Steps taken to Improve the Statutory Framework for Accounting and Auditing
MOU Signed between ICAB and ICAEW
MOU Signed between ICAB and ICAEW
DHAKA, October 29, 2009: With a population of 150 million, Bangladesh has only 750 Chartered Accountants; far too few to meet the needs of the growing economy. The Institute of Chartered Accountants of Bangladesh (ICAB) signed a memorandum of understanding with its counterpart the Institute of Chartered Accountants in England and Wales (ICAEW) on Monday to jointly work to develop the accounting and auditing professions in Bangladesh. Under the MoU, ICAB and ICAEW will continue to work for developing the new ICAB qualification, which will be based on full implementation of the changes made with the assistance from the ICAEW.
The leading professional accountancy bodies in Bangladesh, The Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) have to be strengthened to face the emerging global challenges. Availability of transparent and reliable financial information and an independent audit regime conforming to international standards are both essential for strengthening the country’s economy.
Speakers at the MOU Signing Ceremony stressed on the need to accelerate the development of the accountancy profession in Bangladesh. Nasir Uddin Ahmed FCA, ICAB President and Martin Hagen, ICAEW President signed the agreement on behalf of their respective institutions to enhance mutual cooperation. Muhammad Faruk Khan, The Honorable Commerce Minister was present as the Chief Guest.
The Ministry of Finance and Ministry of Commerce, along with the World Bank jointly facilitated the MOU Signing Ceremony under the umbrella of the technical assistance project Strengthening Auditing and Accounting Standards and Practice in the Corporate Sector.
“We commend ICAB for giving utmost priority to high-quality training programs by improving the curricula and quality of the teaching of accounting and auditing and by working with ICAEW to raise the skills and competencies in the profession to international standards” said Mohamed A. Toure, Country Management Unit, The World Bank. “I am hopeful that ICAB will play its role in enhancing the overall corporate governance by continuing its drive for excellence as one of the leading professional institutes in the country.”
The Honorable Commerce Minister lauded the role of the professional bodies in improving overall corporate governance while appreciating World Bank’s support to further strengthen the accountancy profession and education, and hoped for continued support in days ahead.
Strengthening the statutory framework of accounting and auditing in Bangladesh will help the country by improving the investment climate, attracting foreign investment, helping mobilization of domestic savings, underpinning securities market development, facilitating healthy growth of financial markets and enabling regulatory bodies.
The Government with the support of the World Bank has been focusing on a number of relevant areas including, formulating a Financial Reporting Act and establishment of an independent oversight body – Financial Reporting Council; capacity development of professional bodies through twining partnership with developed professional accountancy body; and improving professional education, training and Examination system.
The leading professional accountancy bodies in Bangladesh, The Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) have to be strengthened to face the emerging global challenges. Availability of transparent and reliable financial information and an independent audit regime conforming to international standards are both essential for strengthening the country’s economy.
Speakers at the MOU Signing Ceremony stressed on the need to accelerate the development of the accountancy profession in Bangladesh. Nasir Uddin Ahmed FCA, ICAB President and Martin Hagen, ICAEW President signed the agreement on behalf of their respective institutions to enhance mutual cooperation. Muhammad Faruk Khan, The Honorable Commerce Minister was present as the Chief Guest.
The Ministry of Finance and Ministry of Commerce, along with the World Bank jointly facilitated the MOU Signing Ceremony under the umbrella of the technical assistance project Strengthening Auditing and Accounting Standards and Practice in the Corporate Sector.
“We commend ICAB for giving utmost priority to high-quality training programs by improving the curricula and quality of the teaching of accounting and auditing and by working with ICAEW to raise the skills and competencies in the profession to international standards” said Mohamed A. Toure, Country Management Unit, The World Bank. “I am hopeful that ICAB will play its role in enhancing the overall corporate governance by continuing its drive for excellence as one of the leading professional institutes in the country.”
The Honorable Commerce Minister lauded the role of the professional bodies in improving overall corporate governance while appreciating World Bank’s support to further strengthen the accountancy profession and education, and hoped for continued support in days ahead.
Strengthening the statutory framework of accounting and auditing in Bangladesh will help the country by improving the investment climate, attracting foreign investment, helping mobilization of domestic savings, underpinning securities market development, facilitating healthy growth of financial markets and enabling regulatory bodies.
The Government with the support of the World Bank has been focusing on a number of relevant areas including, formulating a Financial Reporting Act and establishment of an independent oversight body – Financial Reporting Council; capacity development of professional bodies through twining partnership with developed professional accountancy body; and improving professional education, training and Examination system.
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