowdhury FCA,Secretary and apprised the subjectmatter.The UK Chapter Budget for 2011-12 and collection of UK Levieswere approved and the meeting

also discussed how to ensure theoperation of the activities withinthe budget and reduce the numberof the default members and therebyavoiding their risk of striking offnames from the register of theICAB UK Chapter. �

Call on by Former Chairman North American ChapterManagement Committee to President, ICAB


March 20128

The Institute of CharteredAccountants of Bangladesh(ICAB) organized a Members’

Conference on “Good CorporateGovernance is a Tool for the Protectionof Stakeholders Interest” on 31 March2012 at ICAB Auditorium.Mr. Md. Abul Quasem, DeputyGovernor, Bangladesh Bank was theChief Guest at the Conference. Mr.Md. Matiul Islam FCA, Chairman,Industrial and InfrastructureDevelopment Finance Company Ltd.(IIDFC) conducted the Session while,Mr. Akhter Matin Chaudhury FCA,Member Council presented the paperon the topic.The Chief Guest said that GoodGovernance of financial institutionscarries greater importance than thoseof others. Financial Institutions havethe crucial intermediation role in theeconomy. Therefore, it is required tosafeguard depositors’ funds which areused in financing the growth of theprivate sector and for a developingeconomy of ours.He further stressed that the keyelements of good corporategovernance principles include honesty,trust and integrity, openness,

performance orientation, responsibility,accountability, mutual respect, andcommitment to the organization.“The CEO should respect the rights ofstakeholders and help share-holders toexercise those rights. He can ensureshare-holders rights by effectivelycommunicating information that isunderstandable and accessible, andencourage share-holders to participatein General Meetings”, he said.

Mr. Md. Syful Islam FCA, President,ICAB delivered the address ofwelcome by saying that the aim of

Good Corporate Governance is toensure commitment of the board inmanaging the company in atransparent manner for maximizinglong-term value of the company for itsstakeholders and all other partners. Itintegrates all the participants involvedin a process, which is economic and atthe same time socially viable.

Mr. Akhter Matin Chaudhury FCA,said that Good Corporate Governancerequires mandatory compliance withlaws, regulations and codes of conductand support the achievement ofcorporate objectives. GoodGovernance is necessary because itmakes good business with greatertransparency, efficient use ofresources, greater public disclosure,and greater investor confidence. It alsoleads to sound financial reporting,promotes ethical and responsibledecision making, increases trust incapital markets. On the other hand,consequences of poor CorporateGovernance brings inflated sharevalues, bankruptcy, corporate failures,and repercussions on capital markets.He also mentioned about severalstudies which indicated that CorporateGovernance in Bangladesh is poor.

ICAB organizes Members’ Conference on Good Corporate Governance

Mr. Md. Abul Quasem, Deputy Governor, Bangladesh Bank delivering his speech as Chief Guest at a Membersʼ Conference organizedby ICAB on 31 March 2012.

Md. Syful Islam FCAPresident-ICAB


March 20129

“Banking Reforms Commission(1999) and BEI (2003) foundCorporate Governance especially inthe banking sector is suffering fromserious drawbacks”, he mentioned. Healso highlighted that, as an importantStakeholdres, how ICAB cancontribute towards the goodgovernance in the corporate sector ofBangladesh.He made few recommendations onproposed (draft) CorporateGovernance Guidelines prepared bySecurities and Exchange Commissionof Bangladesh and gave a detail

analysis of his subject.The conference also described theneed for Good Corporate Governancein Bangladesh which is also desirablefor domestic savings and foreignportfolio investment in capitalmarkets.

Conducting the session Mr. Matiulsaid that CEO should be ready toclarify the company’s position to theshare-holders and make the board andmanagement accountable to them.They should also implementprocedures, such a way which

independently verify to ensure theintegrity of the company’s financialreporting. Disclosure of materialmatters facts oncerning theorganization should be timely andbalanced to ensure that all investorshave access to clear, factualinformation.

Mr. Md. Shahjahan MajumderFCA, Vice President, ICAB offeredthe vote of thanks.

Akhter Matin Chaudhury FCAPaper Presenter

Md. Matiul Islam FCASession Chairman

Md. Shahjahan Majumder FCAVice President-ICAB

A view of the Audience of Membersʼ Conference held on 31 March 2012.


March 201210

20th SAFABoard meeting was held on14 March 2012 at Taj Mahal Hotel,New Delhi, India. President ICAB andMr. Md. Abdus Salam FCA, VicePresident (E&T)-ICAB attended in theSAFA Board meeting.In the previous day, there were twoCommittee meetings namely “SAFACommittee for Improvement,Transparency, Accountability andGovernance (ITAG)” and “SAFA

Committee on Harmonization of Fiscaland Tariff Regime were held on 13March 2012 at SAFA Board Meeting,.Mr. Abbas Uddin Khan FCA, MemberCouncil & Past President ICABrepresented ICAB in the SAFA ITAGCommittee meeting and Mr. ShowkatHossain FCA, Vice President(T&R)-ICAB represented ICAB in the otherCommittee meeting. President ICABand Mr. Md. Abdus Salam FCA, Vice

President (E&T), ICAB was alsopresent at the meeting.ICAB delegation also participated theInaugural Session of 53rd NationalCost Convention titled“Sustainability Framework-Integrated Reporting, Imperativefor CMAs” of ICWA India held on 15March 2012 morning at VigyanBhawan, New Delhi, India. �

ICAB delegation attending 20th Board Meeting of SAFA at New Delhi, India.

