ICAB awards 23 corporate entities for best presented annual reports

The Institute of Chartered Accountants of Bangladesh (ICAB) distributed awards to 23 listed and non-listed entities in 12 different categories for their best presented annual reports of 2019.

The categories include - Public Sector Banks, Private Sector Banks, Financial Services Sector, Manufacturing, Insurance, Service Sectors, Communication and Information Technology, NGOs, Agriculture, Public Sector Entities and Diversified Holdings 

Recognising first, second and third positions in each category, entities which achieved a minimum threshold of scores are awarded the “Certificate of Merit.” 

Among the winners, IDLC Finance Limited became the overall winner and 18 Entities received Certificates of Merit.

This year, 54 entities submitted their nominations for the ICAB award. No nomination from public sector banks was received within set timeline. 

Award for Diversified Holdings category could not be considered because of scoring less than the threshold marks achieved by the participating entities.

Commerce Minister Tipu Munshi handed over the prizes to the winners as the chief guest at a gala event at the Pan Pacific Sonargaon Hotel in Dhaka on Wednesday. 

Commerce Secretary Dr Jafar Uddin and Chairman of Financial Reporting Council (FRC) Dr Md Hamid Ullah Bhuiyan were present on the occasion as Special Guests. 

ICAB President  Muhammad Farooq FCA and Chairman of Review Committee for Published Accounts & Reports Mohammed Humayun Kabir FCA spoke on the occasion. 

In the Banking Sector (Private) category, BRAC Bank Limited secured the first place. Shahjalal Islami Bank Limited and Bank Asia Limited became joint second prize winners and Mutual Trust Bank Limited and Mercantile Bank Limited also became the joint third prize winners. 

In the category of Financial Services Sector, IDLC Finance Limited won first prize, IPDC Finance Limited won second prize and LankaBangla Finance Limited won third prize.

In Manufacturing category, British American Tobacco (BD) Limited won the first prize, Orion Pharma Limited won second prize and Summit Power Limited won third prize while Grameenphone Limited was the lone first winner in the Category of Communication and Information Technology.  

Green Delta Insurance Co Limited became first prize winner, Prime Insurance Co. Limited second and Reliance Insurance Limited won the third prize winner in Insurance category.  

In Public Sector Entities category, Investment Corporation of Bangladesh (ICB) became the first prize winner. 

SAJIDA Foundation secured first prize, Ghashful second and CODEC became joint second prize winners and Action Aid Bangladesh won the third prize in Non-Governmental Organization (NGO) category. 

Unique Hotel & Resorts Limited was the first prize winner in category of Service Sector while Golden Harvest Agro Industries Limited was the first prize winner in category of Agriculture. 

Integrated Reporting category, Lanka Bangla Finance Limited won first prize, IDLC Finance Limited won second prize while the Bank Asia Limited and BRAC Bank Limited became joint third prize winners. 

In Corporate Governance disclosures, IDLC Finance Limited and Lanka Bangla Finance Limited became joint first prize winners,  Bank Asia Limited got second prize and  Islami Bank Bangladesh Limited and BRAC Bank Limited  also became joint third prize winners. 

“The role of ICAB  is to promote, enhance and improve the framing of the financial statements and reports to reflect fair views of the entities to safeguard the interest of the investors, government, stakeholders and other user groups,” ICAB President Muhammad Farooq FCA said.

“The objective of the ICAB National Awards for Best Presented Accounts and Reports help to promote transparent reporting and adequate disclosures, through application of accounting/financial reporting and auditing standards, thereby meeting stakeholder expectations and high levels of professional ethics, he added. 

He further said that this reflects ICAB’s firm commitment to serving the public interest and contributing to the economic development of the country. 

A 9-member Jury Board chaired by Md Matiul Islam FCA, chairman of IIDFC and former finance secretary of Bang;ladesh government reviewed the recommended list of winners. 

The other eight members of the Jury Board were former Comptroller and Auditor General  Bangladesh Ahmed Ataul Hakeem FCMA, former Bangladesh Bank Governor Dr Atiur Rahman, Dr Sayed Ferhat Anwar, Director from IBA of Dhaka University, Director, Bangladesh Bank Board of Directors AKM Aftabul Islam FCA, former senior secretary of Bangladesh government Hedayetullah Al Mamoon, FRC Council Member Dr Mahmuda Akhter, distinguished Fellow of CPD Dr Mustafizur Rahman, and Editor of the Financial Express Shah Husain Imam.