ICAB

50

Pustani

Pustani

Five Decades of Journey of Professional Excellence (1972- 2022)

The Institute of Chartered Accountants of Bangladesh (ICAB) The Institute of Chartered Accountants (ICAB) came into existence by dint of Bangladesh Chartered Accountants Order 1973, (President’s Order 2 of 1973) as the only autonomous body of professional accountants. The members are known as chartered accountants. This professional body is regulated and by the Bangladesh commerce ministry. ICAB’s aims and objectives • Regulate the accountancy profession and matters connected therewith in Bangladesh • Administer its members and students • Ensure sound professional ethics and code of conduct by its members • Provide specialised training and professional expertise in accounting, auditing, taxation, corporate laws, management consultancy, information technology and related subjects • Impart continuing professional education (CPE) to its members • Foster acceptance and observance of International Accounting Standards (IAS)/ International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) and adopt the same as Bangladesh Accounting Standards (BAS) and Bangladesh Standards on Auditing (BSA) respectively • Keep abreast of latest developments in accounting techniques, audit methodology, information technology, management consultancy and related fields • Liaise with international and regional organisations to influence the development of efficient capital markets and international trade in services The Vision of ICAB is to support enterprises, corporate governance and sustainable growth in the business environment through its members holding a widely respected professional accounting qualification. The Mission of ICAB is to promote and regulate high quality financial reporting and auditing in Bangladesh, to develop and maintain the competence of professional accountants and enhance the reputation of the accounting profession in all sectors of the economy. The Key Values of ICAB are integrity, expertise, transparency and accountability of its members.

CONTENTS Preface Foreword Messages Remarks Acknowledgements Timeline 50 years of ICAB 50 years of Bangladesh 100 years Birth centenary of Father of the Nation 30th Founding Anniversary of ICAB

50 YEARS OF ICAB LEGACY Sources Appendices Abbreviations Chapter 01 Emergence of the Institute Chapter 02 Reflections of the past Chapter 03 At the helm Chapter 04 Landmark: Permanent address of the Institute Chapter 05 Creating leaders Chapter 06 Cracking the glass ceiling Chapter 07 Quest for excellence Chapter 08 Beyond borders Chapter 09 Branding Chapter 10 Down the memory lane

→ 8 Preface As the Institute of Chartered Accountants of Bangladesh (ICAB) celebrates its 50 years of existence, I would like to pause a moment and look back to remember those who laid its foundation in 1973. Bangladesh was still in its infancy having gained its independence in 1971 after a particularly violent war that we would not have won without our brave sons and daughters who fought and fell. It is to them we must first pay our respects. It bears testimony to the farsightedness of Bangabandhu Sheikh Mujibur Rahman, Bangladesh’s founding president, and his able policy makers that they decided to establish this institute within a year of independence. Presidential Order 2 of 1973 directed the formation of this institute foreseeing the need for a regulatory body for accountancy just as a ravaged Bangladesh was being rebuilt. As ICAB reaches its 50-years landmark, one cannot help but become nostalgic. It was not an easy journey for the institute to grow and evolve and blossom into the national institution that it has become today. The institute’s ability to contribute as a partner to Bangladesh’s progress and its effective role in nation building owes it all to the founders of the institute who had sowed the seeds of a professional and efficient organisation from their sense of duty and patriotism. It was during my second term as ICAB president in 2011 when I took an initiative to document the institute’s legacy that I realised that many of those visionaries who founded the institute had left us and if we do not preserve that part of our precious history, it might all become completely lost. So, I embarked on a new endeavour and reached out to those were still among us. Former ICAB President Md Mufazzal Hussain Chowdhury sent a write up from USA. Former presidents like A K Chowdhury, Anil Chandra Nath and Adeeb Hossain Khan gladly helped with their anecdotes and information as did overseas chapter members AKM Fazlur Rahman, Abdul Wahid and MQM Lutful Baki. I must acknowledge their wholehearted cooperation and observe on a sombre note that some of these contributors could not see this finished work. On my third term on the council, in 2016, I revived the plan and was greatly pleased when the following year in 2017, there was a subcommittee under the branding committee. There was some substantial progress in 2018, thanks to the efforts of our seniors like former president Parveen Mahmud FCA Chair of the editorial board and Past President, ICAB

AKM Rafiqul Islam , Azizuddin Ahmed and A S M Nayeem. After a few years’ pause, Md. Shahadat Hossain, president, ICAB emphasised the priority of this publication in no uncertain terms in 2022, when he persevered through the last stretch. This herculean task was only made possible with the cooperation and sincere efforts of the ICAB staff and personnel without whom this publication would never see the light of day. I express my heartfelt gratitude to them and thank them from the bottom of my heart. I would also like to take this opportunity to recognise special contribution of Akhtar Sanjida Kasem for all her efforts and collaboration that made this challenging project a more pleasurable one. I must also remember contributions from Shama Rukh Alam, the ICAB team led by Mahbub Ahmed Siddique, Chief Operating Officer and ICAB CEO Shubhashish Bose. It is only fitting that we remember those before us and pay tribute to them at this auspicious landmark in ICAB’s quest for professionalism and excellence. It only behoves us to look back, draw inspiration from the past and forge ahead with renewed vigour and enthusiasm. In this publication, we strive to show how the past and present could go hand in hand furthering development, integration and institutionalisation of the accountancy profession in Bangladesh. This is a modest attempt to provide our future generations with glimpses of a past rich with pride and legacy. It has been an honour and privilege to introduce you to our history and legacy. It is with the utmost humility and warmest gratitude that I put my signature thus. (Parveen Mahmud) We strive to show how the past and present could go hand in hand furthering development, integration and institutionalisation of the accountancy profession in Bangladesh. 50 YEARS OF ICAB LEGACY

Foreword It gives me immense pleasure that the Institute of Chartered Accountants of Bangladesh (ICAB) is bringing out a commemorative publication titled ‘50 Years of ICAB Legacy: Partner in Progress’. This Institute is now a centre of excellence for chartered accountants at home and abroad. It has also become a platform for a diverse group of accounting and finance professionals who regularly impart education and training. But the journey of this Institute has not been smooth or easy. What we see today is the result of dedication and hard work of our predecessors, many of whom have left this world. They have left a legacy for us to cherish. They are the reason we celebrate our achievement today. We all salute them from the core of our hearts. We started at a time when we did not even have a proper office. Today we have a nine-storey building at the heart of one of the busiest spots of Dhaka. The Institute boasts over 2,200 chartered accountants who are either in practice or employed in diverse fields of trade and commerce and contributing to the sustainable economic growth of the country. Many CAs are working overseas and making a name for Bangladesh. It is true that we need more chartered accountants to meet the demand of the growing economy of Bangladesh. We will continue working on this agenda in the days ahead. The Institute is now following the syllabus of the Institute of Chartered Accountants in England and Wales (ICAEW). It has MoU with a number of international bodies and I am certain our members are benefitting from memberships of those bodies as well. As the days go by, the Institute will continue to explore new opportunities for its members. But let’s not forget that with opportunities come responsibilities. And as far as responsibilities are concerned, we are committed to uphold the dignity and integrity of our profession. Let the Almighty allow us to do more and more for this nation. At this benchmark event, this can be my most earnest request towards all. At this precious moment, I on behalf of the council convey my heartfelt thanks and gratitude to all those associated with this publication who made such an arduous task possible. Md. Moniruzzaman FCA President The Institute of Chartered Accountants of Bangladesh (ICAB) → 10

50 YEARS OF ICAB LEGACY

Message from Honour able Prime Minister I am happy to know that the Institute of Chartered Accountants of Bangladesh (ICAB) will publish memorabilia under the title ‘50 Years of ICAB Legacy: Partner in Progress’ at such an exciting time when the Institute is celebrating the 50th anniversary of its establishment. I congratulate all professionals who received professional training here, including its management, employees, and staff. The Greatest Bengali of all time, the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, established the ICAB through President’s Order No-2 of 1973 out of his understanding of the necessity to form a regulatory body to bring the financial sector of the country under discipline. Since then, ICAB has been performing a commendable role in ensuring accountability, good governance, and transparency in financial sector management in Bangladesh. Following Father of the Nation’s footprint, our government has extended all out support to this Institute to gear up its journey to be a state-of-the-art global institution. In 2018, we allotted land in Purbachal for its future campus. Sheikh Hasina Honourable Prime Minister People’s Republic of Bangladesh ICAB has given me immense pleasure that the Institute observed the Birth Centenary of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, and the Golden Jubilee of our Independence. → 12

