May 2011

Monthly News briefing from the Institute of Chartered Accountants of Bangladesh

ICAB News BulletinNo. 259

MEMBER OF:

International Federation ofAccountants (IFAC)

International Accounting

Standards Board (IASB)

South Asian Federation ofAccountants (SAFA)

Confederation of Asian andPacific Accountants (CAPA)

p CPD Seminar

p CAPA events at Korea

p President's

Communication

p CPD Seminar

p Monthly Activities

p Achievement

p Admission as Associate

p Admission as Fellow

p Permission to

start Practice

p Permission to train

Articled Students

p Permission to

join as Partner

p Change of Address

p DRC events

p BOCB appoints

new Director

p NAC elects new

Chairman

ISSN 1993-5366

Two proposed Acts on Direct Tax and VATwill greatly benefit the taxpayers of thecountry through simplification of the

existing processes, National Board of Revenue(NBR) officials told a seminar on Draft Direct TaxAct and Draft VAT Act organized by the Institute ofChartered Accountants ofBangladesh (ICAB). The Seminarwas arranged to present acomparative analysis of the proposedchanges and put forward therecommendations of ICAB forconsideration by NBR beforepromulgating the new Acts.Dr. Nasir Uddin Ahmed, Chairman,NBR was the Chief Guest at theSeminar organized by ICAB on 11May 2011 at the ICAB Auditorium,CA Bhaban, while Mr. AminurRahman, Member (Income TaxPolicy) was the Special Guest. Past

President and Council Member, Mr. M J Abedin,FCA, acted as the Session Chairman.The proposed Direct Tax Act 2011 is planned to bepromulgated from July 01, 2012.The keynote papers were presented by Mr. Md.Shahadat Hossain FCA, Vice President ICAB, Mr.

Chitta Ranjan Mazumder FCA,Partner, Saha Mazumder & Co.,Chartered Accountants and Mr. AbdulKhalek FCA, Director-(Finance) &Company Secretary, Berger PaintsBangladesh. The NBR Chairman and Memberurged the chartered accountants tohelp the government check taxevasion. They said CAs can playimportant role in cooperating with thegovernment in increasing collection oftaxes.“We’ll seek your (chartered

accountants) opinions in finalizing the

Dr Nasir Uddin Ahmed delivering his speech as the Chief Guest of the Seminar.

New Direct Tax Act to facilitate Tax Collection and Tax Administration

NBR officials say at ICAB Seminar

IN THIS ISSUE

Dr Nasir Uddin AhmedChief Guest

ICAB News Bulletin No. 259

May 20112

proposed laws on Tax and VAT,” said theNBR chief.Explaining the two proposed laws, he saidthat they have tried to ensureadjustment/coordination between the taxpolicies and the tax collection process inthe draft laws. The existing law onlyemphasizes increasing tax collection andignores the collection process. The newActs will focus on easier process of taxpayment, the NBR chairman noted. Ms. Parveen Mahmud FCA, President,ICAB, while delivering the address ofwelcome, said that income tax rates arehigh in our country. There should be

rationality in fixingthe tax rates so thatincome tax net isincreased. Corporatetax rates should berevised and reducedto encouragetaxpayers. For banks,insurance andfinancial institutions,the tax rate should be40% instead of

42.5%.She also mentioned that the Institute ofChartered Accountants of Bangladesh hasmade a set of recommendations on incometax, corporate tax, VAT, capital market andother issues, for consideration in theupcoming National Budget for thefinancial year 2011-2012.About deposit of withholding tax,President said that the NBR should allowdeposit of income tax deducted at sourcewithin next calendar month of the date ofdeduction or collection.Ms. Parveen said tax rebate for givingdividend should be eligible for all publiclytraded companies.About the Value Added Tax (VAT) on auditfee related to alternative cash assistance(i.e. cash incentive) provided byBangladesh bank, President suggested thata clear guideline should be given by theNBR mentioning that the VAT will beadded with the audit fee and ultimatelypaid by the service receiver (i.e.beneficiary incentives).About VAT payment by the manufacturer/importer on behalf of their distributors,necessary orders /amendments should bemade so that the manufacturers/importersare allowed to pay VAT considering the

