The Bangladesh Bank has issued new guidelines for banks on appointing audit firms for auditing applications for cash incentives or subsidies on exports. According to a circular from the central bank’s Foreign Exchange Policy Department (FEPD), the number of audit firms appointed for these audits in the financial year 2024-2025 must match the number appointed for auditing bank accounts. If an additional audit firm is needed, banks must apply to the FEPD with detailed justification, including the firm’s previous experience and relevant case history.
The guidelines also stipulate that audit firms must be listed with the Financial Reporting Council and the Bangladesh Bank, and must receive board approval from the employing bank. The policy of not allowing any audit firm to audit cash incentive applications in the same bank for more than three consecutive years remains unchanged. A senior official emphasized that, per Financial Reporting Council rules, banks should appoint a different audit firm for these audits than their regular auditors.
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