Fifty years on, the ICAB has been witness to a significant number of successes. It introduced the Best Presented Annual Report and Financial Disclosure Award to encourage the corporate to do high-quality financial reporting and auditing in Bangladesh. ICAB’s Document Verification System (DVS) ensures the authenticity of audited financial statements and eliminates fake financial reports, enhancing the government’s revenue collection. Our chartered accountants contribute to the country’s economy through their hard work in the corporate and banking sectors. I appreciate that the ICAB submits its proposals and recommendations yearly to the National Board of Revenue (NBR) before the national budget encompassing VAT, tax, and customs and duty policies. In recognition of ICAB members’ technical expertise and integrity, the professional qualification of ICAB is now globally recognised. ICAB professionals also participate in noble philanthropic activities like helping Nepalese earthquake victims and the victims of collapsed Rana Plaza in Savar. It has also given me immense pleasure that the Institute observed the Birth Centenary of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, and the Golden Jubilee of our Independence. The Institute’s visionary endeavours are crucial to building the economy on a solid foundation. The founding principle of ICAB and the fifty years of commitment have added to the momentum of the country’s economic development. Incredible people like chartered accountants are always helping the country’s economy grow faster and fulfilling the vision of ‘Sonar Bangladesh’ as dreamt by the Father of the Nation. I wish you all the best for the days to come. I express my deepest gratitude to those who have given their time, talent, and resource to bring out the publication to celebrate this remarkable moment. Joi Bangla, Joi Bangabandhu May Bangladesh Live Forever. 50 YEARS OF ICAB LEGACY

Message from the Minister of Finance I am extremely delighted to know that the Institute of Chartered Accountants of Bangladesh (ICAB) is going to publish ‘50 Years of ICAB Legacy: Partner in Progress’, an invaluable documentation of historical facts about the ICAB. The Institute was established under the Presidential Order No-2 in 1973 to promote and regulate the accountancy profession. The Father of the Nation Bangabandhu Sheikh Mujibur Rahman in his visionary leadership could foresee the extended contribution of chartered accountants to the economy and hence promulgated the law shortly after the independence of Bangladesh. The birth of the Institute of Chartered Accountants of Bangladesh (ICAB) is a legacy of Bangabandhu’s visionary leadership. Since inception of ICAB, it has developed tremendously and evolved into an Institute of envious repute with global standards. The ICAB legacy commemorative publication would trace the path of 50 years of ICAB journey through supporting the government in nation building. Today, the skyline of ICAB is remarkably different from the profile of the other professional institutes. ICAB’s rapid transformation and positive changes could never be erased from the history of accountancy profession of the country. This publication commemorating ICAB history will certainly show that to the rest of the world. I wish the Institute of Chartered Accountants of Bangladesh all the success in its endeavour. A H M Mustafa Kamal FCA, MP Minister Ministry of Finance Government of the People’s Republic of Bangladesh → 14

Message from the Minister of Commerce I am highly delighted to contribute to this commemorative publication celebrating the 50th anniversary of the Institute of Chartered Accountants of Bangladesh (ICAB). It is a must for today’s complex and dynamic business environment to restore public trust and accountability for achieving long-term sustainabile economic growth and also for safeguarding the achievements from external shocks. The Bangladesh government fully recognises the role of chartered accountants from the very beginning of its birth, in ensuring precision (accuracy) and ‘good governance’ within the financial domain ensuring enhanced professional competitiveness and sincere loyality to ethics. Good governance is the pivotal axis to steer a nation towards its desired destination, and hence, is considered a very significant factor in maintaining the power and well-being of the people. The services provided by the chartered accountants in Bangladesh are now acknowledged to be an integral part of national development scheme. The role of the ICAB in setting standards and accrediting education for the accountancy profession is ever more vital in the protection of public interest. The ICAB is to be congratulated for the capacity it has demonstrated to be accommodative with emerging trends in financial practice, the demands of regulatory reform and meticulous standards within the current structure of the business for excellence. Such progress is a credit to the insight and commitment of all those involved with the ICAB, and I thank all of them for their tireless efforts in shaping the very important national sector of accountability and transperancy. This publication documents the ways in which the accountancy profession in Bangladesh has developed over the last five decades and the continual changes that the ICAB has made to keep pace with the emerging trends in financial practice in the international sphere. I offer the ICAB my congratulations on this special anniversary, and wish it continued success as it enters the next phase of fostering ethics. Tipu Munshi, MP Minister Ministry of Commerce Government of the Peoples’ Republic of Bangladesh 50 YEARS OF ICAB LEGACY

Message from IFAC President On the Occasion of Institute of Chartered Accountants of Bangladesh (ICAB) Golden Jubilee Celebrations 2023, I am pleased to congratulate the members, students, and management of the Institute on behalf of the International Federation of Accountants (IFAC). For over 50 years, ICAB has been at the forefront of the accountancy profession in Bangladesh and your remarkable service to the profession and public interest must be acknowledged and applauded. ICAB’s service and professionalism have been instrumental in building a strong accountancy profession in Bangladesh. You deserve recognition for your successful efforts to produce top talent and to speak and advocate on behalf of public interest. Your golden jubilee is a time not just to acknowledge your past service, but also your present and future contributions. IFAC encourages you to stay involved in the local, regional, and global profession, to better serve your members and your country as new opportunities and challenges await us as a society. The profession has much to offer our stakeholders and society, and we look forward to our continued partnership with ICAB in delivering on our collective spirit and agenda. I wish you all a great celebration of your golden jubilee and send you my best wishes for your continued success over the coming years. Asmâa Resmouki President International Federation of Accountants (IFAC) → 16

Message from SAFA President It is heartening to know that the Institute of Chartered Accountants of Bangladesh is entering its 50th year of glorious existence and celebrating a golden jubilee. It is further pleasing to note that ICAB will unveil a commemorative Golden Jubilee Logo to mark the occasion. ICAB as the regulator of the accountancy profession in Bangladesh is working to promote and regulate high quality financial reporting and auditing in Bangladesh, to develop and maintain the competence of professional accountants and to enhance the reputation of the accounting profession. This remarkable milestone gives me even more reason to express my pride in the Institute of Chartered Accountants of Bangladesh for its immense contribution to the development of accountancy in Bangladesh and the important role being played by them in South Asian Federation of Accountants as one of its most active members. ICAB has been associated with SAFA as one of its founding members since 1984 and has been actively contributing to SAFA activities. Once again, I convey my best wishes to the Institute of Chartered Accountants of Bangladesh and its members on the Institute’s golden jubilee and wish the celebrations a grand success. Nihar N. Jambusaria, CA President South Asian Federation of Accountants (SAFA) 50 YEARS OF ICAB LEGACY

On behalf of the Confederation of Asian and Pacific Accountants, its member bodies, board of directors, secretariat, and myself personally, I extend my warmest congratulations to ICAB on its golden jubilee. Fifty years of steadfast commitment to the highest standards of quality, integrity, and ethical conduct in accountancy is a remarkable achievement that deserves recognition. ICAB has played a vital role in shaping the accounting profession in Bangladesh and has produced many renowned and respected chartered accountants in the country. ICAB’s tireless efforts in promoting education, research, and public service have not gone unnoticed in the Asia Pacific region. As we celebrate this milestone, we reflect on the many accomplishments of ICAB and the contributions that it has made to the profession, the business community, and indeed the nation. Your unwavering dedication to excellence and professionalism continues to inspire and be a shining example to all. Once again, my heartfelt congratulations on this momentous occasion and best wishes to ICAB for continued success in the future. Yours sincerely, (Jim Knafo) Jim Knafo President Confederation of Asian and Pacific Accountants (CAPA) Message from CAPA President → 18

50 YEARS OF ICAB LEGACY

Shubhashish Bose Chief Executive Officer (CEO), ICAB Remarks The council sincerely puts on record its gratitude and appreciation to past presidents, past council members, members of ICAB, in particular, those who extended their intellectual efforts and spared their precious hours for the Institute throughout the 50 years of its journey. The ICAB acknowledges the contribution of the respective regional committees and chapter management committees for their wholehearted support in carrying out the activities of the Institute. The council is grateful to different ministries of the government for their support to ICAB and its causes. The Ministry of Commerce, as the administrative ministry of ICAB extended its full cooperation in materialising ICAB’s role with professional dignity as a regulatory body. The council is also thankful to the Ministry of Finance for extending support towards ICAB in relevant professional issues. The council acknowledges the guidance and patronisation of the Financial Reporting Council (FRC) to bring about dynamism in the auditing and accounting profession. ICAB looks forward to working with FRC more closely in the coming days. ICAB Council is thankful to the National Board of Revenue (NBR), Bangladesh Bank (BB), and signing Memorandum of Understanding (MoU) on Document Verification System (DVS) with Taxes and VAT wing of NBR and BSEC and the initiative of Bangladesh Bank for implementation of DVS in the banking sector is a milestone in the mission to ensure financial discipline in the country → 20