20th SAFA Board and two Committee meetings

Joint meeting betweenSAFA Board and IFACPAIB Committee

ICAB delegates participated jointmeeting between SAFA Board andIFAC PAIB Committee on 12 March2012 morning at Hotel Taj Mahal,New Delhi, India. Mr. John Cahill,Deputy Chairman of IFAC PAIBCommittee and President & Chairmanof the Board of CPA Australia chairedthe joint meeting. Mr. Stathis Gould,Senior Technical Manager of IFACPAIB Committee presented StrategicWork Plan, Task Forces & Keyoutputs and recent publication on

sustainable growth and role of IFACPAIB Committee. Later an interactivediscussion was held between SAFA

and IFAC PAIB on how to take valueout of the technical outputs of IFAC inSAFA region. �

Delegation of ICAB at Joint Meeting between SAFA Board and IFAC PAIB Committee atNew Delhi, India.


March 201211

The participants of the meeting held between ICAB team and Mr. John Cahil, President & Chairman of the Board of CPAAustralia which discussed the possibility of MRA between ICAB and CPA Australia.

SAFA Task Force meeting toreview the existing

organizational structure of SAFAAs per decision of the last SAFABoard meeting held in February 2012at Lahore, a 3-member Task Forcecomprising of Mr. Sujeewa Rajapakse,President of ICA Sri Lanka, ICABPresident and Mr. Narayan Bajaj, PastPresident ICA Nepal participatednewly constituted Task Force meetingon 12 March 2012 and discussed toformulate appropriate guidelines inthe context of composition andterm/tenure of nominees on variousSAFA organs. Mr. Md. Abdus SalamFCA, Vice President (E&T)-ICABattended this Task Force meeting oninvitation. �

Meeting Between DRC andICAB Management held

A meeting between the DhakaRegional Committee (DRC) and theICAB Management was held onWednesday, 07 March 2012 at 6-00p.m. in ICAB Mini Conference Roomat CA Bhaban. The meeting waspresided over by the President-ICAB.Various concern/issues related tomembers’ interest were discussed atthe meeting. �

Intensive Coaching Classes forProfessional Examination Level-IIIstudents have been started on 10

March 2012 and will continue till 21 May2012. Total 177 students are enrolled toparticipate the coaching classes. It ishoped that students will be benefitedmuch from these classes and more numberof students will come out successful in thenext Professional Examination.Case Study Classes for Advanced Stagestudents have also been started on 15March 2012 where a number of 4 studentsattended the classes regularly joiningclasses regularly.

A discussion meeting between ICABManagement headed by Mr. Md. SyfulIslam FCA, President, ICAB and theteachers of Intensive Coaching Classeswas held on 31 March 2012. Mr. Md.Abdus Salam FCA, Vice President(E&T)-ICAB, Mr. N I Chowdhury FCA,Secretary-ICAB and Dr. Mahfuzul Hoque,Director (LPD)-ICAB were also attendedthe meeting. During meeting, it was urgedto the teachers for taking more efforts toensure maximum passing rates from PE-III students without compromising thequality of education. �

A discussion meeting between ICAB Management and Teachers of Intensive CoachingClasses.

ICAB starts Intensive Coaching Classesfor three months

An ICAB delegation headed byPresident ICAB Mr. Md. SyfulIslam FCA made a courtesy call

on Mr. Ghulam Muhammed Quader,Hon’ble Minister, Ministry ofCommerce, GoB at his office on 18March 2012. Mr. Md Abdus Salam FCA,Vice President ICAB, Member Council& Past Presidents Mr. Sheikh A. HafizFCA, Mr. ASM Nayeem FCA, Mr.Abbas Uddin Khan FCA, Mr. M. FarhadHussain FCA and Mr. N I ChowdhuryFCA, Secretary-ICAB also accompaniedthe team. ICAB delegation addressedvarious concern related to AccountingProfession and discussed on a reportregarding possible invitation of foreignservice personnel into Bangladeshservice sector, in particular for theaccounting, auditing and financialservices beside other services likemanagement consultancy, computerservices, telecom services, courierservices, construction services,education services, audio-video servicesand maritime services. It was learnt froma reliable source that Dhaka sent a wishlist relating to a particular foreigncountry Service sector that is interestedto open up under the SAARC Agreementon Trade in Services (SATIS) as part of

