The Institute of Chartered Accountants of Bangladesh (ICAB) delegates paid a courtesy call on Mr. Ahasanul Islam (Titu), MP, Hon’ble State Minister, Ministry of Commerce, Govt. Bangladesh on 28 January 2024 at the latter’s office, Bangladesh Secretariat, Dhaka. The ICAB delegation comprising of Vice President (Education & Examinations) Mr. MBM Lutful Hadee FCA, Vice President (Operations & Members’ Services) Ms. Maria Howlader FCA, Council Member and Immediate Past President Mr. Md. Moniruzzaman FCA and CEO Mr. Shubhashish Bose led by its current President Mr. Mohammed Forkan Uddin FCA.
During the call-on, ICAB Delegation congratulated Mr. Ahasanul Islam (Titu), MP on his taking over the charge of the State Minister, Ministry of Commerce, GoB. As a gesture of good-will, the President of the ICAB presented a bouquet and a souvenir to him. The Hon’ble State Minister congratulated ICAB new office bearers for the year 2024.
Mr. Ahasanul Islam (Titu), MP was briefed on the activities of ICAB including bringing discipline & ensuring transparency, accountability and good governance in the economy of the country. He was apprised of the introduction of Document Verification System (DVS) and its impact on financial reporting. The President mentioned that the ICAB was established on 6 January 1973 by the Father of the Nation Bangabandhu Sheikh Mujibur Rahman through President’s Order No. 2 of 1973, considering the importance of regulating the Accounting and Auditing profession in the newly born Bangladesh. As a remembrance of the Father of the Nation’s role, he urged that 6 January be nationally declared Chartered Accountants’ Day.
Attention of the Hon’ble State Minister was drawn to the infrastructural and institutional development of the ICAB. He was apprised that ICAB needs to undertake a number of development projects including academic campus, female hostel to accommodate students coming from rural areas to study Chartered Accountancy in Dhaka for a number of years after graduation or post-graduation. Academic building in Port City Chattogram along with student’s hostel is also needed for the regional development of ICAB-opined by the President. It was mentioned by the President that ICAB had submitted Development Project Proposal (DPP) and a Technical Assistance Project Proposal separately, which were returned by the Ministry of Finance due to a scarcity of funds. As per the guidance of the Ministry of Commerce, both project proposals will be submitted without any delay.
The President of ICAB drew the attention of the Hon’ble State Minister to the fact that despite the country having sufficient Chartered Accountants and skilled manpower, foreign professionals and firms are providing unauthorized accountancy services, for which, the country is losing a huge amount of foreign exchange every year.
ICAB delegates appreciated Mr. Ahasanul Islam (Titu), MP, for giving time to call on him despite his very busy work and planning schedule. They requested the support of the Ministry of Commerce as the parent ministry in professional development. The delegation requested him to grace some of the events organized by the ICAB as the chief/special guest in the coming months.
In response, Mr. Ahasanul Islam (Titu), MP, Hon’ble State Minister, Ministry of Commerce, GoB thanked the delegation and lauded the initiative of ICAB in ensuring transparency and corporate governance. He assured that he would draw the attention of the Hon’ble Prime Minister for declaring 6 January as Chartered Accountants’ day.
The Hon’ble State Minister was in agreement with the ICAB delegation that to stop the flight of foreign exchange, unauthorized accountancy services of foreign professionals and firms must be stopped. For this purpose, the disclosure of the foreign workers working in Bangladesh and the services provided by them will have to be obtained from the companies. He opined that to ensure tax compliance of the companies the auditors should provide statement of tax paid by the concerned companies along with audit report. To bring discipline in the country’s commodity market and to stabilize the price, he asked for proposal from ICAB for performing special audit on certain companies engaged in the business of essential commodities. He opined that to determine the actual price of a commodity by assessing production costs, import prices of raw materials etc., Chartered Accountants could collaborate with the Bangladesh Trade and Tariff Commission and conduct special audits if necessary. The Hon’ble State Minister also asked for a report on the commodity price stabilization mentioning the activities and steps taken by the Trading Corporation of Bangladesh.
Mr. Ahasanul Islam (Titu), MP sought ICAB’s cooperation to introduce employment as a criterion for awarding CIP status. He positively responded to the proposal of ICAB inviting him as the chief/special guest in the upcoming CPD events. He also assured his full cooperation to the Institute in the days to come.