ICAB takes disciplinary actions against 9 CAs

The Institute of Chartered Accountants of Bangladesh (ICAB) has taken disciplinary actions against nine Chartered Accountants (CAs) of six audit firms for their involvement in different professional misconduct.
The institute officially disclosed the actions, taken recently, on its website Wednesday.
The ICAB council took actions, including membership suspension and monetary penalty, following recommendations made by its Investigation and Disciplinary Committee (IDC) after probe into allegations against the auditors and firms.
National Board of Revenue (NBR), Bangladesh Securities and Exchange Commission (BSEC) and Professional Conduct (PC) of the institute, earlier lodged the complaints with the ICAB.
Membership of Maqbul Ahmed FCA, partner of M/s Ata Khan & Co., Chartered Accountant, was suspended for two years with monetary penalty of Tk 200,000 for not properly discharging his professional duties while certifying the financial statements of GQ Ball Pen Industries Ltd and its subsidiary Maladesh International (Pvt) Ltd as their management prepared those without complying with BFRS.
In case of his failure to pay the penalty within three months of receiving copy of the decision, his membership will be suspended for another one year, as per the ICAB decision.
The reprimanded CAs and audit firms include M/s Mohammad Ata Karim & Co., Chartered Accountants, Dewan Nazrul Islam FCA and Md Mizanur Rahman Bhiuyan FCA, partners of M/s Dewan Nazrul Islam & Co., Chartered Accountants, Md Shahadat Hossain Khan FCA and Md Mujibar Rahman FCA, partners of M/s SH Khan & Co., Chartered Accountants.
Other reprimanded persons are Narayan Chowdhury FCA, and Bimal Kanta Bhattacharjee FCA, partners of M/s Chowdhury Bhattacharjee & Co., Chartered Accountants, and SK Mahbubur Rahman FCA, proprietor of Mahbub Mohsin & Co., Chartered Accountants.
ASM Ataul Karim FCA of M/s Mohammad Ata Karim & Co., Mr Mizanur Rahman Bhiuyan, Mr Mujibar Rahman and Mr Narayan Chowdhury of their respective firms each were also fined Tk 300,000.
In case of their failure to pay the penalty within three months of receiving copy of the ICAB council's decision, their memberships should be suspended for one year.
Allegations brought against the CAs and audit firms are violations of ICAB Bye-laws 2004 and non-disclosure of all relevant information of audited firms in their financial statement.
The ICAB council also cancelled registrations of Gobinda Kumar Nath ACMA, student of M/s Mohammad Ata Karim & Co., Md Jahidul Islam, ACMA, and Farida Yesmin ACMA, students of M/s Dewan Nazrul Islam & Co., Md Sayem Bin Solaiman ACMA, student of M/s SH Khan & Co., Mohammad Ahsan, student of M/s Chowdhury Bhattacharjee & Co.
The institute also debarred them from appearing in any ICAB examinations.
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