Definition of accounting
Accounting is an information science used to collect, classifies, and manipulates financial data for organization and individuals. Accounting is instrumental within organizati0n as a means of determining financial stability. Accounting are responsible for determining an organization overall wealth, profitable and liquidity. Without accounting organization would have no basis if foundation upon which daily and long term decisions could be made. The budgets for marketing activities, profit reinvestment, research and development, and company growth all stem from work of accountants. Accounting is one of the oldest and most respected professions in the world, and accounts can be found in every industry from entertainment to medidicine.
Definition of auditing
An audit is the e examination of the financial report of an organization- as presented in the annual report – by someone independent of that organization. The financial report includes sheet, an income statement, a statement, and notes comprising a summary of significant accounting policies and other explanatory notes. The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organization at a given date.
Definition of profession
Occupation, practice, or vocation requiring mastery of a complex set of knowledge and skill through formal education and practical experience. Every organized profession [accounting, law, medicine etc] is governed by its respective professional body. A profession is something a little more that a job it is a carrier for someone that wants to be part of soity who becomes competent in their chosen sector through continuing professional development to be having ethically, to protect the interests of the public.
The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants order. ICAB's Administrative Ministry
The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB. Membership
As on 20 April 2012, the Institute has 1252 members of whom 766 are fellows and 486 are associates, 1107 members are resident in Bangladesh and 145 are resident abroad. Associate and Fellow memberships are offered by the Institute. Persons passing the qualifying Final Examination of the Institute are offered Associate ship (ACA) while fellowship (FCA) is offered to members having at least five years post-associate ship experience and fulfilling relevant other requirements. Out of 1252 members, 344 are practicing as public accountants and the rest 908 are serving in various key positions in public and private organizations-both at home and abroad.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) at Nilkhet, Dhaka, Bangladesh is the only institution in the country dedicated to Cost and Management Accounting education and research. It is managed as an autonomous professional body under the Ministry of Commerce. As well as education, it is also engaged in regulating and promoting the profession of cost and management accounting in Bangladesh. The Institute is managed by a National Council of 16 members. It is a member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), and South Asian Federation of Accountants (SAFA). ICMAB members are known as CMAs with their designator title ACMA and FCMA. They play leading roles in the accountancy and finance profession in Bangladesh. 30% of members live and work in UK, USA, Canada, Australia and Gulf Countries. ICMAB UK Chapter is a lively forum for members working in the UK.
Professional accountancy body
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