Audit firm calls for action against auditors of S Alam Group's banks

An audit firm has called for stern action against auditors who conducted audits of seven privately owned commercial banks affiliated with S Alam Group.

In a letter dated September 15, audit firm SKZ Islam & Co urged the Governor of Bangladesh Bank to take action against the auditors, alleging that these firms failed to follow proper auditing practices while reviewing the financial health of the banks.

The firm also requested that the responsible auditors be delisted.

A copy of the letter was also submitted to the Financial Reporting Council (FRC), the country’s auditing watchdog, urging it to take appropriate measures against the auditors involved.

When contacted, an executive from the FRC confirmed to the FE that they had received a letter recommending the delisting of certain audit firms linked to the auditing of the seven banks under S Alam Group.

The letter alleged that S Alam Group had siphoned off funds amounting to Tk 2.0 trillion through these banks.

The FE  has also obtained a copy of the complaint letter filed by SKZ Islam & Co.

jasimharoon@yahoo.com