![]() During this period, the ICAB, however, also attracted significant amount of criticism for its failure to ensure high quality audit on a consistent basis. In the decades that followed, the ICAB acted as a primary regulator for the financial auditing profession in Bangladesh, engaging itself in activities ranging from development and adoption of financial reporting standards to taking disciplinary actions against its own members.Ĭonsequently, chartered accountancy started being viewed as a highly prestigious profession and an attractive career option for many. ![]() The ICAB was established by the Chartered Accountants Order of 1973 (President's order no 2 of 1973) for the purpose of 'regulating the profession of accountants and for matters connected therewith' (The Bangladesh Chartered Accountants Order, 1973). The members of the ICAB primarily provide financial accountancy and auditing services, whereas the members of the ICMAB focus on the cost and management accountancy area. Historically, the accounting regulatory space in Bangladesh had been occupied by two major players- the ICAB and the Institute of Cost and Management Accountants of Bangladesh (ICMAB) for a long time. This is primarily due to the process through which the FRC was promoted and established. However, the tension between two of these major actors in the audit regulatory space is unlikely to disappear quickly. Therefore, it can be expected that the current stalemate would be over soon. Both the ICAB and the FRC, however, seemed to have enough confidence that the Ministry of Commerce would make the right call to resolve the differences in opinion. The ICAB also mentioned that the proposed changes to Bangladesh Chartered Accountants Ordinance of 1973, which in FRC's view, was outside the scope of ICAB's work, were in response to a government request to translate the ordinance in Bengali and make it more up to date. The ICAB reminded the FRC that unlike many other professional bodies, it was established on the strength of a government charter, giving it complete autonomy to regulate the profession. In response, the ICAB issued a strongly worded rejoinder (published in the Financial Express on August 25, 2022) refuting such claims. The FRC also claimed that they were the sole regulator of the public accountancy profession in Bangladesh. The FRC appeared particularly dissatisfied with the ICAB's attempt to propose some amendments to the Bangladesh Chartered Accountants Ordinance of 1973 bypassing the independent oversight body for the public accountancy profession. According to a recent article published in the Financial Express on August 22, 2022, the FRC has written to various ministries of the government accusing the ICAB of overstepping its authority. We recommend you Vision11 Fantasy App for all fantasy cricket/Basketball/Football players.The financial reporting regulatory space in Bangladesh has suddenly turned a little turbulent in recent times, with two of the major actors, the Financial Reporting Council (FRC) and the Institute of Chartered Accountants of Bangladesh (ICAB) engaged in what appears to be a war of words against each other. ICA Berlin (ICAB ) In-Form/Key Player For Your ICAB vs BRI Dream11 Team:īSV Britannia (BRI) In-Form/Key Player For Your ICAB vs BRI Dream11 Team: Fantasy Points/MatchīSV Britannia (Probable XI) & Avg. Probable ICAB vs BRI Playing 11 in ICA Berlin vs BSV Britannia Today’s Match ![]()
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