ICAB

5.26 Promoting chartered accountancy ICAB undertakes various programmes to promote chartered accountancy as a career choice among potential students. In addition, various conferences and competitions are arranged for existing CA students. Here are some instances: ‘Chartered Accountancy- a Career Choice’ with AIS of DU The Institute of Chartered Accountants of Bangladesh (ICAB) organised an awareness and motivational programme titled «Chartered Accountancy — a Career Choice» with the Department of Accounting & Information Systems (AIS) of the University of Dhaka (DU) on November 20, 2021. ICAB President Mahmudul Hasan Khusru, Vice President Md. Abdul Kader Joaddar, CEO Shubhashish Bose and DRC Secretary Md. AKH Hasif Sowdagar joined the programme. Professor Dr. Tahmina Khatun, Chairman, Department of Accounting & Information Systems, DU and Professor Dr. Swapan Kumar Bala also participated in the programme. ‘Chartered Accountancy- a Career Choice’: webinars Chartered Accountancy—A Career Choice, (Season 1, Episode 1), was held on 3 June 2021 through a virtual platform where university teachers, students and members of ICAB participated. They exchanged views on the CA profession as a career. Amirus Salat, associate professor, AIS, University of Dhaka and Rabita Sabah, assistant professor, AIS, Jaggannath University participated and shared their views. LANDMARK- PERMANENT ADDRESS OF THE INSTITUTE I 50 YEARS OF ICAB LEGACY

Encouraging and inspiring programme ‘Listen to the Leader’ ICAB organises an exclusive programme ‘Listen to the Leader’ in honour of finance minister AHM Mustafa Kamal, on 24 February 2020 at CA Bhaban. The finance minister speaks about his vision for the profession and urged for impactful contribution of chartered accountants in the advancement of Bangladesh. ICAB gratefully thanks the minister for sparing this valuable time. ‘Meet the Business Leader 2021’— With Ali Hussain Albar Ali, BSRM, Chairman First of its kind, ICAB organised a virtual programme called ‘Meet the Business Leader 2021’ on 31 May 2021. BSRM Chairman Alihussain Akberali, who is also an ICAB member was the business leader. ICAB President Mahmudul Hasan Khusru delivered a welcome address, Vice President Maria Howlader made closing remarks. Alihussain Akberali, a business icon, shared his success story → with ICAB members who joined the programme with great enthusiasm. 102

5.27 Student summit ICAB organised a student summit for the first time on 5 August 2017, at Sena Malancha, Dhaka Cantonment to motivate prospective students about chartered accountancy profession and show how it can be a great career path towards becoming a successful business leader. With the theme ‘Chartered Accountancy: Pathway to Business Leadership’, the summit was attended by 400-450 students mainly from prominent public and private universities in Bangladesh. Apart from this, prominent and leading ICAB members participated in the programme along with vice chancellors, deans and chairpersons of business departments of different universities. ICAB President Adeeb Hossain Khan inaugurated the event in the presence of ICAB Council members and past presidents. Vice President (Education and Training) Mostafa Kamal delivered a detailed presentation on chartered accountancy and the benefits of studying CA. LANDMARK- PERMANENT ADDRESS OF THE INSTITUTE I 50 YEARS OF ICAB LEGACY

In the second part of the programme, successful chartered accountants and heads of different organisations like Ahmed Raihan Shamsi, Chief Executive Officer, Accenture CIS Limited & Managing Director, Communications, Media & Technology, ASEAN, Akhter Matin Chaudhury, Chairman & Managing Director, NUVISTA Pharma Ltd, Parveen Mahmud, former ICAB President and Managing Director of Grameen Telecom Trust, Md. Samsul Alam Mallick, Managing Director, New Zealand Milk (BD) Ltd, Khandkar Alique-e Rabbani, Managing Director, The Computers Ltd. and NKA Mobin, Managing Director and CEO, Emerging Credit Rating Ltd, gave motivational speeches and inspired them to study chartered accountancy. Some prominent CA firms set up their booths at the venue, and their representatives provided information related to entry criteria, articleship, examinations, exemptions, scholarships, etc. For the first time, Chattogram Regional Committee organised ‘ICAB CRC Student Summit 2017’ on 18 November, 2017 at Hall 24 Convention Centre, Chattogram. A large number of university students as well as university teachers attended this festive programme drawing widespread attention. There were number of stalls set up by chartered accountancy firms which provided various booklets and also answered queries of students regarding chartered accountancy. ICAB President Adeeb Hossain Khan inaugurated the summit as chief guest and addressed the gathering while ICAB Vice President Mostafa Kamal gave a presentation on chartered accountancy for prospective students. Showkat Hossain, Past President of ICAB, Alihussain Akberali, Chairman, BSRM Group, Md. Mahamud Hossain, Vice President ICAB, Suraiya Zannath Khan, (Bangladesh’s first woman CA) Lead Financial Management Specialist, World Bank, Khondkar Atique-e Rabbani, Managing Director, ICAB CRC Student Summit 2017 → 104 ICAB Student Summit at Chattogram

The Computers Ltd. Raihan Shamsi, Managing Director, Accenture, Saifur Rahman Mazumder, Managing Director, Chittagong Stock Exchange also addressed the gathering. Rangpur Students Summit of ICAB Motivational Seminar at Sirajganj ICAB Dhaka Regional Committee (DRC) organised SAFA Quiz and Elocution Contest, 2017 among the students of ICAB to motivate students to study various matters of professional interest. The grand finale of the contest was held on 13 October 2017 at ICAB Auditorium. A large number of contestants from CA firms participated the event. In the elocution segment, Farhan Aziz Choudhury became champion and Bikash Chandra Paul and Marin Shanjida secured 1st and 2nd runners-up. In quiz contest, Md Badrul Islam became the champion and Nur Mohammad and Farhan Aziz Choudhury secured 1st and 2nd runners-up. 5.28 IFRS Quiz and Elocution Contest 2017 LANDMARK- PERMANENT ADDRESS OF THE INSTITUTE I 50 YEARS OF ICAB LEGACY

Among others, ICAB President Adeeb Hossain Khan, vice presidents, Council members and DRC chair Muhammad Aminul Hoque were present. ICAB Quiz Biz 2018 DRC organised a business quiz competition among students of public and private universities called “ICAB Quiz Biz 2018” on 26 October 2018 at the ICAB auditorium. Students from different universities attended. 5.29 International platform Over the years, ICAB students have participated in various international summits and conferences. The 34th International CA Students’ Conference 2020, was held on 11 February 2020 in Colombo, Sri Lanka. CA students from Bangladesh, India, Nepal and Pakistan were among the foreign delegates invited to participate in the 4-day conference. Two ICAB students, Nimat Zarin and Mahdi Hasan, represented Bangladesh. The theme was in line with today’s global talk of #FutureReady. The session looked at future challenges in the career of chartered accountants from a student›s perspective. Members of CA Sri Lanka, local and foreign students were discussants at the conference. Nimat Zarin was a panel speaker at the conference and addressed the issues concerning ethical challenges faced in this technology driven business society. The conference included visits to international firms and places of interest. 5.30 CFO conference The Institute of Chartered Accountants of Bangladesh (ICAB) organised the ‹SAFA Regional CFO Conference 2017› for the first time with the theme «Navigating through digital transformation towards better accountability». South Asian countries have drawn global attention in the recent past for their potential to be on the list of top growing economies in the world during the next 10 years. Digital transformation will accelerate changes in business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technology. Accountability means the obligation of any individual or organisation to account for its activities, accept responsibilities and disclose results in a transparent manner. Professional accountants, especially CFOs, play a leadership role in their respective organisations in this age of digitalisation and transformation. Also, businesses are continually faced with demands for increasing transparency and accountability. This can lead to conflict of interest which finance professionals may face and need to resolve. The accounting profession has always faced the challenges of various complex situations. With an aim to touch upon the challenges and difficulties in digital transformation, the conference was designed so that key topics are addressed by a wide range of experienced people from across the globe including IFAC CEO and president of the International Accounting → 106 Standards Board (IASB).

ICAB organised SAFA Regional CFO Conference 2017 in Dhaka. President Md. Abdul Hamid inaugurated the conference LANDMARK- PERMANENT ADDRESS OF THE INSTITUTE I 50 YEARS OF ICAB LEGACY

2017: CFO conference MP Saber Hossain Chowdhury, president, inter-parliamentary union speaks at the valedictory session Dr. Mashiur Rahman, Economic Adviser to PM addressing in valedictory session Paper presenter at a technical session Paper presenter at valedictory session → 108

Md. Abdul Hamid, President of Bangladesh, inaugurated the CFO conference as the chief guest on 28 January 2017 in Dhaka while Planning Minister A H M Mustafa Kamal was present as special guest. Fayezul Choudhury, Chief Executive Officer, International Federation of Accountants (IFAC) presented the keynote paper on ‘Navigating through digital transformation towards better accountability’. Hans Hoogervorst, Chairman, International Accounting Standards Board (IASB) and Hedayetullah Al Mamoon, senior secretary of commerce ministry, were present as guests of honour. SAFA President ASM Nayeem, ICAB President Adeeb Hossain Khan and SAFA Conference Organising Committee Chairman, Muhammed Farhad Hussain also spoke on the occasion. The full day conference began with an inaugural session which was followed by three technical sessions followed by a valedictory session in the evening. In session one, technical paper on ‘Evolving business environment: challenging role of the CFOs’, was presented by Akhter Matin Chaudhury, Chairman & Managing Director, Nuvista Pharma Ltd. Panelists included Khalilullah Shaikh, VP, Institute of Chartered Accountants of Pakistan (ICAP), Heshana Kuruppu, Council Member, CA Sri Lanka, Anwaruddin Chowdhury, ICAB member and former president, CMA Manas Kumar Thakur, President, Institute of Cost Accountants of India, Zahidul Islam Malita, Finance Director of Unilever Bangladesh Limited and Abdul Kader Joaddar, Chief Financial Officer of MetLife Bangladesh. Technical paper on ‘Conflict of interest situations: addressing the dilemma’ was presented by Masud Khan, Finance Director of Lafarge Surma Cement in session two. Panellists included Professor Lakshman Ravendra Watawala, President, CMA Sri Lanka, Adeeb Hossain Khan, ICAB President, Arif Khan, President, Institute of Cost & Management Accountants of Bangladesh (ICMAB), AKM Aftabul Islam, Director, Bangladesh Bank, Gillian Fawcett, Head of Governments Faculty of CIPFA, UK and Abrar A Anwar, CEO of Standard Chartered Bank Bangladesh. Panellists at technical session Paper presenter at technical session LANDMARK- PERMANENT ADDRESS OF THE INSTITUTE I 50 YEARS OF ICAB LEGACY

