The Institute of Chartered Accounts of Bangladesh (ICAB) urged the government to keep trust on chartered accounts for statutory audits, despite demand raised to reform the auditing institutions.
President of ICAB Maria Howlader FCA said this in a press conference on ‘Safeguarding Audit for National Interest: Local and Global Perspective’ held at the CA building in Karwan Bazar on Thursday.
Beyond its regulatory functions, ICAB actively supports the government through various policy initiatives. This includes submitting budget-related proposals to the National Board of Revenue (NBR) and providing input on the formulation of rules and regulations for the Financial Reporting Council (FRC), she said.
ICAB also assists in drafting crucial legislation and regulations related to industrial policy, import-export policy, and foreign investment policy, she opined.
In response to some points raised by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) recently and arguing them (ICMAB), she said that ICAB is lone institute who has global and domestic recognition for auditing activities.
Maria said that ICAB proudly marks its 50th anniversary, celebrating five decades of dedicated service in regulating the accounting and auditing profession in Bangladesh.
Established on January 6, 1973, through the Bangladesh Chartered Accountants Order, 1973 (President's Order No. 2, 1973), ICAB has consistently upheld the highest standards, significantly enhancing the nation's financial landscape and international standing, said ICAB President.
Since its inception, ICAB has played a pivotal role in controlling the accounting and auditing profession and related activities in Bangladesh. The Institute's unwavering commitment to excellence has resulted in ICAB's curriculum and examination system being recognized as equivalent to that of the prestigious Institute of Chartered Accountants in England and Wales (ICAEW), she pointed out.
This parity has been further acknowledged by leading professional bodies such as Chartered Accountants Australia and New Zealand (CA ANZ), which has also recognized ICAB's curriculum and examination methods.
This international recognition provides a significant advantage for Bangladeshi students. ICAB-certified Chartered Accountants are highly sought after globally, with opportunities to practice their profession in developed countries.
Md. Humayun Kabir FCA, Md. Moniruzzaman FCA, and Md. Shahadat Hossain FCA past presidents of ICAB also spoke in the press conference.