distributors selling price, and thedistributors are not required to maintaindetailed books & records like bigmanufacturers. This will also result intimely collection of revenue from VAT. Sheadded.NBR Member Income Tax Policy, Mr.Aminur Rahman said many privatecompanies hardly provide any dividend totheir shareholders but they purchase luxurycars for their chairmen and managing

directors. There areinstances that acompany having apaid up capital of 5lakh taka purchaseda car worth 2 croretaka, he said.Around 200 BMWcars have been soldin the last one yearand most of them

were purchased for companies, notindividuals, only to dodge taxes. Herequested the chartered accountants to helpunearth such instances of tax evasion bysome private companies, he addedMr. Rahman said the government isconsidering to provide tax holiday facilitiesfor longer term in the infrastructure sectorand the next budget will contain a proposalfor this. The existing tax holiday facilitieswill expire in June 2011 and the NBR hasdecided in principle to extend the facility. Itmight be extended for 3 to 5 years in theface of demand from businessmen andindustrialists.He also mentioned that NBR values theopinions of ICAB very highly and hadincluded official representation of ICAB in

the high powered Committee to draft thenew Acts. “ICAB is considering the impact of thechanges and their rationality in the contextof present and future business practices andprovide comments and recommendationson the changes” Mr. C R Mazumder,FCA explained his views while presentingthe paper on Comparative Study of theDraft Direct Tax Act, 2011 and The PresentIncome Tax Ordinance 1984. Mr. C RMazumder FCA said that several newmeasures, e.g. new tax on property andcapital assets, transfer pricing, withdrawalof statutory deduction for repairs of

buildings, taxationof life insurancep r e m i u m s ,withdrawal ofallowability ofinterest on housebuilding loans, etc.will greatly increasethe burden ontaxpayers. On theother hand, there

were some positive measures also,including introduction of alternativedispute resolution to facilitate out of courtsettlements, recognition of IFRS, etc.which have made the proposed Actforward looking and tax payer friendly. Heurged the tax authorities to take these viewsinto consideration while framing the newAct.Mr. Md Shahadat Hossain, FCA,presented his paper on Recommen-dationsof ICAB on Draft Direct Tax Act-2011. Hesaid that on behalf of the Institute of

A section of audience of the seminar.

Parveen Mahmud FCAPresident-ICAB

Aminur RahmanSpecial Guest

CR Mazumder FCAPaper Presenter

ICAB News Bulletin No. 259

May 20113

C h a r t e r e dAccountants ofBangladesh (ICAB)this Draft Direct TaxAct 2011 has beenreviewed and madesome recommen-dations. Theobjective of therecommendations is

to assist NBR to make the Act both taxpayer and revenue friendly through makingthe Act more understandable removing anyconflict with other laws and accountingstandards. All the recommendations aremade with necessary logic/justifications.Mr. Shahadat Hossain FCA in his papersaid some changes have been proposed inthe draft Tax Act about the tax on assets.But everything must be made clear to thetaxpayers so that they do not have anyconfusion and they are not given anywrong signal about it.“In consideration of the background of

general tax payers, penalty and punishmentshould be relaxed particularly for SMEs,”said Mr. Abdul Khalek, FCA Director ofFinance and Company Secretary, BergerPaints Ltd.Mr. Khalek presented the paper on Draft

VAT Act, 2011. Inhis paper heexplained thatbusiness experience,knowledge of VATlaws and accountingare essential criteriafor a person to pleadVAT issuesprofessionally. He appreciated the

provision of giving awards to VAT payers.He termed the move a taxpayer-friendlyinitiative. He suggested reducing the extentof penalty on VAT related offences.Mr. M. J. Abedin FCA said VAT is a taxbased on accounts. Therefore, accountantscan help policymakers in formulating VATlaw and realizing VAT. He suggested that

the proposed tax lawshould havec o m p r e h e n s i v eexplanation of the‘tax year’ which hasbeen included in thedraft.Offering vote ofthanks Mr. Md.Abdus Salam FCA,Vice Presidentthanked the NBRChairman andMember for givingICAB theopportunity toexpress our viewson the proposedActs and lookedforward to closec o l l a b o r a t i o nbetween the two

bodies.The seminar was attended by a largenumber of members of the Institute.A seminar on the same topic was also heldat Chittagong on 28 May 2011. n

Shahadat Hossain FCAPaper Presenter

Abdul Khalek FCAPaper Presenter

M J Abedin FCASession Chairman

Md Abdus Salam FCAVice President, ICAB

ICAB team attends CAPA events at Korea

Team from the Institute of Chartered Accountants of Bangladesh (ICAB) is seen with others at CAPA Board Meeting.

