Regulatory Alerts2020-06-02
Added · Updated
FEPD Circular Letter No. 21: Appointment of Audit Firm for Cash Incentive/Export Subsidy in Textile and Other Sectors
The document clarifies that an audit firm appointed for three consecutive years to examine statutory audits or cash incentive/export subsidy cases cannot be reappointed to examine cash incentive or export subsidy cases for the same bank for the subsequent three years. This cooling-off period applies specifically to the examination of cash incentive and export subsidy cases, while other instructions regarding auditor appointment in relevant FEPD circulars remain unchanged.
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