The Institute of Chartered Accountants of

Bangladesh (ICAB)
The Institute of Chartered Accountants of Bangladesh (ICAB) is the
national professional accountancy body in Bangladesh. It is the sole organization in
Bangladesh with the right to award the Associate Chartered Accountant
designation.
Establishment
The Institute of Chartered Accountants of Bangladesh (ICAB) is the National
Professional Accounting Body of Bangladesh established under the Bangladesh
Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973)

ICAB's Vision

To meet the ever-changing global economic demands dominated by WTO regime,

the ICAB is fast becoming a body of professionals whose expert services will be
highly sought after1. To anticipate, meet and exceed the rising expectations of the society
2. To better use of opportunities to face the challenges of fiercer global competition
3. To recognize the changes in economy/ business and recognize the path to success
by adopting changes in knowledge management and acquiring skills
4.To recognize its role as a regulatory body to equip its members (Chartered
Accountants) with top-quality education and values
5. To recognize the needs known as world Class Advisors.
In order to materialize the above vision, ICAB will6.Generate Chartered Accountants of high competence through rigorous but
useful education and training, who will be able to meet the challenges of the new

millennium
7. Uphold professional integrity and honesty of its members
8. Advise government on taxation, business law and related matters
9 Maintain superiority in respect of professional competence
10 Meet the growing demand for qualified Chartered Accountants in Bangladesh
11. Create the environment of mutual cooperation
12.Carry out continuous research and make in-depth study of related subjects and
apply findings of research and study in the fields of accountancy profession

Mission
The mission of ICAB is to provide leadership in the development, enhancement
and coordination of the Accountancy Profession in Bangladesh in order to enable
the profession to provide services of consistently high quality in the public
interest.

ICAB's Aims and Objectives

To achieve the above mission, ICAB will pursue the following objectives:
Regulate the Accountancy Profession and matters connected therewith in the
country
Administer its members and students
Ensure sound professional ethics and code of conduct by its members
Provide specialized training and professional expertise in Accounting,
Auditing, Taxation, Corporate Laws, Management Consultancy, Information
Technology and related subjects
Impart Continuing Professional Education (CPE) to its members

 Foster acceptance and observance of International Accounting Standards

(IAS) and International Standards on Auditing (ISA) and adopt the same as
Bangladesh Accounting Standards (BAS) and Bangladesh Standards on
Auditing (BSA) respectively.
Keep abreast of latest developments in Accounting techniques, Audit
methodology, Information technology, Management consultancy and related
fields
Liaise with international and regional organizations to influence the
development of efficient capital markets and international trade in services.

Affiliation
The Institute is an active member of various International and Regional accounting
bodies like:
o The International Federation of Accountants (IFAC)
o The International Accounting Standards Board (IASB)
o The Confederation of Asian and Pacific Accountants (CAPA)
o The South Asian Federation of Accountants (SAFA)
FUNCTIONS OF CHARTERED ACCOUNTANTS ENGAGED IN
PUBLIC PRACTICES:

Chartered Accountants engaged in public practice mainly carry out the following
functions:
- Perform professional services involving auditing or verification of financial
transactions, books, accounts or records, or preparation, verification or certification

of financial, accounting and related statements;

- Render professional services or assistance in or about matters of principles or
details
relating to accounting procedures, costing techniques, or recording, presentation or
certification of financial facts or data;
- Render professional services or assistance as Management Consultant in or about
matters of accounting methods, systems and techniques involving forecasting, in
order to assist management in its task of formulating polices, programmes,
management systems and procedures for maintaining and improving efficiency.

FUNCTIONS OF CHARTERED ACCOUNTANTS EMPLOYED IN

TRADE, COMMERCE, INDUSTRY, FINANCE, ETC. in Bangladesh

After qualifying, a Chartered Accountant may not necessarily go for public

practice either on his/her own or in partnership with other Chartered Accountant(s)
but may go for employment in trade, commerce, industry, finance, etc. Many
positions of trust and responsibility are open to a Chartered Accountant such as
Chief Executive, Member Finance, Finance Director, Company Secretary, Chief
Accountant, Finance Controller, Systems Analyst, Internal Auditor, Cost
Accountant, etc. in Listed Companies/ Autonomous bodies or in industrial,
financial, commercial or educational enterprises. A Chartered Accountant can also
serve on the Board of Directors of various organizations, particularly financial
institutions. Such positions of responsibility, trust, honour and dignity are offered
to Chartered Accountants because of their excellent educational & training
background, professional know-how & technical expertise and sound financial
knowledge & experience , thus enabling them to contribute towards solving
accounting, financial, educational and business problems at top levels.