Bangladesh Securities Exchange Commission (BSEC), BIDA, RJSC, MRA and ACRAB for their wholehearted association with ICAB throughout the years. Particularly, signing Memorandum of Understanding (MoU) on Document Verification System (DVS) with Taxes and VAT wing of NBR and BSEC and the initiative of Bangladesh Bank for implementation of DVS in the banking sector is a milestone in the mission to ensure financial discipline in the country and achieving sustainable economic development as a whole. ICAB Council would like to take this opportunity to convey its gratitude to the Local Government Division of the Ministry of Local Government, Rural Development & Co-operatives (MOLGRD & C) for maintaining an effective alliance with ICAB regarding Annual External Audit, reviewing the Annual report submitted by Audit firms, Performance Assessment and Fiduciary & Safeguard Compliance Assessment of Union Parishads under the Local Government Division (LGD) and Local Governance Support Project (LGSP)-III. The council sincerely recognises continuous support and cooperation from the Office of the Comptroller and Auditor General (OCAG), DSE, CSE, IDRA, RAJUK, professional institutions and other government and nongovernment organisations (NGOs) and wishes to contintue to work together. ICAB Council acknowledges the mutual cooperation and guidance of the International Federation of Accountants (IFAC), Confederation of Asian & Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA), IFRS Foundation, CAW along with other Regional Professional Institutes. ICAB Council also sincerely expresses its thanks to the World Bank for cooperation with ICAB in different development projects over the years. The Institute also remains thankful to its international partners i.e. Institute of Chartered Accountants in England and Wales (ICAEW), Chartered Institute of Public Finance and Accountancy (CIPFA) UK, Certified Practising Accountant (CPA) Australia and Chartered Accountants Australia and New Zealand (CAANZ) for working together with ICAB for capacity building and development of the profession as a whole. The council gratefully acknowledges the cordial cooperation of esteemed public and private universities for endorsing memoranda of understanding and mutual recognition agreement to inspire the scope of professional education in the country. 50 YEARS OF ICAB LEGACY

Acknowledgements Advisory Committee ABM Azizuddin FCA AKM Rafiqul Islam FCA ASM Nayeem FCA Mohammed Humayun Kabir FCA Dewan Nurul Islam FCA Chair, Editorial Board Parveen Mahmud FCA Editorial Board N.K.A. Mobin FCA Akhtar Sanjida Kasem FCA Shama Rukh Alam FCA Content Development Gopal Chandra Ghosh FCA Md Rokonuzzaman FCA ICAB publication team Photographs ICAB archives ICAB members personal collections Coordinating Team Mahbub Ahmed Siddique FCA Abu Taher Md. Abdullah Al Mamun First Edition September 2023 © The Institute of Chartered Accountants of Bangladesh Editing and Design: Omnispace Printing: Dominant Printing House Published by The Institute of Chartered Accountants of Bangladesh (ICAB) 100 Kazi Nazrul Islam Avenue, Dhaka 1215, Bangladesh Phone: +880-2-9117521, 9115340, 9137847; Fax: +880-2-9125266; E-mail: [email protected]; Website: www.icab.org.bd → 22

Legacy of ICAB: Journey of Excellence President of the Institute of Chartered Accountants of Bangladesh (ICAB) Md. Shahadat Hossain FCA unveiled the special logo marking ICAB’s 50th anniversary at the CA Bhaban on Monday, 31 January 2022. ICAB Vice Presidents NKA Mobin and Fouzia Haque, Chief Executive Officer Shubhashish Bose, Chief Operating Officer Mahbub Ahmed Siddique and other ICAB officials were present. It was announced at the programme that 6 January 2023 would be observed as a Chartered Accountants Day. The Institute of Chartered Accountants of Bangladesh was established by a presidential order which was promulgated by the Government of Bangladesh on 6 January 1973 under Bangabandhu Sheikh Mujibur Rahman’s directives. Milestones along ICAB’s journey of 50 years: fi The Institute of Chartered Accountants of Bangladesh (ICAB) established 1972 fi Government forms ad-hoc committee with 14 members to drafi CA ordinance and by-laws to form a legal structure for ICAB fi Formal general meeting of all the accountancy professionals in the country held to form a professional body and adopt the constitution fi First post-independence Congress of Chartered Accountants at Red-Cross Building, Motijheel C/A, Dhaka fi Ministry of Commerce, GoB, forms first council with 12 members fi The first official council meeting of the proposed Institute of Chartered Accountants of Bangladesh fi Drafi ICAB constitution considered at second meeting of the council at Hotel Purbani, Dhaka fi Drafi ordinance prepared and placed before ad-hoc committee for approval fi Ad-hoc committee approves ordinance and forwards to the government fi First ICAB examinations, both intermediate and final, are held fi First committee of Chattogram Regional Committee (CRC) of ICAB formed 1974 fi First ICAB secretariat established at Red-Cross Building, Motijheel C/A, Dhaka 1977 fi ICAB becomes a founding member of International Federation of Accountants (IFAC) fi Quarterly journal ‘The Bangladesh Accountant’ launched 1973 fi Institute of Chartered Accountants of Bangladesh Ordinance, 1973, promulgated by the president (PO 2, 1973) being advised by the Prime Minister of Bangladesh, Father of the Nation Bangabandhu Sheikh Mujibur Rahman 50 YEARS OF ICAB LEGACY

1978 fi ICAB allotted 10 kathas (16.5 decimals) at Kawran Bazar, Dhaka 1979 fi Construction of CA Bhaban begins 1980 fi CA Bhaban inaugurated 1983 fi ICAB introduces correspondence course 1984 fi ICAB members’ corner opens its doors 1985 fi ICAB participates at 1st SAFA International Conference in Sri Lanka fi First Dhaka Regional Committee (DRC) of ICAB formed 1986 fi First revision of CA syllabus under a UNDP project 1987 fi CA students hostel established 1988 fi Bangladesh CA Chhatra Parishad (BCACP) established fi 3rd SAFA International Conference held in Dhaka for the first time fi M Yunus FCA elected president of SAFA 1989 fi ICAB gets first female CA (Suraiya Zannath Khan) 1990 fi ICAB forms UK Chapter Management Committee fi Computer lab inaugurated under UNDP project 1992 fi ICAB gets first practicing female member (Akhtar Sanjida Kasem) fi First female qualified chartered accountant from Chattogram region (Yesmin Sabder Ali) 1994 fi First Corporate CFO (Shama Rukh Alam) fi First foreign member inducted as ICAB member (Shama Rukh Alam) 1995 fi Jamal Uddin Ahmad FCA, becomes president of SAFA 1996 fi Committee for Professional Development for Women (CPDW) formed 1997 fi ICAB auditorium inaugurated fi World Bank project ‘Development of Accounting and Auditing Standards in Bangladesh’ launched with Gopal Chandra Ghosh FCA as project director 2001 fi Introduced national award for best presented annual reports 2002 fi ICAB forms North American Chapter (NAC) fi Zahir Uddin Ahmad elected as president of SAFA 2004 fi CA Bhaban re-modelled fi Quality Assurance Board (QAB) formed 1999 fi Foundation course introduced → 24

16 December 2016 ICAB Dhaka Regional Committee (DRC) were accorded houour with crest of four Chartered Accountants who are also Freedom Fighters. A prgramme ‘ Discussion on Liberation War and Honor to the Freedom Fighters’ at CA Bhaban. LEGACY OF ICAB: JOURNEY OF EXCELLENCE I 50 YEARS OF ICAB LEGACY

2007 fi ICAB signs twinning project with ICAEW fi ICAB central library inaugurated fi ICAB gets first female council member (Parveen Mahmud) 2008 fi ICAB launches new website fi MPA with CPA Australia signed fi ICAB gets first female vice president (Parveen Mahmud) fi ICAB Quality Assurance Department (QAD) established 2009 fi ICAB Information Systems launched fi ICAEW Pathway Membership Agreement completed fi Sheikh A. Hafiz FCA elected as president of SAFA 2010 fi CRC office shiffed to HBFC Building in Agrabad, Chattogram fi ICAB introduces new curriculum aligned with ICAEW 2011 fi ICAB gets first female president (Parveen Mahmud) fi First female SAFA board member (Parveen Mahmud) fi First RSS conference held in Bangladesh fi First Integrated Workshop held and GRI MOU signed fi International conference held in Chattogram 2014 fi ICAB signs copyright agreement with IFRS Foundation in London, UK 2015 fi Training wing renamed as ‘ICAB Centre for Professional Excellence’ fi Agreement for developing ERP soffware signed fi ICAB Asia Pacific (ASPAC) Chapter formed fi From Bangladesh, Parveen Mahmud becomes first vice president of Women Leadership Committee (WLC), SAFA 2016 fi WB’s presentation on ROSC 2014 Updates – recognises ICAB progress fi UK Chapter silver jubilee celebration 2017 fi First International CFO conference held in Dhaka fi IFAC CEO and IASB Chairman visit ICAB and join CFO conference fi Copyright agreement with IAASB, IFAC signed fi Copyright agreement with IFRS Foundation renewed → 26

08 March 2014 Mr. Tofail Ahmed, MP, Honourable Commerce Minister, Government of Bangladesh inaugurated the newly renovated 8th floor of the CA Bhaban where President, Vice Presidents and Council Hall are housed. ICAB President Mr. Showkat Hossain FCA, Past Presidents and Council Members of the Institute were present. LEGACY OF ICAB: JOURNEY OF EXCELLENCE I 50 YEARS OF ICAB LEGACY

fi MoU signed between ICAB and CIPFA on Pathways Membership fi ASM Nayeem FCA elected president of SAFA and Mahbub Siddique assumes office of SAFA executive secretary fi CIPFA, UK recognises ICAB Membership fi ICAB president participates in first council meeting of FRC Bangladesh fi First student summit held on 'Chartered Accountancy: Pathway to Business Leadership' fi ICAB becomes member of Chartered Accountants Worldwide (CAW) fi First jury board formed for RCPAR fi ASPAC executive committee formally established fi Introduction of ICAB new curriculum fi Women in leadership committee launched, as ICAB’s women membership climbs above 100 2018 fi Introduction of new academic curriculum in line with ICAEW syllabus fi Membership Pathways agreement between ICAB and CPA Australia fi Received allotment of 20 Kathas (33 decimals) in Purbachal, Dhaka fi First female DRC member (Anika Sultana) elected fi ICAB gets the youngest council member and second female council member (Maria Howlader) 2019 fi ICAB introduces English communication course for CA Students fi 5th floor of CA Bhaban renovated to house secretariat and exam department fi Maria Howlader elected as chair of WLC, SAFA 2020 fi Started online classes, examinations, CPD, and official meetings fi Document Verification System (DVS) developed and launched fi CA Club established fi First AGM of ICAB Members’ Welfare Foundation (IMWF) held fi Introduction of audit practice soffware for CA Firms in Bangladesh fi Birth centenary of Bangabandhu Sheikh Mujibur Rahman observed fi Introduction of chief executive officer (CEO) replacing secretary along with the introduction of new position of chief operating officer (COO) fi Two female members get elected to the council (Fouzia Haque and Maria Howlader) → 28

