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. Ref. No. FEPD(Com)291/2002-1367

FEPD Circular Letter No. 21 Date: ----------------- To All Approved Dealer Banks engaged in Foreign Exchange Transactions. Head Office / Principal Office.

Dear Sir,

Regarding the appointment of an Audit Firm in the context of providing Cash Incentive/Export Subsidy instead of Customs Bond and Duty Drawback in the Export-oriented Domestic Textile Sector and other applicable sectors.

Reference is invited to Circular Letter No. FEPD(Com)291/2002-1367 issued on June 02, 2002, on the subject cited above.

2. It was directed in BRPD Circular Letter No. 12 issued on July 11, 2001, that an external audit firm cannot be appointed for a minimum of three years immediately after being appointed for three consecutive years in the same bank or financial institution. It is clarified here that an audit firm appointed for three consecutive years for the purpose of examining statutory audits or Cash Incentive/Export Subsidy cases cannot be appointed for the subsequent three years to examine Cash Incentive/Export Subsidy cases for the same bank.

Other instructions regarding the appointment of auditors in the examination of Export Subsidy/Cash Incentive cases, as distributed in other FEPD Circulars/Letters, shall remain unchanged as per due process.

Yours faithfully,

(Mohammad Khurshid Wahab) Deputy General Manager Phone: 9530123 19 Joishtho 1427 02 June 2020