Ms. Parveen Mahmud FCA, President ofthe Institute of Chartered Accountants ofBangladesh (ICAB) attended the CAPAConference, CAPA Board Meeting, AGMand Committee Meeting held on 19-21May 2011 at Seoul, Korea. A 2-memberICAB delegation including Mr. M FarhadHussain FCA and Mr. AnwaruddinChowdhury FCA, Council Members andPast Presidents, ICAB accompanied theICAB President.

CAPA staged a conference on "ImprovingPublic Sector Financial Management" inSeoul, Korea on 19 May 2011. ThisConference was organized with theassistance of many stakeholders, with theKorean Institute of Certified PublicAccountants (KICPA) taking the lead.The Conference focused on strengtheningthe accounting in the public sector,providing and overview of IPSAS, as wellas case studies and experiences of those

transitioning from cash-based accountingto accrual-based accounting. An array ofhigh quality, influential and internationalindividuals were invited to speak at theConference, including representativesfrom the Korean, Japanese, and Chinesegovernments, the IPSAS Board, andleading organizations such as the NewZealand Institute of CharteredAccountants, ACCA, the World Bank, andthe Asian Development Bank. n

ICAB News Bulletin No. 259

May 2011 4

Dear Fellow Members, Greetings to you all!

Today I would like to share with you the major activities and initiatives we haveundertaken in May 2011.

Academic Campus VisitMr Abdus Salam, VP- Education, Dr Mahfuzul Haque, Director, Learning andEducation and myself visited Academic Campus, Dhaka on May 02, 2011. Recently,few new and some replacing old equipments and logistics for education have beenprovided., e.g , microphones, laptop and white boards, dias etc. We had adiscussions with students of each classrooms. We will do the needful for thebetterment of the students.

Seminar of BCS(Taxation) AssociationAttended seminar on: Review and thoughts on proposed IT Law 2012 on May 17,2011 organized by BCS Association at BIAM.

Dhaka Stock Exchange (DSE) Certificate Giving CeremonyI have attended as the chief guest in the certificate giving ceremony after completionof training course on of the DSE on May 10, 2011.

Meeting with MOCMr. Md. Shahadat Hossain FCA, Vice President, ICAB had a meeting with Ministryof Commerce. They discussed about amendent of Company Act 1994.

Battala BazzarAlongwith Sculptor Ms Ferdousi Priyabhashini, I have inaugurated “Battala Bazar”,5th initiative of Mr Shamiron Dutta, on wooden crafts at Shilpangon Gallery,Dhanmondi. His specialty is that he creates outstanding wooden pieces out of greenwastages around.

Farewell at PKSFAs you all know I have served PKSF in various capacities for over a decade andresigned recently. I have been released from May 01, 2011. I was given formalfarewell on May 11th. At the moment, I have decided to fully dedicate my time forICAB. Hopefully, through our exemplary teamwork , we shall be able to upholdICAB’s image and integrity.

Dhaka Regional Chapter (DRC)Attended the DRC AGM on May 15, 2011. I have informed in the AGM, that we aregoing to hold convocation on October 02, 2011. And for the first time, we will try tohold job fair simultaneously. New office bearers of DRC paid a courtesy call on May25, 2011, and we also held meeting at CA Bhaban. We have discussed variousissues of mutual interest and way forward to strengthen mutual cooperation andincrease connectivity.

