Bangladesh Professional

Bangladesh Professional: Companies Act, 1994

2012-03-07T21:25:00.001-08:00

Bangladesh Professional: Companies Act, 1994: The Companies Act (Bangladesh), 1994 (See section 404) (Published by Notification No. SRO 177-law dated 1-10-95. of Ministr...

Bangladesh Professional: Definitions

2012-02-14T21:30:00.000-08:00

Bangladesh Professional: Definitions: SOME IMPORTANT DEFINITIONS AS PER CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS IN SAFA COUNTRIES In this Code, the following expressions h...

Bangladesh Professional: Companies Act, 1994

2011-05-29T02:18:00.000-07:00

Bangladesh Professional: Companies Act, 1994: "The Companies Act (Bangladesh), 1994 (See section 404) (Published by Notification No. SRO 177-law dated 1-10-95. of Ministr..."

ASSURANCE suggested answers June 2010

2011-03-20T22:35:00.000-07:00

ASSURANCE suggested answers (1-6)

Time allowed – 1½ hours Total marks – 100

[N.B. – The figures in the margin indicate full marks. Questions must be answered in English. Examiner will take account of the quality of language and of the way in which the answers are presented. Different parts, if any, of the same question must be answered in one place in order of sequence.]

Marks

1. a. Which of the following procedures might an auditor use in gaining an understanding of the entity? 3

(i) Inquiry

(ii) Recalculation

(iii) Analytical procedures

(iv) Re performance of a control

(v) Observation and inspection.

Answer:

An auditor might use gaining an understanding of the entity by using the following procedures:

i. Inquiries of management and others within the entity

ii. Analytical procedures

iii. Observation and inspection

Answer is to be limited in above and additional points -
iv. prior period knowledge

v. Discussion of the susceptibility of the financial statements to material misstatements among the engagement team.

b. The audit team is required to discuss susceptibility of the financial statements to material statements. 2

True √

False

2. In Bangladesh, the auditor will normally express his audit opinion by reference to the ‘true and fair view’, which is an expression of reasonable assurance. Briefly define the terms ‘true’ and ‘fair’. 3

Answer:

“True and fair view which is expression of reasonable assurance”

True – Information is factual and conforms with reality, not false. In addition the information conforms with required standards and law. The accounts have been correctly extracted from books and records.

Fair- Information is free from discrimination and bias in compliance with expected standards and rules. The accounts should reflect the commercial substance if the company’s underlying transaction.

3. You are an Accountant who has been approached by Mr. X, who wants to invest in company ABC Ltd. He has asked you for assurance whether the most recent financial statements of company ABC Ltd. are a reliable basis for him to make his investment decision.

Identify the key elements of an assurance engagement in this scenario, if you accepted the engagement. 5

Answer:

Three party involvements

Mr. X (the intended user)
You (the practitioner)
The directors of ABC Ltd as they are produce the financial statements (the responsible party)

Subject matter

The most recent financial statements of ABC Ltd are the subject matter

Suitable criteria

Here the criteria would be accounting standards; so that Mr. X was assured that the financial statements were properly prepared and comparable with other companies’ financial statements

Sufficient appropriate evidence

You would have to agree the extant of procedures in relation to this assignment with Mr. X so that he knew the level of evidence you were intending to seek. This would depend on several factors, including the degree of secrecy in the proposed transaction and whether the directors of ABC Ltd allowed you to inspect the books and documents

Report

Again, the nature of the report would be agreed between you and Mr. X, however, it would be a written report containing your opinion on the financial statements.

4. What forms and contents will normally be contained in a letter of engagement? 3

Answer:

The form and content of the audit engagement letter may vary for each entity, but they would generally include reference to the following:

The objective of the audit of financial statements.

AUDITING
Elaboration of the scope of the audit, including reference to applicable legislation, regulations, ISAs, and ethical and other pronouncements of professional bodies to which the auditor adheres.

The form of any other communication of results of the audit engagement.

The fact that because of the inherent limitations of an audit, together with the inherent limitations of internal control, there is an unavoidable risk that some material misstatements may not be detected, even though the audit is properly planned and performed in accordance with ISAs.

Unrestricted access to whatever records, documentation and other information is requested in connection of the audit.

