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The list of excluded firms also includes Artizan Chartered Accountant and Mahfel Hawk & Co., which audited and revalued Best Holdings Limited, which tried to exclude itself directly from the capital market by circumventing the rules.
These 36 companies will no longer be able to conduct any audit of any bank or financial institution. As a result, there are 41 qualified audit firms on the Bangladesh Bank’s list to audit banks and financial institutions.
Sirajul Islam, spokesperson and chief executive of the Bank of Bangladesh, told bdnews24.com that the 36 audit firms had been removed from the list “deemed ineligible.”
A list of the 41 auditing firms that were deemed eligible was posted on the Central Bank’s 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 firms of the Bangladesh Bank should be responsible 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.
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 spot on the new list this time because to various accusations, including involvement in wrongdoing.
The central bank has banned two audit firms, Saiful Shamsul Alam & Co. and Aziz Halim Khair Chowdhury, for refusing to provide cash assistance against bogus export invoices.
The remaining audit firms are: SF Ahmed & Co., Mahfel Haq & Co., Shafiq Basak & Co., Ahmed & Akhtar, Ahmed Masuk & Co., Ata Khan & Co., Pinaki & Co., Ahmed Jaker & Co ., Malek Siddiqui Wali, Siraj Khan Basak & Co., A Matin & Co., KM Alam & Co., Artisan, A Hawk & Co., Fame & R, Huda Hossain & Co., Rahman Anish & Co., AB Saha & Co., Islam Zahid & Co., Mizan Islam & Co.
In addition to Khan Ayub, Shafiq Mizan Rahman Augustine, Habib Sarwar Bhuiyan & Co., Rahman Qasim & Co., JR Chowdhury & Co., Mohammad Ata Karim & Co., Akhtar Amir & Co., Nurul Azim & Co., Dewan Nazrul Islam & Co., Ahsan Zakir & Co., Ashraf Uddin & Co., Takhtiyar Humayun & Co., Ashraf Ul Haq Nabi & Co., and Rahman Mustafiz Haque & Co. have been removed from the list of eligible audit firms.
Ahsan Manzur & Co. and Chowdhury Bhattacharya & Co. have been added to the list of 41 eligible audit firms by Bangladesh Bank. These two companies were not on the 2016 list.
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