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The list of audit firms that are engaged in auditing of banks and financial institutions has been published. On this list, 41 institutions have a place as eligible. And 36 institutions have been left out. Recently, a list of eligible institutions has been provided on the Bangladesh Bank website.
According to the Law on Banking Companies, all banks and financial institutions must prepare an annual financial report. Then it must be audited by an external audit firm. That is why one of the qualified audit forms of the Bangladesh Bank should have the responsibility for that audit.
Publicly traded audit firms audit the bank’s annual accounts and issue letters of no objection for cash assistance. It is the responsibility of these audit firms to ensure that banks and financial institutions comply with all regulations and prepare financial reports or waive cash assistance. That is why these audit firms receive a fee. If an audit firm does not perform its duties properly, the central bank can ban the banking firm for two years under the law.
It is known that of the total 183 audit firms listed by the Institute of Chartered Accountants of Bangladesh (ICAB), 65 were on the Bangladesh Bank’s list of eligible audit firms in 2016. Some firms did not get a place on the new list this time due to various accusations, including involvement in wrongdoing. In total, 41 institutions earned a spot on the eligible list this time.
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