The Institute of Chartered Accounts of Bangladesh (ICAB) urged the government to keep trust on chartered accounts (CAs) 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.
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.
Md. Humayun Kabir FCA, Md. Moniruzzaman FCA, and Md. Shahadat Hossain FCA past presidents of ICAB also spoke in the press conference.