[Answer of the question is ended]

For additional knowledge-

The auditor may wish to include the letter the following items:

Arrangements regarding the planning and performance of the audit, including the composition of the audit team.
The expectation that management will provide written representations
The agreement of management to make available to the auditor draft financial statements and any accompanying other information in time to allow the auditor to complete the audit in accordance with the proposed timetable.
The agreement of management to inform the auditor of facts that may affect the financial statements, of which management may become aware during the period from the date of the auditor’s report to the date the financial statements are issued.
The basis on which fees are computed and any billing arrangements.
A request for management to acknowledge receipt of the audit engagement letter and to agree to the terms of the engagement outlined therein.

When relevant, the following points could also be made in the audit engagement letter:

Arrangements concerning the involvement of other auditors and experts in some aspects of the audit.
Arrangements concerning the involvement of internal auditors and other staff of the entity.
Arrangements to be made with the predecessor auditor, if any, in the case of an initial audit.
Any restriction of the auditor’s liability when such possibility exists.
A reference to any further agreements between the auditor and the entity.
Any obligations to provide audit working papers to other parties.

5. You own an accounting firm. XYZ Ltd. is your prospective client. However, it declines permission to contact the previous auditors, what should be your course of action? 2

Answer:

As an auditor I should consider carefully the reason for such refusal when determining whether or not to accept the appointment.

6. a. What is Audit Risk? What are the different types of Audit Risk? For each of the following examples, indicate the type of risk illustrated: 4+4=8

i. Vendors’ payments are processed, booked and reconciled in the system by the same person in the Accounts Department.

ii. The organization is highly connected with the building trade.

iii. The assurance firm may do insufficient work to detect material errors.

iv. The financial statements contain a number of estimates.

Answer:

Audit risk: the risk that when the auditor give an inappropriate audit opinion on the financial statements

The different types of audit risks-

Inherent risk: The susceptibility of an accounting balance or class of transactions to misstatement that could be material either individually or when aggregated with misstatements in other balances or classes, assuming that there were no related internal controls.

Control risk: The risk that a material misstatement would not be prevented, detected or corrected by the accounting and internal control systems.

Detection risk: The risk that the auditors’ procedures will not detect the misstatements when the financial statements are materially misstated.

Type of risk illustrated in the question:

i. Vendors’ payments are processed, booked and reconciled in the system by the same person in the Accounts Department

Control - The fact that the same person processed the vendors’ payments, booked and reconciled in system means that there is no segregation of duties.

ii. The organization is highly connected with the building trade.

Inherent – This is a naturally risk industry

iii. The assurance firm may do insufficient work to detect material errors.

Detection – This is in essence the definition of detection risk

iv. The financial statements contain a number of estimates.

Inherent – There is a risk that estimates may be inappropriate.

b. If control and internal risk are assessed as sufficiently low, substantive procedures can be abandoned completely. 2

True

False √

Audit Planning

2011-03-14T21:48:00.000-07:00

The auditor should plan the audit so that the engagement will performed in an effective manner.

Definitions

Audit strategy:

The formulation of the general strategy for the audit, which sets the scope, timing and direction of the audit and guides the development of the audit plan.

Audit plan

An audit plan is more detailed than the strategy and sets out the nature, timing and extent of audit procedures (including risk assessment procedures) to be performed by engagement tem members in order to obtain sufficient appropriate audit evidence.

Audit plan shows how the overall audit strategy will be implemented.

Audits are planned to:

· Ensure appropriate attention is devoted to important areas of audit
· Identify potential problems and resolve them on a timely basis
· Ensure that the audit is properly organized and managed
· Assign work to engagement team members properly
· Facilitate direction and supervision of engagement team members
· Facilitate review of work

A structured approach to planning will include

Step 1

Ensuring that the ethical requirements continue to be met

Step 2

Ensuring the terms of engagement are understood

Step 3

Establishing the overall audit strategy

Step 4

Developing an audit plan including risk assessment procedures, audit tests and any other procedures necessary to comply with

Benefits & limitations of assurance

2011-03-09T22:50:00.000-08:00

Benefits of assurance

Key benefit – independent professional verification
Increase the confidence and reliability of other users
Help to prevent error and frauds
Help to making investment decision

“Assurance can never be absolute”

Limitations of assurance:

The fact that testing is used
Inherent limitations of accounting and internal control system
The most of the audit evidence is persuasive rather than conclusive
The fact that assurance provider should not every item in the subject matter
The fact that client’s staff member may collude in fraud that can be deliberately hidden from the auditor or misrepresent matters to them for same purpose
The fact that professional judgments have to be made
Use of estimates

The expectation gap – meaning that there is a gap between what the assurance provider understands he is doing and what the user of the information believe he is doing.

