FEPD Circular No. 20: Appointment of Cost and Management Accountants (CMA) firms for Auditing of Cash Incentive/Export Subsidy

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd December 03, 2023 FE Circular No. 20 Date: -------------------- Agrahayan 18, 1430 To All Authorized Dealers of Foreign Exchange Transactions. Dear Sir,

Regarding the Auditing of Export Incentive/Cash Assistance Applications by Cost and Management Accountants Firms.

Necessary instructions were issued through FE Circular No. 13, dated August 24, 2023, regarding the continuation of export incentives/cash assistance against relevant goods shipped from July 01, 2023, to June 30, 2024, for the current fiscal year 2023-2024. As per the instructions in paragraph 2 of the said circular, applications for export incentives/cash assistance for the current fiscal year 2023-2024 can be audited by audit firms approved by Bangladesh Bank and appointed by the respective banks. Furthermore, the said circular also states that if additional firms are required to expedite the auditing process, an application must be submitted to Bangladesh Bank, mentioning the number of audit firms along with justification and necessary information.

2. It is informed by government decision that Cost and Management Accountants (CMA) firms can also be appointed as auditors by the respective banks for auditing export incentive/cash assistance applications, subject to their inclusion in the latest list published by the Financial Reporting Council (FRC) and their enlistment with Bangladesh Bank. Pursuant to this decision, CMA firms can be appointed for auditing export incentive/cash assistance applications for the current fiscal year. In this regard, an application must be submitted to Bangladesh Bank, mentioning the justification, name, address, other relevant details of the CMA firm, and information regarding its enlistment with FRC and Bangladesh Bank.

3. In the case of auditing export incentive/cash assistance applications by CMA firms, the instructions of Circular Letter No. FEPD (Com)291/2002-1367, dated June 02, 2002; Circular Letter No. FEPD (Export Policy)291/2014-13, dated June 29, 2014; FE Circular Letter No. 21, dated June 02, 2020; and FE Circular Letter No. 29, dated August 12, 2020, along with the instructions of all other applicable circulars/circular letters regarding export incentives/cash assistance, shall apply.

All concerned parties are requested to be informed of this matter.

Yours faithfully,

(Md. Sarwar Hossain) Director (FEPD) Phone: 9530123