5.31 Inspiring leaders Abu Hena Mohammed Mustafa Kamal Abu Hena Mohammed Mustafa Kamal, (Lotus Kamal) is a member of parliament and the Finance Minister of Bangladesh. He is a cricket patron and a businessman. Kamal was born in Laksham, Cumilla on 15 June 1947, which is also the constituency he represents at the parliament. He is also the owner of Lotus Kamal Group of Industries. He has been associated with cricket and its development for the last 42 years in various capacities. From 1990-2010 he was chairman of the cricket committee of Abahani Club, before becoming the president of Asian Cricket Council between 2010 and 2012. He was also chairman of audit committee of the International Cricket Council. In 2012, Kamal was named vice-president of the International Cricket Council (ICC) for the 2012-2014. Prior to his nomination for ICC, Kamal was the president of the Bangladesh Cricket Board. Kamal succeeded Alan Isaac as president of the ICC in 2014. He resigned his position of ICC President on 1 April 2015. Kamal is currently on his third consecutive term as an MP. He was the Planning Minister of Bangladesh from 2014 to 2019. He has given many lectures and speeches regarding prosperity, infrastructure development and economics, and received honorary degrees from many renowned universities such as Harvard Business School, University of Sydney, UC Berkeley, and University of Oxford. → 110

Rezaur Rahman Born in Calcutta on 24th July 1929, Rezaur Rahman completed his schooling there, at the heart of British India, at St Xavier›s College. He went on to graduate with a First Class First degree in Commerce from Dhaka University in 1952. He subsequently qualified as a Chartered Accountant in the United Kingdom, becoming an Associate of the Institute of Chartered Accountants of England and Wales. Rahman returned to the erstwhile East Pakistan in 1957, as a Partner in Price Waterhouse Peat›s office until 1962. He then took the next step in what was to ultimately be a stellar career by establishing Rahman Rahman Huq, the premier firm of Chartered Accountants, as a founder partner. In the 1970s, he set up a consultancy firm in London, where he lived for much of his later life with his wife, Peggy Ann Rahman. During that time, he continued to maintain close links with his beloved Bangladesh, through his frequent visits, to diversify his many business interests, including the Shaw Wallace tea and shipping companies. A founder of the Institute of Chartered Accountants in Bangladesh, he later also established a chapter of that organisation in the UK. Widely viewed as an icon for many members of his profession, Rahman›s extensive charity work was far less known, mainly because he never sought personal recognition for his efforts. Along with a wide variety of initiatives, including scholarships and support for meritorious Bangladeshi students in the UK and building the prestigious Ganit Bhaban for the Mathematics Department of Dhaka University, this «quiet philanthropist» donated the bulk of his resources to the AFMR Foundation, set up in the name of his father, Abul Faiz Mujibur Rahman, a distinguished Judge, and a mathematics prodigy. Rezaur Rahman passed away in London on 1st July 2015. Md. Matiul Islam Md. Matiul Islam started his career in Pakistan Civil Service in 1952. In 1972, he was appointed as the first finance secretary of Bangladesh and was assigned with the uphill task of rebuilding the financial sector and implementing the scheme for nationalising the banking sector. He also served as the secretary for industries ministry, Alternate Executive Director at World Bank, Head of UNIDO/World Bank Cooperative Programme, and Country Director for UNIDO, India, and also the Chairman of IIDFC. Jamal Uddin Ahmad Jamal Uddin Ahmad was deputy prime minister of Bangladesh from 1977 to 1982. He was ICAB President in 1989 and 1992. Ahmad’s contribution to ICAB and the profession was enormous and shall remain etched in its history. He was a fellow of Institute of Chartered Accountants in England and Wales (ICAEW), UK. He spent over 14 years as professional chartered accountant with foreign CA firms like Price Waterhouse & Co, Peat Marwick Mitchell & Co, and AF Ferguson & Co. A past president of South Asian Federation of Accountants (SAFA) and a director of International Federation of Accountants (IFAC), Jamal Uddin Ahmad was also a member of the Public Sector Committee of IFAC during 1993-1995. He also served as an executive committee member of Metropolitan Chamber of Commerce and Industry (MCCI), member of Company Law (1994) Committee of Bangladesh government and president of Chattogram Association. LANDMARK- PERMANENT ADDRESS OF THE INSTITUTE I 50 YEARS OF ICAB LEGACY

Md Saifur Rahman Md Saifur Rahman, was a minister for finance and planning, commerce and foreign trade in different terms (1976- 82, 1991-1996 & 2001-2006). Rahman had been actively involved in defining the government’s economic, monetary, fiscal and trade policies. He was one of the pioneers of introducing the Value Added Tax (VAT) in Bangladesh, which is contributing a lot to the economy of the country. Rahman served as chairman of the boards of International Monetary Fund (IMF) and the World Bank in 1993- 94 and as Bangladesh’s Governor of World Bank, Asian Development Bank (ADB), Islamic Development Bank (IDB) and International Fund for Agricultural Development (IFAD) during 1980-82 and 1991-96. He was a founding partner of Rahman Rahman Huq, Chartered Accountants, currently the member firm of KPMG in Bangladesh. Kamal Ziaul Islam Kamal Ziaul Islam graduated from St. Xavier›s College, Calcutta in 1955 with B.Sc. and earned his B.Com. (Hons) in Economics from Leeds University, UK in 1960. He qualified as a chartered accountant from England & Wales in 1962. He joined the government as controller of accounts & finance, East Pakistan Industrial Development Corporation (1969-72), Finance Director of Bangladesh Textile Mills Corporation (1972-76), Finance Director of Bangladesh Small Industries Corporation (1976) and Finance Director of Bangladesh Petroleum Corporation (1977). KZ Islam was the president of Bangladesh Cricket Board (1982-86) for four years. He was ICAB president in 1984. AKM Mosharraf Hossain AKM Mosharraf Hossain was an MP and a state minister for energy and mineral resources. He was a fellow of both the Institute of Chartered Accountants and England and Wales (ICAEW) and the Institute of Chartered Accountants of Bangladesh (ICAB). He was elected to parliament from Mymensingh in 1996 and went on to serve as energy state minister in the second Khaleda Zia cabinet of the Bangladesh Nationalist Party. He served as chief accountant, finance member/director in various corporations. Mosharraf Hossain served as BCIC chair in 1979-1988. Thereafter, he was appointed secretary of the industries ministry (1988-1990). He established the Board of Investment in 1989 and was its first executive chairman. He also served as director/chairman of various company boards including Bangladesh Biman, Titas Gas, KAFCO, IPDC, DFI›s, etc. He was also the managing director of the national daily Dainik Dinkal. → 112

Ata Uddin Khan, was born in 1929 at a small village of Galimpur some 20 miles from the Dhaka city. He was an educationist, a successful professional, an ideal politician, a renowned entrepreneur and a humanist. Ata Khan started practising as a foreign qualified chartered accountant in 1959. He took over the first Dhaka based news agency, Eastern News Agency ENA in 1969. During the l971 Liberation War, ENA with Ata Uddin Khan as chair, waged a media war in defence of the liberty of the people of Bangladesh. He made financial contributions to freedom fighters through his business entity Akco Cold Storage in Munshiganj. In 1965 he joined active politics and became a MPA (member of provincial assembly) in the same year from Nawabganj-Dohar, Dhaka. He was a teacher turned chartered accountant. He taught in Quaid-e-Azam College, now Suhrawardy College, Dhaka from 1952 to 1954. In 1955, he left for London for studying chartered accountancy, and having obtained his certification, he returned to establish his audit and accountancy firm, Ata Khan & Co. in Dhaka, in 1959. In 1965, he was elected as an MPA of the erstwhile East Pakistan. He became secretary of the Provincial Muslim League Parliamentary Party. A dedicated son of the soil, Ata Khan had always had the interests of people of East Pakistan at heart and played a commendable role in charting historic party recommendations seeking parity and regional autonomy for East Pakistan. In 1966 he represented Pakistan at the UN General Assembly as a member of the official delegation and successfully raised a host of regional issues at different meetings and seminars of the UN bodies. Soon after he became MPA from DoharNawabganj constituency in 1965, he established a college known as the Dohar-Nawabangj College at Nawabganj. In 1978, he joined the Bangladesh Nationalist Party to become an MP in the general elections held the following year. Early in 1979 he was inducted as a state minister for Bangladesh and given charge of four finance divisions. Later, he was given the portfolio of the manpower ministry. He was chairman of Bangladesh Krishi Bank and, later, of Agrani Bank from 1994 to 1996. Muhammad Masihur Rahman FCA Late Muhammad Masihur Rahman FCA (Enrolment No. 06), partner of MM Rahman & Co, Chartered Accountants, served as President of the Institute in 1979. His contribution and initiative in the construction of the present CA Bhaban is immense. A fellow member of both ICAB and ICAEW, Mr Masihur Rahman had been in practice for 40 years. He was the Founder President of FBCCI. He was also Director of the Bangladesh Shilpa Bank and the Janata Bank. In the 1980s, he was a Member of the Taxation Enquiry Commission of Bangladesh and the National Commission on Money Banking and Credit. A professional chartered accountant, Alamgir Kabir has wide experience and profound knowledge in auditing, accounting, bank, insurance and financial institutions both at home and abroad. Kabir serves as chairman of Southeast Bank. Kabir is also on the board of Asia Insurance and chair at Southeast Bank Foundation. He was previously chairman of the Securities and Exchange Commission of Bangladesh and managing director at Silver Dal Mills.He received an undergraduate degree from the University of Dhaka and a graduate degree from Panjub University Chandigarh. Ata Uddin Khan Alamgir Kabir LANDMARK- PERMANENT ADDRESS OF THE INSTITUTE I 50 YEARS OF ICAB LEGACY