strengthening SAARC economiccooperation. ICAB delegates discussedthe fallout of such arrangement byexplaining the issue like losing valuableforeign currency, outnumbering oureligible professionals alongside legal andother ethical values. Having access toour accounting and auditing sector, thelarge number of foreign CharteredAccountants will not only overwhelmthe number of Chartered Accountantsprofessionals of us, but also willundermine the quality of the overallfunction of accounting, auditing whichwould affect economy.Moreover once the foreign professionalwill have access to the very secret of thebusiness farms for being legal entity asauditors, the confidential matters likemanufacturing of products etc will nolonger remain secret, though some mightterm it to be done to realise thesatisfaction under SATIS agreement withthe logic that they will be supplied withonly publicly available non confidentialinformation; but anyone knows the auditprocedure is certain that it is impracticalto do audit works without having beenfull disclosure of the information.Furthermore, there is a wider possibilitythat there will be messed up with the

legal areas like Company Law, Tax Law,Customs procedures, Business andCommercial Laws with the localbusiness organisation if they arepermitted to operate here. The ICABdelegation also explained difficulties tothe Hon’ble Commerce Minister aboutthe difficulties that other professionalswill encounter with such arrangement. �

Mr. Ghulam Mohammad Quader, Commerce Minister, GoB with Mr. Md. Syful Islam FCA, President, ICAB, when the latter led adelegation of ICAB during a courtesy call with the minister at his office. (L-R) Mr. N I Chowdhury FCA, Secretary, ICAB, Mr. AbbasUddin Khan FCA, Mr. Sheikh A. Hafiz FCA, Mr. ASM Nayeem FCA, Mr. M Farhad Hussain FCA, Member Council & Past Presidents,ICAB and Mr Md Abdus Salam FCA, Vice President (E&T), ICAB were also present.

ICAB Delegation meets Commerce Minister


March 201212

ICAB on Draft FRA 2010Meeting of reconstituted 6-MemberCouncil Sub-Committee on FRA washeld on 21 March 2012 in Dhakaunder the Chairmanship of PresidentICAB. Other members of the Sub-Committee are Mr. Sheikh A. HafizFCA, Mr. ASM Nayeem FCA, Mr.Abbas Uddin Khan FCA, Mr. Md. M.Farhad Hussain FCA and Mr. Md.Humayun Kabir FCA; Past prersidentsand Council Members ICAB. ThisSub-Committee was formed to reviewthe proposed Draft FinancialReporting Act (FRA) and DraftCorporate Governance Guidelines andplace its recommendations to theCouncil ICAB for consideration.

C R C NEWS


ICAB team led by Mr. Md. Shahadat Hossain FCA, Member Council ICAB visited National Martyrsʼ Memorial at Savar on 26 March2012 and placed flower bouquet alongside the nation as a part of paying homage to the martyrs of Liberation War.

13

A picture of Membersʼ Conference on “Growth and Development of Bond Market in Bangladesh” organized by CRC-ICAB.


March 201214

ICAB Campus NewsThe Pre-Examination EveningCoaching Classes of ProfessionalStage-Knowledge Level (5th Batch,Section I-V) for Examination Session:May–June 2012 had been concludedon 29 February 2012. Total number of429 students for the current Batch andthe remaining 190 of students for ClassSession for the next batch of the samelevel (Section No VI-VII), SessionMarch-May 2012 will start from 01March 2012.Furthermore, the classes ofProfessional Stage-Application Level(4th Batch) and Advanced Stage (3rdBatch) for Examination Session: May-June 2012 will simultaneouslycommence from 10 March 2012. As aresult, the total cumulative number ofparticipated students of 3 Levels ofICAB New Curriculum has stood as3,360, till 29 February 2012.Meanwhile, for starting the classes ofConversion Course of PS-KL (7thbatch) and PS-AL (3rd batch), a noticehas been issued and all the concernedstudents are advised to contact ICABAcademic Campus for registering theirnames.

The Programme of above-Levelclasses will be organized by the SeniorCourse Administrator, ICABAcademic Campus under the guidanceof Secretary-ICAB and overallsupervision of the Vice President(E&T)-ICAB Mr Md Abdus SalamFCA with the consent and guidance ofthe President- ICAB, Mr Md SyfulIslam FCA. �

Renovation Work at ICABAcademic Campus, DhakaRenovation work (Air ConditionFacility) of ICAB Academic Campus,Panthapath, Dhaka has beencompleted recently and inaugurated byPresident ICAB on 31 March 2012evening. Mr. Md. Abdus Salam FCA,Vice President (E&T), ICAB, Mr. N IChowdhury FCA, Secretary-ICAB andDr. Mahfuzul Hoque, Director (LPD)-ICAB were also present at theoccasion. It was a long felt demand ofthe teachers and the students. Now thestudents and teachers are having morecomfort in attending classes than thepast. �

The following Standing and otherCommittee meetings were held inMarch, 2012:• 4th meeting for 2012 of theCouncil ICAB was held on 19March at 5.30 p.m.

• 1st meeting for 2012 of ReviewCommittee for Published Accounts& Reports (RCPAR) was held on04 March 2012 at 5.00 p.m.

• 1st meeting for 2012 of EditorialBoard was held on 05 March 2012at 4.00 p.m.

• 1st meeting for 2012 of Small andMedium Practitioners (SMP)Committee was held on 05 March2012 at 5.00 p.m.

