The Institute of Chartered Accountants of Bangladesh (ICAB) has issued a strong condemnation and refutation of what it calls "misleading information" spread by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) regarding audit rights and the professional standing of Chartered Accountants.
In a press release issued on Wednesday, ICAB stated that ICMAB's claims were made during a press conference held on Tuesday (June 17). The ICAB affirmed its commitment to upholding the highest standards of financial reporting, auditing, and corporate governance, emphasizing the indispensable role its members play in ensuring transparency, accountability, and sustainable economic growth for the nation.
The ICAB clarified several points to "set the record straight and reject the misrepresentations made by ICMAB."
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According to ICAB, there are currently 613 practicing Chartered Accountants (CAs), supported by an additional 145 CAs and over 12,000 professional staff working under 259 CA firms. While acknowledging that the number of active entities is much lower than the over 300,000 registered entities in Bangladesh.
The ICAB stated that the total DVC (Document Verification Code) generated for audited entities in 2024 was 57,993, which corresponded to the number of income tax returns filed. Therefore, ICAB asserts that ICMAB's statement about a shortage of auditors in Bangladesh is incorrect.