2021 fi ICAB celebrates Independence Day and Golden Jubilee of Independence of Bangladesh fi MoU signed between ICAB and CA ANZ fi 11 automation projects launched fi ‘Quard-E-Hasana’ project inaugurated to offer interest free study loan to CA students fi Research based journal ‘Bangladesh Economia’ launched fi Introduced second tier qualifications (RAT & CAP) in line with ICAEW fi Pre-articled students (PAS) programme launched fi First female elected member of Chattogram Regional Committee Naznin Sultana 2022 fi ICAB Rajshahi regional office inaugurated fi ICAB Rangpur regional office inaugurated fi ETV launches programme on CA career talks fi 50-year anniversary logo unveiled fi ICAB participates in Ekushey Boi Mela at Bangla Academy fi Modified CA Order 1973 (Draff) submitted to commerce ministry fi SAFA International Conference held in Dhaka 2023 fi 50th anniversary celebration programmes launched LEGACY OF ICAB: JOURNEY OF EXCELLENCE I 50 YEARS OF ICAB LEGACY

1.1 Chartered accountancy in Bangladesh Under the leadership of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, Bangladesh emerged as a sovereign country on 16 December, 1971, proudly with its Red and Green. The country paid a heavy price for its freedom. Not only were three million people martyred in the 9-month Liberation War against the Pakistani occupation army, but hundreds of thousands of women also sacrificed their honour, with ten million people who were forced to flee their homes and seek refuge in India, besides of course the millions who were internally displaced. Independent Bangladesh adopted the Companies Act of 1913 with laws requiring publicly listed companies to be audited. But there were no professional accountancy bodies. Subsequently, the Institute of Chartered Accountants of Bangladesh (ICAB) was established through a presidential order (PO 2 of 1973, the Bangladesh Chartered Accountants Order). Since the beginning of its journey, ICAB has been contributing to the economy, governance, transparency and accountability. The Institute has been an active partner in nation building even as it strived to forge new paths towards professional excellence. 1.2 Establishing a professional body The professional accounting community in the newly liberated Bangladesh looked forward to having their own platform and an appropriate legal framework endorsing it as such. Just two weeks after the liberation of Bangladesh, on January 1, 1972, A. Qasem FCA, along with Mohammad Saifur Rahman FCA and Md Mufazzal Hussain Chowdhury FCA, called on Mustafizur Rahman Siddiqi FCA who was the Minister for Commerce CHAPTER I Emergence of ICAB The Press Information Department of Pakistan announces in 1953 the induction of a new batch of FCAs that include Abul Qasem and Matiul Islam, both of whom went on to become founding members of the Institute of → 30 Chartered Accountants of Bangladesh.

and Foreign Trade in the first Bangabandhu Cabinet, at his office and discussed the formation of a professional body of accountants. Accordingly, the government formed a 14-member ad-hoc committee comprising Bengali chartered accountants with A. Qasem FCA elected as president at the first meeting of this committee. The committee worked ceaselessly to create a new Institute in Bangladesh and drafted an ordinance and a set of by-laws. These pioneering individuals, all members of the Institute of Chartered Accountants of Pakistan (ICAP), together with the ICAP Dacca Regional Committee set out to establish a regulatory body of the accounting profession in Bangladesh. Table 1: Ad-hoc Committee of 14 members 1 A. Qasem 2 Mufazzal Hussain Chowdhury 3 Md. Jainul Abedin 4 Zahir Uddin Ahmed 5 Md. Anowar Hossain Miah 6 Muhammad Masihur Rahman 7 Muzaffar Ahmed 8 Mohammad Saifur Rahman 9 Kazi Kamrul Hoda 10 Mohammad Yunus 11 Kamal Ziaul Islam 12 AKM Rafiqul Islam 13 M A Quader Kabir 14 Abul Khair Chowdhury The ICAB founders continued to serve the Institute with dedication and commitment, which becomes evident from the fact that 12 out of those 14 went on to become presidents of ICAB. 1.3 First ICAB council The idea of forming a professional body was reaffirmed by A. Qasem FCA who was then chairman of the ICAP Dhaka Regional Committee, at the first post-independence congress of chartered accountants held in March 1972. The proposal received unanimous support as expected. A constitution of the proposed body was drafted followed by efforts to implement it fully. On 27 March, 1972, the Ministry of Trade and Commerce formed the first council of ICAB with the following members and nominated as office bearers: Table 2: First ICAB Council (1972- 73) 1 Abul Qasem President 2 Zahir Uddin Ahmed Vice President 3 Mohammad Saifur Rahman Vice President 4 Mufazzal Hussain Chowdhury Member 5 Syed-uz-Zaman Member 6 Muhammad Masihur Rahman Member 7 Nur Mohammad Howladar Member 8 Muzaffar Ahmed Member 9 Kazi Kamrul Hoda Member 10 Md Yunus Member 11 Kamal Ziaul Islam Member 12 Amar Chakrabarty Member 13 AKM Rafiqul Islam Member 14 AKM Mosharraf Hussain Member 15 M A Quader Kabir Member 16 Abul Khair Chowdhury Member 17 Md. Anowar Hossain Miah Member 18 Jamal Uddin Ahmad Member EMERGENCE OF ICAB I 50 YEARS OF ICAB LEGACY

The draft constitution was considered at the second meeting in May 1972 at Hotel Purbani, Dhaka. The deliberations at the meeting resulted in a decision to hold a formal general meeting of all the professional accountants in Bangladesh in July 1972 to form a professional body and adopt the constitution. In the meantime, A. Qasem FCA had resigned from the ad-hoc committee. During this time, the ad-hoc committee had formed a sub-committee to draft an ordinance and by-laws of the proposed Institute, and appointed Md Mufazzal Hussain Chowdhury as chair. He was also authorised to look after the day-to-day affairs of the proposed Institute. The new chair, Mufazzal Hussain FCA, received considerable assistance from Rafiqul Islam FCA and A.K Chowdhury FCA in drafting the ordinance and by-laws. They also benefited from valuable advice of Rezaur Rahman FCA who had settled in London after his escape from Pakistan in October 1971, but visited Bangladesh occasionally. The sub-committee made a number of amendments to the ICAP Ordinance of 1961 and the by-laws, inserting new provisions, deleting some and amending a few others. A few of those are: I. A provision stating that after expiry of the term of the third council, power of the government to nominate council members will cease automatically II. Empowering the council solely to frame, re-frame, cancel or amend the by-laws without prior or subsequent approval of the government III. Requiring private limited companies to appoint auditors only from members of the ICAB IV. Requiring ICAB members to practise management consultancy only with its existing practices by providing a new definition of the word “practice”. The old law allowed management consultancy by formation of a company with unlimited liability V. Requiring a member intending to practise to be engaged the whole time in his practice either as a sole proprietor or as a partner VI. Forbidding members to become partners in more than one firm VII. Prohibiting members to be in full time employment and at the same time be engaged in practice VIII. Requiring ICAB members not to charge premium for engaging an article clerk IX. Deleting the provision of engaging audit clerks X. Changing the designation of article clerk to article student XI. Allowing formation of association by article students only under the supervision of the council, and XII. A new schedule titled Schedule D regarding ethical requirements for practice of management consultancy The constitution was signed at a meeting of chartered accountants in July 1972, which was also attended by scholars and academic heads of universities. The formal adoption of the constitution culminated into the formation of the Institute of Chartered Accountants of Bangladesh (ICAB). It was resolved: That the Bangladeshi accountancy professionals who are signatories to the Constitution of the The Institute of Chartered Accountants of Bangladesh (ICAB) hereby collectively agree to establish and maintain the said Institute with the objectives, powers, membership and obligations of membership set out therein. The draft was ready by September 1972 and placed before the ad-hoc committee for approval. The visionary congregation of the accountancy professionals of Bangladesh appended their signatures to the proposed constitution endorsing the formation of the Institute. Soon, the committee approved and sent the draft ordinance and by-laws to the commerce minister, who in turn secured the approval of the Ministry of Law and Parliamentary Affairs, and submitted it to the president. Bangabandhu Sheikh Mujibur Rahman, in January 1973, promulgated the ordinance and the by-laws, thereby formalising the Institute of Chartered Accountants of Bangladesh Ordinance in 1973. Thus ended the function of the ad-hoc committee. → 32