• 1st meeting for 2012 of Taxationand Corporate Laws Committee(TCLC) was held on 10 March2012 at 5.30 p.m.

• 1st meeting for 2012 of Public

Finance & Public SectorAccounting Committee was heldon 13 March 2012 at 5.00 p.m.

• 2nd meeting for 2012 of theExecutive Committee was held on18 March 2012 at 5.00 p.m.

• 1st meeting of reconstituted 6-member Council Sub-Committeewas held on 21 March 2012 at11.00 a.m.

• 1st meeting for 2012 of the ProjectDevelopment and ImplementationCommittee (PDIC) was held on 27March 2012 at 5.30 p.m.

• The 1st meeting for 2012 of theQuality Assurance Board (QAB)was held on 28 March 2012 at 5.00p.m.

• 1st meeting for 2012 of theTechnical and ResearchCommittee (TRC) was held on 31March 2012 at 4.00 p.m.

Standing and Other Committee Meetings Held

Mr. H. M. Ziaul Hoque Khan FCA,(Enrolment No. 711) has been promotedas the Deputy Managing Director(DMD) of IDLC Finance Limitedeffective from March 1, 2012.Mr. H. M. Ziaul Hoque Khan is a fellowmember of the Institute. Mr. Khancompleted his Bachelor of Commerce(Honours) and Masters in Accountingfrom the University of Dhaka in 1993and obtained first class in both theexaminations. Mr. Khan qualified as aChartered Accountant and became aMember of the Institute in early 1997under the articleship from RahmanRahman Huq and bagged J U AhmadMerit Award from the Institute.Subsequently, Mr. Khan obtainedMasters of Business Administration(MBA) degree, major in finance, fromthe North South University, Dhaka.Mr. Khan worked as Assistant AuditManger in Rahman Rahman Huq,Chartered Accountants, for a briefperiod in 1997 and joined a large localbusiness conglomerate in November1997 as Manager Finance & Accountsand joined IDLC Finance Limited, amulti-product non-banking financialinstitution, in April 1999 as SeniorManager, Finance & AdministrationDivision.Mr. Khan was serving as GeneralManager & Chief Financial Officer ofIDLC before his current promotion withthe Finance, Treasury, StakeholdersAffairs, Collection and AdministrationDivision reporting to him. He is also aDirector of IDLC Investments Limitedand IDLC Securities Limited, twowholly-owned subsidiaries of IDLCFinance Limited.

H M Ziaul Hoque Khan FCA

Member's Achievement


March 201215

Admission as AssociatesThe following members have been admitted as Associates of theInstitute with effect from the dates mentioned against their names:Name Effective DateMr. Abu Hena Mustafa Kamal ACA (1328) 28 February 2012General Manager (F&A)Azim & Son Pvt. Ltd.35-B/1, Indira Road, Dhaka-1215

Mr. Md. Selim Reza ACA (1329) 28 February 2012Manager (Audit & Assurance)A Qasem & Co.Chartered AccountantsGulshan Pink CitySuites # 01-03 (Level-7)Plaot 15, Road # 103, Block-CEN(C)Gulshan Avenue, Dhaka-1212

Mr. Monojit Kumar Ojha ACA (1330) 28 February 2012Head of AccountsBRAC University66, Mohakhali, Dhaka

Mr. Shaikh Abdul Momen ACA (1331) 28 February 2012Manager (A&F)Pidilite Speciality Chemicals (BD) Pvt. Ltd.House # 167 (3rd floor), Road # 03New DOHSMohakhali, Dhaka

Mr. Khaled Mohammad Munirul Muktadir ACA (1332) 28 February 2012Associate ManagerEastern Bank Ltd.Head OfficeJibon Bima Bhaban10 Dilkusha C/A, Dhaka-1000

Mr. Nizamul Islam ACA (1333) 28 February 2012Senior Executive (F&A)Bangladesh Telecommunications Co. Ltd.37/E. Eskaton Garden, Dhaka-1000

Mr. Dipok Kumar Roy ACA (1334) 28 February 2012Venture Investment Partners Bangladesh Ltd.Shamsuddin Mansion (4th Floor)41, Gulshan (North) C/AGulshan-2, Dhaka-1212

Mr. Tanvir Hasan ACA (1335) 28 February 2012Senior ManagerFareast Finance & Investment Ltd.Eunoos Center (Level-8)52-53, Dilkusha C/A, Dhaka-1000

Ms. Mashruna A. Chowdhury ACA (1336) 28 February 2012Manager (Audit and Assurance)Chowdhury Arup & Co.Chartered AccountantsSuite # 2/1, Eastern Mansion (2nd Floor)67/9, Kakrail, Pioneer RoadDhaka-1000

Name Effective DateMr. Mohammad Refaul Karim Chowdhury ACA (1337) 28 February 2012Assistant General Manager (MIS)Anwar Landmark Ltd.27, Dilkusha C/A (13th Floor), Dhaka

Mr. Md. Saiful Hasan ACA (1338) 28 February 2012Associate ManagerBRAC Bank Limited1, Gulshan Avenue, Dhaka