Alihussain Akberali is an experienced, seasoned, visionary industrialist and one of the most enterprising in Bangladesh. Born into the family of late Akberali Africawala in 1949, he has always been eager to harness unexploited opportunities and turn them into a successful venture. Alihussain is unanimously credited with shaping the steel industry, as chair of the BSRM group, he revolutionised the entire steel market. He has more than 40 years of experience in the steel business. It was under his able leadership that BSRM transitioned from a small-scale re-rolling mill to the state-of-the-art largest steel producer in the country. He has established a good number of industries in the steel sector under the BSRM Group. In business circles, he is considered an epitome of enterprise for his integrity and hard work. Alihussain Akberali has been conferred a CIP (Commercially Important Person) in the large industrial sector by the Bangladesh government for a number of times. He is a fellow of the Institute of Chartered Accountants of Bangladesh (ICAB) and was also awarded many times for his contributions to the industry and country. A philanthropist, he is also engaged in various social activities like Rotary Club, Ma O Shishu Hospital, Chirayata Shanti Society, Patient Welfare Committee of Chittagong Medical College and Hospital. He has founded school at Nasirabad, Chittagong which imparts free education to more than 500 underprivileged students. Additionally, under his vision, the group conducts a number of CSR initiatives which has impacted lives of thousands of people across the country. Alihussain, and his family, was recognised as Kar Bahadur (Tax Hero) in 2016-2017 for paying the highest taxes to the exchequer. He is the vice chairman of Chittagong Metropolitan Chamber of Commerce and Industry. He is happily married to Bilkis Alihussain and is blessed with one son and three daughters. Yussuf Abdullah Harun Yussuf Abdullah Harun was born on 15 November 1947. He completed a bachelor degree in communication. He is a fellow of the Institute of Chartered Accountants of Bangladesh (ICAB). He was elected to parliament in 2014 as an independent candidate. He is a member of the committee on estimates of the 10th Jatiya Sangsad. He is a former president of the Federation of Bangladesh Chambers of Commerce and Industries. Harun is the chairman of Incontrade Ltd. He took up the responsibility of entrepreneurial leadership to meet the needs of the country. An accountant by profession, this entrepreneur is also an adviser of the SAARC Chamber of Commerce and Industries. Alihussain Akberali → 114

A K M Aftabul Islam Having graduated from commerce (B.Com.) at first then from law (LLB), Aftab ul Islam went to work in the business sector for 42 years. Islam began his career with the USbased IT company NCR Corporation and headed the organisation for a number of years. In 1992, he launched his own business, IOE (Bangladesh) Ltd. With his spectacular achievement in IT and office automation business, he was elected president of the Bangladesh Computer Samity (BCS) and he is still widely recognised for persuading the government towards using information technology for efficiency and competitiveness and making it duty free for wider usage. He was instrumental and played the key role in setting up BCS Computer City at IDB Bhaban. He was elected president of Dhaka Chamber of Commerce and Industries (DCCI), on the back of his positive contribution in the ICT sector. In 2001, Islam was elected president to lead AmCham (American Chamber of Commerce in Bangladesh), which works to promote trade and economic cooperation between US and Bangladesh. He was elected as a Director of FBCCI (Federation of Bangladesh Chambers of Commerce and Industry) for 2005-2010 term and again for the 2017-2019 term. He was appointed as chair of the SME Foundation for two years in 2009. Islam continues to serve as an independent director of British American Tobacco Bangladesh (BATB) for a consecutive second term. He is also continuing on his second term as a board member of the Bangladesh Bank. Islam is a member of the executive committee of International Chamber of Commerce in Bangladesh (ICC), a director of SMC and SMC Enterprise and Surjer Hashi Network, a USAID Project; and among the board of governors of IBA, University of Dhaka. Islam is chair of Asia Pacific General Insurance Company and principal partner of Islam Aftab Kamrul & Co. He was founding chairman of BD Venture, the first venture capital company in Bangladesh; Chairman of ATAZ DocuNet, a leading BPO company and chairman of Impact PR, the first PR company in Bangladesh. LANDMARK- PERMANENT ADDRESS OF THE INSTITUTE I 50 YEARS OF ICAB LEGACY

CHAPTER 6 Cracking the glass ceiling Women struggled to enter the accountancy profession when it took on an organised form in the 19th century. Many professions did not welcome women, and the accountancy bodies that formed in this period were no exception. The Institute of Chartered Accountants in England and Wales (ICAEW) was established in 1880. Women were able to become chartered accountants only after the Sex Disqualification (Removal) Act of 1919 after which, in May 1920, Mary Harris Smith was admitted as a fellow of ICAEW at the age of 75 to become the first woman member of ICAEW, and also the first woman chartered accountant in the world. In 1924, Ethel Watts becomes the first woman chartered accountant to be admitted to the ICAEW by examination. Jane Robinson and Mary Yale became the first female members of ICAEW Council in 1979, almost 60 years after Mary Harris had become the first woman chartered accountant. The first female ICAEW president was Dame Sheila Masters (later Baroness Noakes) who served from 1999–2000. In 2000, she was made a life peer. The shift in society’s attitudes after the First World War saw women admitted to the profession for the first time. Accountancy was still viewed predominantly as a male occupation and the number of women within the profession remained very low. Further social change in the 1960s and 1970s saw the number of women training to be accountants rise substantially. Although major progress has continued, with an almost equal number of women and men entering the profession today, yet globally, there need to be more women in decision-making roles. In Bangladesh chartered accountancy is seeing greater participation from women, but there is still a gender gap. It is because of a lack of awareness and limited access to information. Cultural norms and conventional prejudices in our society still inhibits women’s participation in the profession and the profession remains male dominated. However, ICAB is creating an enabling environment and is proactively encouraging women to study chartered accountancy and enter the profession. The push towards greater diversity especially, gender diversity, at the top—is already happening and is visible. But still there is much to be done. 6.1 ICAB female firsts When the Institute of Chartered Accountants of Bangladesh (ICAB) was established in 1973, it started the journey with 78 members, all of whom were men. The accountancy profession had to wait for another 17 years before a woman, Suraiya Zannath Khan, qualified as a chartered accountant in 1989. Parveen Mahmud became the first woman to be elected to the ICAB Council in 2007. She was also the first woman to become president of ICAB in 2011, 39 long years since its inception. Despite women’s limited presence in accountancy, women chartered accountants in Bangladesh have demonstrated their competence by achieving significant landmarks over the years. We take a look at the lives and careers of some of these outstanding women who blazed a trail in the accountancy profession. → 116

Key female firsts in CA profession 1989 1992 2011 2017 2007 First woman member elected to ICAB council 2008 First woman to become ICAB vice president SURAIYA ZANNATH KHAN FCA (582) First ICAB member AKHTAR SANJIDA KASEM FCA (643), FCMA First practising chartered accountant PARVEEN MAHMUD FCA (632) Suraiya Zannath Khan was the first woman to qualify as a chartered accountant in 1989 under Syed Fazle Ali FCA from S. F. Ahmed & Co. She is currently the Lead Governance Specialist for the World Bank’s South Asia Region. Starting her career with the world-renowned NGO, BRAC, Suraiya soon became the chief financial officer for Save the Children (USA) Dhaka Office. She received several awards both within and outside the World Bank. Noteworthy recognitions include Gold Medal from the President of Bangladesh, Shining Personality Award, Appreciation Award, outstanding Student Award-100 years celebration of Dr. Khastagir School and several special awards by ICAB. Akhtar Sanjida Kasem, is the first practising woman member of ICAB who qualified in 1991 and started practising in 1995 as partner of A. Qasem & Co., where she had completed her articleship under A Qasem FCA. She also holds membership in ICMAB and Association of Certified Fraud Examiners (ACFE), USA. Parveen Mahmud became the woman to be elected to the ICAB council and was elected to the council for three terms. She was also the first woman to become an office bearer as a vice president and, thereafter, the first woman president of ICAB. Parveen Mahmud was also the first woman to become a member of the South Asian Federation of Accountants board. Parveen Mahmud was a practising accountant and a partner at the chartered accountancy firm, ACNABIN. She qualified as a chartered accountant in 1990 under Syed Fazle Ali FCA of S. F. Ahmed & Co. She started her career with BRAC and was the founding Managing Director, Grameen Telecom Trust. She sits on numerous boards including those of PKSF, Ghashful, BRAC International and is the chair of the Finance and Audit Committee. Launched CA Female Forum/Women in Leadership Committee First woman to become ICAB president First woman to become SAFA board member CRACKING THE GLASS CEILING I 50 YEARS OF ICAB LEGACY

1992 1994 2018 2022 YESMIN SABDER ALI FCA (649) First woman to qualify from Chittagong Regional Committee SHAMA RUKH ALAM FCA (724) First foreign qualified chartered accountant inducted as ICAB member MARIA HOWLADER FCA (1063) Youngest council member FOUZIA HAQUE FCA (1032) Yesmin Sabder Ali, is finance director of Agrabad Hotels in Chittagong. She completed her articleship from S. F. Ahmed & Co. in Chittagong. She was qualified in 1992 and her principal was Sahebzada Syed Fariduddin Ahmed FCA, a partner of S. F. Ahmed & Co. Shama Rukh Alam is the first Bangladeshi woman who qualified as a chartered accountant from Canada in 1984 and is a Member of the Institute of Chartered Accountants of Ontario as well as a Fellow of ICAB. In her early professional life, she worked in Canada. She came back to Bangladesh in 1994 and worked in different multinational companies and was also the Group Finance Director of Duncan Brothers Bangladesh (Bangladesh) Ltd. Maria Howlader has served as the first Bangladeshi chair of the Women Leadership Committee of SAFA in 2021-22. Maria Howlader is the youngest elected council member and the second woman to be elected to the ICAB council in 2019 and has been elected to the council for a second term (2022-2024). She went on to serve as a vice president of ICAB in 2021. Maria Howlader completed her articleship under Shahid Uddin Ahmed FCA of Ahmed Shahid & Co. She is also the founder Fouzia Haque was elected to the ICAB council and served as a vice president in 2022. She is a managing partner of FAMES & R, Chartered Accountants. Fouzia Haque started her career at BRAC University in May 2001 and has served as a financial consultant of World Bank Bangladesh. As of 2023, she is on the board of directors for a number of companies. ICAB elects two council members. The Institute of Chartered Accountants of Bangladesh elected two women — Fouzia Haque FCA (1032) and Maria Howlader FCA (1063) — to its council for the first time for the 2022-2024 term. 2022 → 118