In this connection, the Institute remembers with deep gratitude the role of M.R. Siddiqui FCA who was instrumental in convincing the government to establish ICAB quickly. The Institute also gratefully acknowledges the secretarial support provided by Duncan Brothers (Bangladesh) Ltd. at that time. 1.4 First premises The ad-hoc committee worked out of a one-room office rented at the Red Cross Building in Motijheel. It was earlier the office-cum-library for the Dhaka Regional Committee of ICAP. ICAB first started working out of the same office. In June 1972, M. Yunus, who was an ICAP Assistant Secretary and managed to escape from Karachi, Pakistan joined the proposed Institute, and became the first secretary of ICAB. Md Jainul Abedin had a 1,700sft office space on the 4th floor of Karim Chamber in Motijheel Commercial Area. In 1977, he gave up about half of that space to house ICAB. The ICAB secretariat functioned from there until it was shifted to ICAB’s own building at Kawran Bazar in 1983. The library, however, remained at the Red Cross Building. While most of the founding members rendered invaluable services to the Institute, ICAB must especially acknowledge N. M. Howlader FCA who used to come regularly to the new office at Karim Chamber at 7am in the morning and work diligently for 3-4 hours on various matters of the Institute. The Institute also expresses gratitude to the young Bangladesh government for providing generous grants and assistance to ICAB to sustain and improve the quality of education and training of the members as well as that of their article students. 1.5 First exam Besides reorganising the training facilities for the articled students in the newly emerged Bangladesh, the Institute was faced with the additional challenge of finding suitable placement opportunities for Bengali articled students returning from West Pakistan, so that they would not lose out on their period of articleship. The ad-hoc committee of proposed ICAB was faced with a further challenge of regularising and recognising the then East Pakistani examinees who had participated and passed in half-yearly examinations under ICAP during the Liberation War in 1971, and those students who were entitled to but could not or did not appear at the examinations during this turbulant period. The committee faced another serious problem in conducting the examinations which were due in May 1972. Still without adequate staff and necessary facilities, still without any experience and required examiners and question setters, without examination centres, the Institute was in a very difficult situation. But it was eventually overcome, thanks to the untiring efforts of its members. The first examinations under the auspices of ICAB, both intermediate and final, were held in August 1972. The first elected president of the Institute M. H. Chowdhury, along with other senior members, undertook the responsibility of holding CA examinations regularly. The dedication of the founding leaders was extraordinary to say the least. They often worked days and nights at the president’s residence to complete exam requirements like moderation and tabulation. 1.6 ICAB formation The Bangladesh Chartered Accountants Order was promulgated on 6 January 1973 to establish the Institute of Chartered Accountants of Bangladesh (ICAB) for regulating chartered accountants and matters connected therewith within three weeks of its birth. Clause 23(1) of the order unequivocally delegated the power to the Institute to regulate, award degrees, diplomas or certificates and represent the accountancy profession in the country. In clause 32 it was provided that: “No person shall be appointed as auditor of any company unless he is a Chartered Accountant within the meaning of the Bangladesh Chartered Accountants Order 1973.” With the promulgation of this order, the Institute achieved formal and legal status for itself, its members, and the accountancy profession in Bangladesh. EMERGENCE OF ICAB I 50 YEARS OF ICAB LEGACY

1.7 The pioneers In 1972, the proposed Institute had only 78 members. After the official formation of ICAB, it granted membership to all ICAP members present in Bangladesh who had applied. The founder members of ICAB according to the time of enrolment are listed in table 3. 1.8 First elected council (1973-76) The ad-hoc committee held an election to its council after the formation of ICAB. In its first meeting, the council unanimously elected Md Mufazzal Hussain Chowdhury as the first president. Since then, the ICAB has continued to grow to the position where it is today under the competent guidance, wisdom and diligent work of all the presidents and the councils. Syed-uz-Zaman ICAB Enrl No. 01 ICAP Membership 1948 ICAP Enrl No. 21 A. Qasem ICAB Enrl No. 02 ICAP Membership 1953 ICAP Enrl No. 42 Ali Hossain ICAB Enrl No. 03 ICAP Membership 1954 ICAP Enrl No. 48 Joachim Andew Gomes ICAB Enrl No. 04 ICAP Membership 1955 ICAP Enrl No. 58 Md Mufazzal Hussain Chowdhury ICAB Enrl No. 05 ICAP Membership 1955 ICAP Enrl No. 60 Muhammad Masihur Rahman ICAB Enrl No. 06 ICAP Membership 1958 ICAP Enrl No. 84 Sahebzada Syed Fariduddin Ahmed ICAB Enrl No. 07 ICAP Membership 1958 ICAP Enrl No. 86 AHM Mustafizur Rahman Siddiqui ICAB Enrl No. 08 ICAP Membership 1958 ICAP Enrl No. 90 Table 3: Founding Members of Institute of Chartered Accountants of Bangladesh → 34

Md Jainul Abedin ICAB Enrl No. 09 ICAP Membership 1958 ICAP Enrl No. 93 Zahir Uddin Ahmed ICAB Enrl No. 10 ICAP Membership 1958 ICAP Enrl No. 99 Rezaur Rahman ICAB Enrl No. 11 ICAP Membership 1959 ICAP Enrl No. 106 Ata Uddin Khan ICAB Enrl No. 12 ICAP Membership 1959 ICAP Enrl No. 114 Md Anowar Hossain Miah ICAB Enrl No. 13 ICAP Membership 1959 ICAP Enrl No. 121 Noor Mohammad Howlader ICAB Enrl No. 14 ICAP Membership 1955 ICAP Enrl No. 58 Shamsul Alam ICAB Enrl No. 15 ICAP Membership 1961 ICAP Enrl No. 174 Md Muzaffar Ahmed ICAB Enrl No. 16 ICAP Membership 1961 ICAP Enrl No. 175 Kazi Kamrul Hoda ICAB Enrl No. 17 ICAP Membership 1962 ICAP Enrl No. 179 Mohammad Saifur Rahman ICAB Enrl No. 18 ICAP Membership 1962 ICAP Enrl No. 196 Jamal Uddin Ahmad ICAB Enrl No. 19 ICAP Membership 1962 ICAP Enrl No. 197 Md. Yunus ICAB Enrl No. 20 ICAP Membership 1963 ICAP Enrl No. 211 EMERGENCE OF ICAB I 50 YEARS OF ICAB LEGACY

Aftab Uddin Ahmed ICAB Enrl No. 21 ICAP Membership 1963 ICAP Enrl No. 212 M Mosleh Uddin ICAB Enrl No. 22 ICAP Membership 1963 ICAP Enrl No. 236 Masihur Rahman ICAB Enrl No. 23 ICAP Membership -- ICAP Enrl No. -- Kamal Ziaul Islam ICAB Enrl No. 24 ICAP Membership 1964 ICAP Enrl No. 242 Abul Basher Chowdhury ICAB Enrl No. 25 ICAP Membership 1964 ICAP Enrl No. 243 Muffazzal Ali Mallik ICAB Enrl No. 26 ICAP Membership 1964 ICAP Enrl No. 249 Amar Chakrabarty ICAB Enrl No. 27 ICAP Membership 1964 ICAP Enrl No. 258 Hari Sadan Dhar ICAB Enrl No. 28 ICAP Membership 1964 ICAP Enrl No. 259 Mozer Abed Vasi ICAB Enrl No. 29 ICAP Membership 1964 ICAP Enrl No. 271 A K M Rafiqul Islam ICAB Enrl No. 30 ICAP Membership 1965 → 36 ICAP Enrl No. 318

Mohammed Toha ICAB Enrl No. 31 ICAP Membership 1965 ICAP Enrl No. 321 MG Sobhan ICAB Enrl No. 32 ICAP Membership 1965 ICAP Enrl No. 322 Anisuzzaman Chowdhury ICAB Enrl No. 33 ICAP Membership 1965 ICAP Enrl No. 323 Md. Abdul Malek ICAB Enrl No. 34 ICAP Membership 1966 ICAP Enrl No. 332 Kazi Romanuddin Ahmed ACA ICAB Enrl No. 35 ICAP Membership 1966 ICAP Enrl No. 337 Syed Fazle Ali ICAB Enrl No. 36 ICAP Membership 1966 ICAP Enrl No. 345 AKM Mosharaf Hosain ICAB Enrl No. 37 ICAP Membership 1966 ICAP Enrl No. 353 Kazi Aminul Huque ICAB Enrl No. 38 ICAP Membership 1966 ICAP Enrl No. 366 Nazrul Islam ICAB Enrl No. 39 ICAP Membership 1967 ICAP Enrl No. 373 Kazi Mesbahul Alam ICAB Enrl No. 40 ICAP Membership 1967 ICAP Enrl No. 374 Abdul Hafiz Choudhury ICAB Enrl No. 41 ICAP Membership 1967 ICAP Enrl No. 379 Md Sohi Khan ACA ICAB Enrl No. 42 ICAP Membership 1967 ICAP Enrl No. 398 EMERGENCE OF ICAB I 50 YEARS OF ICAB LEGACY