Mr. Mohammad Ibrahim ACA (1339) 28 February 2012Vice President (Internal Audit)Pragati Insurance Ltd.20-21, Kawran Bazar, Dhaka-1215

Mr. Mohammad Rostam Hossain ACA (1340) 28 February 2012Vill: Shydergoan, P.O. HatirdiaP.S: Manohardi, Dist: Narsingdi

Ms. Oishee Labina Hussain ACA (1341) 28 February 2012ManagerHussain Farhad & Co.Chartered AccountantsHouse # 15, Road # 12Block-F, Niketon, Gulshan-lDhaka-1212

Mr. Md. Manzoor-A-Quader ACA (1342) 28 February 2012ManagerHussain Farhad & Co.Chartered AccountantsHouse # 15, Road # 12, Block-FNiketon, Gulshan-1Dhaka-1212

Mr. Shakil Ahmed ACA (1343) 28 February 2012Senior Manager (F&A)Maisha GroupHouse # 405 (5th Floor) (New-18)Road # 27 (New-16)Dhanmondi R/A, Dhaka-1205

Mr. Abdul Awal Khan ACA (1344) 28 February 2012Manager (F&A)Spectra SN Tex Ltd.FR Tower (7th Floor)32, Kamal Ataturk Avenue, BananiDhaka-1213

Mr. Md. Noor-UI-Alam ACA (1345) 28 February 2012Manager (F&A)Industrial and Infrastructure DevelopmentFinance Company (IIDFC) LimitedChamber Building (6th & 7th Floor)122-124 Motijheel C/A, Dhaka-1000

Mr. Mohammaed Shaiful Islam ACA (1327) 29 February 2012Manager (Accounts)Gemcon GroupHouse # 44, Road # 16 (Old 27)Dhanmondi, Dhaka


March 201216

Name Effective DateMr. Mohammed Al-Amin ACA (1346) 29 February 2012Business ManagerGrade-3, Finance & AccountsComputer Source Ltd.House-11/B, Road-12 (New)Dhanmondi R/A, Dhaka 1209

Mr. Md. Abu Bakar Siddik ACA (1347) 29 February 2012General ManagerIntegrity Business Company39, Dilkusha, Dhaka

Mr. Md. Asraful Huq ACA (1348) 29 February 2012Manager (Tax, Vat & Corporate Affairs)HA-MEEM Group (11th floor)241 Tejgaon I/A, Dhaka

Ms. Farhana Mahejabin ACA (1349) 29 February 2012Senior Manager (F&A)Prime Finance & Investment Ltd.63, Dilkusha C/A, Dhaka-1000

Mr. Wadud Ahmed ACA (1350) 29 February 2012Manger (F&A)Pragati Life Insurance Ltd.Pragoti Insurance Bhaban (5th floor)20-21 Kawran Bazar, Dhaka 1215

Mr. Mohammad Atiqur Rahman ACA (1351) 29 February 2012Manger (Financial Accounting)Sanofi-aventis Bangladesh Limited6/2/ A Segun BagichaDhaka 1000

Mr. Pankoj Suter ACA (1352) 29 February 2012Officer, (CAD)One Bank Ltd.Latif Tower47, Kawran Bazar, Dhaka

Mr. KM Kawsar Ali ACA (1353) 29 February 2012Assistant Manager (Accounts)Gemcon GroupHouse # 44, Road # 16 (Old 27)Dhanmondi, Dhaka

Mr. Muhammad Mahmudul Hoq ACA (1354) 29 February 2012Manager (Audit)Zaman Hoque & Co.Chartered Accountants78, Kakrail, Dhaka-1200

Mr. Md. Rejaul Karim ACA (1355) 29 February 2012Manager (Audit)Howlader Yunus & Co.Chartered Accountants67, Dilkusha C/A, Dhaka-1000

Ms. Joly Rozario ACA (1356) 29 February 2012Senior ExecutiveTranscom Beverages Ltd.Plot # 31, Road # 53Gulshan-2, Dhaka

Name Effective DateMr. Imtiazur Rahman ACA (1357) 29 February 2012Senior Manager (F&A)SG Logistics Pvt. Ltd.206/ A, Tejgaon Ind. Area (Level-5), Dhaka

Mr. Mohammad Akteruzzaman Khan ACA (1358) 29 February 2012Controller of Audit & FinanceRadio Today34, Kamal Ataturk Avenue (13th Floor)Banani, Dhaka

Mr. Abu Sayed Mojumder ACA (1359) 29 February 2012General Manager (A&F)Link 3 Technologies Ltd.40, Kamal Ataturk AvenueBanani, Dhaka

Mr. Md. Sayem Mia ACA (1360) 29 February 2012Assistant General Manager (F&A)Runner Group138/1, Tejgaon Ind. AreaDhaka-1208

Mr. Md. Abu Bakar Siddique ACA (1361) 29 February 2012DHL Global Forwarding Bangladesh In-ChargeIntercompany Accounts35 Kamal Ataturk AvenueBanani, Dhaka