CPD Seminar at Dhaka and Chittagong5th CPD Seminar on Draft Direct Tax Act, 2011 and Draft VAT Act, 2011 was heldon May 11, 2011. Dr Nasiruddin Ahmed, Secretary, Internal Resources Division,Ministry of Finance and Chairman, National Board of revenue (NBR), GOB waspresent as chief guest, Mr Md Aminur Rahman, Member (Income Tax Policy) wasspecial guests. Mr M.J.Abedin FCA, Council member and Past President, ICAB wasthe session chairman. Mr Md Shahadat Hossain, FCA, Vice President ICAB, MrChitta Ranjan Mazumder, FCA, Partner, Saha Mazumder Co., CharteredAccountants and Mr Abdul Khalek FCA, Director Finance Company Secretary,Berger Paints Bangladesh presented the keynote papers respectively.

ICAB had interactions with National Board of Revenue (NBR) on Draft Direct TaxAct, 2011, made various recommendations and those are incorporated accordingly.Still, we will formally handover our written comments to NBR soon.

On the same topic the 2nd CPD seminar was held on May 28, 2011 in Chittagongas well. Keynote paper presentor was Mr Md Shahadat Hossain, FCA, VicePresident ICAB, Mr Chitta Ranjan Mazumder, FCA, Partner, Saha Mazumder Co.,Chartered Accountants . Chief guest was Mr Md Aminur Rahman, Member (IncomeTax Policy). Mr A. K. Chowdhury, FCA, Past President and Partner, Hoda VasiChowdhury was the Session Chairman.

6th CPD seminar was held on May 28, 2011 at Dhaka. The title of the paper was“Professional Ethics, Conflicts and Auditors’ Independence. Keynote paper

presentor was Mr Sabbir Ahmed, FCA,Director, Hoda Vasi Chowdhury Co, whileMr Shafique Ahmed, Barrister-at-law,Honorable Minister for law, JusticeParliamentary Affairs, GoB was the ChiefGuest. Mr ASM Nayeem,FCA , CouncilMember and Past President was theSession Chairman.

Confederation of Asian and PacificAccountants (CAPA) ConferenceICAB attended International Conferenceon “Improving Public Sector Accounting”jointly organized by CAPA and KoreanInstitute of Certified Public Accountants(KICPA) at Seoul, Korea on May 19, 2011. Besides, CAPA held two committeemeetings, Board Meeting and AGM on 20-21 May, 2011 at Lotte Hotel, Seoul,Korea. Mr Muhammed Farhad Hussain FCA, Council member, Past President, ICABmember of Audit Committee and Board Member, CAPA and Mr AnwaruddinChowdhury FCA attended the events. It was a very fruitful trip.We had a greatnetworking with ICAEW and hospitality was great !

Orientation Meeting of LGSP External AuditorsAn orientation meeting with the enlisted auditors appointed for auditing UnionParishads (UPs) under Local Governance Support Project (LGSP} was held at CABhaban on May 29, 2011. MOU have been signed between Local GovernmentDivision of the Ministry of Local Government, Rural Development and Cooperatives(LGD)and ICAB for the Annual External Audit and Assurance of Union Parishadsunder the LGSP on January 11, 2007. The project was financed by the World Bankto strengthen UPs as an agency for effective, responsive local service delivery andaccountable governance. Comptroller and Auditor General (CAG) has theconstitutional mandate for exyernal audit of all public sector entities including Ups.Given the capacity constraint of the CAG the LGD through public- privatepartnership trying to receive timely financial and social assurances through externalaudit.

TrainingsIFRS Training is going to be held soon in Dhaka and Chittagong. If minimuminterested participants notify ICAB, then Training will be conducted at Chittagongalso. Meeting of IFRS trainers was held on May 28, 2011.

Standing and Other Committee Meetings HeldThe following standing and other committee meetings were held in April:• 7th council meeting was held on May 08, 2011 • 4th meeting of the Executive Committee was held on May 03, 2011.• 1st meeting of Members Services Welfare Committee was held on May 08,

2011.• Committee for Amendment of CA Order Bye Laws held meeting on May 09,

2011.• ICTC Sub Committee meeting was held on May 10, 2011• QAB meeting was held on May 12, 2011.• On May 15 the following meetings were held:- IDC sub committee meeting .- AGM DRC, ICAB- BOS sub committee meeting- Editorial Board meeting.• ICAB ICAEW Coordination Committee Meeting was held on May 19, 2011.• BOS meeting was held on May 25, 2011.• IDC meeting was held at May 26, 2011.• PDIC meeting was held on May 30, 2011.I would like to end today with a request to all our members, interested to discuss anyprofessional issues, please through appointment can have meeting with me at CABhaban.. Our members visiting Bangladesh, are requested to be in touch while inBangladesh. Best Regards,