Beg Mohammed Nurul Azim ICAB Enrl No. 43 ICAP Membership 1967 ICAP Enrl No. 401 Mohammad Ali Mozumder ICAB Enrl No. 44 ICAP Membership 1967 ICAP Enrl No. 404 Md. Abdus Sattar ICAB Enrl No. 45 ICAP Membership 1967 ICAP Enrl No. 412 ABM Azizuddin ICAB Enrl No. 46 ICAP Membership 1967 ICAP Enrl No. 418 M A Quader Kabir ICAB Enrl No. 47 ICAP Membership 1967 ICAP Enrl No. 428 Abdul Wahab ICAB Enrl No. 48 ICAP Membership 1968 ICAP Enrl No. 446 Md Obaidur Rahman ICAB Enrl No. 49 ICAP Membership 1968 ICAP Enrl No. 452 Manir Uddin Ahmad ICAB Enrl No. 50 ICAP Membership 1968 ICAP Enrl No. 462 Abdur Rouf Bhuiya ICAB Enrl No. 51 ICAP Membership 1968 ICAP Enrl No. 476 Abul Khair Chowdhury ICAB Enrl No. 52 ICAP Membership 1969 ICAP Enrl No. 507 → 38

Anil Chandra Nath ICAB Enrl No. 53 ICAP Membership 1969 ICAP Enrl No. 508 Tarik Rezaur Rahman ICAB Enrl No. 54 ICAP Membership 1969 ICAP Enrl No. 519 Mohammed Nurul Islam ICAB Enrl No. 55 ICAP Membership 1969 ICAP Enrl No. 545 Amanullah Khan ICAB Enrl No. 56 ICAP Membership 1969 ICAP Enrl No. 547 Badrul Alam ICAB Enrl No. 57 ICAP Membership 1970 ICAP Enrl No. 566 Rasharaj Chakraborty ICAB Enrl No. 58 ICAP Membership 1970 ICAP Enrl No. 574 Badrul Ahsan ICAB Enrl No. 59 ICAP Membership 1970 ICAP Enrl No. 576 Abu Nasar Altaf Hussain Siddiqui ICAB Enrl No. 60 ICAP Membership 1970 ICAP Enrl No. 578 MA Taleb Talukder ICAB Enrl No. 61 ICAP Membership 1970 ICAP Enrl No. 599 Md Matiul Islam ICAB Enrl No. 62 ICAP Membership 1970 ICAP Enrl No. 599 Syed Fazlul Haque ICAB Enrl No. 63 ICAP Membership 1970 ICAP Enrl No. 604 Md Abdul Majid ICAB Enrl No. 64 ICAP Membership 1970 ICAP Enrl No. 607 EMERGENCE OF ICAB I 50 YEARS OF ICAB LEGACY

Nasir Mohammed ICAB Enrl No. 65 ICAP Membership 1970 ICAP Enrl No. 617 ASM Ataul Karim ICAB Enrl No. 66 ICAP Membership 1970 ICAP Enrl No. 618 Mohammed Abul Fazal ICAB Enrl No. 67 ICAP Membership 1970 ICAP Enrl No. 620 Kazi Zahirul Kabir ICAB Enrl No. 68 ICAP Membership 1970 ICAP Enrl No. 621 Md Ashraful Haque ICAB Enrl No. 69 ICAP Membership 1970 ICAP Enrl No. 626 Abdul Khaleque ICAB Enrl No. 70 ICAP Membership 1970 ICAP Enrl No. 634 Md. Motlebur Rahman ICAB Enrl No. 71 ICAP Membership 1970 ICAP Enrl No. 636 MA Quadir Mollah ICAB Enrl No. 72 ICAP Membership 1971 ICAP Enrl No. 647 Abul Kashem ICAB Enrl No. 73 ICAP Membership 1971 ICAP Enrl No. 644 Mohammad Nabiullah ICAB Enrl No. 74 ICAP Membership 1971 → 40 ICAP Enrl No. 646

13. Ford, Rhodes, Robson, Morrow 14. H S Dhar & Co. 15. Hoda Vasi Chowdhury & Co. (successor to A F Ferguson & Co.) 16. Howlader Mahfel Huq & Co. 17. Howlader Yunus & Co. 18. Hussain & Company 19. Hyder Bhimji & Co. 20. J A Gomes & Co. 21. K M Alam & Co. 22. K. Z. Kabir & Co. 23. Khan & Co. 24. Khan, Wahab & Co. 25. M A Jalil & Co. 26. M J Abedin & Co. (successor to A G Merchant & Co.) 27. M M Rahman & Co. Md Shahidullah Patwary ICAB Enrl No. 75 ICAP Membership 1971 ICAP Enrl No. 648 Dewan Syed Mohidur Reza ICAB Enrl No. 76 ICAP Membership 1971 ICAP Enrl No. 655 Md Mushtaque Ahmed ICAB Enrl No. 77 ICAP Membership 1971 ICAP Enrl No. 659 Khorshed Alam ICAB Enrl No. 78 ICAP Membership 1971 ICAP Enrl No. 660 Main Uddin Ahmed ICAB Enrl No. 79 ICAP Membership 1971 ICAP Enrl No. 663 Md. Nurul Islam Mia ICAB Enrl No. 80 ICAP Membership 1970 ICAP Enrl No. -- 1.9 Pioneering firms of Bangladesh As per the records of the Institute, there were 48 firms listed with the ICAB at its inception that were allowed to practice. This section lists them in alphabetic order. 1. A Qasem & Co. 2. A Wahab & Co. 3. Abdul Khaleque & Co. 4. Aftab Ahmed & Co. 5. Akbar G. Merchant & Co. 6. Ali Zahir & Co. 7. Andrew Gomes & Co. 8. Ata Khan & Co. 9. Badrul Ahsan & Co. 10. Basu Banerjee & Co. 11. Chakraborty & Co. 12. Feroze Sharif & Co. Md. Mufazzal Hussain Chowdhury FCA First Elected President of ICAB EMERGENCE OF ICAB I 50 YEARS OF ICAB LEGACY

28. M. A. Fazal & Co. 29. M. A. Malek & Co. 30. M. Ahmed & Co. 31. M. Ali & Co. 32. M. G. Sobhan & Co. 33. M. N. Islam & Co. 34. M.N. Yunus & Co. Mufazzal Ali Mallick & Co. 35. Mirza M. Hussain & Co. 36. N. Islam & Co. 37. N. M. Howladar & Co. 38. Nasim, Hussain, Abdul & Co. 39. Rahim Jan & Co. 40. Rahman Rahman Huq. 41. Reddy Siddique & Co. 42. S A Zaman & Co. 43. S F Ahmed & Co. 44. Sattar & Company 45. Shaha & Majumder 46. Shahid Ahmed & Co. 47. Z U Ahmed & Co. 48. Zahir Ahmed & Co. 1.10 Salute to our heroes This section is a brief account of chartered accountants who were at the frontline from even before Bangladesh was born. Mustafizur Rahman Siddiqi FCA Mustafizur Rahman Siddiqi served as the Minister for Commerce and Foreign Trade of the first Bangabandhu cabinet in independent Bangladesh. M.R. Siddiqui was elected to the Pakistan National Assembly in 1962 as an independent candidate. In 1964, he joined the Awami League and was elected as treasurer of the central committee. Besides, he was the president of Awami League’s Chittagong district unit from 1964 to 1972. He was elected a member of the Pakistan National Assembly as a candidate of Awami League in 1970. In 1971, Siddiqui was the president of Chittagong district unit of Awami League and convenor of Chittagong District Action Committee. He played the role of an organiser in resisting the Pakistani occupation army in Chittagong. He helped establishing the Swadhin Bangla Betar Kendra. After the formation of Mujibnagar Government on 17 April 1971, he was appointed chairman of the Eastern Zonal Command. In July, he visited the US as a representative of Mujibnagar Government to mobilise public opinion abroad in favour of the Bangladesh Government in exile. → 42

As patriotic citizens, many chartered accountants and accountancy students took part in the Language Movement and Liberation War. Our community expressed solidarity with the movement, and took part in the Liberation War. Abul Qasem and KM Alam (above) march in a procession demanding Bengali as a state langauge during the Language Movement. Abul Khair Chowdhury FCA Abul Khair Chowdhury was a valiant freedom fighter and adviser to the Mujibnagar Government in 1971, a founding council member, president of the Institute of Chartered Accountants of Bangladesh (ICAB), and managing partner of Hoda Vasi Chowdhury & Co. He served the government in exile (April-December, 1971) as the lone financial advisor from the private sector. He served in different capacities of Bangladesh government and financial Institutes. His roles included those of the founding vice president of Chittagong Stock Exchange (CSE) in 1995-2000, ex-officio member of Bangladesh Securities & Exchange Commission (BSEC) Advisory Board in 2000, and honorary member of NBR’s Advisory Committee in Chittagong (1973-97). M Matiul Islam FCA The first finance secretary of Bangladesh, Matiul Islam started his career with Pakistan Civil Service in 1952. In 1972, he was appointed as the finance secretary of Bangladesh government and was assigned with the uphill task of rebuilding the financial sector and implementing the scheme for nationalisation of the banking sector. He also served as the secretary of industries, alternate executive director at the World Bank, head of UNIDO/ World Bank Cooperative Program, Vienna and country director for UNIDO, India, and also the chairman of IIDFC. EMERGENCE OF ICAB I 50 YEARS OF ICAB LEGACY

