The Bangladesh Bank has cleared that banks can reappoint existing audit firms, after the expiration of their tenure, until new firms are appointed – to audit applications for alternative cash incentives or export subsidies.
On Wednesday, the central bank issued a circular to clear the instruction.
Generally, banks can appoint listed audit firms for three years. On June 2, the central bank instructed banks not to reappoint the same audit firms for another three years after the expiration of their current tenure.
In the latest instruction, the Bangladesh Bank said banks can have applications for export subsidies audited by previous audit firms until new firms are appointed.
Additionally, banks can continue auditing applications for export subsidies with the additional audit firms that were appointed before the circular was issued.