![]() ICAB has an excellent reputation for its service and its flexibility. ICAB is a business centre for high-tech companies and you will be able to experience this atmosphere. Our corporate customers appreciate the unique architecture and the dynamic climate of entrepreneurship and innovation that the building exudes. Our 4 meeting rooms with 2 seminar areas, the FOYER reception area offer solutions for everyone. Professional users can turn to us for meetings of 10-20 people and events of up to 80 people. ICAB President Muhammad Farooq FCA said, as a primary regulator of the CA profession, ICAB is continuously trying to ensure the high quality audits by incremental initiatives and innovations.įor improving the quality of financial reporting and audit, he urged all stakeholders like management of a company, audit committee, internal and external auditor and the regulators to perform their due responsibilities.Are you looking for a modern and elegant meeting or seminar room in a beautiful architectural setting? Then come to the ICAB incubator. ![]() Stressing on developing Code of Corporate Governance for non-listed Public Interest Entities (PIEs), Dr Siddiqui said it is a necessity to ensure compliance with agreed minimum audit fee threshold, depending on size or turnover of PIEs. He also suggested delegation of some responsibilities like standard setting, quality control of audit firms and disciplinary actions to ICAB, under close monitoring of the FRC, for at least four to five years - the time FRC requires to develop its capacity. In his presentation, Dr Siddiqui said the FRC can set minimum fees for quality audit as the fees are one of the lowest in the world. “CA firms should take initiatives to encourage talented youths coming to the profession, who could really provide better services,” he said. Firms should be allowed to provide non-auditing services through necessary regulatory reform for the sector's better survival."ĭr Hamid Ullah Bhuiyan said apart from lower fee rates, audit firms don't have sufficient resources to handle the number of clients for preparing good reports. Referring to low auditing fees, he said, "Audit firms can't survive by only providing auditing services. He suggested that it should play a role of persuasion rather than imposition in the next 4 to 5 years so that FRC could build up its capacity during the time. Three years after formation, FRC has not been strengthened with its full capacity. He added that FRC could take regulatory initiative to appoint the independent director of the board of directors in each company based on his/her academic background and expertise, who could really perform their duties independently.Ĭhowdhury said the Financial Reporting Act (FRA) covers the compulsion of public interest entities besides financial courses. “Ownership concentration and family dominance in the corporate sector is one of the biggest constraints to ensuring corporate governance in Bangladesh." "If good governance is not ensured in the corporate sector, how will the audit firms prepare good audit reports for companies having weak audit committees and a weak independent director of the Board?" he questioned. ICAB President Muhammad Farooq delivered the welcome speech and associate professor at Alliance Manchester Business School, UK, Dr Javed Siddiqui presented the keynote paper.ĬAG Muslim Chowdhury said there are many allegations that audit firms make substandard financial reports, but attention should be paid as to why that happens. The Comptroller and Auditor General of Bangladesh (CAG) Mohammad Muslim Chowdhury addressed the programme as the chief guest while Financial Reporting Council (FRC) Chairman Dr Md Hamid Ullah Bhuiyan spoke as the special guest, with former ICAB president Muhammed Farhad Hussain in the chair. The suggestions came at a virtual conference on 'Audit Regulatory Reforms in Bangladesh - The Way Forward,' organised by the Institute of Chartered Accountants of Bangladesh (ICAB). They also pointed out that in the context of increasing digitization, compliance with accounting standards is essential for fair and transparent financial reporting. They also pointed out that in the context of increasing digitization, compliance with accounting standards is essential for fair and transparent financial reportingĮxperts at a program suggested good corporate governance and strong legal infrastructure to deal with financial sector irregularities in the country.
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