Incidentally, to the best of my knowledge, very few legal cases have been initiated in Bangladesh. Regulatory authorities like the ICAB, Bangladesh Securities and Exchange Commission, Bangladesh Bank, and Insurance Development and Regulatory Authority may take disciplinary and penal actions against the persons responsible, either as management or as auditors, for inappropriate and inadequate reporting. Surprisingly, in Bangladesh, the proposed Financial Reporting Act 2013 (FRA) has not indicated such provision apart from many other issues, some of which are being discussed in the subsequent sections. Realising the need of the time, the ICAB had submitted a proposal to the concerned ministry about two years ago, but it was never discussed nor did the ministry ever review it for achieving some common goals. There is always scope for improvement and it is a continuous process. On many occasions, the ICAB represented in various forums and submitted many valuable suggestions and recommendations but unfortunately, none of those was considered. Efforts to regulate the professional accountants under a separate law, bypassing the ICAB, will ultimately ruin the profession of accountancy in Bangladesh. Penal actions are taken against the members who violate rules after conducting investigations in accordance with the bylaws of the ICAB.īecause of some corporate failures and scandals, a vested quarter in a planned manner is pointing the finger at the accounting and auditing profession in order to bypass their given roles, responsibilities and failures in their respective fields. The ICAB and its members of any CA firms are not the same – the ICAB is a regulatory body and never supports the violation of any professional ethics, professional misconduct and negligence of the practising members, if any. So far the ICAB has been discharging its responsibilities adequately and there is no major complaint as an institute regulating the accountancy profession in Bangladesh. The ICAB is a body created by virtue of Bangladesh Chartered Accountants Order, 1973 (Presidential Order-2 of 1973). Globally, accounting and auditing is a centuries-old profession, and in Bangladesh, like many other countries, Institute of Chartered Accountants of Bangladesh (ICAB) is playing the key role of regulating the accounting and auditing profession including adopting the international accounting and auditing standards under the regulations and guidance of International Accounting Standard Board (IASB).
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