Institute of Cost and Management Accountants of Bangladesh

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is not responsible for quality assurance reviews of statutory financial statement audits. ICMAB’s role is focused on cost audit and related professional services performed by its members. ICMAB has established technical structures to support quality in cost accounting and cost audit practice, including the Bangladesh Cost Accounting Standard Board, Cost Audit and Assurance Standards Board, and Quality Review Board. Its professional education materials also include cost auditing standards, quality control, and the framework for quality review activities.

ICMAB continues to support its members through professional development, technical guidance, and initiatives to strengthen cost audit and professional consultancy services. Given its limited responsibility for statutory audit quality assurance and its ongoing activities to promote quality in areas under its remit, ICMAB is assessed as Sustain for SMO 1.

ICMAB should continue monitoring developments in quality management standards and maintain coordination with the Financial Reporting Council and the Institute of Chartered Accountants of Bangladesh to support high-quality professional services across the jurisdiction.

Current Status: Sustain

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has direct responsibility for establishing initial professional development and continuing professional development requirements for its members under the Cost and Management Accountants Act 2018 and related regulations. ICMAB offers the Cost and Management Accountant qualification through a structured professional education, examination, practical training, and membership framework. Its current program includes multiple entry routes, a revised curriculum structure, study manuals, articleship requirements, and a competency framework designed to support technical, professional, and practical skills development.

ICMAB requires members to complete continuing professional development on an annual and three-year rolling basis and regularly organizes workshops, seminars, conferences, and discussion sessions for members. Recent activities include continuing professional development programs on topics such as the national budget, ethics and compliance, leadership, technology, and financial reporting developments.

The jurisdiction-level education framework for professional accountants is aligned with the International Education Standards, and ICMAB continues to monitor international developments and support implementation through curriculum updates, professional training, and member development activities.

ICMAB should continue reviewing its curriculum, practical experience requirements, and continuing professional development framework against current International Education Standards and emerging competency areas, including sustainability reporting, technology, ethics, and public sector financial management.

Current Status: Sustain

Under the Financial Reporting Act 2015, the Financial Reporting Council (FRC) is responsible for adopting auditing standards in Bangladesh. The FRC reports that it adopted International Standards on Auditing without modifications in 2021 and that public interest entities and their auditors are legally required to apply standards promulgated by the FRC. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) does not have direct responsibility for adopting auditing standards for statutory audits.

ICMAB’s responsibilities in this area relate primarily to cost audit and related professional services performed by its members. Under the Cost and Management Accountants Act 2018, ICMAB is responsible for supporting cost audit practice in industries prescribed by the government. ICMAB maintains technical structures and resources related to cost audit practice, including the Cost Audit and Professional Service Cell Committee, Bangladesh Cost Accounting Standard Board, Cost Audit and Assurance Standards Board, and Quality Review Board. Its education materials include cost auditing standards, quality control, audit documentation, cost audit procedures, and the framework for the Quality Control Review program.

ICMAB supports implementation through continuing professional development, technical guidance, seminars, and professional education activities related to cost audit, assurance, internal audit, and financial reporting developments. Given its limited responsibility for statutory audit standard-setting and its ongoing activities to support members in areas under its remit, ICMAB is assessed as Sustain for SMO 3.

ICMAB should continue monitoring International Auditing and Assurance Standards Board developments, coordinating with the FRC and relevant stakeholders where appropriate, and updating its cost audit and assurance guidance, curriculum, and continuing professional development activities to reflect evolving international best practices.

Current Status: Sustain

Under the Financial Reporting Act 2015, the Financial Reporting Council (FRC) is responsible for adopting ethical requirements for professional accountants in Bangladesh. In 2021, the FRC adopted the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants.

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) supports implementation of ethical requirements through its professional education, continuing professional development, and member guidance activities. ICMAB maintains ethics and professional conduct resources for members and, in 2024, organized continuing professional development programming on ethics and compliance. ICMAB has also participated in international consultations related to ethics standard-setting and continues to monitor relevant developments issued by the IESBA.

