The Bangladesh Securities and Exchange Commission (BSEC) has ousted three audit firms from its panel due to their failure to secure the Financial Reporting Council (FRC) enlisting.
The three audit firms are A Hoque & Company, FAMES & R, SK Barua & Company Chartered Accountants, according to a BSEC notice today.
BSEC’s Accounting and Auditing Policy Department said in its internal letter that the FRC in December last year published the list of its enlisted audit firms and later in February wrote to the commission for delisting any firm without FRC enlisting from the panel.
BSEC does not accept financial statements signed by an auditor which is not within its panel.
The ouster of the three downsized the BSEC panel to a list of 45 from 48.
FRC sources said, some 15-20 audit firms failed to secure FRC enlistment last year while around 45 chartered accountants are facing punitive restrictions by the Institute of Chartered Accountants.
The three delisted audit firms will not be able to audit any issuer company or listed securities, said the BSEC. However, they can accomplish the audit and assurance tasks that were ongoing before the delisting, it added.