Parveen Mahmud, FCAJune 11, 2011

President's Communication – May 2011

ICAB News Bulletin No. 259

May 20115

As a lawyer I should maintain ahigh standard of ethics. As alawyer I have responsibility to my

clients, responsibility to the court and alsohave responsibilityto the lawyer of theother side. Probablythe ethics thatc h a r t e r e daccountants shouldmaintain are muchhigher than those ofa lawyer or adoctor”, Mr.Shafique Ahmed,

Barrister-at-Law, Hon’ble Minister forLaw, Justice & Parliamentary Affairs, GoBobserved as the Chief Guest at a Seminarorganized by the Institute of CharteredAccountants of Bangladesh onProfessional Ethics, Conflicts andAuditors’ Independence held on Saturday,28 May 2011 at 05-30 p.m. at ICABAuditorium, C A Bhaban, 100 Kazi NazrulIslam Avenue, Kawran Bazar, Dhaka-1215.Mr. ASM Nayeem FCA, Council Member& Past President, ICAB and Chairman,Professional Ethics and IndependenceCommittee, SAFA conducted the Seminaras Session Chairman. Mr. Sabbir Ahmed

FCA, Director, Hoda Vasi Chowdhury&Co., Chartered Accountants presented thekeynote paper.A Chartered Accountant has a duty of careto the general public who rely on thestatement that is made in the report of theaccounts that is prepared or certified by aChartered Accountant in accordance withthe professionbal standards and the legalframework within which he is reporting.Mr. Ahmed also said that a professionalaccountant in business may hold a seniorposition within an organization. The moresenior the position, the greater will be theability and opportunity to influence events,practices and attitudes. A professionalaccountant in business is expected,therefore, to encourage and promote anethics-based culture within hisorganization that emphasizes theimportance that senior management placeson ethical behavior.An auditor’s ethics are the only thing thatlies between him/her and the true accuracyof the audited information. Moreover, noamount of procedures, controls and lawscan prevent an unethical auditor fromreporting incorrect information. The onlything that will count, in the end, is theethics and moral code that the auditor in

question lives by, he added.President, ICAB, Ms. Parveen MahmudFCA, in her address of welcome said , thatthe nature of the work carried out by

accountants andauditors requires ahigh level of ethics.S h a r e h o l d e r s ,p o t e n t i a ls h a r e h o l d e r s ,stakeholders andother users of thefinancial statementsrely heavily on theyearly financial

statements of a company as they can usethis information to make an informeddecision about investment.Business failure is an inherent feature of amarket economy. And that failure intoday’s global context affects peopleeverywhere. Almost all the high profilefinancial debacles occurred as the result ofa combined effect of failures in businessreporting. There is little dispute that forgood governance, transparency andaccountability in an effective economy,auditors play a critical role. Auditors mustbe fair and must not allow prejudice orbias to override their objectivity. The

Mr. Shafique Ahmed, Barrister-at-Law, Hon'ble Minister for Law, Justice & Parliamentary Affairs, GoB, Chief Guest (centre) is seen with (L-R) Mr. Sabbir AhmedFCA, Director, Hoda Vasi Chowdhury & Co., Chartered Accountants, Ms. Parveen Mahmud FCA, President, ICAB, Mr. ASM Nayeem FCA, Council Member & PastPresident, ICAB, Session Chairman and Mr. Md. Abdus Salam FCA, Vice President, ICAB.

