BB enlists 7 CMA firms for export subsidy audits

Bangladesh Bank (BB) has enlisted seven Cost and Management Accountant (CMA) firms to conduct audits of applications for export subsidies and cash incentives, according to a central bank directive issued on Wednesday.

The move is part of the regulator’s ongoing efforts to ensure transparency and rigorous oversight in the processing of export-related financial incentives.

The directive was issued to all Authorized Dealers in foreign exchange in Bangladesh, who are required to facilitate the audit process for these claims.

As per the circular, the central bank has identified seven firms as eligible to perform auditing assignments for export subsidy and cash incentive applications.

The firms are A. HANNAN & CO, HOSSAIN & CO., MUJIBUR RAHMAN & CO., PODDER & ASSOCIATE, SAFE-Q ASSOCIATES & CO., SAIFUR ENAYET & ASSOCIATES and SAM & ASSOCIATES.

The central bank has established specific operational constraints to ensure balanced professional distribution and effective supervision.

Under the new instructions, a single CMA firm is restricted from undertaking auditing assignments for a maximum of three banks in a particular financial year.

Authorized Dealers have been further instructed to bring the contents of this circular to the attention of their respective clientele to ensure compliance across the export sector.

Bangladesh Bank confirmed that all instructions contained in the December 2023 circular, along with all other relevant circulars and circular letters pertaining to export subsidies and cash incentives, remain unchanged and in full effect.