The Institute of Cost and Management Accountants of

Bangladesh (ICMAB)

The Institute of Cost and Management Accountants of Bangladesh (ICMAB)

at is the only institution in the country dedicated to Cost and Management
Accounting education and research. It is managed as an autonomous professional
body under the Ministry of Commerce.[1]
As well as education, it is also engaged in regulating and promoting the profession
of cost and management accounting in Bangladesh. The Institute is managed by a
National Council of 16 members. It is a member of the International Federation of
Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), and
South Asian Federation of Accountants (SAFA).[2]
ICMAB members are known as CMAs with their designatory title ACMA and
FCMA. They play leading roles in the accountancy and finance profession in
Bangladesh. 30% of members live and work in UK, USA, Canada, Australia and
Gulf Countries. ICMAB UK Chapter is a lively forum for members working in the
UK
Institute of Cost and Management Accountants of
Bangladesh

Establishe
d

1951

Type

Professional accountancy body

President
Students

Mohammad Salim, FCMA

>13,000

Location

Dhaka, Bangladesh
Dhaka Head Office, DhakaCamp
Campus
Office, Chittagong,Khulna, Rajshahi, Comilla
International Federation of
Affiliations Accountants and International Accounting
Standards Board
Website
Official Website of ICMAB
Vision & Mission

Vision:
Institute's vision is to help Bangladesh become an industrialized nation by
promoting and regulating Cost and Management Accounting profession to enhance
economic competitiveness and quality of life.

Mission:
The Institute's mission is to develop, equip and promote Cost and Management
Accounting profession by maintaining highest professional standard of its
members in order to enable them to provide better services to the society.
The Institute is entrusted with the formulation and implementation of National
Accounting as well as Cost Accounting Standards and take other necessary steps
with a view to regulating the Cost and Management Accounting profession
commensurate with global standard with the ultimate objective of developing
Bangladesh's human and natural resources to ensure common welfare and to enrich
our shared future.

Aims and objective

The major objectives of the Institute are to:

 Regulate and develop the Cost and Management Accounting (CMA)

profession in Bangladesh
Provide and confer the highest professional degree in Cost and Management
Accounting
Impart education and training to the members, corporate managers and
intending students of CMA for enhancing their capability in the fields of
Cost and Management Accounting
Develop knowledge, skills and competence of the CMAs needed to support
economic development of the country and, thus, to prepare capable
manpower needed for various national and international development
activities according to the requirements of the millennium
Help development, adoption and implementation of International Financial
Reporting Standards (IFRS) in Bangladesh
Formulate, adopt and implement Cost Accounting and Auditing Standards
(CAAS) in Bangladesh and international arena.
Implement statutory Cost Audit as provided in the Companies Act, 1994
Conduct research in the field of Cost and Management Accounting in order
to promote and develop the profession to meet the requirement of the time.
Legacy of the institution
The Institute has a long heritage of rendering professional services to the nation.
The journey of the glorious profession of Cost and Management Accounting began
in the pre-independent Bangladesh with the founding of a branch of The Pakistan
Institute of Industrial Accountants (PIIA) in 1958. As we started a fresh journey
towards success and prosperity in independent Bangladesh, the profession entered
into a new era. In 1972, the Institute was re-established in the name of Bangladesh
Institute of Industrial Accountants (BIIA). Thereafter, the members of the Institute
through their excellence in various fields proved their credibility in the national
and international outfit which started building the credentials for the Institute for
gaining acceptability from all concerned and to attain confidence of the
government and business community of the country. With the changing need of
time the Government of Bangladesh renamed it as The Institute of Cost and
Management Accountants of Bangladesh (ICMAB) through promulgation of The
Cost and Management Accountants Ordinance 1977 (Ordinance No LIII of 1977).

Now in 2014, after a 40 years arduous journey, the chronicle of success earned by
our predecessors has brought us to the place where we stand today.

Legal status
CMAB is a statutory organization constituted by the Government under the Cost
and Management Accountants Ordinance 1977 (Ordinance No Llll of 1977) and
regulated under the Cost and Management Accountants Regulations 1980 (as
amended up-to date). It is the member of a number of regional and global
accounting bodies.