Order under which ICAB established
The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973).
ICAB's Administrative Ministry
The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB.
To meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose expert services will be highly sought after-
- To anticipate, meet and exceed the rising expectations of the society
- To better use of opportunities to face the challenges of fiercer global competition
- To recognize the changes in economy/ business and recognize the path to success by
adopting changes in knowledge management and acquiring skills
- To recognize its role as a regulatory body to equip its members (Chartered
Accountants) with top-quality education and values
- To recognize the needs known as world Class Advisors.
In order to materialize the above vision, ICAB will-
- Generate Chartered Accountants of high competence through rigorous but useful
education and training, who will be able to meet the challenges of the new
- Uphold professional integrity and honesty of its members
- Advise government on taxation, business law and related matters
- Maintain superiority in respect of professional competence
- Meet the growing demand for qualified Chartered Accountants in Bangladesh
- Create the environment of mutual cooperation
- Carry out continuous research and make in-depth study of related subjects and apply
findings of research and study in the fields of accountancy profession
ICAB's Mission Statement
The mission of ICAB is to provide leadership in the development, enhancement and coordination of the Accountancy Profession in Bangladesh in order to enable the profession to provide services of consistently high quality in the public interest.
ICAB's Aims and Objectives
To achieve the above mission, ICAB will pursue the following objectives:
q Regulate the Accountancy Profession and matters connected therewith in the country
q Administer its members and students
q Ensure sound professional ethics and code of conduct by its members
q Provide specialized training and professional expertise in Accounting, Auditing, Taxation, Corporate Laws, Management Consultancy, Information Technology and related subjects
q Impart Continuing Professional Education (CPE) to its members
q Foster acceptance and observance of International Accounting Standards (IAS) and International Standards on Auditing (ISA) and adopt the same as Bangladesh Accounting Standards (BAS) and Bangladesh Standards on Auditing (BSA) respectively.
q Keep abreast of latest developments in Accounting techniques, Audit methodology, Information technology, Management consultancy and related fields
q Liaise with international and regional organizations to influence the development of efficient capital markets and international trade in services.
The Council of ICAB is the Supreme Authority responsible for the administration and management of the Institute. The Council is composed of 20 (twenty) members elected by the members of the Institute from its two regional constituencies in Bangladesh every three years. The Council is headed by an elected President who is the Chief Executive of the Institute. The President and the Vice-Presidents of the Institute are elected by the Council every year to manage the affairs of the Institute. The Council is assisted by various Standing and Other (non-standing) Committees. For the purpose of assisting the Council in matters concerning its functions, the Council is empowered to constitute Regional Committees. At the moment there are two Regional Committees in Dhaka and Chittagong and two Chapters - UK Chapter and North American Chapter.
The day to day running of the Institute is delegated to the Secretariat, headed by the Secretary. The Secretariat is located at Chartered Accountant Bhaban, 100 Kazi Nazrul Islam Avenue, Kawran Bazar, Dhaka-1215, Bangladesh.
As on 01 July 2009, the Institute had 969 members (including 26 females) of whom 824 were resident in Bangladesh and 145 were resident abroad. Associate and Fellow memberships are offered by the Institute. Persons passing the qualifying Final Examination of the Institute are offered Associateship (ACA) while fellowship (FCA) is offered to members having at least five years post-associateship experience and fulfilling relevant other requirements. Out of 969 members, 305 are practicing as public accountants and the rest 664 are serving in various key positions in public and private organizations-both at home and abroad. As on the same date, there were 2719 articled students (including 115 females).
The Institute is an active member of various International and Regional accounting bodies like:
- The International Federation of Accountants (IFAC)
- The International Accounting Standards Board (IASB)
- The Confederation of Asian and Pacific Accountants (CAPA)
- The South Asian Federation of Accountants (SAFA)
FUNCTIONS OF CHARTERED ACCOUNTANTS ENGAGED IN PUBLIC PRACTICES:
Chartered Accountants engaged in public practice mainly carry out the following functions:
- Perform professional services involving auditing or verification of financial
transactions, books, accounts or records, or preparation, verification or certification
of financial, accounting and related statements;
- Render professional services or assistance in or about matters of principles or details
relating to accounting procedures, costing techniques, or recording, presentation or
certification of financial facts or data;
- Render professional services or assistance as Management Consultant in or about
matters of accounting methods, systems and techniques involving forecasting, in
order to assist management in its task of formulating polices, programmes,
management systems and procedures for maintaining and improving efficiency.
FUNCTIONS OF CHARTERED ACCOUNTANTS EMPLOYED IN TRADE, COMMERCE, INDUSTRY, FINANCE, ETC.:
After qualifying, a Chartered Accountant may not necessarily go for public practice either on his/her own or in partnership with other Chartered Accountant(s) but may go for employment in trade, commerce, industry, finance, etc. Many positions of trust and responsibility are open to a Chartered Accountant such as Chief Executive, Member Finance, Finance Director, Company Secretary, Chief Accountant, Finance Controller, Systems Analyst, Internal Auditor, Cost Accountant, etc. in Listed Companies/ Autonomous bodies or in industrial, financial, commercial or educational enterprises. A Chartered Accountant can also serve on the Board of Directors of various organizations, particularly financial institutions. Such positions of responsibility, trust, honour and dignity are offered to Chartered Accountants because of their excellent educational & training background, professional know-how & technical expertise and sound financial knowledge & experience , thus enabling them to contribute towards solving accounting, financial, educational and business problems at top levels.
ICAB's PUBLICATIONS :
- Members Hand-book on Bangladesh Chartered Accountants Order 1973 &
The Institute of Chartered Accountants of Bangladesh Bye-laws 2004 and
- Annual Council Report and Annual Audited Financial Statements as at 30th June
- Annual List of Members & CA Firms as of 1st July every year
- The Bangladesh Accountant (Quarterly Journal)
- News-Bulletin (Monthly News Letter)
- Students’ Guide (Information booklet)
- Fees Schedule (Effective from 01 July 2004)
- Students Study Manuals on various subjects
- Students Suggested Answers Booklets on past exam. Questions on various subject
- Bangladesh Accounting Standards (BASs) and Bangladesh Financial Reporting
Standards (BFRSs) Volume -I (BAS 1 - BAS 25)
- Bangladesh Accounting Standards (BASs) and Bangladesh Financial Reporting
Standards (BFRSs) Volume -II (BAS 26 - BAS 41 and BFRS 2 - BFRS 6)
- BSQC1 & Quality Assurance Requirements
- Audit Practice Manual
- Manuals and Technical guides on various professional and technical subjects