BP Business Desk
After world economic debacle in 2009 there was a growing concern to make the auditor’s report user friendly. In that aspect, International Standards on Auditing (ISA) 700 was revised.
The Institute of Chartered Accountants of Bangladesh (ICAB) has adopted the International Standards on Auditing (ISA) and other relevant standards and pronouncements including the standards relating to new format of Auditor’s Report which is effective for audits of financial statements for annual periods beginning on or after January 1, 2018.
As per ISA, the disclosure of the name of engagement partner and communicating Key Audit Matters (KAM) in the new format of auditor’s report on financial statements of listed entities are the two key issues.
To implement this standard in Bangladesh, the stakeholders may face some challenges. ICAB has developed a tabular format and some templates on new Auditor’s Report which would help the stakeholders.
In this backdrop ICAB organised a technical conference on ‘Implementation of New Auditor’s Report for Bank and NBFI: challenges and way forward’ at CA Bhaban on Saturday. The conference was moderated by ICAB Council Member Mahamud Hosain FCA.
Sabbir Ahmed FCA, Member Council-ICAB and Partner, Hoda Vasi Chowdhury & Co. – Chartered Accountants presented the keynote paper where he discussed the key changes in International Standard on Auditing 700(revised), key features of the new auditor’s report and implementation challenges in Bangladesh.
Md Salim Uddin FCA, Member Council and Vice President (T & R)-ICAB, Md. Abdul Kader Joaddar ACA, Member Council-ICAB and Chief Financial Officer (CFO), Standard Chartered Bank, Md Mahbubur Rahman FCA, Chief Financial Officer, The City Bank Limited, Ashraful Haq Amin FCA, SVP & Chief Financial Officer- Head of Finance Division, ONE Bank Limited and Ashraf-Uz-Zaman Ali ACA, Director, Audit & Advisory Services, Rahman Rahman Huq -Chartered Accountants were panel discussants. About 150 ICAB practicing members and members working with the Bank and NBFI participated the in conference.