Syed Fazle Ali FCA Syed Fazle Ali paticipated in the Language Movement of 1952 and was arrested later on and imprisoned during the same time that Bangabandhu Sheikh Mujibur Rahman was imprisoned. The Language Movement catalysed the Bengali national identity in East Pakistan and became a forerunner to Bengali nationalist movements like the 6-Point Movement which eventually led to the Liberation War. In 1999 UNESCO declared 21 February as the International Mother Language Day, in recognition to the Language Movement and the ethnic linguistic rights of the people around the world. The first experience that I would like to share is how I left home to join the Mukti Bahini. I left home on 5 May, 1971, at the age of 16. I was staying with my grand parents in Nurundi of Jamalpur district and studying for my SSC examinations. In the early hours of the morning, I escaped through the back window of my grand parent’s house and met up with our group leader, ‘Karim Mama’ (Uncle Karim), to run away and join the liberation force. Karim Mama was two years older than me. But he was also a member of the Mukti Bahini. I can still almost envision the twinkling stars and excitement (and fear) that I felt that night if I close my eyes today. There were nine of us in the group. Our plan was to take a country boat and sail to Chandrakuna in Sherpur district. We started sailing and reached our destination in three hours. From there, we started walking towards the border. Our destination was the Gharohill district of Meghalaya of India. We walked for 14 hours and reached Kalapagla Bazaar on the bank of Kangsa River. This place was an important area at that time since Mukti Bahini, in collaboration with the Indian army, had freed the area for movement of refugees and freedom fighters. This was my first experience of walking for such long hours without any food. My feet had swollen, and I could not walk properly. However, I managed to walk a further 6km from there to finally reach our destination. Two hours after sunset, we reached Dhali Bazaar which was a “no-man’s land”. At the border, we were checked by the BSF and allowed to cross the border. After crossing the border, we reached Dalu Youth Camp which fell under Barenga Para Police Station where we spent the night. At the camp, I slept on the ground under the stars with only a thin blanket. The next morning, we met the camp-in-charge, Principal Motiur Rahman, and AK Gulam Kibria FCA After 50 years, it becomes difficult to put these thoughts and memories on paper in an organised manner. I hope my readers will be able to appreciate through this small anecdote the hardship and challenges we faced as well as the → 44 excitement and joy we found during those times.

Abdur Razzaque Mollah Abdur Razzaque Mollah went to India in April 1971 to join the Liberation War. He received training at different places, including a 21-days arms training, and a three-month training as wireless operator. Mollah was then sent to Banpur Border as a wireless operator, where he remained until the liberation of Bangladesh. Afterwards, on 17 December, 1971, he was sent to Jessore Cantonment on permanent duty, and was released on 31 December, 1971. He then resumed his studies and went on to qualify as a chartered accountant. As of 2023, he practices as proprietor of Razzaque & Co. A B M Hussain Ahmed FCA A B M Hussain Ahmed is a valiant freedom fighter. Having graduated out of university, he left for Karachi in West Pakistan to pursue his CA articleship. Hussain Ahmed returned to Dhaka on 6 March, 1971 to join the grand rally at Dhaka’s Race Course Ground and witnessed the historic 7th March speech of Bangabandhu. On 28 March 1971, he left Dhaka for his village home from where he went to Agartala, India, to join Mukti Bahini in Sector 2. He was close with Abul Khair Chowdhury, the finance advisor of the Mujibnagar Government, as they were both in Karachi together during their articleship. After a long and illustrious professional career spanning four decades in UAE and other countries, he permanently returned to Bangladesh in 2014, and since then (as of 2023), has been a partner at Shafiq Mizan Rahman & Augustine, Chartered Accountants. had some khichuri as breakfast. After breakfast, the principal introduced us to a subedar of East Pakistan Rifles (EPR) who was responsible to give us assignments. I would like to mention here that Principle Motiur Rahman would, later in life, serve the country as a minister of religious affairs. The subedar took us to Barengapara Police Station, 1.5km away from our camp, where we got our ration cards. Getting food even with ration cards was very difficult at that time because there were only 300 ration cards for the members of the camp, which at that time was housing more than 1,500 refugees. I spent approximately four months at that camp till September 1971. My task every day was to help new refugees get ration cards. I would collect food from government warehouses against ration cards and distribute the food among members of the camp. Dalu Youth Camp served as a transit where young members reported to get recruited into the Mukti Bahini. From there, these members would be sent to Dehradun of India’s Uttarkhand for further military training. After spending these months at the camp, I returned to Bangladesh and spent time with the Mukti Bahini at Mainkerchar in Jamalpur. There, I helped train locals in the art of guerilla warfare. The most significant operation done by my unit was to capture a group of 28 Razakars on 3 December, 1971. This group was harassing and torturing the local community and forcing them to give up their food. The local community reported their camp’s location to our unit. Our unit was armed with weapons along with 3-inch mortars and the camp was within the range of our artillery shells. Once we had the camp surrounded, the Razakars surrendered having no other option. After capturing these Razakars, we handed them over to the nearest Indian army camp. On 10 December 1971, this area became free of Pakistani occupation. As I have described before, it is easy to recount small anecdotes or reminisce about these memories and events that come in snatches and fragments. After 50 years, it becomes difficult to put these thoughts and memories on paper in an organised manner. I hope my readers will be able to appreciate through this small anecdote the hardship and challenges we faced as well as the excitement and joy we found during those times. EMERGENCE OF ICAB I 50 YEARS OF ICAB LEGACY

Abdur Razzaque Mollah FCA Abdur Razzaque Mollah went to India in April 1971 to join the Liberation War. He received training at different places, including a 21-day arms training, and a three-month training as wireless operator. Mollah was then sent to Banpur Border as a wireless operator, where he remained until the liberation of Bangladesh. Afterwards, on 17 December, 1971, he was sent to Jessore Cantonment on permanent duty, and was released on 31 December, 1971. He then resumed his studies and went on to qualify as a chartered accountant. As of 2023, he practices as proprietor of Razzaque & Co. As patriotic citizens, many other chartered accountants and accountancy students took part in the Language Movement and the Liberation War. Our community expressed solidarity with the movement, and supported the War of Liberation directly and indirectly. Haider Ahmed Khan FCA Haider Ahmed Khan is a valiant freedom fighter. He was a Secondary School Certificate (SSC) candidate in 1971 when the Liberation War broke out. He decided to respond to the call of his motherland rather than sit for the board exams. Thus, Haider Ahmed joined the Mukti Bahini, and went to Dehradun, Uttarakhand in India for a month-long training. It was not only Khan but all three of his brothers decided to serve the nation as well. Two of them were formally trained in India and the eldest, who was in a youth camp, provided assistance to Freedom Fighters. He recalls his extraordinary experience: “I was once selected as a member of a group of 11. We were assigned to attack a Pakistani military base near the Baghmara Border of India. The battle lasted for almost 12 hours starting from 4am till 4pm. The battle had a most thrilling and dramatic end. It can be said that the mission was successful with no casualty for Mukti Bahini. For the first time, I got the opportunity to conduct a mine explosion and combat the fierce Pakistani army, taking the charge of the freedom fighter camp. The whole mission was one of my most memorable, thrilling and life changing experiences.” After independence, on 16 December, 1971, he was in charge of the freedom fighter camp of Kendua Thana in Netrakona for seven days. Thereafter he resumed his studies and qualified as a chartered accountant. During his long and illustrious career spanning nearly four decades, Khan held distinguished positions in professional and trade bodies, and contributed to the development of rural primary education in Bangladesh. He also writes columns on education and economic development of Bangladesh in national dailies. → 46

1.11 ICAB DRC honours its freedom fighters Four chartered accountants, who were also freedom fighters, were accorded special houours by the ICAB Dhaka Regional Committee (DRC) on 16 December 2016 marking the 45th anniversary of our independence. They were given crests in recognition of their contribution at a programme titled ‘Discussion on Liberation War and Honour to the Freedom Fighters’ at the CA Bhaban. AK Chowdhury, former finance adviser to the Mujibnagar Government and managing partner of Hoda Vasi Chowdhury & Co, ABM Hossain Ahmed, partner of Shafique Mizan Rahman Augustine, Chartered Accountants, Abdur Razzaque Mollah, proprietor of Razzaque & Co, and Haider Ahmed Khan, proprietor of Ahmed Khan & Co, received the honours for their valiant roles in the Liberation War in 1971. AK Chowdhury was chief guest while the ceremony was attended, among others, by ICAB Vice President Mahmudul Hasan Khusru, Council Member Dewan Nurul Islam, DRC Chairman Md. Al Amin Siddiki, DRC members Muhammad Aminul Hoque, Md. Selim Reza and Ajit Kumar Paul. The members present observed one-minute silence in respect to the martyrs of the Liberation War. The speakers recalled the memories during the war and urged to build the country according to the dream of thousands of freedom fighters who sacrificed their lives for the freedom of Bangladesh. EMERGENCE OF ICAB I 50 YEARS OF ICAB LEGACY

