ICMAB organized workshop on the “Enlistment Procedures of CMA Firms with the FRC”

 

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a workshop on 9 March2023 on “Enlistment Procedures of CMA Firms with the FRC”at its Ruhul Kuddus Auditorium of ICMA Bhaban, Nilkhet Dhaka. Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council, Bangladesh was the Chief Guest in the program. He described briefly on the firm enlistment procedure. He also spoke how FRC is working for the transparency of accountancy profession and opportunities are coming for CMA profession in audit.

Mr. Md. Sayed Ahmed FCA, Executive Director, Audit Practice Review Division, Financial Reporting Council presented awell-developed and thoughtful keynote paper. In his presentation Mr. Sayed explained how the CMA firms will be enlisted in accordance with the formalities of Financial Reporting Act 2015 (FRC). He also explained why the CMA Firms are required to be enlisted with FRC. What criteria should the CMA firms meet, the papers and information they have to submit, the fee, guidelines and the steps for submission of the application.
Mr. Md. Abdur Rahman Khan FCMA, President, ICMAB delivered his speech at the event. Mr. Khan said, afterthe introduction of Document Verification System (DVS) by ICA Bangladesh, it has become difficult to complete all the statutory audits by the practicing Chartered Accountants in Bangladesh. As a result, audit of many companies remains pending. Moreover, many partnerships and sole proprietor business having significant turn over are not subject to third party audit and therefore not paying appropriate tax revenue to the Government Exchequer. These businesses are also required to be brought into the audit network for establishing transparency and collection of just and accurate revenue for the Government. He also said CMAs are authorized to conduct different types of audits as per CMA Act, 2018 and are also have statutory authority to conduct audit as per Companies Act, 1994 and FRA, 2015. So, the authority should take necessary action for utilizing the expertise of CMAs and engage them in both statutory and non-statutory financial audit of companies, sole proprietorship and Partnership businesses having turnover over a specified threshold. He added the Vision of ICMAB is fully aligned with the vision of the father of the Nation and her competent daughter H P M Sheikh Hassina to help Bangladesh become an industrialized, developed and smart nation.

Mr. Mohammad Salim FCMA, Past President & Chairman, Seminar and Conference Committee of ICMAB delivered the welcome statement and Mr. Safiul Azam FCMA, Chairman,Dhaka Branch Council (DBC) of ICMAB spoke in the program and Mr. Md. Kausar Alam FCMA, Secretary, ICMAB offered the vote of thanks. Mr. Md. Iqbal Hossain, Treasurer, DBC of ICMAB conducted the session. At the Question-and-answer session the panelists answered the questions raised by the floor and the program was vibrant and interactive with the active participation of the members.
A good number of ICMA members from home and abroad attended the program in person and through virtual platform.