Mr. Mahmood Hasan Faruq ACA (1362) 29 February 2012Senior ManagerAhmed Mashuque & Co.Chartered Accountants62/1, Purana Paltan (Level-4)Motijheel C/A, Dhaka

Mr. Tarek Rashid ACA (1363) 29 February 2012Senior ManagerRadiant Project Services28/2, Eskaton GardenDhaka-1000

Mr. Ihsanul Arefin ACA (1364) 29 February 2012Deputy ManagerACNABINChartered AccountantsBDBL Bhaban (Level-13)12 Kawran Bazar C/A, Dhaka-1215

Mr. Imam Hossan ACA (1365) 29 February 2012Manager (Accounts)GSP Finance Company (Bangladesh) Ltd.1, Paribag, Ramna, Dhaka-1000

Mr. Noornavi Bhuiyan ACA (1366) 29 February 2012ManagerShafiq Basak & Co.Shatabdi Centre (6th Floor)292 Inner Circular RoadFakirapool, Dhaka-1000Name Effective Date


March 201217

Mr. Bijoy Kumer Mondal ACA (1367) 29 February 2012ManagerChowdhury Arup & Co.Chartered AccountantsSuit # 2/01, Eastern Mansion (2nd Floor)67/9, Kakrail, Pioneer Road, Dhaka-1000

Mr. Biplab Hossain ACA (1368) 29 February 2012Tax ConsultantZaman & AssociatesEastern Trade Centre (3rd Floor)56, Purana Paltan Line (VIP Road)Dhaka

Mr. Md. Ramiz Uddin ACA (1369) 1 March 2012Deputy Director (F&A)State University of Bangladesh77, Satmasjid Road Dhanmondi, Dhaka

Mr. Md. Rabiul ACA (1370) 1 March 2012Assistant ManagerRahman Rahman Huq Chartered Accountants9, Mohakhali C/A (11th & 12th Floor)Dhaka-1212

Mr. Sumon Chandra Dey ACA (1371) 1 March 2012Senior Manager (Audit & Taxation)MRH Dey & Co.Chartered AccountantsR B Court (Ground Floor)54 Agrabad C/A, Chittagong

Mr. Mohammad Atiqur Rahman ACA (1372) 1 March 2012Senior Principal OfficerNational Bank Ltd.IC & CDHead Office18, Dilkusha, Dhaka

Mr. Dawwan Shakil Ahmed ACA (1373) 1 March 2012SpecialistGrameen Phone Ltd.GP HouseBaridhara, Dhaka

Mr. Farooq Ahmmad Bhuya ACA (1374) 1 March 2012Assistant ManagerAbul Khair GroupD T Road, Pahartali, Chittagong

Mr. James Tutul Mondal ACA (1375) 1 March 2012Senior Accounts ExecutiveThe Daily Prothom Alo100, Kazi Nazrul Islam AvenueDhaka-1215

Mr. Md. Parvej Ahmed ACA (1376) 1 March 2012Assistant ManagerRahman Rahman HuqChartered Accountants9, Mohakhali C/A (l1th & 12th Floor)Dhaka-1212

Name Effective DateMr. Md. Abu Nafiz ACA (1377) 1 March 2012Manager (Audit)G. Nabi & Co.Chartered AccountantsEllal Chamber (10th Floor)11, Motijheel C/A, Dhaka-1000

Ms. Adneen Mourin Hussain ACA (1378) 4 March 2012Audit SupervisorRahman Rahman HuqChartered Accountants9, Mohakhali C/A (11th & 12th Floor)Dhaka-1212

Mr. Md. Abdul Wadud ACA (1379) 4 March 2012Manager (Accounts)DBH, Landmark (11th Floor), 12-14Gulshan-2, Dhaka 1212

Mr. Mohammed Iftekharul lslam ACA (1380) 4 March 20121/29, East Bashaboo (2nd Floor)Flat # 3C, BashabooDhaka-1214

Ms. Ayesha Rahman ACA (1381) 4 March 2012307/5, Pirerbagh, Road # 01Jhilpar, MirpurDhaka-1216

Mr. Md. Abdullah Al Masud ACA (1382) 4 March 2012Manager (Accounts)Summit Bibiyana II Power Co. Ltd.18, Kawran Bazar C/A, Dhaka

Mr. Md. Sohel Rana ACA (1383) 4 March 2012Assistant ManagerRahman Rahman HuqChartered Accountants9, MohakhaIi C/A (11th & 12th Floors)Dhaka-1212

Ms. Nadia Zaman ACA (1384) 5 March 2012Executive (Finance & Business Control)Wartsila Bangladesh Ltd.33 Banani. SMS Tower (3rd Floor)Dhaka-1213

Mr. Md. Mahbubul Haque ACA (1385) 5 March 2012Udayan Homes, House # 23 BRoad # 2A, Flat # 204Dhaka Cantonment, Dhaka 1206

Mr. Mohammad Nazmul Hossain ACA (1386) 6 March 2012Senior Principal OfficerNational Bank Limited18, DiIkusha, Dhaka-1000

