Institute of Chartered Accountants of Bangladesh

Institute of Chartered Accountants of Bangladesh
Name	Institute of Chartered Accountants of Bangladesh
Formation	1973
Type	Professional body
Headquarters	Dhaka
Region served	Bangladesh
Language	Bengali, English

Institute of Chartered Accountants of Bangladesh is the national professional body responsible for the chartered accountancy profession in Dhaka, Chittagong, and across Bangladesh. It operates within the legislative framework established after independence alongside institutions such as the Bangladesh Bank, the Ministry of Finance, and the Bangladesh Securities and Exchange Commission, while interacting with international organizations like the International Federation of Accountants, the Commonwealth Secretariat, and the World Bank. The institute collaborates with universities, professional bodies, and regulatory agencies including the University of Dhaka, the Bangladesh Institute of Development Studies, and the Asian Development Bank.

History

The institute traces its statutory origin to legislation enacted in the aftermath of the Bangladesh Liberation War and the formation of the Parliament of Bangladesh, with foundational input from veteran jurists and civil servants who had worked with the Bangladeshi Constituent Assembly and the Ministry of Finance (Bangladesh). Early leadership included figures connected to academic institutions such as the University of Dhaka and professional exchanges with the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants of India, and the Institute of Chartered Accountants of Pakistan. Post-independence reconstruction involved cooperation with the United Nations Development Programme, the Commonwealth of Nations, and technical advisers from the World Bank, shaping standards that later paralleled initiatives by the International Accounting Standards Board, the International Federation of Accountants, and the Asian Development Bank.

Functions and Regulatory Role

The institute establishes qualification requirements, issues practicing certificates, and enforces compliance comparable to mandates from the Bangladesh Securities and Exchange Commission and the Internal Revenue Service (United States) in international benchmarking. It monitors audit quality through contributions to frameworks used by the International Auditing and Assurance Standards Board and consults with fiscal authorities including the National Board of Revenue (Bangladesh) and the Ministry of Commerce (Bangladesh). The body also engages with corporate regulators such as the Dhaka Stock Exchange and the Chittagong Stock Exchange to uphold financial reporting that aligns with standards promoted by the International Accounting Standards Board, the Securities and Exchange Commission (United States), and the European Commission in multinational contexts.

Education and Qualification Pathway

The institute administers a multi-level curriculum and professional examination pathway influenced by syllabi from the Institute of Chartered Accountants in England and Wales, the Chartered Accountants Australia and New Zealand, and the Institute of Chartered Accountants of India. Students often hold undergraduate degrees from the University of Dhaka, the Bangladesh University of Engineering and Technology, or the North South University before entering the institute’s training program, which includes practical articleship placements in firms such as KPMG, Deloitte, PricewaterhouseCoopers, and Ernst & Young local offices. The qualification pathway requires completion of technical modules aligned with pronouncements from the International Financial Reporting Standards Foundation, the International Auditing and Assurance Standards Board, and periodic continuing professional development approved by bodies like the Commonwealth Secretariat.

Membership and Governance

Membership categories encompass associate and fellow levels, governed by elected councils and committees similar to governance models employed by the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of India. Leadership is drawn from senior practitioners who have held roles at multinational firms such as KPMG, Deloitte, Ernst & Young, and PricewaterhouseCoopers, and from academics affiliated with the University of Dhaka and the Bangladesh University of Professionals. The institute’s charter and disciplinary rules relate to legislation enacted by the Parliament of Bangladesh and oversight interactions with the Bangladesh Law Commission and the Ministry of Finance (Bangladesh).

Professional Standards and Ethics

The institute promulgates codes of conduct and ethical standards that reflect guidance from the International Ethics Standards Board for Accountants, the International Federation of Accountants, and precedent from the Institute of Chartered Accountants in England and Wales. It maintains disciplinary panels that adjudicate allegations of professional misconduct, coordinating with judicial entities such as the Supreme Court of Bangladesh and regulatory authorities like the Bangladesh Securities and Exchange Commission. Quality assurance, audit inspections, and enforcement mechanisms draw on methodologies used by the Public Company Accounting Oversight Board and compliance frameworks advanced by the Financial Reporting Council (United Kingdom).

International Relations and Affiliations

The institute holds memberships and bilateral links with the International Federation of Accountants, the South Asian Federation of Accountants, and the Commonwealth Association of Accountants, as well as cooperation agreements with the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants of India, and the Chartered Accountants Australia and New Zealand. It participates in international standard-setting dialogues involving the International Accounting Standards Board, the International Auditing and Assurance Standards Board, and the International Ethics Standards Board for Accountants, and engages with development partners such as the World Bank, the International Monetary Fund, and the Asian Development Bank on capacity building and regulatory reform.

Category:Professional associations based in Bangladesh