Regulatory Alerts2026-07-05
Added · Updated
FEPD-1 Circular No. 18: Appointment of Audit Firms for Auditing of Export Incentive/Export Subsidy
The document mandates that applications for cash assistance or export subsidies for the 2026-2027 fiscal year must be audited by the same number of audit firms currently appointed by the bank for its own audits, subject to prior approval from the Foreign Exchange Policy Department-1 of Bangladesh Bank. If additional audit firms are required beyond those currently appointed, banks must submit an application to the aforementioned department detailing the justification, the firms' previous tenure at the bank, the volume of subsidy cases, and the necessary information to obtain approval for the increased number of firms. Previous instructions regarding audit programs from Circular No. 10 (July 08, 2024) and Circular No. 20 (December 03, 2023) remain in full effect.
Foreign Exchange Policy Department-1 Bangladesh Bank Head Office Dhaka.
Ref. No. FEPD-1 Circular No. 18 Date: Asharh 21, 1433 July 05, 2026
To All Approved Dealer Banks Head Office/Principal Office.
Regarding the appointment of audit firms in the context of providing cash assistance/export subsidy instead of customs bond and duty drawback in the export-oriented domestic garment sector and other applicable sectors.
Dear Sir,
Reference is invited to FE Circular No. 10 dated July 08, 2024 and FE Circular No. 20 dated December 03, 2023 on the subject cited above. In accordance with the instructions of the aforementioned FE Circular and related subsequent circulars, the same number of audit firms appointed by the bank for its own audit shall be appointed by the bank to audit applications for cash assistance/export subsidy. Furthermore, if additional audit firms are required beyond those appointed above, instructions have been issued to apply to Bangladesh Bank while complying with relevant instructions.
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It has been decided that applications for cash assistance/export subsidy against exports for the fiscal year 2026-2027 may be audited by the same number of audit firms appointed by the bank for its own audit, subject to the approval of Bangladesh Bank, Foreign Exchange Policy Department-1. However, if additional audit firms are required beyond those appointed above, an application must be submitted to the aforementioned department seeking approval for the number of audit firms, mentioning the justification for appointing audit firms, information on the firms previously appointed at the bank, the number of cash assistance/export subsidy cases, and necessary information.
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The subsequent instructions of the aforementioned FE Circular No. 10 dated July 08, 2024 and FE Circular No. 20 dated December 03, 2023 regarding the audit program, as well as the instructions of related other FE Circulars/Circular Letters, shall remain in force as before.
Instructions are given to inform all concerned parties about this matter.
Yours faithfully,
(Md. Harun-Or-Rashid) Director (FEPD-1) Phone Number: 9530123
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