2018 2021 1975 OTHERS UNDER THE SPOTLIGHT: Dhaka Regional Committee (DRC) ICAB President Muhammad Abdul Halim Gaznavi receives Michael Constable, the Deputy UNDP representative at the CA Bhaban on 2 March, 1993. They held a detailed discussion on matters relating to the development of women chartered accountants in Bangladesh. Anika Sultana became the first woman to be elected to the Dhaka Regional Committee in 2019-2021, ICAB in its history of 41 years. Anika Sultana qualified as a chartered accountant under Adeeb H Khan, a partner of Rahman Rahman Huq. She also has the credit of being the first female Secretary of DRC-ICAB in 2020. Naznin Sultana was the first woman to be elected to the Chittagong Regional Committee in 2022. Also a certified income tax practitioner, Naznin Sultana is a member of Chittagong Taxes Bar Association (CTBA). As of 2023, she is working as the finance director of the Asian University for Women. She completed her articleship under M MoslehUddin FCA, from KPMG Rahman Rahman Huq & Co in Chittagong. Minara Begum was the woman to complete articleship in Bangladesh (June 1972-June 1975) under Md. Mashiur Rahman FCA of M.M. Rahman & Co. Besides her first articleship, Minara Begum also has the rare distinction of being a freedom fighter. She was the finance director of Titas Gas Transmission and Distribution Company. DRC gets first woman member First woman on CRC Freedom fighter completes articleship Anika Sultana FCA (1484) Naznin Sultana FCA (1514) Minara Begum 6.2 Looking back: ICAB from gender perspective CRACKING THE GLASS CEILING I 50 YEARS OF ICAB LEGACY

Gender Committee: Committee for Professional Development for Women (CPDW) (1996-2011) ICAB embarked on its journey to create a gender-friendly environment in 1996 with the ‘Committee for Professional Development for Women (CPDW)’ with CIDA funding for a three-year project titled “Gender Equality in CA Profession”, in short known as “Gender Committee”. This committee was formed under the leadership of A.N.A.H. Siddiqui, a former ICAB president. Shah Mohammad Zakaria and his wife Shahnaz Zakaria, working in CIDA were instrumental in expediting the project. It helped promote awareness through various campaigns at academic institutions and introduced free English language courses for female students. The prime focus of the Committee for Professional Development for Women (CPDW) was to create public awareness about the suitability of CA profession for women and to encourage them to take up accountancy as a profession. In this connection, ICAB held workshops, seminars, computer training and motivational activities, published booklets and brochures and organised visits to various educational institutions to promote the profession and motivate women to join. Through this committee, ICAB ensured facilities for female students at CA firms. The prime focus of the committee was to encourage existing female CA articled students to complete the article period. The committee was also active in encouraging articled women students to continue their studies, take the required exams and maintain quality as chartered accountants. The committee helped create a congenial and women-friendly environment at CA firms as well as other places of work and at the same time the committee encouraged parents and guardians of women university graduates to choose accountancy as a career. CPDW was later renamed as the Women Members Empowerment and Leadership Development Committee (WMELDC). However, in 2011, CPDW was abolished, and from then, gender focused enabling environment and related issues were mainstreamed through the Professional Development Committee. In 2017, ICAB celebrated its 100th woman enrollment as a member. In 2018, the Women in Leadership Committee was formed in line with SAFA. ICAB Women in Leadership (WIL) Committee was renamed as Women Members Empowerment and Leadership Development Committee (WMELDC) under the chairmanship of Maria Howladar. The objective of this committee is to formulate and implement plans, policies and programmes for the development of women members and to encourage their professional empowerment and leadership. Even after the end of the project period, the CPDW continued to function for gender equality and motivational activities. ICAB does not restrain benefits and opportunities for students based on gender and has mainstreamed the objectives of CPDW and is committed towards a gender friendly environment. CPDW activities Until 1996, ICAB had only four female members who had qualified as chartered accountants, and the number remained unchanged for quite some time. The number increased slowly. In 2008, ABM Azizuddin, former ICAB president and a partner at ACNABIN took an initiative titled “Career Opportunities for Female CA Students” at ACNABIN to promote and encourage female dropout students to return to the profession, even providing free course materials to female CA students to increase the passing rate. For its part, ICAB also undertook a number of steps to attract women. Major initiatives include: – Compulsory provision for female article students under each principal increased from one to two – Imposition of 15% scholarship from ICAB to raise the number of female students. – In 2008, under the chairmanship of Parveen Mahmud, CPDW introduced three scholarships for female CA students: two scholarships were sponsored by the South East Bank and one by the National Credit and Commerce Bank. → 120

Some other initiatives were undertaken by the ICAB to ensure gender parity: – A two-day workshop on “Problems and Prospects of Women in CA Profession” was held on 22-23 December 1996 at BCIC Auditorium, Dhaka. – In 1997, two-hour pre-examination orientation classes were held at the CA Bhaban for female CA students to improve their examination techniques and preparation. – Several roundtable discussions were held with the participation of female CA students, their parents and principals to encourage partially qualified female students to continue their studies, with a view to reduce dropout rates by ensuring a gender friendly environment. – A seminar on “Female Articled Students — Challenges and Ways Forward” was held on 30 July 2005 at CA Bhaban, Dhaka. (2nd from left) Sheikh A Hafiz, ICAB President, (extreme left), Suraiya Zannath Khan, CPDW Chairperson, also the keynote presenter, (centre), Geeteara Safiya Choudhury, Chairman and Managing Director of Adcom, Shama Rukh Alam, Session Chair and CPDW member, and Syeda Assma Kakoli, CPDW member. Research on gender equity in the chartered accountancy A research on gender equity in chartered accountancy in Bangladesh was conducted in 2013 by Dr. Javed Siddiqui from the Manchester Business School of University of Manchester that looked into the issues faced by female chartered accountants in Bangladesh and their expectations from ICAB, the profession and the society especially from the gender perspective. A survey was conducted to explore opportunities to encourage CAs especially women to pursue the chartered accountancy profession successfully. This study attempted to capture the views, issues and problems faced by the female CAs and article students directly from them, to be able to take corrective measures and influence CA Firms and ICAB to create an environment that would encourage entry of brilliant students, especially females to successfully pursue chartered accountancy. The research project In 2008, Mr. ABM Azizuddin FCA, Past President of ICAB and a Partner at ACNABIN took an initiative titled “Career Opportunities for Female CA Students” at ACNABIN to promote and encourage female dropout students to return to the profession, even providing free Course Materials to female CA students to increase the passing rate. CRACKING THE GLASS CEILING I 50 YEARS OF ICAB LEGACY

also studied the role of women in auditing and means to remove gender inequality in the CA profession. The research report was shared at ICAB on 8 March, 2014. The report provided many insights on the situation of female students pursuing chartered accountancy as a profession. 6.3 Women in Leadership (WIL) / CA Female Forum celebrations Women in Leadership Committee (WIL) was formed in 2017, with Parveen Mahmud as its chairperson. The CA Female Forum was launched to encourage and ensure more female members in leadership roles and key decision-making positions, such as in the Council and other important committees, promote awareness and attitudinal change towards gender friendly perceptions in the profession and in the wider society, and, above all, to increase networking beyond profession. WIL was supposed to give a platform for the CA Female Forum too. It was not just a matter of pride for the women chartered accountants but also a network to interact with men and women from other professions. However, despite all the advances made by ICAB in the past five decades to nurture female CA professionals, there is still much room to create a more gender friendly environment in this profession. The Institute of Chartered Accountants of Bangladesh (ICAB) launched CA Women’s Forum at a glittering event at Pan Pacific Sonargaon Hotel, Dhaka on 25 November 2017 celebrating the 100th woman enrolment as a member of Institute under the theme ‘Beautiful Day’. → 122

WIL activities: At the launching ceremony of Women in Leadership (WIL), the pioneers of the CA profession were acknowledged. → The firm and principal of the first qualified female CA — S. F. Ahmed & Co., chartered accountants; S. F. Ali FCA & Md. Mushtaqe Ahmed FCA → The firm that produced the highest number of women CAs — Rahman Rahman Huq, Chartered Accountants, having produced 21 women chartered accountants. → Principal with highest number of female CAs — Adeeb Hossain Khan, Rahman Rahman Huq, supervised eight women through their qualification as chartered accountants. → Family with the highest chartered accountants —M J Abedin, former ICAB president and founder of M J Abedin & Co with 15 chartered accountants. First female member from ICAB l Suraiya Zannath Khan FCA First female President l Parveen Mamhmud FCA First female practicing member l Akhtar Sanjida Kasem FCA First female Corporate CFO/Foreign Member Inducted as ICAB Member l Shama Rukh Alam FCA First female Course Completed l Minara Begum Award of Appreciation handed over to Sir Fazle Hasan Abed KCMG. Women trailblazers were recognised ICAB has recognised the contribution of the nine women trailblazers from different sectors, who are the shining personalities and shown us the path to break the glass ceiling and move forward. 1. Rasheda K. Choudhury (Education) 2. Angela Gomes (NGO) 3. Ferdousi Rahman (Singer) 4. Sufia Ahmed (Emeritus Professor) 5. Sayeeda Khanam (Photojournalist) 6. Zakia A Chowdhury (First woman bureaucrat to become secretary) 7. Maleka Khan (President, Bangladesh Federation of Women) 8. Rokia Afzal Rahman (Entrepreneur) 9. Ayesha Khanam (Activist) CRACKING THE GLASS CEILING I 50 YEARS OF ICAB LEGACY

WIL workshop and activities – Cyber security workshop – Felicitations for newly qualified members The Institute of Chartered Accountants of Bangladesh (ICAB) organised the program marking the International Women’s Day 2022 on 08 March 2022 at ICAB auditorium, Kawran Bazar, Dhaka. Felicitations to the Female Chartered Accountants in recognition of their success. – Women’s Day celebrations from 2016 to 2022 The Institute of Chartered Accountants of Bangladesh (ICAB), observed the International Women’s Day on 8 March 2018. On behalf of the Institute, ICAB President Dewan Nurul Islam conveyed his greetings with bouquets and gifts of chocolate to all female members. ICAB Secretary Major General (retd) Muhammad Imrul Quayes also exchanged greetings with bouquets for all female officials of the Institute on the day. ICAB Women in Leadership (WIL), Female Forum celebrates International Women’s Day 2019 #IWD2019 #BalanceforBetter at the Crystal Ball Room, Hotel Agrabad, → 124 Chattogram on 30 March 2019.