Mr. Md. Yaqub Ali ACA (1392) 6 March 2012Assistant ManagerRahman Rahman HuqChartered Accountants9, Mohakhali CIA (11th & 12th Floors)Dhaka-1212


Name Effective DateMr. Md. Milad Uddin ACA (1387) 7 March 2012Deputy Manager (A&F)Regent Spinning Mills Ltd.1182, Jubilee Road, Chittagong

Mr. Mohammad Arif ACA (1388) 7 March 2012Senior Manager (Group A & F) &Company SecretaryMostafa Group of IndustriesMostafa Centrel102/A, Agrabad C/A, Chittagong

Mr. Shahadat Hosen ACA (1389) 7 March 2012Assistant General ManagerPHP Group31, Agrabad C/A, Chittagong

Mr. Md. Shah Amran ACA (1390) 8 March 2012Manager (Audit)S. A. Group of IndustriesFinlay House (3rd Floor)Agrabad, Chittagong

Mr. Dhali Tanvir Ahmad Siddiqui ACA (1391) 8 March 2012Flat # 101, 25/2, Free School StreetKathal Bagan, Dhanmondi, Dhaka

Mr. Md. Alauddin Khan ACA (1393) 13 March 2012Deputy Manager (F&A)Square Yarns Ltd.Mascot Plaza (11th -12th Floor)Sector-7, Uttara, Dhaka

Mr. Sheikh Zahidul Islam ACA (1394) 13 March 2012Sr. Assistant Vice PresidentMutual Trust Bank Ltd.26, Gulshan AvenueMTB Centre (Level-4)Gulshan-l, Dhaka-1212

Admission as FellowsThe following members have been admitted as Fellows of theInstitute with effect from the dates mentioned against their names:Name Effective DateMr. Kazi Md. Fazlul Karim FCA (963) 18 February 2012House # 6, Apartment # 3BRoad # 27 (Old), 16 (New)Dhanmondi, R/ADhaka

Mr. Muhamed Abul Hashem FCA (964) 18 February 2012Apt # C4, House # 04Road # 124, Gulshan-1Dhaka-1212

Mr. Binoy Gopal Roy FCA (965) 18 February 2012Financial ControllerCommercial Bank of Ceylon PLC.Hadi Mansion (1st Floor)2, Dilkusha C/A, Dhaka-1000

Name Effective DateMr. Mohammed Abid Hossain Khan FCA (996) 06 March 2012Deputy General ManagerGrameen Phone Ltd.GP HouseBashundhara, BaridharaDhaka-1229

Dr. ASM Hossain Tayiab FCA (977) 19 February 2012Sr. Consultant (Audit & Assurance)M Abdus Salam & Co.Chartered AccountantsModern Mansion (9th Floor)53, Motijheel C/A. Dhaka-l000

Mr. Satya Ranjan Mondal FCA (978) 19 February 2012Deputy General Manager (F&A)Olympic Industries Ltd.Amin Court (6th Floor)62-63 Motijheel C/ADhaka-1000

Mr. Kazi Mustaid Murshed FCA (981) 19 February 2012Apt # B-3, House # 34Road # 123, Gulshan, Dhaka

Mr. Augustine Dipak Karmakar FCA (989) 19 February 2012Green Garden TowerFlat # 15A, 25/A, Green RoadDhaka-1205

Mr. Hassan Shahid Sarwar FCA (991) 20 February 2012House # 314 (Ground Floor)Road # 4, DOHS Baridhara, Dhaka

Mr. Md. Monzur Alam FCA (993) 23 February 2012General Manager (Accounts)Ha-Meem Group241, Tejgaon Ind. Area, Dhaka

Mr. Zakir Hossain FCA (983) 26 February 2012Apt # A-2, House # 25Road # 32 (Old), 11 (New)Dhanmondi R/A, Dhaka

Ms. Ratna Dutta FCA (992) 26 February 2012ProprietorDutta & Co.Chartered Accountants1701, Sk. Mujib Road (1st Floor)Chowmuhani, Agrabad, Chittagong

Mr. Meer Sajed-Ul-basher FCA (966) 6 March 2012Sr. Vice President (F&A)Mutual Trust Bank Ltd.68, Dilkusha C/A, Dhaka

Mr. Mahadev Sarker Suman FCA (973) 7 March 2012Sr. Vice President & SEO (CC)AB Bank Ltd.Corporate office, BCIC Bhaban30-31, Dilkusha C/A, Dhaka-1000

March 201218


Name Effective DateMr. Mohammad Zakaria FCA (967) 15 March 2012Controller Accounts & AuditQuasem GroupFR Tower (20th-22nd Floor)32, Kemal Ataturk AvenueBanani, Dhaka

Mr. Mohammad Jashim Uddin FCA (869) 15 February 2012Senior Vice PresidentFAD, Head OfficePrime Bank Ltd.119-120, Motijheel C/ADhaka-1000

Mr. Mohammad Khairul Alam FCA (972) 22 March 2012Deputy General ManagerInternal Audit Dept.Biman Bangladesh Airlines LtdHead OfficeKurmitola, Dhaka-1229