Audit

2011-03-09T19:57:00.000-08:00

What is Audit

The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.

“True and fair view which is expression of reasonable assurance”

True – Information is factual and conforms with reality, not false. In addition the information conforms with required standards and law. The accounts have been correctly extracted from books and records.

Fair- Information is free from discrimination and bias in compliance with expected standards and rules. The accounts should reflect the commercial substance if the company’s underlying transaction.

Assurance

2011-03-09T19:49:00.000-08:00

What is assurance engagement?

An assurance engagement is one where a practitioner expresses a conclusion, designed to enhance the degree of confidence for intended user, other than responsible party, about the outcome of evaluation or measurement of subject matter against suitable criteria.

Key elements

· Three party involvements
· Subject matter
· Suitable criteria
· Sufficient appropriate evidence
· Written report

Level of assurance engagement

Two types:

· Reasonable assurance engagement

· Limited assurance engagement

Examples of assurance engagement

v Key example is statutory audit

v Other audits-

§ Local authority audit

§ Insurance co audit

§ Bank audit

§ Pension scheme audit

§ Charity audit

§ Solicitors audit

§ NGO audit

§ Environmental audit

§ Branch Audit

v Other assurance engagement-

§Value for money audit

§Circulation audit

§Cost/benefit audit

§Due diligence

§Review of specialist business activity

§Internal audit

§Report on website securities

§Inventories or receivable

§Internal control

§Fraud investigation

Call for Articles by ICAB

2011-02-09T21:10:00.000-08:00

Call for Articles on 'Capital Market-Risk and Opportunity' for the January-March 2011 issue of "Bangladesh Accountant"

Articles are invited from Honorable members for the January-March 2011 issue of "Bangladesh Accountant", the quarterly Journal of the Institute. The theme of this issue would be "Capital Market-Risk and Opportunity".Write up on other issues not related to the theme can also be sent. But Editorial Board will select the articles for publication. The Editorial Board of the Council-ICAB expects that the members of the Institute would regularly contribute Articles to “The Bangladesh Accountant” keeping in view their responsibility to strengthen the Accounting Profession.

Honorable members are therefore requested to please send Articles on the theme within 28 March 2011 for publication in “The Bangladesh Accountant”.

It is to mention that honorarium is paid to the contributors of the original write-ups.

CONTRIBUTORS OF ARTICLES ARE REQUESTED TO PLEASE ENCLOSE FULL ADDRESS AND CONTACT NUMBER ALONG WITH THE ARTICLE.

SOME IMPORTANT DEFINITIONS AS PER CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS IN SAFA COUNTRIES

2011-02-07T10:12:00.000-08:00

In this Code, the following expressions have the following meanings assigned to them:

Advertising: The communication to the public of information as to the services or skills provided by professional accountants in public practice with a view to procuring professional business.

Audit client: An entity in respect of which a firm conducts an audit engagement. When the audit client is a listed entity, audit client will always include its related entities.

Audit engagement: An assurance engagement to provide a high level of assurance that financial statements are free of material misstatement, such as an engagement in accordance with International Standards on Auditing (ISAs) as adopted by the respective Member Body of SAFA. This includes a Statutory Audit which is an audit required by national legislation or other regulation.

Assurance client: An entity in respect of which a firm conducts an assurance engagement.

Assurance engagement: An engagement conducted to provide:

(a) A high level of assurance that the subject matter conforms in all material respects with identified suitable criteria; or

(b) A moderate level of assurance that the subject matter is plausible in the circumstances. This would include an engagement in accordance with the International Standard on Assurance Engagements (IASE) issued by the International Auditing and Assurance Standards Board (IASSB) or in accordance with specific standards for assurance engagements issued by the IASSB such as an audit or review of financial statements in accordance with ISAs as adopted by the respective Member Body of SAFA.

Assurance team: (a) All professionals participating in the assurance engagement;

(b) All others within a firm who can directly influence the outcome of the assurance engagement, including: those who recommend the compensation of, or who provide direct supervisory, management or other oversight of the assurance engagement partner in connection with the performance of the assurance engagement. For the purposes of an audit engagement this includes those at all successively senior levels above the lead engagement partner through the firm's chief executive; those who provide consultation regarding technical or industry specific issues, transactions or events for the assurance engagement; and those who provide quality control for the assurance engagement; and

(c) For the purposes of an audit client, all those within a network firm who can directly influence the outcome of the audit engagement.

