Under the Bangladesh Chartered Accountants Order of 1973, the Institute of Chartered Accountants of Bangladesh (ICAB) was the sole regulator of accountants and auditors. Its mandate included: (i) determination of qualifications for membership in the institute; (ii) oversight of the initial professional development and continuing professional development of its members; (iii) conducting professional examinations; (iv) establishment and maintenance of a quality assurance review system; (v) licensing auditors; (vi) maintenance and publication of a register of persons qualified to practice as accountants and auditors; (vii) the investigation and disciplining of its members for professional misconduct; and (viii) setting accounting and auditing standards. Members of ICAB are designated as Fellow Chartered Accountants or Associate Chartered Accountants. Membership is mandatory for all Chartered Accountants (financial accountants and auditors) in the jurisdiction. In addition to being an IFAC Member, ICAB is a member of the South Asian Federation of Accountants and the Confederation of Asian and Pacific Accountants.