Shafique AhmedChief Guest

CPD Seminar held on Professional Ethics, Conflicts and Auditors’ Independence

Parveen Mahmud FCAPresident-ICAB

ICAB News Bulletin No. 259

May 20116

current IFAC code contains a significantnumber of principles, concepts andstringent requirements on ethicalstandards, threats and safeguardsframework for professional accountants,she added.She also said, Internal auditors are nostrangers to conflict. Many auditees resentthe auditors’ intrusion into their businessand can make it difficult for the audit teamto complete its review. In addition, auditfindings and recommendations often elicithostile responses from audit customers.Before trying to resolve any conflict, allaffected parties must share a basicunderstanding of the issues involved. Ananalysis of the situation, can provideinformation that is critical to resolution.To ensure their independence, internalauditors must carry out their work freelyand objectively. They cannot subordinatetheir judgment on audit matters to that ofothers, and they should have the support ofsenior management, the board of directorsand the audit committee, she said.Presenting the keynote paper Mr. SabbirAhmed FCA mainly focused onProfessional Ethics, IFAC Code of Ethics,Fundamental Principles of IFAC Code ofEthics, Threats and Conflicts, Safeguardsto Manage Threats/Conflicts,Independence, ICAB Bye Laws etc. He said, all professions try to regulate theirmembers through voluntarily adopting

ethics which usuallygoes beyond theminimum legalrequirements andbinding on theirmembers. All overthe world variousprofessional bodiesof Accountants,Engineers, Lawyers,

Medical Practitioners have formulatedtheir own professional ethics with anobjective to increase public acceptability oftheir own profession.While summing up the session after alively floor discussion Session Chairman

Mr. A S M Nayeem,FCA said that,p r o f e s s i o n a laccountants unlikedoctors, lawyers andengineers are in apeculiar situation.Our responsibilitylies not only to theclients but also to thegeneral public,

potential investors, public interest entities,the Government, National Board ofRevenue (NBR), the lenders , the creditors,the potential investors and other interestedparties. We are working as a sort of trustee.So ethics is very important. He said,mainly there are three objectives ofaccounting profession: highest standard of

professionalism, highest level ofperformance and to meet public interestrequirements. He also discussed on somechanges between previous and currentIFAC Code of Ethics.

Vice President,ICAB, Mr. Md.Abdus Salam FCA,while offering thevote of thanks, saidthat ICAB has beenworking relentlesslyon Ethics andI n d e p e n d e n c ethrough twoi m p o r t a n t

committees to uphold the image andprofessional standards of the Institute. ICAB has also revised its syllabus puttingmore emphasis on Ethics andIndependence. A large number of participants attended theSeminar. n

ASM Nayeem FCASession Chairman

Md Abdus Salam FCAVice President-ICAB

Sabbir Ahmed FCAPaper Presenter

Date Meetings/Programmes

3.5.2011 Executive meeting and ICTC Sub-committee meeting

5.5.2011 ASC meeting

8.5.2011 MSWC meeting and Council meeting9.5.2011 Committee for Amendment of CA Order & Bye-Laws meeting

10.5.2011 ICTC Sub-committee meeting

11.5.2011 CPD Seminar on Draft Direct Tax Act, 2011 and Draft VAT Act 2011

12.5.2011 QAB meeting

15.5.20114-Member IDC Sub-committee meeting, AGM of DRC

7-Member BOS Sub committee and Editorial Board meeting

19.5.2011 ICAB & ICAEW Coordination committee meeting

25.5.2011 BOS meeting

26.5.2011 IDC meeting

27.5.2011 Written test for the position of DS (P&P), DS (Admin) and Jr. Officer

28.5.2011 Meeting of IFRS Trainer and CPD Seminar on Professional Ethics

29.5.2011 An Orientation meeting with the Appointed Auditors for Auditing UPs under LGSZP

30.5.2011 PDIC meeting

Monthly Activities

Mr. Md. Habibur Rahman Bhuiyan,FCA was promoted to DeputyManaging Director of Islami BankBangladesh Ltd. Prior to his promotionhe was serving as the Head of FinancialAdministration Division (CFO). Hejoined the Bank in 1984 as aProbationary Officer. He also served theBank as the incumbent of IslampurBranch. He completed his C.A coursefrom M/s Ali, Zahir & Company,Chartered Accountants in 1983. Hevisited many countries to attend severalseminars, workshops with a view to seethe activities of Islamic Bankingoperations. He also discharged duties asthe Honorary Counselor of IslamicDevelopment Bank, Saudi ArabiaScholarship Programme in Bangladesh. n

Md Habibur Rahman FCA

Member's Achievement

ICAB News Bulletin No. 259

May 20117

Admission as AssociatesThe following members have been admitted as Associates of theInstitute with effect from the dates mentioned against their names:

Name Effective DateMr. Sujit Kumar Saha ACA (1237) 03 April 201133/EiF Satis Sarkar Road 100 Katha, Gandaria, Dhaka-1204

Mr. Sk. Md. Tarikul lslam ACA (1238) 28 April 2011Manager Hoda Vasi Chowdhury & Co.Chartered Accountants BTMC Bhaban (8th Level) 7-9, Kawran Bazar, Dhaka -1215

Admission as FellowsThe following members have been admitted as Fellows of theInstitute with effect from the dates mentioned against their names:

Name Effective DateMr. Md. Shariful Alam FCA (911) 31 March 2011 DGM (Audit) Meghna Group of Industries House# 15, Road # 34, Gulshan-1Dhaka-1212

Mr. Chowdhury Shamim Hasnain Mahdi FCA (925) 10 April 2011Dom-Inno, Flat B-2 16/9, Rankin Street, WariDhaka-1203

Mr. Sadiul Islam FCA (898) 03 May 2011DGM (F&A) & Company Secretary Confidence Salt Ltd. Proskov Bhaban (2nd Floor) 110 CDA Res. Area Sholoshahar, Chittagong

Mr. Ahmad Dawood FCA (902) 03 May 2011 Head of Finance & Company Secretary Chittagong Stock Exchange Ltd. 1080, Sk. Mujib Road Agrabad, Chittagong-4100

Permission to Start PracticeThe following members have been granted permission to startPractice as Public Accountants with effect from the dates as shownagainst their names.

Name Effective DateMr. Md. Liaquat Hossain Chowdhury FCA (638) 10 April 2011PartnerSyful Shamsul Alam & Co.Chartered AccountantsBashar Square (M Court) (5th floor)108, Agrabad, Chittagong

Mr. Md. Musfiqur Rahman ACA (1023) 19 April 2011 Partner Mollah Quadir Yusuf & Co. Chartered Accountants House # 79 (2nd Floor), Road # 12ADhanmondi, Dhaka-1209

Permission to train Articled StudentsThe following members have been granted permission to trainArticled Students with effect from the dates as shown againsttheir names.Name Effective DateMr. Abu Taha Md. Rashiduzzaman FCA (554) 28 April 2011Proprietor Abu Zaman & Co. Chartered Accountants Khan Mansion (7th Floor) 107, Motijheel C/ A, Dhaka-1000

Mr. Nasim Anwar FCA (674) 31 March 2011 Partner Syful Shamsul Alam & Co.Chartered Accountants Basher Square M. Court (5th Floor)108, Agrabad, Chittagong

Permission to join as PartnerMr. Md. Liaquat Hossain Chowdhury FCA (638) has beenpermitted to form partnership and continue practice under the nameand style of Name Effective DateM/s Syful Shamsul Alam & Co. 10 April 2010 Chartered Accountants Paramount Heights (Level-6) 65/2/1, Box Culvert RoadPurana Paltan, Dhaka-l000 The other partners of the Firm are: Mr. Md: Syful Islam FCA(615), Mr. AKM Shamsul Alam FCA (584), Mr. Md. RaghibAhsan FCA (689), Mr. Nasim Anwar FCA (674), Mr. Md. AbdulMajid FCA (428), Mr. Snehasish Barua FCA (894), Mr.Mohammad Saif Uddin FCA (847) and Mr. Md. Liaquat HossainChowdhury FCA (638).

Mr. Md. Musfiqur Rahman ACA (1023) has been permitted toform partnership and continue practice under the name and style of M/s Mollah Quadir Yusuf & Co. 19 April 2011.Chartered AccountantsHouse # 79 (2nd Floor)Road # 12A, Dhanmondi, Dhaka-1209The other partners of the Firm are: Mr. M A Quadir Mollah FCA(73), Mr. Md. Yusuf Choudhury FCA (205) and Mr. Md. MusfiqurRahman FCA (1023)

Change of AddressThe mailing address of the following member has been changed.The new address is as follows:Md. Forhad Hossain ACA (1178)Manager-Finance & AccountsIPDC of Bangladesh LimitedHosna Centre (4th floor)106, Gulshan Avenue, Dhaka-1212