Client account: Any bank account, which is used solely for the banking of clients' monies.

Close family: A parent, non-dependent child or sibling.

Direct financial interest: A financial interest:

(a) Owned directly by and under the control of an individual or entity (including those managed on a discretionary basis by others); or

(b) Beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has control.

Directors and officers: Those charged with the governance of an entity, regardless of their title, which may vary from country to country.

Existing accountant: A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.

Financial interest: An interest in an equity or other security, debenture, loan or other debt instrument of an entity, including rights and obligations to acquire such an interest and derivatives directly related to such interest.

Firm: (a) A sole practitioner, partnership or corporation of professional accountants;

(b) An entity that controls such parties; and

(c) An entity controlled by such parties.

Immediate family: A spouse (or equivalent) or dependent.

Independence: Independence is:

(a) Independence of mind - the state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgment, allowing an individual to act with integrity, and exercise objectivity and professional skepticism; and

(b) Independence in appearance - the avoidance of facts and circumstances that are so significant a reasonable and informed third party, having knowledge of all relevant information, including any safeguards applied, would reasonably conclude a firm's, or a member of the assurance team's, integrity, objectivity or professional skepticism had been compromised.

Indirect financial interest: A financial interest beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has no control.

Lead engagement partner in connection with an audit: the partner responsible for signing the report on the consolidated financial statements of the audit client, and, where relevant, the partner responsible for signing the report in respect of any entity whose financial statements form part of the consolidated financial statements and on which a separate stand-alone report is issued. When no consolidated financial statements are prepared, the lead engagement partner would be the partner responsible for signing the report on the financial statements.

Listed entity: An entity whose shares, stock or debt are quoted or listed on a recognized stock exchange, or are marketed under the regulations of a recognized stock exchange or other equivalent body.

Network firm: An entity under common control, ownership or management with the firm or any entity that a reasonable and informed third party having knowledge of all relevant information would reasonably conclude as being part of the firm nationally or internationally.

Objectivity: A combination of impartiality, intellectual honesty and a freedom from conflicts of interest.

Office: A distinct sub-group, whether organized on geographical or practice lines.

Practice: A sole practitioner, a partnership or a corporation of professional accountants, which offers professional services to the public.

Professional accountant: A person who is a member of a SAFA member body.

Professional accountant in business: A professional accountant employed in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies.

Professional accountant in public practice: Each partner or person occupying a position similar to that of a partner, and each employee in a practice providing professional services to a client irrespective of their functional classification (e.g., audit, tax or consulting) and professional accountants in a practice having managerial responsibilities. This term is also used to refer to a firm of professional accountants in public practice.

Publicity: The communication to the public of facts about a professional accountant, which are not designed for the deliberate promotion of that professional accountant.

Receiving accountant: A professional accountant in public practice to whom the existing accountant or client of the existing accountant has referred audit, accounting, taxation, consulting or similar appointments, or who is consulted in order to meet the needs of the client.

Related entity: An entity that has any of the following relationships with the client:

(a) An entity that has direct or indirect control over the client provided the client is material to such entity;

(b) An entity with a direct financial interest in the client provided that such entity has significant influence over the client and the interest in the client is material to such entity;

(c) An entity over which the client has direct or indirect control;

(d) An entity in which the client, or an entity related to the client under (c) above, has a direct financial interest that gives it significant influence over such entity and the interest is material to the client and its related entity in (c); and

(e) An entity which is under common control with the client (hereinafter a "sister entity") provided the sister entity and the client are both material to the entity that controls both the client and sister entity.

Solicitation: The approach to a potential client for the purpose of offering professional services.

Bangladesh Professional: Professional Links

2011-01-28T22:50:00.000-08:00

Bangladesh Professional: Professional Links: "The Institute of Chartered Accountants of Bangladesh

International Federat..."

What is PERSONALITY?

2011-01-18T21:09:00.000-08:00

Personality:

Personality is a concept that we use continuously in our day-to-day routine when dealing with people. We talk about people as having a good personality or a bad personality or arrogant and aggressive personality.

According to -

Salvatore Maddi “personality is a stable set of characteristics and tendencies that determine those commonalties and differences in the psychological behavior (thought, feeling and actions) of people that have continuity in time and that may not be easily understood as the sole result of the social and biological pressures of the moment.”

