The Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Certified Public Accountants in Ireland (CPA Ireland) have signed a Memorandum of Understanding (MOU) to establish a partnership relating to the distribution of the unique online CPA Certificate in IPSAS™ Financial Reporting in Bangladesh.
This agreement builds on a strategic partnership, which includes mutual pathways to membership, signed between the two bodies in 2012.
This agreement was signed during a high level conference on International Public Sector Accounting Standards which was organised in Dhaka by ICAB and delivered by CPA Ireland in July 2015.
Speaking at the agreement signing the President of ICAB, Mr. Masih Malik Chowdury FCA, said that:
“Over the past few years many countries around the world have embraced International Public Sector Accounting Standards (IPSASs), which enable uniformity, transparency, consistency, and accountability in public sector financial reporting. Even though countries may choose accrual or cash based IPSAS, the long term goal for most is accrual based accounting, which provides a clearer picture of assets, liabilities, and future obligations. Improved public sector reporting provides investors and development partners with access to better, more trustworthy financial information. Implementing accrual based accounting takes time together with an investment in education and training.
Bangladesh has commenced its journey towards accrual based IPSAS™ and the Institute of Chartered Accountants of Bangladesh, as the Regulator of the Profession of Accountants in Bangladesh, is poised and ready to assist Government on this journey. We are now enabled to deliver world class education in IPSAS™ to all of those involved in government accounting and audit at every level.”
“We are pleased that ICAB has decided to partner with CPA Ireland in the delivery of IPSAS™ training in Bangladesh”, said Eamonn Siggins, CEO, CPA Ireland.”
“Governments and the public around the world are increasingly pressing for good management of public finances. We, as accountants must lead from the front and be involved in every conversation about public sector accounting.”
“This new phase in our partnership between CPA Ireland and ICAB will help ensure that strengthened public financial management is delivered in Bangladesh.”
This partnership brings to five the number of international partnerships entered into by CPA Ireland to deliver the IPSAS™ programme in international markets. Bangladesh now joins South Africa, Nigeria, Russia and Belarus in providing IPSAS™ education in partnership with CPA Ireland.
The CPA Certificate in IPSAS™ Financial Reporting within the CPA Ireland IPSAS™ Academy program includes extracts from the Handbook of International Public Sector Accounting Pronouncements, 2014 Edition of the International Public Sector Accounting Standards Board (IPSASB), published by the International Federation of Accountants (IFAC) in June 2014. Copyrighted content and relevant trademarks are used with permission of IFAC. Handbook of International Public Sector Accounting Pronouncements, 2014 Edition © June 2014 by the International Federation of Accountants.
“The text from the Handbook of International Public Sector Accounting Pronouncements, 2014 Edition of the International Public Sector Accounting Standards Board (IPSASB), published by the International Federation of Accountants (IFAC) in June 2014 is used by CPA Ireland with permission of IFAC. Such use of IFAC’s copyrighted material in no way represents an endorsement or promotion by IFAC. Any views or opinions that may be included in the CPA Certificate in IPSAS™ Financial Reporting module or the CPA Ireland IPSAS™ Academy program are solely those of CPA Ireland, and do not express the views and opinions of IFAC or any independent standard setting board supported by IFAC.”
About CPA Ireland
The Institute of Certified Public Accountants in Ireland (CPA Ireland) is one of the main Irish accountancy bodies representing 5,000 members and students. Its current membership operates in public practice, Industry, financial services and the public sector and CPAs work in over 40 countries around the world.
CPA Ireland is active in the profession at national and international level participating in the Consultative Committee of Accountancy Bodies – Ireland – CCAB (I) and together with other leading accountancy bodies the Institute was a founding member of the International Federation of Accountants (IFAC) – the worldwide body. CPA Ireland is also a member of the Federation des Experts ComptablesEuropeens (FEE), the representative body for the main accountancy bodies in 36 European countries.
The Institute fulfils its statutory role as a recognised body by overseeing the professional activities of its members in practice, and insuring that education and training standards are maintained. As the first accountancy body to introduce a mandatory regime of Continuing Professional Education, the Institute ensures that all CPAs remain at the leading edge throughout their careers. The Institute provides a quality service to its Members and Students, which has been recognised through the award and maintenance of ISO 9001:2008.
About the ICAB
The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body in Bangladesh, established under the Bangladesh Chartered Accountants Order, 1973 (President’s Order No. 2 of 1973) for the purpose of regulating the profession of accountants and for matters connected therewith.ICAB is a professional organization in Bangladesh supporting over 1600 chartered accountants & 25,000 students. Only ICAB members have the authority for conducting audit of financial statements (regulatory audit) in Bangladesh.
ICAB members hold a widely respected professional accounting qualification which supports enterprise, corporate governance and sustainable growth in the business environment. ICAB’s mission is to promote and regulate high quality financial reporting and auditing in Bangladesh, to develop and maintain the competence of professional accountants and enhance the reputation of the accounting profession in all sectors of the economy.
About one-fourth members are now in public practice, working in accounting firms of all sizes from sole practitioners to affiliates of large international firms and partnerships. The rest of the members are employed in industry, finance and commerce and playing a wide variety of financial, management and senior policy making roles-both at home and in abroad. More than 150 members are working in USA, Canada, UK, Middle East and African countries.
ICAB is an active member of several international and regional accounting bodies including International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) andSouth Asian Federation of Accountants (SAFA). ICAB has effective Memorandum of Understanding (MOU) and Mutual Recognition Agreement (MRA) with some national and international professional bodies and organizations including the Institute of Chartered Accountants in England and Wales (ICAEW), CPA Ireland, IFRS Foundation, OCAG Bangladesh, Local Governance Support Project under Local Government Engineering Department etc. ICAB has been working with the World Bank as consulting body for professional development in accounting and auditing sector in Bangladesh.
ICAB is very strong compliant of IFAC SMOs that covers quality assurance of audit firms, international education standards, auditing and financial reporting and public sector standards, code of ethics and professional conduct. ICAB has been providing training on different technical matters to the relevant officials of Bangladesh Bank, National Board of Revenue, Micro Credit Regulatory Authority etc.
The Institute provides insight and leadership to the accountancy and finance professionprimarily in Bangladesh. Our well qualified members are trained to provide financial knowledge and guidance based on the highest professional, technical and ethical standards. We develop and support individuals, organizations and communities to help them achieve long-term, sustainable economic value.
International Public Sector Accounting Standards (IPSAS) are a set of accrual based accounting standards which aim to improve the quality of general purpose financial reporting, leading to better informed assessments of the resource allocation decisions made by governments.
Developed in partnership with Nelson Croom, a leading publisher of online professional development courses and launched at the World Congress of Accountants in Rome in late 2014, is designed to teach accountants these internationally recognised standards and to develop their knowledge and competence in public sector financial reporting.
Suitable candidates for the course include accountants working in national governments, regional governments, local governments and related governmental entities (e.g., agencies, boards and commissions). The benefits of adopting IPSAS include improved accountability, greater transparency, greater credibility, improved overall management and planning and harmonisation of reports and systems.
The course is authored by Dr Wayne Bartlett, FCCA, MBA, who has lectured extensively on the subject all over the worldand academic oversight is provided by Professor Robert Kirk, Professor of Financial Reporting at the University of Ulster. It consists of 9 modules, with an assessment for each module, and an overall assessment. The course takes approximately 70 hours to complete, and on completion graduates are issued with the CPA Certificate in IPSAS Financial Reporting.
It is the most comprehensive certificated course available and provides an unparalleled interactive learning experience focused on engaging learners by encouraging them to apply what they are learning to their daily work right from the outset.