2024-07-09 07:03:56
A few days ago, Bangladesh Bank gave instructions to reduce the cash support for 43 sectors of products in the case of exports. This time, the central bank has given instructions to appoint audit firms for alternative cash assistance. Banks should appoint audit firms following this directive. However, cash assistance/export subsidy cases in the same bank more than three years after appointment of an audit firm shall not be considered eligible for audit.
A circular has been issued in this regard from the foreign exchange policy department of Bangladesh Bank on Monday (July 8).
According to the instructions, for the purpose of auditing the applications for cash assistance or export subsidy for the financial year 2024-2025, the same number of audit firms as those engaged in the audit of bank accounts can be appointed. However, if it is necessary to appoint an additional audit firm than the audit firm employed, an application must be made to the Central Bank stating the rationale of the matter, the information of the relevant firm’s employment in the bank in the past, the number of cases of cash assistance and the number of audit firms with the necessary relevant information.
The guidelines that banks have to follow in all cases of hiring an audit firm are- Before hiring an audit firm, they should verify whether the concerned firm (CA or CMA) is included in the latest list published by the Financial Reporting Council and Bangladesh Bank. Prior approval of the board of directors of the appointing bank is required for the appointment of an audit firm.
The Financial Reporting Act, 2015 and other instructions in this regard including the instructions in Schedule-1, Section 4 of the Financial Reporting Council (Registration of Auditors and Audit Firms) Rules, 2022 issued under this Act shall be followed.
Any audit firm engaged for the purpose of auditing bank accounts or auditing cases of cash assistance or export subsidy for a period of three years shall not be considered eligible for auditing cases of cash assistance or export subsidy in the same bank for the next three years. The applicable instructions of other circulars relating to case audit of cash assistance or export subsidy shall remain in force as usual.