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CH 11. Structure and Regulation of Accountancy Profession

The document discusses the regulation of the accountancy profession in Bangladesh. It addresses questions about why regulation is necessary, the aims of regulation, different regulatory methods including self-regulation, and the roles of oversight bodies like the Institute of Chartered Accountants of Bangladesh (ICAB). The accountancy profession in Bangladesh is regulated through a combination of government oversight, self-regulation by the profession, and an independent oversight mechanism to monitor standards and handle complaints.

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Tanvir Pranto
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70 views2 pages

CH 11. Structure and Regulation of Accountancy Profession

The document discusses the regulation of the accountancy profession in Bangladesh. It addresses questions about why regulation is necessary, the aims of regulation, different regulatory methods including self-regulation, and the roles of oversight bodies like the Institute of Chartered Accountants of Bangladesh (ICAB). The accountancy profession in Bangladesh is regulated through a combination of government oversight, self-regulation by the profession, and an independent oversight mechanism to monitor standards and handle complaints.

Uploaded by

Tanvir Pranto
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Business & Finance

Chapter # 11
Structure and regulation of accountancy profession

Q-1) Why is regulation of professions necessary?[MQ10]


Q-2) What do you think should be the aims of regulation of the accountancy profession?
Q-3) What methods of regulation there?
Q-4) Does self regulation work?
Q-5) What does an ‘oversight mechanism’ mean?
Q-6) How is the accountancy profession regulated?
Q-7) What are the roles of ICAB?
Q-8) What is the ICAB complaints and disciplinary procedure?
Q-9) One of your client s is planning to complain to the ICAB about work carried by your firm
and the prices it has charged. On what grounds may the client make a complaint to the
ICAB?
2
Business & Finance
Chapter # 11: Structure and regulation of accountancy profession
Q-1) Why is regulation of professions
necessary?[MQ10] Q-7) What are the roles of ICAB?
Q-2) What do you think should be
the aims of regulation of the In relation to its membership ICAB has
accountancy profession? direct responsibility for:

Regulation of accountancy profession is (i) Entry and education requirement


necessary to- (ii) Eligibility to engage in public
(i) Protect the interest of the practice
stakeholders of the business and of (iii) Eligibility for the performance of
the public; reserved activity under statutory
(ii) Facilitate competition and reduce powers delegated by the
barriers to trade; governments
(iii) Ensure technical, educational and (iv) Professional conduct requirements
ethical standard; (v) Dealing with professional
(iv) Enforce the standards required misconduct by its member.
firmly and fairly; Q-8) What is the ICAB complaints and
(v) Be transparent in its setting and disciplinary procedure?
enforcement to maintain confidence
that the public interest is being
safeguard. Q-9) One of your client s is planning
to complain to the ICAB about
work carried by your firm and
Q-3) What methods of regulation the prices it has charged. On
there? what grounds may the client
make a complaint to the ICAB?
Regulation can be:
Complaints may be on the grounds that the
(i) By government directly via firm is in breach of an ICAB regulation, has
legislation departed from guidance or has brought the
(ii) By separate agencies established by ICAB into disrepute.
government (delegated legislation)
(iii) By profession/industry itself (self-
regulation)
(iv) By a combination of methods

Q-4) Does self regulation work?

Q-5) What does an ‘oversight mechanism’


mean?

Q-6) How is the accountancy


profession regulated?

Following lengthy debate, the regulatory


regime that now exists for the accountancy
profession involves:

(i) The government


(ii) The profession (self-regulation)
(iii) An oversight mechanism

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