ICAB Women Members Empowerment and Leadership Development Committee organises a programme on International Women’s Day in 2021 at CA Bhaban. Education Minister Dr. Dipu Moni graced the occasion as the chief guest. CRACKING THE GLASS CEILING I 50 YEARS OF ICAB LEGACY

6.4 Growth of female CA over time In 1996 ICAB had only 4 (0.63%) female members out of 638 members. In 2003, the number of female students increased to 11 (1.3%) out of 831 members. Out of total students of 13000, 680 female students had completed their articleship and another 320 were articled students. In September 2022, out of 35250 students, 4,108 were female. Until December 2010, 33 females had qualified as chartered accountants from ICAB. In 2013, the number of ICAB women members reached 50. As of October 2013, there were 70 women who had qualified as chartered accountants. In 2018, ICAB had 122 women members, which increased to 156 as of June 2023. Female membership grew from 1 to 150 in 27 years. With a view to increase female membership, there is further scope to create a more gender friendly environment. While the world has moved ahead and male/female ratio is around 50%, the graphs below show the immense gap in our country. Institute of Chartered Accountants of Bangladesh (ICAB) organises a programme marking the International Women’s Day in 2022 at ICAB auditorium, with the theme “Gender equality today for a sustainable tomorrow”. → 126

0 20 40 60 80 100 120 140 160 180 1 4 6 7 8 9 10 11 13 14 15 22 25 28 32 40 64 72 85 95 102 109 122 134 140 146 149 156 1989 1992 1997 1998 1999 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 6.5 SAFA: gender perspective South Asian Federation of Accountants (SAFA) was formed in 1984 to serve the accountancy profession in South Asia and uphold its role and importance in the world of accountancy. SAFA came into existence at the initiative of the accounting professional bodies of South Asian, which has a bond of culture and homogeneity of professional environment. SAFA, as an IFAC network partner represents over 375,000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, Maldives, Nepal, Pakistan, Sri Lanka and Afghanistan. SAFA Women Leadership Committee South Asian Federation of Accountants (SAFA), which is an apex body of accountants within SAARC, in its board meeting of 11 May, 2018, in Kathmandu, Nepal constituted a SAFA Women Leadership Committee, on the recommendation of the ICAP’s CA Women’s Committee. The first ever CRACKING THE GLASS CEILING I 50 YEARS OF ICAB LEGACY

meeting of SAFA Women Leadership Committee was held on 25 September, 2018 in Karachi. The committee’s overall objectives are to conceive, formulate and implement plans, policies and programmes for development of women members and encourage women to opt for chartered accountancy as their career. Members of the first SAFA Women Leadership Committee 2019-2020 1. K Sripriya, ICA India (Chairperson) 2. Parveen Mahmud, ICA Bangladesh (Vice Chairperson) 3. Hina Usmani, ICA Pakistan (Chairperson of CA Women’s Committee) 4. Marium Khawar Butt, ICMA Pakistan 5. Meera Shrestha, ICA Nepal 6. Nilima Casichetty, CMA Sri Lanka 7. Aruni Rajakarrier, CA Sri Lanka 8. Sameera Sarwar, CPA Afghanistan Members of the first SAFA Women Leadership Committee in 2021-2022 1 ICA Bangladesh Maria Howalder (Chairperson) 2 ICMA Bangladesh Shahana Parvin 3 ICA India Priti Paras Savla 4 ICA India Arundhati Basu 5 ICA Nepal Meera Shrestha 6 ICA Pakistan Hina Usmani (Vice Chairperson) 7 ICMA Pakistan Marium Khawar Butt 8 CMA Sri Lanka Darshini Watawala FCA, FCMA 9 CA Sri Lanka Anoji De Silva, FCA Webinar on work life balance embracing tech was organised by ICAB and SAFA Women Leadership Committee on 5 August 2021 Foreign Minister Dr. A. K. Abdul Momen was chief guest while the webinar was chaired by ICAB Vice President Maria Howlader, also the chairperson SAFA Women Leadership Committee. Anoji De Silva, a Council member of the Institute of Chartered Accountants of Sri Lanka and presented the keynote paper. Chairperson of Underprivileged Children’s Educational Programmes (UCEP) Bangladesh, Parveen Mahmud, also a former ICAB president, SAFA Women Leadership Committee member Kemisha Soni, Chamila Cooray, council member of the Institute of Chartered Accountants of Sri Lanka, Mariam Khawar, SAFA Women Leadership Committee Member, were panel speakers. Opening remarks were delivered by SAFA President A K M Delwer Hussain while the concluding remarks were made by ICAB Vice President Md. Abdul Kader Joaddar. ICAB CEO Shubhashish Bose did the introductions and ICAB President Mahmudul Hasan Khusru delivered his note of thanks. Members of the first SAFA Women Leadership Committee in 2023-2024 1 ICA Pakistan Hina Usmani (Chairperson) 2 ICMA Pakistan Marium Khawar Butt 3 CA Sri Lanka Chamila Cooray 4 CMA Sri Lanka Darshini Watawala 5 ICA Bangladesh Maria Howlader 6 ICMA Bangladesh Akhtar Sanjida Kasem 7 ICA India K Sripriya 8 ICA Maldives Fareeha Shareef 9 ICA Nepal Meera Shrestha → 128

SAFA Webinar on ‘Forging the Path – Women in Accountancy Profession and Future Prospects’ held in 13 December 2022 CAB and SAFA jointly organized virtual webinar on Forging the Path – Women in Accountancy Profession and Future Prospects on 13 December 2022. Md. Shahadat Hossain, FCA, President, ICA Bangladesh, delivered the address of welcome. The Webinar was also addressed by HM Hennayake Bandara, FCA, FCMA, President, South Asian Federation of Accountants (SAFA) and Maria Howlader, FCA, Chairperson of the SAFA Women Leadership Committee and Member Council, ICA Bangladesh. Parveen Mahmud, FCA, Past President, ICA Bangladesh, was the session chairman; Hina Usmani, FCA, Member Council, ICA Pakistan and Member of SAFA Women Leadership Committee, presented the Keynote; while CA Nihar N Jambusaria, Vice President, South Asian Federation of Accountants (SAFA), delivered the concluding remarks. CA Priti Paras Savla, Member, SAFA Women Leadership Committee, ICA India; Chamila Cooray, FCA, FCMA, CPA (Aus), Member, SAFA Women Leadership Committee, ICA Sri Lanka; Arundhati Basu, FCMA, Member, SAFA Women Leadership Committee, ICA India (Cost); and Shahana Parvin FCMA, Member, SAFA Women Leadership Committee, ICMA Bangladesh, were the panellists. “I hope you find true meaning, contentment, and passion in your life. I hope you navigate the difficult times and come out with greater strength and resolve. I hope you find whatever balance you seek with your eyes wide open. And I hope that you - yes, you - have the ambition to lean into your career and run the world. Because the world needs you to change it.” ― Sheryl Sandberg, Lean In: Women, Work, and the Will to Lead CRACKING THE GLASS CEILING I 50 YEARS OF ICAB LEGACY

Bangladesh India Nepal Pakistan Sri Lanka Maldives Institute established 1973 1949 1997 1961 1959 2020 First female CA and year Suraiya Zannath Khan in 1989 R. Sivabhogam in 1949 Samjhana K.C. Fauzia Rashid in 1968 Santhadevi Wimalendra in 1967 Fareeha Shareef First Council Member Parveen Mahmud in 2007 CA Priya Bhansali in 1995 Meera Shreshtha in 2018 Hina Usmani elected in 2017 Chamila Cooray FCA, FCMA, CPA In 2020 First Female member to be elected representing non-practicing sector Fathimath Razeena Fareeha Shareef First President of the Institute Parveen Mahmud in 2011 None None None None None First female Board member in SAFA Parveen Mahmud in 2011 N/A N/A N/A N/A N/A At present Council members Fouzia Haque FCA and Maria Howlader FCA CA. Kemisha Soni from Indore, CA. Sripriya K from Chennai and CA. Priti Paras Savla from Mumbai None Hina Usmani and Khursheed Kotwal Anoji De Silva and Coralie Pietersz Fathimath Razeena Fareeha Shareef Total Female CAs 150 93727 169 1005 6095 27 Total CAs 1898 3,38,374 655 11033 18667 117 % 7.9% 27.7% 11.06% 9% 32.65% 23.07% Info as of as of June 30, 2023 as of 1 March 2022 Females first in SAFA countries → 130

6.6 Women representation in SAFA Board Parveen Mahmud, ICAB President of 2011, is the first woman to be on the board of SAFA CRACKING THE GLASS CEILING I 50 YEARS OF ICAB LEGACY

CHAPTER 7 Deep dive: Professional devel opment and stakeholders ICAB is affiliated with international accounting bodies like International Federation of Accountants (IFAC), The International Accounting Standards Board (IASB), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). Alongside, ICAB has active collaboration with the World Bank, Asian Development Bank and other professional bodies around the world. 7.1 New outlook Accountancy is a critical component of any market economy towards ensuring appropriate transparency and disclosure. No sound economic activity would be possible without accountancy. Beyond the information it provides on the financial position and profitability of operations, it is the foundation of a country’s fiscal system and plays a key role in corporate governance. When enforcing prudential requirements for banks, insurance companies, securities dealers, and other organisations, the opinion of chartered accountants is a regulatory requirement. As a result, accountancy is among the most closely regulated services in the advanced economies around the world considering its significance and obligation. ICAB has so far served the country with great distinction. But the best is yet to come. In 2000, the Council agreed, in principle, to make ICAB fully compliant with IFAC’s Statutory Members Obligation (SMOs) 2012. Towards this end, the council approved action plans to implement 7 SMOs on quality assurance, international auditing standards, education, code of ethics, IPSAS, investigation and discipline and International Financial Reporting Standards (IFRS). In the years 2012, 2013 and 2014, ICAB was highly appreciated by IFAC for its continued commitment and compliance with SMOs and thereafter, ICAB has been allowed biennial submission of SMO action plan instead of the annual submissions. ICAB is aligned with International Accounting Standards Board (IASB) and International Federation of Accountants in adoption and publication of International Financial Reporting, auditing, assurance and code of ethics from time to time. It is to be noted that at an initial stage ICAB reviewed, adopted, published and disseminated these standards as Bangladesh standards (BAS). In 2014 and 2017, ICAB signed copyright agreement with IFRS Foundation, UK for dissemination of both online and printed versions in Bangladesh. In 2017, ICAB decided to adopt and publish IFRS, ISA, quality control, code of ethics and other standards and pronouncements without any modification. Since July 2020, the responsibility of setting such standards in Bangladesh has been shifted to Financial Reporting Council (FRC). However, ICAB has been making all out efforts to improve the accounting, auditing and reporting standards and ensure professional standards, transparency, accuracy, accountability and corporate → governance in Bangladesh. 132