Given the adoption of the IESBA Code at the jurisdiction level and ICMAB’s ongoing activities to support ethical conduct among its members, ICMAB is assessed as Sustain for SMO 4.

ICMAB should continue updating its ethics-related education, continuing professional development, and member guidance to reflect current IESBA developments and emerging issues, including sustainability, technology, and professional skepticism.

Current Status: Sustain

The Constitution of Bangladesh provides that the public accounts of the Republic are to be kept in the form and manner prescribed by the Comptroller and Auditor General of Bangladesh, with the approval of the President. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has no direct responsibility for adopting public sector accounting standards in Bangladesh.

ICMAB supports public sector financial management reform through advocacy, technical capacity building, and member development activities. ICMAB has established a Public Sector Financial Management Advisory Committee to support reform initiatives and promote public sector accounting and reporting improvements. The committee has worked on public financial management curriculum development, continuing professional development, and short training courses covering public financial management and International Public Sector Accounting Standards. ICMAB also renewed its cooperation with the Chartered Institute of Public Finance and Accountancy in 2025 to strengthen public financial management capacity, support the development of the public sector accountancy profession, and create professional development opportunities for members.

Bangladesh has not formally adopted accrual-basis IPSAS. The 2023 Public Expenditure and Financial Accountability assessment notes that government financial reports are comparable to Cash Basis IPSAS. Given ICMAB’s limited responsibility for public sector accounting standard-setting and its ongoing activities to support public financial management capacity building, ICMAB is assessed as Sustain for SMO 5.

ICMAB should continue supporting public sector financial management reform through its advisory committee, cooperation with CIPFA, and member training on IPSAS and public sector reporting developments.

Current Status: Sustain

Under the Financial Reporting Act 2015, the Financial Reporting Council (FRC) has authority to monitor auditors and audit firms and enforce compliance with applicable professional requirements. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) retains responsibility for investigation and discipline of its members under the Cost and Management Accountants Act 2018 and related regulations.

ICMAB’s Disciplinary Committee is responsible for reviewing complaints and investigating alleged professional misconduct by members. The Council is responsible for determining disciplinary outcomes, including sanctions such as suspension or removal from membership. ICMAB also provides public information on how complaints may be submitted and communicates disciplinary matters through its publications and governance reporting.

ICMAB has an operational investigation and discipline system for its members. However, the system has not yet demonstrated full alignment with all SMO 6 requirements, including independent appeals arrangements, formalized administrative processes, and procedures for coordination with external bodies.

ICMAB should strengthen its investigation and discipline framework by formalizing appeals, case management, and external coordination procedures, while continuing to improve transparency around complaints, sanctions, and follow-up actions.

Current Status: Review & Improve

Under the Financial Reporting Act 2015, the Financial Reporting Council (FRC) is responsible for adopting accounting standards in Bangladesh. The FRC reports that it adopted International Financial Reporting Standards (IFRS) without modifications in 2020, and the IFRS Foundation jurisdiction profile states that IFRS are required for domestic listed companies and other entities with public accountability, subject to sector-specific requirements for banks, insurance companies, and non-bank financial institutions.The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has no direct responsibility for the adoption of IFRS. It supports implementation through its professional education, continuing professional development, and member training activities. ICMAB has offered training on IFRS, including a dedicated International Financial Reporting Standards course with continuing professional development credit, and has provided member learning activities on sustainability reporting under IFRS S1 and IFRS S2.Given jurisdiction-level adoption of IFRS and ICMAB’s ongoing activities to support member implementation, ICMAB is assessed as Sustain for SMO 7.

ICMAB should continue updating its curriculum, continuing professional development, and member guidance to reflect current IFRS developments, including IFRS 18, IFRS 19, and sustainability disclosure standards issued by the International Sustainability Standards Board.

Current Status: Sustain