Institute of Chartered Accountants of Bangladesh

Member | Established: 1972 | Member since 1977

Under the Bangladesh Chartered Accountants Order of 1973, the Institute of Chartered Accountants of Bangladesh (ICAB) was the sole regulator of accountants and auditors. Its mandate included: (i) determination of qualifications for membership in the institute; (ii) oversight of the initial professional development and continuing professional development of its members; (iii) conducting professional examinations; (iv) establishment and maintenance of a quality assurance review system; (v) licensing auditors; (vi) maintenance and publication of a register of persons qualified to practice as accountants and auditors; (vii) the investigation and disciplining of its members for professional misconduct; and (viii) setting accounting and auditing standards. Members of ICAB are designated as Fellow Chartered Accountants or Associate Chartered Accountants. Membership is mandatory for all Chartered Accountants (financial accountants and auditors) in the jurisdiction. In addition to being an IFAC Member, ICAB is a member of the South Asian Federation of Accountants and the Confederation of Asian and Pacific Accountants.

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Statements of Membership Obligation (SMO)

The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

Last updated: 10/2016
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SMO Action Plan

Status of Fulfillment by SMO

  • SMO 1: Quality Assurance

    Under the authority of the Bangladesh Chartered Accountants Order of 1973, ICAB has been responsible for establishing and maintaining a quality assurance (QA) review system of audit firms since 2008. The institute reports that its system is aligned with the requirements of SMO 1. ICAB reports that as part of the system in place, it has plans to conduct the third phase of mandatory QA visits between 2016 and 2018.

    Through the results of the QA review system, the institute has been identifying common issues that relate to quality control standards from the work of auditors and audit firms, to organize workshops and continuing professional development programs that improve its members’ professional competence and quality of work. ICAB reports it has visited member firms to update members on BSQC 1 (the national ISQC 1 equivalent) requirements and to provide training on the implementation of the Audit Practice Manual. The Institute also reports that it has organized a conference on Quality Audit in Public Interest Entities for its members.

    ICAB has been supported by the Institute of Chartered Accountants of England and Wales in regards to technical issues and its professional development programs. Beginning in July 2016, both institutes plan to collaborate to improve the overall QA review system as established and this effort will also include updating and revising the Audit Practice Manual published by the institute.

    Current Status: Sustain

  • SMO 2: International Education Standards

    Under the Bangladesh Chartered Accountants Order of 1973, ICAB is responsible for establishing initial professional development and continuing professional development (CPD) requirements for its members. ICAB reports that its system mostly aligns with the requirements of the IES; however, CPD requirements do not align. The institute reports that it has plans to incorporate the full requirements by March 2017.

    Prior to 2016, CPD requirements were mandatory only for individuals that were upgrading their member status from Associate to becoming Fellows. The institute reports it has developed new requirements regarding CPD and an official announcement will be made in March 2017 to make it mandatory for all members to meet minimum CPD requirements. Nevertheless, ICAB has developed CPD for its members, which consist of seminars and workshops on accountancy related subjects, and programs on offer also include courses on basic soft skills and business related subjects for individuals who work in different industries. The CPD program is open to all members and individuals outside the profession, including regulators and government departments.

    The institute is also reviewing its range of examinations to ensure that the required pre-qualification assessment level as indicated in IES 6, is maintained through providing University Exemptions, and training of teachers and examiners.

    ICAB reports that it is also active in the international standard-setting process and reviews and responds to exposure drafts issued by the IAESB.

    Current Status: Execute

  • SMO 3: International Standards on Auditing

    Although legally mandated auditing standards do not exist in Bangladesh, ICAB has established the Bangladesh Standards on Auditing (BSA) that are in line with the 2013 version of ISA. Under the Bangladesh Chartered Accountants Order of 1973, the institute remains the de facto standard-setter in the country. ICAB’s Technical and Research Committee is responsible for maintaining a process to review updates by the IAASB to ensure that BSA are kept up to date. The Committee is also responsible for disseminating updates by the IAASB to ICAB members and does so via technical updates, its website, and magazines.

    ICAB has produced accounting and auditing industry guides, practice aids and risk alerts for its members and has conducted workshops and continuing professional development program on the implementation of quality control standards. ICAB has developed materials such as the Audit Practice Manual, and a Handbook of Standards on Auditing, Assurance, and Ethics for its members. ICAB also conducts in-person visits to firms to further educate them on the standards.

    ICAB participates in the international standard-setting process by reviewing and responding to exposure drafts issued by the IAASB and has also organized various conferences and seminars on global audit matters to enhance the professional competency of its members.