7.2 International Federation of Accountants (IFAC) The International Federation of Accountants (IFAC) is the global organisation for accountancy dedicated to serving the public interest by strengthening the profession and contributing to the development of stronger economies. IFAC is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing approximately 3 million accountants in public practice, education, government service, industry, and commerce across the world. IFAC’s mission is to serve public interest by contributing to the development of high standards and guidance; facilitating the adoption and implementation of high-quality standards and guidance; contributing to the development of strong professional accountancy organisations and accounting firms and high-quality practices by professional accountants, and promoting the value of professional accountants worldwide; and speaking out on public interest issues. IFAC members and associates are professional accountancy organizations (PAOs) recognised by law or general consensus within their countries as renowned national organisations. ICAB membership in IFAC ICAB became a member of International Federation of Accountants (IFAC) in 1977. ICAB has been highly appreciated by IFAC for its commitment and compliance with Statement of Membership Obligations (SMOs), which cover the requirements of quality assurance, education in line with international education standards, auditing, financial reporting and public sector accounting standards, investigation and disciplinary matters. Former ICAB President Jamal Uddin Ahmed was a member of the IFAC board and a member of Public Sector Committee during 1993-1995. ICAB President Showkat Hossain poses for photograph with former ICAB President and council member Md. Humayun Kabir FCA along with IFAC CEO Fayezul Choudhury at the World Congress of Accountants. ICAB President Md Shahadat Hossain, meets IFAC President Alan Johnson, during IFAC council meeting at Jio World Convention Center in Mumbai, India on 15 November 2022. DEEP DIVE: PROFESSIONAL DEVELOPMENT AND STAKEHOLDERS I 50 YEARS OF ICAB LEGACY

7.3 The International Accounting Standards Board (IASB) The International Accounting Standards Board (IASB) is the independent standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). With its headquarters in London, United Kingdom, the International Accounting StandardsBoard (IASB)is an independent body that develops and approves International Financial Reporting Standards (IFRSs). The IASB operates under the oversight of the IFRS Foundation. ICAB is a member of International Accounting Standards Board (IASB). ICAB began in 1977 to process adoption of International Accounting Standards (IAS) and International Auditing Guideline (IAG) for application in Bangladesh. ICAB is grateful to Bangladesh Securities and Exchange ICAB President Md Shahadat Hossain meets with the newly elected IFAC President Asmaa Resmouki in 2022. They are flanked by ICAB COO Mahbub Ahmed Siddique, SAFA President H M Hennayake Bandara (also a former ICAI President) during IFAC council meeting at Jio World Convention Centre in Mumbai, India. Commission (SEC) for making it mandatory for listed companies to follow accounting standards adopted by ICAB. Regional Standard Setters (RSS) conference in Dhaka The IASB works with national standard setters around the globe to achieve convergence in accounting and auditing standards across the world. The IASB encourages RSS Conferences as a means of understanding and supporting the convergence efforts of countries across the world. The first ever Regional Standard Setters (RSS) Conference in Dhaka was held on 28 November, 2011. IASB chairman had sent his best wishes and message. The convergence to IFRS is a major initiative for almost all the professional accounting institutes in the world. However, → 134

stakeholders including regulators, authors and users of financial statements and auditors continue to encounter challenges in practical implementation of such convergence. The member bodies made presentations on the status of convergence of their national accounting standards to IFRS, their challenges and proposed plans to achieve convergence. Dr Atiur Rahman, governor of the Bangladesh Bank was chief guest, who had formed a capable working group at the central bank in collaboration with ICAB to review Bangladesh Bank Circulars and guidelines in line with global standards. 7.4 Standing committees ICAB is administered by an elected council, which governs the institute and helps it meet all its obligations and keep up with the changing standards of international accounting bodies. The president is required to institute seven standing committees within three weeks of assuming office. It is required that the president puts forwards names of president and members of each standing committee. (i) Executive Committee (ii) Examination Committee (iii) Investigation and Disciplinary Committee (iv) Articled Students Committee (v) Technical and Research Committee (vi) Board of Studies (vii) Quality Assurance Board The Council may also constitute other committees or boards — referred as ‘non standing committees’ —from among its members as required. The Council could also institute an advisory committee, with a former president heading it and co-opt other members into it. As for other non-standing committee, the Council is required to frame their terms of reference as appropriate. 7.5 Evolution of non-standing committees Members of standing committee or board or non-standing committee are in office for one year or until a new committee is instituted. Considering the Institute’s need for diverse functions, the council has instituted a number of nom-standing committees from time to time. Non-standing committees over the years: Year Name of Non Standing Committees 1980 Building Committee Convention/Seminar Committee Editorial Board 1981 Furniture Committee 1983 Expert Committee Taxation & Company Law Committee 1984-85 Professional Development Committee Implementation Committee Election Rules Committee 1987-88 Consultative Committee Real Estate Committee International Relations Committee Implementation Committee - UNDP Project 1989 Education & Training Committee Review Committee for Published Accounts & Reports Committee for Standardization of Professional Examination 1992 Public Relations Committee 1996 Committee for Professional Development for Women (CPDW) 2000 Continuing Professional Education Committee Project Development & Implementation Committee Monitoring & Compliance Committee-Accounting & Auditing Standards Information Technology Committee Members Services & Welfare Committee DEEP DIVE: PROFESSIONAL DEVELOPMENT AND STAKEHOLDERS I 50 YEARS OF ICAB LEGACY

2001 Foundation Board 2005 SAFA and International Affairs Committee 2008 Committee for Amendment of CA Order & Bye-Laws 2011 Committee for Small and Medium Practitioners (SMP) ICAB-ICAEW Coordination Committee Committee on Public Finance and Public Sector Accounting Audit Committee Committee on Professional Accountants in Business (PAIB) CPDW (discontinued; gender issue mainstreamed with members development) ** 2012 Taxation and Corporate Laws Committee 2013 SAFA, CAPA & International Affairs Committee Executives and Officials 2016 Media & Branding Committee Member Secretaries Committee The Management Officials (is this a committee?) 2017 HR Committee Committee for Women in Leadership 2018 Committee on Public Finance and Public Sector Accounting 2019 Regulators and Trade Bodies Coordination Committee (RTBCC) Membership Development and Mutual Collaboration Committee (MDMCC) Regional Committees and Overseas Management Chapter Committee (RCOMCC) Taskforce on Non-Member CA Professional 2020 WIL renamed Women Members Empowerment and Leadership Committee (WMELDC) Year Name of Non Standing Committees Year Name of Non Standing Committees 2021 Second Tier Accountants Recognition & Management (STARM) Research on Economy, Business and Finance Committee (REBFC) Career Counselling and Skills Enrichment Board (CCSEB) 2023 Committee on Sustainability Reporting & Assurance 7.6 Quality assurance board In 2008, ICAB established Quality Assurance Department (QAD) under Quality Assurance Board (QAB). The QAB, formed in 2004, has been providing technical support for capacity building of ICAB members and firms. It monitors and guides the QAD with its quality assurance activities. The function of the QAD is to oversee the quality of works of auditors both in the field and in reviews. It has been carrying out quality assurance visits to firms in line with the requirements of IFAC Statement of Members Obligation (SMO). Under the Twinning project with ICAEW, ICAB has developed an Audit Practice Manual (APM) for use as guidelines for auditors and has been updating that manual from time to time. The challenges to the accounting profession are evolving with time. Simultaneously, greater responsibility and increased scrutiny are being imposed on accountants and auditors worldwide. To ensure professional excellence, ICAB focuses on capacity building of the institute and the profession as a whole and thereby ensures quality service for its stakeholders. 7.7 Investigation and Disciplinary Committee The Investigation and Disciplinary Committee consists of a vice-president and not more than five other members of the Council, with an option to coopt other ICAB members as required. It performs the functions assigned to it → 136 under the by-laws and any other function delegated by the Council.

7.8 Financial Reporting Council Financial Reporting Act 2015 The Financial Reporting Act 2015 (known as FRA 2015) looks to ensure accountability and transparency in the financial reporting process in Bangladesh. On September 9, 2015 the Act was officially published as a gazette of Government of Bangladesh. In July 2018, the government appointed a chairman for the Financial Reporting Council (FRC). The FRC is a key stipulation of the Financial Reporting Act. It is largely viewed as an instrument for restoring public confidence in the capital market. Financial Reporting Council (FRC), with 12 members, is a body formed under the Financial Reporting Act, 2015, to ensure accountability and performance among the professional accountants, (chartered accountants and management accountants) in Bangladesh. Moreover, the council will be a statutory body with expert members from various government bodies, institutions and professional groups. 7.9 Digitalization The year 2021 was a year of digital transformation for ICAB. From March 2020 onwards things started changing as Covid started to spread rapidly across the world. With the nationwide shutdown, the Institute office remained physically closed over a prolonged period. However, ICAB predicted and handled the situation well and went online leveraging the potential of digital platforms in all its activities. The number of members conferences, training seminars, meetings, online classes and programs that were held through digital platform was the highest that ICAB had ever seen since its inception. The enthusiasm and interest of the participants were highly commendable. In addition, massive initiatives were taken to digitalize ICAB’s regular activities and services. Notable among these are, digitalizing audit practice in Bangladesh, digital library and automation of library management system, automation of best presented accounts and reports awarding process, automation of CA examination management system, automation of members’ services and student registration process, ICAB Enterprise Resource Planning (ERP) and HR automation, CA members and students placement automation and automation of one stop connectivity to ICAB. ICAB’s website was also successfully revamped. Due to Covid, CA firms were affected significantly. The Institute undertook many initiatives to address the concern. Letters were sent to the finance minister, commerce minister, Bangladesh Bank governor, secretaries of commerce and finance ministries seeking financial stimuli for CA firms and related CA professionals from the stimulus scheme of the government. Online classes and examinations ICAB conducted online classes to support the students and that went very well. Students simultaneously participated in online classes of all levels (certificate professional and advanced) and said they were content with the online lectures. Conducting examination became a huge challenge for the Institute during Covid pandemic. Due to strict prohibition for holding any public DEEP DIVE: PROFESSIONAL DEVELOPMENT AND STAKEHOLDERS I 50 YEARS OF ICAB LEGACY

examinations to avoid spread of the disease, ICAB was not able to hold the May-June session examination in 2020, However, November-December examinations of 2020 were held in Dhaka and Chittagong. During this time, ICAB introduced computer-based testing and online exams. ICAB Council agreed in principle to conduct professional certificate level examinations online and agreed that the Institute should have a necessary system with appropriate software, infrastructure and logistics. ICAB introduced online certificate level exams from 2021. Online examination enabled the Institute to increase frequency of the examinations. Online meetings During and after the lockdown, virtual meetings became the new norm of the Institute. ICAB has been holding virtual meetings efficiently, with increased participation of members. This system has reduced cost and hassle of attending physical meetings, and has ensured greater accuracy of documenting the proceedings through digital recording. Online CPD/members’ conference ICAB has been holding online member’s conference or CPD seminars and these have also turned out to be largely participatory, as members can join from any corner of the world. 7.10 MoU Between ICAB and Local Government Division under Local Governance Support Project (LGSP) ICAB President Muhammad Farooq and Maran Kumar Chakraborty, Additional Secretary, Local Government Division sign MoU on 14 October 2020 for the annual external audit of union councils and review of audit → 138 reports submitted by audit firms.

