FEPD Circular Letter No. 21: Appointment of Audit Firm for Cash Incentive/Export Subsidy in Textile and Other Sectors

Foreign Exchange Policy Department
Bangladesh Bank
Head Office
Dhaka.

FE Circular Letter No. 21 Date: ----------------- To the Head Office/Principal Office of all Authorized Dealer Banks engaged in foreign exchange transactions.

Dear Sirs,

Subject: Appointment of Audit Firm for providing alternative cash incentive/export subsidy instead of duty bond and duty draw-back in the export-oriented domestic textile sector including other applicable sectors.

Your attention is drawn to Circular Letter No. FEPD(Com)291/2002-1367 issued on June 02, 2002, regarding the subject matter.

2. BRPD Circular Letter No. 12 issued on July 11, 2001, states that an audit firm cannot be appointed as an external auditor in the same bank or financial institution for at least three years immediately following three consecutive years of appointment. In this regard, it is clarified that an audit firm appointed for three consecutive years for the purpose of statutory audit or cash incentive/export subsidy case audit cannot be appointed for cash incentive/export subsidy case audit in the same bank for the subsequent three years.

Other instructions mentioned in other FE Circulars/Circular Letters regarding the appointment of auditors for export subsidy/cash incentive case audits will remain unchanged as usual.

Yours faithfully,
(Mohammad Khurshid Wahab)
General Manager
Phone: 9530123
19 Jaishtha 1427
02 June 2020