Regulatory Alerts2024-07-08
Added · Updated
FEPD Circular Letter No. 10: Appointment of Audit Firms for Auditing of Export Incentive/Export Subsidy
The Department of Foreign Exchange Policy of the Bangladesh Bank mandates that scheduled banks appoint an audit firm with a number of auditors equal to the number of auditors employed for the bank's statutory audit to review cash assistance/export subsidy applications for the 2024-2025 fiscal year. Banks must verify that the appointed firm is listed in the latest approved list of the Financial Reporting Council and the Bangladesh Bank, obtain prior approval from the bank's management or local branch manager, and comply with the Financial Reporting Act 2015 and related rules. Additionally, an audit firm previously engaged for bank audits or subsidy case reviews for three consecutive years is ineligible for appointment for a subsequent period of at least three years.