7.11 Digital Identification of Audit Reports (DIAR) The Institute of Chartered Accountants of Bangladesh (ICAB) introduced Digital Identification of Audit Report (DIAR) on 10 December 2017 to prevent manipulated audit reports and financial statements submitted by different ICAB’s trains NBR intelligence officials on Digital Identification of Audit Reports (DIAR) to prevent manipulated audit reports and financial statements business organisations and corporate bodies to evade taxes and avail credit facilities from various financial institutions. As part of complementary role in NBR’s effort to boost revenue collection, ICAB organised a programme on ‘Digital Identification of Audit Report (DIAR) and audited financial statements’ for NBR officials. Almost 50 high officials of the VAT Intelligence Cell took part in the 2-day training in May 2018. NBR Chairman Md. Mosharraf Hossain Bhuiyan inaugurated the programme as chief guest while Md. Lutfor Rahman, NBR member of VAT, audit and intelligence and A F M Abdullah Khan, director general of Audit, Intelligence and Investigation, Value Added Tax, NBR were present as special guests. ICAB President Dewan Nurul Islam, former president and council member Md. Humayun Kabir, who is also the chair of ICAB’s Taxation and Corporate Laws Committee also spoke on the occasion. A presentation on overview and objectives of ‘DIAR’ as well as its background was made by ICAB Council member Mostafa Kamal, who is also executive vice president and group company secretary of LankaBangla Finance. In line with ICAB’s proposal it was agreed that a joint working group will be formed with representatives from ICAB, NBR and RJSC for full implementation of the DIAR project. Stressing on the implication of DIAR system, NBR Chairman said the revenue authority largely depends on the financial statements duly signed by an auditor to assess the taxpayers and the tax. In our country, some businesses prepare two financial statements for a particular fiscal year to evade tax. They think that dodging of tax is the integral part of their business profit, which is totally unethical. Businessmen accumulate the money by giving wrong information in L/C, under-invoicing or over-invoicing in export and import statements. This undisclosed money becomes black money. He urged the businessmen to give true and fair information in financial statements. He requested not to think of tax as a burden, rather it should be seen as a sacred responsibility. DEEP DIVE: PROFESSIONAL DEVELOPMENT AND STAKEHOLDERS I 50 YEARS OF ICAB LEGACY

Increasing revenue collection has become an imperative for NBR, particularly at this juncture since it is moving forward to developed country status. The ratio of tax collection and the ratio of gross domestic products(GDP) is hovering eight to ten percent per annum. As a result, Bangladesh depends on extensive foreign loan with higher interest rate to continue different development projects in the country. One of the main conditions of achieving the sustainable development goals (SDGs) is to be self-sufficiency ensuring the generation of own funds. He further said if we can prevent the fake audit and financial statements, the revenue collection of NBR would definitely increase. In this direction DIAR is ICAB’s noble initiative and it will help NBR officials in assessing real taxpayers and the tax which ultimately would leave positive impact on revenue collection. ICAB President Dewan Nurul Islam FCA said that Bangladesh has achieved the status of developing county. In this transition, the country is facing multiple challenges. In last two years the country’s revenue collection increased to 17.9 and 26.6 percent. Modernisation of tax collection and at the same time simplification of tax collection process is not an easy game for NBR. ICAB wants to be a close associate with NBR to face this challenge, he added. He said that there was a huge gap between the number of financial statements audited by CA firms under ICAB and the reports submitted to the tax authority. He said it so be happening that a vested quarter was active to submit the tampered financial statements attached with the annual tax returns at the discretion of that alleged company. To prevent the malpractice, under ERP system, ICAB has developed the DIAR system under which the list of auditors and their client lists are stored in database from where anyone can find the name of auditors and the company audited for a particular financial year. Statutory submission of financials duly audited by chartered accountants (CAs) is mandatory for all corporate taxpayers under the income-tax law. ICAB thinks that if NBR efficiently utilise the DIAR system, it could detect the tax dodgers and raise revenue collection. 7.12 Document Verification System (DVS) The Institute of Chartered Accountants of Bangladesh (ICAB), in association with the National Board of Revenue, launched a document verification system (DVS) to help identify tax-evaders submitting falsified or multiple audited financial statements to the National Board of Revenue (NBR). Tax officials will be able to use DVS to verify whether an audit report submitted to the NBR is authentic. ICAB and NBR signed a memorandum of understanding to launch the DVS at the Pan Pacific Sonargaon Dhaka Hotel on November 12, 2020. Addressing the programme, finance minister AHM Mostafa Kamal said that chartered accountants are the masters of a country’s accounting profession and play a significant role in its development. He called upon local accountants to maintain transparency and accountability in discharging their professional responsibilities. The DVS will help boost revenue collection as well, Kamal added, after inaugurating the software’s launch at the gala event. Abu Hena Md Rahmatul Muneem, chairman of the NBR, said this was the beginning of a new chapter → 140 in bringing financial discipline to the country while increasing revenue.

Through this software, data from NBR’s database will be compared with ICAB’s DVS database. Institutions whose audit reports and information are not available in the DVS database will be under scrutiny. Md. Alamgir Hossain, member (tax policy) of the NBR, Md. Habibur Rahman, additional secretary (budget-1) of the finance ministry; ICAB past presidents and Council members Md. Humayun Kabir, Kamrul Abedin, Adeeb Hossain Khan; and Sabbir Ahmed, member of ICAB Taskforce on DVS and vice president, also spoke at the event. Mohammed Forkan Uddin, convenor of the ICAB DVS taskforce and ICAB vice president, and Gopal Chandra Ghosh, council member, jointly made presentation on DVS. Eventually other major regulatory bodies, the Financial Reporting Council, Bangladesh Bank and Bangladesh Securities and Exchange Commission also issued directives to ensure the use of DVS in a concerted manner to end false financial reporting. Through this digital system, practising members of ICAB create their personal ID, and then, have to create a client profile, and provide five key financial data, other necessary particulars and date of the report they would sign. A unique 18-digit code — DVC (Document Verification Code) — is then generated from the system that needs to be included in the signed financial statements and the audit opinion. 7.13 MoU on DVS ICAB and RJSC ink deal 23 February 2022: ICAB and the Registrar of Joint Stock Companies and Firms (RJSC) sign a memorandum of understanding (MoU) at ICAB Council Hall, CA Bhaban. Under this MoU, RJSC will get access to use DVS for verifying the authenticity of audited financial statements of companies registered with RJSC. ICAB President Md. Shahadat Hossain and Sheikh Shoeibul Alam, Registrar of Joint Stock Companies and Firms (RJSC) signed the MoU. ICAB Vice President NKA Mobin and Fouzia Haque; Council members Sabbir Ahmed, Md. Moniruzzaman, Mohammed Forkan Uddin, Maria Howlader, CEO Shubhashish Bose and COO Mahbub Ahmed Siddique were present along with Santosh Kumar Pandit PAA, Additional Registrar (Joint Secretary) and Abu Essa Mohd. Mostafa Bhuiyan PAA, Deputy Registrar attended on behalf of RJSC. Urging to maintain professional integrity Sheikh Shoeibul Alam said, “We can all together build a good corporate culture which is essential for the development of the country. Definitely under this MoU, this DVS will make the task of RJSC officials easier to verify the audited financial statements.” DEEP DIVE: PROFESSIONAL DEVELOPMENT AND STAKEHOLDERS I 50 YEARS OF ICAB LEGACY

ICAB and BIDA sign MoU 28 June 2022: ICAB and the Bangladesh Investment Development Authority (BIDA) under the Prime Minister’s Office signed a memorandum of understanding (MoU) at a ceremony held at the latter’s premises. Under this MoU, BIDA will get access to use the document verification system (DVS) to verify authenticity of audited financial statements. ICAB President Md. Shahadat Hossain and BIDA Executive Member Mohsina Yasmin signed the MoU. Md. Sirazul Islam, executive chairman, Bangladesh Investment Development Authority (BIDA), graced the occasion as chief guest. ICAB Vice President Fouzia Haque, BIDA Director General Shah Mohammad Mahboob, and Executive Member Mohsina Yasmin also spoke on the occasion. ICAB Vice President NKA Mobin, Council members Md. Moniruzzaman, Sabbir Ahmed, Chief Executive Officer Shubhashish Bose, Chief Operating Officer Mahbub Ahmed Siddique, among others were present. ICAB, NGO Affairs Bureau sign MoU 07 June 2022: ICAB and the NGO Affairs Bureau (NGOAB) signed a memorandum of understanding (MoU) providing the NGO Affairs Bureau with access to the document verification system (DVS) for verifying the authenticity of audited financial statements of different NGOs. ICAB President Md. Shahadat Hossain and NGOAB DG K.M. Tariqul Islam signed the MoU. ICAB Vice President NKA Mobin, Council Member Mohammed Forkan Uddin, NGO Affairs Bureau Director Ashfaqur Islam Babul, Director Jinat Ara, Deputy Director Md. Anwar Hossain, also spoke on the occasion. ICAB Chief Operating Officer Mahbub Ahmed Siddique, among others was present at the occasion. ICAB, AB Bank sign MoU 28 July 2022: ICAB and AB Bank signed a memorandum of understanding at the bank’s corporate office. Under this MoU, the bank will get access to the Document Verification System (DVS) for verifying the authenticity of audited financial statements. ICAB President Md Shahadat Hossain, and Tarique Afzal, president and → managing director of AB Bank, signed the MoU. 142