S.P.ROBBINS “personality is the sum total of way in which an individual reacts and interacts with others”

KREITNER “personality is defined as the combination of stable physical and mental characteristics that given the individual his or her identity”

ATKINSON “personality refers to the characteristic patterns of behavior and way of thinking that determine a person’s adjustments to his environment”

LUTHANS “personality means how people affect others and how they understand and view themselves”

Above definition summarized following features

Identifies stable,physical and mental characteristics.
Values and interest
Individual identity
Identify whole interaction

Definition of Terms as per IFRS 1(Appendix A)

2011-01-11T00:33:00.001-08:00

This appendix is an integral part of IFRS.

Date of transition to IFRS

The year starts oldest for which the entity presenting format complete comparative IFRS within its financial statements presented in accordance with IFRS.

Cost attributed

An amount is used as a substitute for the cost or the depreciated cost at the date determined. In the subsequent depreciation or amortization the entity use the initially recognized asset or liability at certain date, and that this cost was equivalent to the cost attributed.

Fair value

The amount by which an asset could be exchanged or cancelled a liability among stakeholders and duly informed in a transaction realizable arm's length.

First financial statements in accordance with the IFRS

The first annual financial statements in which an entity adopts International Financial Reporting (IFRS), through declaration, explicit and unreserved compliance with IFRS.

Entity adopts IFRS for the first time (or first-time adopter)

The entity that presents its first financial statements in accordance with lFRS.

International Financial Reporting Standards (IFRS)

Rules and Interpretations adopted by the Council of International Accounting Standards (IASB). These standards include:

(a) International Financial Reporting Standards;

(b) International Accounting Standards;

(c) Interpretations, whether caused by the Committee on International Standards Interpretations of Information Financier (IFRIC), or the old Interpretations (SIC).

Balance opening IFRS

The stock of the entity (published or not) on the date of transition to IFRS.

Previous GAAP

By: http://www.WorldGAAPInfo.com

The basis of accounting that the entity to take last for the first time, used immediately before applying IFRS.

Date

Presentation

First reporting period under IFRS

The end of last year covered by financial statements or by an interim financial report. The reporting period ending on the date of submission of first financial statements as per IFRS.

Bangladesh Professional: Taxation

2010-12-09T04:39:00.000-08:00

Bangladesh Professional: Taxation: "Tax Rate (Assessment Year- 2010-2011) : Other than Company : For individuals (other than female taxpayers, senior taxpayers of 65 years a..."

Objective of internal audit

2010-12-07T00:08:00.000-08:00

The role of internal auditor has expanded in recent years as internal auditors seek to monitor all aspects (not just accounting) of organization, and add value to their employee. The work of internal auditor still prescribed by the management but it may cover the following broad areas:

Review the accounting and internal control system
Examination of financial and operating information
Review of the economy, efficiency and effectiveness of operations
Review of compliance with laws, regulation and other external requirements with the policies and procedures
Review of the safeguarding of assets
Review of the implementation of corporate objectives
Identification of significant business and financial risks, monitoring the organization risk management policies
Special investigation into particular areas, for example suspected fraud

Internal Audit

2010-12-07T00:06:00.000-08:00

Internal Audit

Internal audit is an appraisal or monitoring activity designed by the management and directors for the review of the accounting and internal control systems as a service to the entity. It functions by, amongst other things, examining, evaluating and reporting to management and the directors on the adequacy and effectiveness of the components of accounting and internal control system.

Why needed:

Internal audit departments are normally a feature of larger organization. The need for internal audit will depend on:

The scale, diversity and complexity of company’s activities
The number of employees
Cost benefit considerations
Changes in organizational structures, reporting process or underlying information systems
Changes in key risks
Problems with internal control systems
An increase no of unexplained or unacceptable events

Example: Cynthia Cooper who was the vice president internal audit dept. of World Com and discovering the fact that billions of dollars of operating costs had been capitalized turning a $662 million loss into a $2.4 million profit in 2001.

IAASB meeting was held on September 20-24, 2010 in St. Julian's, Malta.