ICAB News Bulletin No. 259

May 20118

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: 880-02-8119399 E-mail: secretary@icab.org.bd Website: www.icab.org.bd

Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: icabctg@spctnet.comUK Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail:hossain@ahmed13.fsworld.co.ukNorth American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: sarwarchowdhury@hotmail.com

Mr. M H Khusru FCAand Mr. Masud ParvezFCA were elected asChairman andSecretary respectivelyof the Dhaka RegionalCommittee (DRC) of

the Institute of Chartered Accountants ofBangladesh (ICAB for the year 2011 in 31stAnnual General Meeting of DRC held on 15May 2011 at ICAB Auditorium. Mr. M H Khusru, FCA was born atGafforgaon Thana of Mymensingh District.He qualified as a Chartered Accountant in

2003. He has served in Rangs Group andTranscom Group in key managementpositions. Currently he is working as DirectorFinance in Expolanka Group (a memberGroup of Expolanka-Sri Lanka). Mr. Khusruis also one of the Founding Directors of theInformation Systems Audit and ControlAssociation (ISACA)-Dhaka Chapter.

Mr. Masud Parvez FCA was born at Dohar

Thana of Dhaka District. He qualified as a

Chartered Accountant in 2003. He has served

in both local and multi-national companies

like Bashundhara Group, SMC, Sanofi-

Aventis. Presently Mr.Parvez is working asChief FinancialOfficer in LeadsCorporation Limited,a leading IT companyin Bangladesh.Other members of DRC are Mr. Md. AtikurRahman FCA, Mr. Md. Akbar Hossain FCA,Mr. Md. Golam Kibria FCA, Mr. ImranAhmed FCA, Mr. AKM Saif Ullah KowcharFCA, Mr. Mostafa Kamal FCA and Mr.Md.Mahamud Hosain FCA. n

DRC elects Chairman, Secretary for 2011

MH Khusru FCA Masud Parvez FCA

DRC holds its 31st AGM

New office bearers of Dhaka Regional Committee (DRC) are seen with outgoing office bearers.

The 31st Annual General Meeting(AGM) of the Dhaka RegionalCommittee of ICAB for the year 2011

was held on 15 May 2011 at ICAB Auditorium.,Dhaka.Mr. M H Khusru FCA was elected Chairmanand Mr. Masud Parvez FCA was electedSecretary of DRC who assumed responsibilityfor the year 2011. The meeting approved theminutes of the 30th AGM of DRC . The AnnualReports and Financial Statements 2009-2010were discussed, approved and adopted in themeeting. The meeting also discussed the Annual Reportplaced by outgoing Chairman which afterthorough discussion was adopted afternecessary correction. The meeting appointed two auditors for the year

2010-2011 and fixed their remuneration. Speaking at the meeting Ms. Parveen MahmudFCA, President, ICAB thanked the outgoingChairman of DRC-ICAB and his committee fortheir outstanding contribution during the year2010. The ICAB President welcomed the newlyelected members of DRC and assured them ofall out support from the Institute. The newlyelected members of DRC-ICAB for the year2011 were formally introduced in the meeting.New Chairman and Secretary of DRC Mr. M HKhusru FCA and Mr. Masud Parvez FCA alsospoke at the meeting.Vice Presidents of ICAB, Past Presidents,Council Members and Members of DRC werealso present in the meeting. n

Ms. Parveen Mahmud, FCA, President,ICAB and former Deputy ManagingDirector, Palli Karma-Sahayak Founda-tion (PKSF), has been appointedIndependent Director of BOC BangladeshLimited (BOCB), a member of the LindeGroup in it’s 38th AGM held on May 12,2011 in Dhaka. The board also nominatedher for the position of the Chairman, AuditCommittee of BOCB. n

Parveen Mahmud FCA

BOCB appoints Parveen asnew Independent Director

NAC elects new Chairman & Secretary

Mr. Md Abdul Wahid FCA was elected Chairmanand Mr. Mohammad Atique Ullah was electedSecretary for the Management Committee ofNorth American Chapter (NAC) on 29 May 2011.The management Committee also elected othermembers of NAC. These members are; Mr.Moshiur Rahman FCA, Mr. Syed D Bakht FCAand Mr. Zainul Abedin Chowdhury FCA. n