2024-10-02 09:04:35
Published: 14:41, 1 October 2024
Three audit firms have been dropped from the panel of Bangladesh Securities and Exchange Commission (BSEC), the capital market regulator.
The three audit firms have reportedly been excluded from the BSEC panel for not being registered with the Financial Reporting Council (FRC).
The three audit firms excluded are A Haque & Company, Fames & R and SK Barua & Company Chartered Accountants.
According to an internal letter from the BSEC’s Accounting and Auditing Policy Department, the FRC published the list of audit firms it listed in December last year. Later in February, the FRC sent a letter to the commission asking that firms not listed by the FRC be excluded from the panel.
The BSEC also said that the three audit firms excluded from the panel will not be able to audit any issuer company or listed securities. However, they will be able to complete the audit and assurance activities they were carrying out before they were dropped.
BSEC does not accept financial statements signed by auditors who are not on their panel. The elimination of three audit firms reduced the BSEC’s panel membership from 48 to 45.
Dhaka/NT/Eva