    Current Status: Sustain

  • SMO 4: Code of Ethics for Professional Accountants

    Under the Bangladesh Chartered Accountants Order of 1973, ICAB is directly responsible for establishing ethical requirements for its members, and the institute has adopted the 2013 IESBA Code of Ethics. ICAB reports that it monitors new pronouncements by IESBA to ensure the Code is regularly updated and reports that it is reviewing the latest IESBA Code for adoption in the country.

    ICAB supports the implementation of ethical requirements by organizing various seminars, workshops, and continuing professional development programs on the IESBA Code, the institute’s by-laws, and on topics related to ethics in the finance industry. ICAB has also established an Ethics Support Mechanism that allows members to communicate with a panel of senior members of ICAB on confidential topics related to ethical behavior. The institute also organizes an annual leadership program for new members emphasizing the importance of the professional code of conduct.

    ICAB participates in the international standard-setting process by responding to exposure drafts issued by IESBA.

    Current Status: Sustain

  • SMO 5: International Public Sector Accounting Standards

    The Office of the Comptroller and Auditor General (OCAG) of Bangladesh is responsible for determining applicable public sector accounting standards in Bangladesh. While it has no responsibility to adopt public sector accounting standards, ICAB reports that it utilizes best endeavors to support the adoption of public sector standards by engaging in discussions with relevant government agencies, such as OCAG of Bangladesh and providing technical input in the process to implement IPSAS in the country. ICAB has established a Committee on Public Finance and Public Sector Accounting to assist with this process.

    ICAB supports its members in building awareness of public sector accounting by collaborating with local regulators and other regional professional accountancy organizations to develop technical sessions on various subjects related to public sector accounting. ICAB has also collaborated with the World Bank to organize training on public sector financial management and public sector accounting standards, and the institute has also organized various member conferences and workshops on IPSAS and the financial reporting framework for public sector entities.

    ICAB co-hosted a conference with the Confederation of Asian and Pacific Accountants in February 2016 on public sector finance management, and has signed a Memorandum of Understanding with CPA Ireland to provide access to IPSAS training and a certification course for its members. Other international projects include working on a World Bank-funded project “Strengthening Audit and Accounting Profession” where elements of the project focuses on the development and implementation of a reporting framework in the public sector of Bangladesh. ICAB is also participating in another World Bank funded project in collaboration with the Institute of Chartered Accountants of England and Wales, the National Audit Organization of the United Kingdom, and the OCAG. The project focuses on promoting public partnership for improved audit quality.

    Current Status: Sustain

  • SMO 6: Investigation and Discipline

    Under the Bangladesh Chartered Accountants Order of 1973, ICAB is responsible for establishing an investigative and disciplinary (I&D) system for its members, and has created three separate independent Boards for Investigation, Discipline, and Appeals. ICAB conducted an assessment of its I&D system against the requirements of SMO 6 and reports that it adopts most of the requirements, except that it’s Disciplinary Committee does not have non-accountants as members. The institute reports that a proposal has been submitted to the council of the institute, which will include non-accountants in the Committee.

    The institute actively monitors the external press to identify possible misconduct of member’s firms and maintains an ongoing process to flag issues of non-compliance that are raised in review reports prepared by its reviewers. ICAB reports that its system has been effective and between 2013 and 2015, a total of 150 cases were investigated, and cases are published on the ICAB website.

    ICAB is encouraged to update its SMO Action Plan when the proposal to include non-accountants in its Disciplinary Committee is approved.

    Current Status: Execute

  • SMO 7: International Financial Reporting Standards

    Although legally mandated accounting standards do not exist in Bangladesh, ICAB has adopted the Bangladesh Financial Reporting Standards (BFRS) that is in line with the 2015 version of IFRS. Under the Bangladesh Chartered Accountants Order of 1973, the institute is responsible for establishing accounting standards in Bangladesh.

    ICAB supports the implementation of the standards by organizing a range of regular seminars, workshops, and continuing professional development (CPD) programs. The institute also hosts training sessions for bank and government officials on relevant accounting standards.

    Moreover, ICAB works to encourage compliance with the accounting standards and to this effect, organizes an annual National Best Presented Annual Report and Corporate Governance Award Ceremony. This ceremony recognizes corporations who have best prepared financial statements using approved standards.

    ICAB reports that in 2016 there will be a significant number of trainings on IFRS for SMEs through CPD programs, workshops, and seminars. It also plans to begin developing guidelines on IFRS for SMEs in Bangladesh.

    ICAB also actively participates in the international standard-setting process by participating in the IASB World Standards Setters Conference, meeting with various international stakeholders, and responding to exposure drafts issued by the IASB.

    Current Status: Sustain


IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.



100, Kazi Nazrul Islam Avenue
Kawran Bazar, Dhaka 1215
Tel: 880-2/911.7521,
Fax: 880-2/811.9399;;


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