2010-11-07T21:26:00.001-08:00

IAASB Meetings
The most recent IAASB meeting was held on September 20-24, 2010 in St. Julian's, Malta.
In addition to the projects discussed in this eNews, the IAASB deliberated issues relating to the following projects:

Revision of International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Statements
Development of ISAE 3410, Assurance on a Greenhouse Gas Statement
Revision of International Standard on Review Engagements (ISRE) 2400, Engagements to Review Financial Statements
Revision of International Standard on Auditing (ISA) 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
Issues relating to the audit of financial statement disclosures

The IAASB will meet in Orlando, Florida, on December 6-10, 2010. As a reminder, all meeting agenda materials are publicly available and posted on the IAASB's website in advance of IAASB meetings. In addition, audio recordings are posted after the meetings. Visit www.iaasb.org/Meetings.php.

Professional Examination Routine December 2010

2010-10-24T21:55:00.000-07:00

ICAB New Curriculum

2010-10-05T07:15:00.000-07:00

1/15/ICAB-2010 04 October 2010

CIRCULAR
In continuation of the Institute’s Circular of even number dated 28 March, 2010 regarding ICAB New Curriculum, the Council ICAB in its meeting held on 05 July & 19 July 2010 respectively resolved that the Examination Structure and Conversion Criteria as under would be followed by the examinees of ICAB:

Eligibility for examination after registration:

The students will be allowed to sit for the examination for the first time after 10(ten) months from the date of registration and this ten-month period will be counted from the date of registration up to the first day of May for the examination of May-June session and up to the first day of November for the examination of November-December session.

Clarification of Attempts

a. All the papers of Knowledge Level must be completed within 4 (four) years from the date of registration, or in 06 (six) consecutive attempts counting from the first eligible attempt of the student concerned, whichever is later. Here an available opportunity to sit for any or more or all papers of Knowledge Level examination will be considered to be an attempt irrespective of whether the student concerned actually avails the opportunity or not (i.e. whether he/she actually sits for the examination or not);

b. All the papers of Application Level must be completed within 3(three) years after the completion of Knowledge Level (i.e. in maximum six consecutive examinations after the completion of Knowledge Level); and

c. All the papers of Advanced Stage (Integration +Case Study) must be completed within 3(three) years after the completion of Application Level (i.e. in maximum six consecutive examinations after the completion of Application Level).

Old Stream Students

1. PE-I Level:

Students who: (i) have neither passed, nor got exemption from, any paper or half paper of PE-I level, or (ii) have either passed, or got exemption from, one or more full/half papers (but not all the papers) of PE-I level must complete:

a. All the relevant papers of Knowledge Level by November-December 2012 examination (inclusive);

b. All the relevant papers of Application Level within 3(three) years after the completion of Knowledge Level (i.e. in maximum six consecutive examinations after the completion of Knowledge Level); and

c. All the papers of Advanced Stage including Case Study within 3(three) years after the completion of Application Level (i.e. in maximum six consecutive examinations after the completion of Application Level).

2. PE-II Level:

Students who have passed PE-I, but: (i) have neither passed, nor got exemption from, any paper of PE-II Level, or (ii) have either passed, or got exemption from, one or more papers (but not all the papers) of PE-II Level must complete:

a. All the relevant papers of Knowledge Level by November-December 2013 examination (inclusive);

b. All the relevant papers of Application Level within 3(three) years after the completion of Knowledge Level (i.e. in maximum six consecutive examinations after the completion of Knowledge Level); and

c. All the papers of Advanced Stage including Case Study within 3 (three) years after the completion of Application Level (i.e. in maximum six consecutive examinations after the completion of Application Level).

3. PE-III Level:

Students who have passed PE-II, but: (i) have neither passed, nor got exemption from, any paper or half paper of PE-III Level, or (ii) have either passed, or got exemption from, one or more full/half papers (but not all the papers) of PE-III Level, and (iii) thus have not qualified as CA, must complete:

a. All the relevant papers of Knowledge Level and Application Level by May-June 2014 examination (inclusive); and

b. All the papers of Advanced Stage including Case Study within 3(three) years after the completion of Knowledge and Application Levels (i.e. in maximum six consecutive examinations after the completion of Knowledge and Application levels).

The above students will be allowed to sit for the relevant papers of both the Knowledge Level and Application Level examinations in the same session.

Note: Item No.1 will come into force immediately. Item No.2 & 3 will come into force immediately after the PE-II and PE-III level examinations are discontinued respectively.

Conversion Course

1. PE-I: Passed, or exempted from, Financial Accounting

Attend and successfully complete a conversion course on “Preparing Limited Company Accounts” (30 hours), organized by ICAB to obtain exemption from PS(K) Accounting.