Mr. Md. Ashraful Haque FCA (976) 29 March 2012House # 61/3 (3rd Floor), Road # 2Mohammadi Housing Ltd.MohammadpurDhaka-1208

Permission to Start PracticeThe following members have been permitted to Start Practice asPublic Accountants with effect from the dates mentioned againsttheir names:Name Effective DateMr. Md. Selim Reza FCA (939) 9 February 2012ProprietorS. Reza & Co. Chartered Accountants119/6, Segunbagicha (3rd Floor)Dhaka-1000

Ms. Fouzia Haque ACA (1032) 15 February 2012PartnerZaman Hoque & Co.Chartered Accountants78, Kakrail (Gr. Floor)Dhaka-l000

Mr. Shibli Noman FCA (960) 15 March 2012PartnerK B Newaz & Co.Chartered AccountantsHouse # 13 (Gr. Floor)Road # 3/F, Sector # 09Uttara, Dhaka-1230

Mr. Shaifur Rahman Mazumdar FCA (748) 18 March 2012PartnerAHMAD & AKHTARChartered AccountantsHouse # 463, Road # 14 (1st Floor)Chandgaon R/A, Chittagong

Mr. Razdwan Raquibuddin Mohammed ACA (995) 18 March 2012PartnerNasir Mohammad & Co.Chartered AccountantsCDA Building (5th Floor)Court Road, Chittagong

Name Effective DateMr. Mohammad Shaheed ACA (1016) 18 March 2012PartnerAHMAD & AKHTARChartered AccountantsHouse # 463, Road # 14 (1st Floor)Chandgaon R/A, Chittagong

Mr. Liaquat Hossain Chowdhury FCA (638) 22 March 2012ProprietorM L H Chowdhury & Co.Chartered AccountantsChowdhury Villa, 2 No Side,Bandar, Middle Halishahar, Chittagong

Permission to Join as PartnerMr. Shibli Noman FCA (960) have been permitted to formpartnership and continue practice under the name and style ofName Effective DateM/s. K B Newaz & Co. 15 March 2012Chartered AccountantsHouse # 13 (Ground Floor)Road # 3/F, Sector # 9Uttara, Dhaka-1230

The other partner of the Firm:Mr. AKM Badiun Newaz KhanFCA (358).

Ms. Fouzia Haque ACA (1032) have been permitted to formpartnership and continue practice under the name and style ofName Effective DateM/s. Zaman Hoque & Co. 15 February 2012Chartered Accountants78, Kakrail (Ground Floor)Dhaka-1000

The other partner of the Firm:Mr. Abu Sharf Manjurul HoqueFCA (695).

Mr. Razdwan Raquibuddin Mohammed ACA (995) have beenpermitted to form partnership and continue practice under the nameand style ofName Effective DateM/s. Nasir Mohammad & Co. 18 March 2012Chartered AccountantsCDA Building (5th Floor)Court Road, Chittagong

The other partner of the Firm:Mr. Md. Nurul Huda MonsuryFCA (395).

Mr. Shaifur Rahman Mazumdar FCA (784) and Mr.Mohammad Shaheed ACA (1016) have been permitted to formpartnership and continue practice under the name and style ofName Effective DateM/s AHMAD & AKHTAR 18 March 2012Chartered AccountantsBCIC Bhaban (3rd Floor)30-31, Dilkusha C/ADhaka-1000

The other partner of the Firm:Mr. Jamal Uddin Ahmad FCA (19)andMr. Mohammed Akhtar Kamal FCA (102).

March 201219


March 201220

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: 880-02-8119399 E-mail: [email protected] Website: www.icab.org.bd

Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: [email protected] Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail: [email protected] American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: [email protected]

Adiscussion meeting forCFOs/Head of Accounts/ChiefAccountants of listed

companies on latest SAFA EvaluationCriteria for improving the quality ofPublished Accounts and Reports ofBangladeshi listed companies was heldon 20 March 2012 at the Training

Room of ICAB(6th Floor), CABhaban, Dhaka. There were as manyas 23 participants at the rank ofCFOs/Head of Accounts/ChiefAccountants from Banks, non-bankfinancial Institutions, Insurance,Manufacturing, Hospitality, PublicSector, IT and NGOs participated at

this discussion meeting. Under theChairmanship of Mr. Abbas UddinKhan FCA, Member Council & PastPresident ICAB. Mr. Md. AbdusSalam FCA, Vice President (E&T)-ICAB presented live presentation ondifferent SAFA BPA evaluationcriteria.

Mr. Abbas Uddin Khan FCA, Member Council & Past President ICAB briefing CFO, Chief Accountants of different listed companieson 20 March 2012 at ICAB Training Room.

A view of CFOs/Head of Accounts/Chief Accountants attending a consultation meeting on SAFA-BPA presentation at ICABTraining Room.

SAFA BPA Presentation meeting for CFOs, Head of Accounts,Chief Accountants of Listed Companies held

march2012 issn1993-5366 icab news bulletin...cfos/head of accounts/chief accountants from banks,...

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