CHAPTER 2 A brief history The accounting profession in Bangladesh has a long historic lineage starting from the British era. The Indian subcontinent emerged as two separate nations—India and Pakistan—in 1947 when the British left. Pakistan’s eastern wing was East Pakistan, one of its main provinces, which went on to become independent Bangladesh in 1971. But the history of accountancy as a profession goes further back to the mid-nineteenth century Scotland. 2.1 Origin and evolution In most countries of the world, the professional accountants are licensed and regulated by an institute of accountants. The first such regulatory body (called the Society of Accountants) was founded in Edinburgh, Scotland in 1854 followed by other provincial societies. One of such high-profile Society of Accountants in London was established in 1870, and a Society of Accountants in England was formed in 1872. As the profession was growing, all these societies felt the need to obtain a recognition from the parliament and, together, initiated a bill for the parliament. A royal charter was granted to the institute in 1880, which was signed by Queen Victoria. It was by virtue of this charter, that the professional accountants were entitled to the title of “chartered accountant”. The institute, which led the societies, emerged as the Institute of Chartered Accountants in England and Wales (ICAEW). This institute is still recognised as the oldest and most prestigious institute of chartered accountants throughout the world. 2.2 Accounting in British India (1847-1947) In the early days, accounting records consisted of lists of receipts and payments and a note of indebtedness between the parties. As businesses grew and government activities became more complex, the need arose for checking the accounting records. Thus, the first Companies Act of India was enacted in 1850, and one of its provisions required a half yearly audit and a report by auditors. Then the Companies Act of 1857 introduced the concept of limited liability. At that time, it was common practice for public companies in this sub-continent to appoint a European auditor to safeguard the interests of the European shareholders. The Indian Companies Act of 1882 required mandatory audit of financial statements of public limited companies. However, at that time, auditors were not required to be professionally qualified. Rather, lawyers were recruited as independent auditors, as researchers have documented. Subsequently, the Companies Act of 1913 required accounts to be audited by professionally qualified accountants. The government was empowered to grant auditors’ certificates and the members of the English, Scottish and Irish institutes of chartered accountants and the English Society of Incorporated Accountants and Auditors were recognised as qualified auditors. At that time, there was no provision for training or examinations for the accountants. In 1918, the Government Diploma in Accountancy was introduced in Mumbai, along with provisions for examinations and training. The Indian Accountancy Board was appointed to advise the government of India on all matters relating to accountancy during 1920’s. Prior to 1932, the government used to control the accountancy profession in British India through the Ministry of Commerce. For this purpose, the government established a small number of commercial colleges throughout British India. A few of those colleges would prepare → 48 students for an annual examination known as Government Diploma in

Accountancy (GDA) conducted by the Ministry of Commerce. A qualified GDA could practice as a public accountant. Additionally, those permitted to practise in British India were members of the Institute of Chartered Accountants in England & Wales (ICAEW), who would use the initials ACA/FCA, and designated themselves as chartered accountants. Also, members of the Society of Incorporated Accountants and Auditors (ISAA) went by the initials ASAA/FSAA, and used the designation Incorporated Accountants & Auditors. Anyone wishing to qualify in the examinations of the ICAEW would have to serve in the UK a certain number of years as an article clerk with a practising chartered accountant. On the other hand, anyone wishing to qualify in the examinations of the ISAA could serve a number of years as either an article clerk or audit clerk with a practising incorporated accountant in either British India or the UK. However, such a person would have to take part in and pass the required examinations held in the UK. In 1932, the government framed rules under Section 144 of the Companies Act, 1913 (referred to as Auditors’ Certificates Rules, 1932). In 1932, the Auditors Certificates Rules were published to regulate the profession and these rules were administered by the Department of Commerce. Thus, with a view to helping the government in discharging the necessary responsibilities, the Indian Accountancy Board was established in 1932. The objectives of the rules, broadly, were to register apprenticeships, to conduct examinations, and to control and regulate the profession of auditing. The accountancy profession was at that time being supervised and controlled by the central commerce ministry. In 1932, the government promulgated the Auditors Certificate Rules. Under the new rules, it was obligatory for article clerks to work for three years and audit clerks to work for six years under a qualified practising accountant before they were allowed to sit for the annual examinations conducted by the Ministry of Commerce. While an article clerk was required to pay non-refundable premium ranging from Rs 3,000- 4,000, an audit clerk had no such requirements. The rules recognised qualification and membership of five professional accountancy bodies within the British Commonwealth, including the ICAEW and ISAA, and permitted members of those bodies to practice accountancy in British India. Additionally, certain senior officials with requisite experience could practice after retirement. Again, anyone holding 10 years experience in Taxes Department could take the registered accountants’ examination without requiring service of article clerkship. Anyone qualifying in such examinations was designated registered accountant, and could use the initials RA and practise. The Ministry of Commerce was solely responsible for regulating the accountancy profession in British India. A Board of Accountancy, consisting of government nominated persons, advise the Ministry on matters relating to the registered accountants’ examinations etc. 2.3 Accountancy in Pakistan (1947- 1971) After independence from the British, Pakistan adopted the Auditors’ Certificates Rules 1932 with certain amendments in 1950, and this guided the auditing profession. Under the Certificates Rules, only a person who passed the registered accountants’ examinations and satisfied the practical training requirements as prescribed by the Ministry of Commerce could use the designation ‘Registered Accountant’. The Companies Act, 1913, as adopted by Pakistan, allowed only a registered accountant to audit a public limited company. The government of Pakistan adopted the Auditors Certificate Rules, 1932 and followed the existing Indian rules for a couple of years until the promulgation of a new set of rules, known as the Auditors Certificates Rules, 1950, published in the Gazette of Pakistan on 30 December, 1950 for regulating the profession in Pakistan and continued to regulate accountancy through the Ministry of Commerce. Professionals who satisfied the conditions as to both practical training and theoretical knowledge could have their name placed on the register maintained by the Ministry of Commerce and were entitled to use the designation “Registered Accountant”. The Pakistan Institute of Accountants was pressing for an independent body to regulate the profession and the Council of Accountancy, an advisory body set up under the Auditors Certificates Rules, 1950, recommended the establishment of an Institute of Chartered Accountants. and a number of members, prepared a draft ordinance. A BRIEF HISTORY I 50 YEARS OF ICAB LEGACY

The Companies Act in force in Pakistan allowed only Registered Accountants to act as auditors of a public company, although many private companies, partnerships and other organisations also made use of the services of a registered accountant for auditing their accounts. The practical training to be carried out in order to qualify as a registered accountant was similar to that required in the United Kingdom. A person had to serve 3-5 years in the office of an approved practising registered accountant either as an apprentice known as an articled clerk (the number of years depended on his/her educational qualifications) or for a longer period as an audit clerk. The article clerk or audit clerk obtained theoretical knowledge by studying the various subjects, sometimes with the aid of a tutor, and this knowledge was tested by means of a first examination and a final examination. Realising that the practical training and theoretical knowledge obtained in other countries, particularly the United Kingdom was useful and conducive to the efficiency of the profession, the government allowed persons who had become members of one of the professional bodies in the United Kingdom to become registered accountants without undergoing articleship or audit service in Pakistan and without sitting for the examinations. This became still more necessary as local training facilities were not adequate to meet the growing requirements of the country for qualified accountants. The training of a registered accountant, as can be seen from the regulations prescribed for gaining practical experience and from the subjects to be studied for the examinations, were such that the qualified accountant was capable of many useful functions. This fact was recognised by the business community and by government sponsored bodies, and many qualified accountants were offered appointments in industry and commerce. They were able to rise to positions of importance and trust when they had obtained experience of the particular organisation. Other registered accountants set up their practice as public accountants or served as employees with practising accountants. In 1952, the registered accountants formed a body known as the Pakistan Institute of Accountants to look after their own interests and to take up with the Ministry of Commerce matters affecting the profession. The government began to realise that the accountancy profession was growing in importance and in June 1959, the Department of Accountancy was set up in the Ministry of Commerce with a Controller of Accountancy to deal with the profession instead of a section officer. The Pakistan Institute of Accountants was pressing for an independent body to regulate the profession and the Council of Accountancy, an advisory body set up under the Auditors Certificates Rules, 1950, recommended the establishment of an Institute of Chartered Accountants. The government accepted the recommendation and the Department of Accountancy, assisted by officials of the institute and a number of members, prepared a draft ordinance. The Chartered Accountants Ordinance was published in March 1961 and the Institute of Chartered Accountants of Pakistan (ICAP) came into existence on 1 July, 1961. Rules were drawn up and published for public comments and the amended version, known as the Chartered Accountants By-laws 1961, came into force on 1 July, 1961. The Pakistan Institute of Accountants has since been liquidated and the Department of Accountancy ceased to exist. At the time of its formation, ICAP inherited 106 qualified accountants. Also, there were 179 registered accountants, who were coopted as members of ICAP. 2.4 Role of East Pakistan Members in ICAP The Institute of Chartered Accountants of Pakistan (ICAP) was established on 1 July, 1961 under the Chartered Accountants Ordinance, 1961 (X of 1961) with its head office in Karachi, West Pakistan. Chartered Accountants from the erstwhile East Pakistan were members of ICAP. During inception of ICAP, three distinguished members hailing from East Pakistan were in the first council of ICAP. → 50