ICAB vice-presidents, Council members with chief executive officer and bank’s deputy managing directors along with senior officials were present at the occasion. MRA, ICAB sign MoU 08 August 2022: The Microcredit Regulatory Authority (MRA) signed a memorandum of understanding (MoU) access to the document verification system (DVS) for verification of audited financial reports through. The MoU was signed at a ceremony held in the conference hall of MRA. ICAB President Md. Shahadat Hossain and MRA Executive Vice Chairman Md. Fashiullah signed the deal. ICAB council members Gopal Chandra Ghosh, Mohammed Forkan Uddin, Chief Executive Officer Shubhashish Bose, MRA Executive Director Laxman Chandra Debnath, Md. Humayan Kabir along with senior officials from MRA and ICAB, were also present. SIBL, ICAB signed MoU 01 September 2022: Social Islami bank Limited (SIBL) and ICAB signed a MoU on Document Verification System (DVS) at the bank’s head office. SIBL Managing Director & CEO Zafar Alam and ICAB President Md. Shahadat Hossain signed the agreement. Additional managing director, deputy managing directors, chief financial officer, head of IRMD of Social Islami Bank, vice presidents, council members, chief executive officer of ICAB along with other senior officials of both the organisations were present. Under this agreement, SIBL will get access to use the Document Verification System (DVS) for verifying financial statements of different entities. SBAC, ICAB sign MoU 22 September 2022: South Bangla Agriculture & Commerce (SBAC) Bank and ICAB signed an MoU on Document Verifications System (DVS). DEEP DIVE: PROFESSIONAL DEVELOPMENT AND STAKEHOLDERS I 50 YEARS OF ICAB LEGACY

SBAC Managing Director & CEO Habibur Rahman and ICAB President Md Shahadat Hossain, inked the deal at the bank’s head office in presence of Abdul Kadir Molla, chairman of the board of directors, and Ziaur Rahman Zia, independent director of the bank. Under this agreement, SBAC will get access to DVS for verifying the authenticity of audited financial statements. ICAB, ACRAB sign MoU 04 October 2022: ICAB and the Association of Credit Rating Agencies of Bangladesh (ACRAB) signed a deal on document verification system (DVS) at ICAB Council Hall. ICAB president and ACRAB chairman signed the MoU. ICAB Vice President Fouzia Haque also spoke on the occasion. ICAB Vice President NKA Mobin, COUNCIL MEMBER Md. Moniruzzaman, National Credit Ratings Limited Managing Director Bir Bikrom Md. Momin Ullah Patwary, Credit Rating Information and Services Limited President and CEO Muzaffar Ahmed were present on the occasion. ICAB, FRC sign MoU If Document Verification System (DVS) is enforced, the production of two or three types of financial statements will come to an end and a culture of producing a single set of audited financial statement will be established, said Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council (FRC) at the signing ceremony at ICAB auditorium on 22 December 2020. 7.13 Continuing Professional Development (CPD) One of the ICAB missions is to develop and maintain the competence of professional accountants. To meet this mission and to be compliant with IFAC requirements, ICAB has adopted a policy of a certain number of credit → 144

hours in Continuing Professional Development (CPD) programme. From 2009, the ICAB council made Continuous Professional Development (CPD) requirement of 60 credit hours for a rolling period of 3 years compulsory from the year 2009-10, as per International Education Standard (IES). It may be mentioned, ICAB has a mandatory CPD requirement of at least 12 hours per year since 2001-02. To disseminate knowledge of harmonized standards and other contemporary issues related to the profession, CPD seminars are held for members regularly. ICAB developed and issued a complete CPD policy in 2019 for its members in compliance with the International Education Standards (IES) that prescribes continuing professional development required for professional accountants to develop and maintain professional competence necessary to provide high quality services to clients, employers, and other stakeholders, and thereby strengthen public trust. Besides, the Institute is working closely with government agencies, CAG, regulatory bodies, the World Bank, ADB and other stakeholders like business communities, central bank, MRA, BSEC, Bankers, NGOs, etc. In order to bring about improvements in our existing system of education, training, examinations and professionalism in line with those of other advanced countries, particularly those of SAFA members, a brainstorming session was held on 9 February, 2002 at Sonargaon Hotel in Dhaka. The session was participated by Council members, past presidents and other invited members. The members set a draft strategic direction for the development of accounting in Bangladesh, after deliberations on existing systems of education, training and examinations. Rezaur Rahman about to shake hands with Jamal Uddin Ahmad, flanked by MA Quadir Mollah and Md Yunus on 9 February, 2002. 2018: Members’ conference on corporate transparency and sustainability reporting DEEP DIVE: PROFESSIONAL DEVELOPMENT AND STAKEHOLDERS I 50 YEARS OF ICAB LEGACY

CRC: CPD Seminar on disclosures Seminar on ‘Disclosure — A Dilemma’ was held at the Chittagong Regional Centre 16 August, 1992. Council member Dr AKM Sahabub Alam presented the keynote paper. Presided over by CRC Chairman Quazi ShafiquI Islam, ICAB Director of Technical Services M Mozammal Hoque was chief guest. The seminar, conducted by CRC Honorary Secretary M Zahirul A lam, was attended by a large number of members and students. Dr. Sahabub Alam presents his paper as (sitting from left) Zahirul Alam, ShafiquI Islam, AK Chowdhury and Mozammal Hoque listen on. Seminar On VAT held on 18 August, 1991 at CA Bhaban 1992: Interventionist government policy in banking, financial sectors must go: Experts The eminent speakers included Dr Ali Akbar Khan, additional secretary of finance ministry, Shah Abdul Hannan, deputy governor of Bangladesh Bank, Barrister Syed Ishtiaq Ahmed, senior advocate of Supreme Court, Jamal Uddin Ahmad, ICAB president and former deputy prime minister, Owaise Saadat, chief of industry & finance at World Bank, Dhaka, Md Mushtaque Ahmed, Ahsanul Haque, MD of Sonali Bank, AKM Ghaffar, MD of AB Bank, Mahabubur Rahman, president of MCCI, Mohammad Yunus, president of DCCI, and Zahid-uz-Zaman Farooq, economic reporter of Daily Ittefaq. Session Chairman Shah Abdul Hannan, NBR Member and Chairman VAT Cell, trying to dispel ‘VAT phobia’. From right: keynote author Dr M Zahid Hossain, first secretary NBR and coordinator VAT Cell, ICAB president, session chairman, official commentator MJ Abedin and ICAB Vice President MA Halim Gaznavi. Planning Minister Zahiruddin Khan addresses a seminar. Seen with him are three of the → 146 speakers: (from extreme left) AKM Gaffar, Jamal Uddin Ahmad and Mahbubur Rahman

7.14 ICAB Centre for Professional Excellence (ICPE) ICAB offers training and workshop for its members and various other professionals to help foster leadership qualities and enhance commercial, financial and technical knowledge fundamental to capacity building and career development. During 2021, ICAB held a number of trainings and workshops on different subjects to keep the knowledge and skills up-to-date. Due to Covid pandemic, and its aftermath, trainings were delivered online. 7.15 Training and workshop Enhancing knowledge: Knowledge and leadership competencies and the level of education and training of professional accountants need to be improved to meet the demands of the changing environment. ICAB Centre for Professional Excellence (ICPE) is helping members in professional transformation. A panel of speakers at a seminar conducted by Momenur Rahman. 2002: ICAB think tank in action ICAB President M A Baree (centre), with council member, former ICAB President A N Altaf Hussain Siddiqui, and ICAB Vice President Md Humayun Kabir (right) are seen at the brainstorming session under World Bank financed project: Development of Accounting and Auditing Standards in Bangladesh. Bangladesh Bank officials participate in IFRS training organised by ICAB in 2017. DEEP DIVE: PROFESSIONAL DEVELOPMENT AND STAKEHOLDERS I 50 YEARS OF ICAB LEGACY

15-day training on preparation of accounts in modern commercial accounting system for officers and staff of Bangladesh Telecommunications Company (BTCL). Photo taken on 2 November, 2015 Workshops on compliance with rules, regulations & accounting standards and preparation of financial statements for chief executive officers (CEO), chief financial officers (CFO) and → 148 heads of internal audit. Photo taken on 26 May, 2015.

7.16 Stakeholders dialogue, workshop, seminars, conferences 2017: ICAB discussion on ‘Path to an Easier Business Environment’ ICAB organized a discussion on ‘Path to an Easier Business Environment’ on 19 March 2017 at Sonargaon Hotel in Dhaka. Finance Minister Abul Maal Abdul Muhith graced the occasion as chief guest while Kazi M. Aminul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) was present as special guest and Rupali Chowdhury, President, Foreign Investors’ Chamber of Commerce & Industry (FICCI) Bangladesh attended as the guest of honour. ICAB President Adeeb Hossain Khan delivered the address of welcome and moderated the session. ICAB Council Member Dewan Nurul Islam presented the keynote paper while executive member & secretary of Bangladesh Investment Development Authority (BIDA) Ajit Kumar Paul presented a paper on BIDA strategy to foster business activities and ensure congenial environment. Closing ceremony of certificate course on information systems audit DEEP DIVE: PROFESSIONAL DEVELOPMENT AND STAKEHOLDERS I 50 YEARS OF ICAB LEGACY

Ex-President of the American Chamber of Commerce in Bangladesh (AmCham) Aftabul Islam, ACI Group Chairman Anis-Ud Doullah, BSRM Chairman Ali Hossain Akbar Ali, former ICAB President Anwaruddin Chowdhury, ICAB Vice Presidents Abdus Salam and Md Mahamud Hosain also spoke. 7.17 GRI/ IIRC/ Sustainability Stakeholders are not satisfied with only the financial statement of an entity as measuring its role in terms of social and environmental impact along with its governance is becoming more and more important, especially in the developed economies. Sustainability reporting evolved to meet this requirement providing disclosures and communication of environmental, social, and governance (ESG) goals as well as a company’s progress over time. Integrated reporting demonstrates the linkages between an organisation’s strategy, governance and financial performance and the social, environmental and economic context within which it operates. By reinforcing these connections, integrated reporting can help businesses take more sustainable decisions and enable investors and other stakeholders to understand how an organisation is performing. 2011: ICAB discussion on integrated reporting ICAB organised a roundtable discussion on integrated reporting at Sonargaon Hotel on 26 November, 2011. Dr. Mashiur Rahman, Advisor to the Prime Minister, attended as chief guest and Md. Matiul Islam, Chairman, Industrial and Infrastructure Development Finance Company Ltd chaired session. Mathilde Victoria Yates, Head of International Network, the Prince of Wales Project on Accounting for Sustainability, UK presented the keynote paper on integrated reporting. In addition, Showkat Ali Waresi, Joint Secretary of the Commerce Ministry, Md. A. Rumee Ali, Executive Director, BRAC Enterprise and Chairman, BRAC Bank and former Deputy Governor of Bangladesh Bank also participated in the discussion. ICAB President Parveen Mahmud delivered opening remarks. MOU signed with SAFA and GRI on 28 November 2011 in Dhaka. SAFA President A N Raman and Dr. Aditi Haldar, Director, Global Reporting Initiative (GRI) in South Asia signed the MoU on behalf of their respective organisations. → 150