2. PE-II: Passed Advanced Financial Accounting

Attend and successfully complete a conversion course on “Principal differences between IFRS and Bangladesh GAAP and most commonly applicable BAS/BFRS” (30 hours), organized by ICAB to obtain exemption from Financial Accounting.

Note: Students will be assessed by a combination of end-of-course test, attendance records and in-course test(s) by teachers. If on assessment a student does not pass, he/she will have to pass the re-sit test to be arranged within 02 months after the end-of-course test. Students who do not satisfactorily complete the course will have to sit the main paper(s) for which they were working to obtain exemption.

By order of the Council-ICAB

N I Chowdhury FCA

Secretary-ICAB

TO : ALL CA FIRMS

ALL NOTICE BOARDS OF ICAB

Members of the Institute of Chartered Accounts of Bangladesh (ICAB) are eligible to join the ICAEW

2010-09-28T22:11:00.000-07:00

Members of the Institute of Chartered Accounts of Bangladesh (ICAB) are eligible to join the ICAEW. Below are details of your entry requirements and how to apply for ICAEW membership. Once you have joined the ICAEW, you will be entitled to use the designation 'ACA'.

Minimum entry requirements

Members of the ICAB who have obtained membership by complying with its training and examinations requirements can become a member of the ICAEW. You must maintain ICAB membership to continue to be eligible for ICAEW membership, and comply with our CPD regulations and Code of Ethics.
ICAB members must pass ICAEW’s final three examinations:

Technical Integration - Business Reporting
Technical Integration - Business Change
Case Study

You must also complete ICAEW’s Structured Training in Ethics which is an online programme accessed via the ICAEW website or follow the link -http://www.icaew.com/index.cfm/route/171219/icaew_ga/en/Qualifications/Train_for_the_ACA/ACA_international/Bangladesh/ACA_in_Bangladesh

A good news

2010-09-25T06:52:00.000-07:00

Bangladesh Professional is now listed with http://www.bgdportal.com/

and

You can view the listing here:

http://www.bgdportal.com/Education/Student-Association/Bangladesh-Professional-l4159.html

ICAB's Clarification on Advertisement published on the Daily Prothom Alo dated 16 September 2010

2010-09-20T01:03:00.001-07:00

1/1/ICAB(10)

17 September 2010

To

Honourable Council Members

The Institute of Chartered Accountants of Bangladesh (ICAB)

Dhaka

Dear Sirs,

ICAB's Clarification on Advertisement published on the Daily Prothom

Alo dated 16 September 2010

On September 15, 2010 ICAB issued a Work Order in favour of the Daily

Prothom Alo for publication of the following Advertisement in their

daily. The daily Prothom Alo Advertisement Section duly received our

Work Order and Advertisement matter under signature and seal for

publication on 16 September 2010.

Quote

Notice

Special Coaching Classes for PE-II and PE-III examinees

This is for information of all concerned that the PE-II and PE-III

examinations will be held for the last time in Nov-Dec 2010 and

May-June 2011 respectively. The Institute has decided to provide

special coaching assistance to the examinees which will be commenced

from 30 September 2010. Students intending to attend the Special

Coaching Classes will be required to Enroll/Register their names and

deposit fee @ Tk. 5000/- per subject in the form of Pay Order/Demand

Draft drawn in favour of ICAB from any scheduled Bank of Bangladesh.

The fees are to be deposited to the Accounts Section of ICAB. The

last date for payment of fees is 23 September 2010.

For further information, please contact:

Sr. Assistant Director (Education)-ICAB

Tel: 9115340, 9117521

N I Chowdhury FCA

Secretary-ICAB

Unquote

Instead of publishing our above mentioned Advertisement, they

published a different Advertisement which was not relevant to our

supplied matter. The Prothom Alo Editor has however, regretted the

incidence and assured ICAB that the above Advertisement will be

published on September 17, 2010.

We are extremely sorry for what has happened due to inadvertence of

the Prothom Alo Advertisement section.

This is for your kind information and reference please.

NI Chowdhury FCA

Secretary-ICAB

Copy to: All Members of the Institute

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ii. The organization is highly connected with the building trade.	Inherent – This is a naturally risk industry
iii. The assurance firm may do insufficient work to detect material errors.	Detection – This is in essence the definition of detection risk
iv. The financial statements contain a number of estimates.	Inherent – There is a risk that estimates may be inappropriate.