Bangladesh: Banks allowed to appoint audit firms not listed by BB

Dhaka, July 8 (New Age): Bangladesh Bank on Monday said scheduled banks would be able to appoint audit firms beside the firms assigned by the central bank so that exporters could get cash incentives in the shortest possible time against their export items. The BB issued a circular to the authorised dealer branches of all banks in this regard saying that they (banks) would have to take approval from the central bank to appoint new audit firms. According to the central bank rules, banks have to conduct audit on the cash incentive cases of the exporters before applying for the incentive to the government. Banks have to conduct the audit with the firms approved by the central bank. A BB official told New Age on Monday that some banks usually made delay in accomplishing the procedures of cash incentive resulting that the exporters failed to get the incentive in due time. Against the backdrop, the central bank has taken initiative to allow banks to appoint audit firms beside the assigned ones, he said. The government gives cash incentives of 5 per cent-20 per cent to the exporters in 14 sectors including textile, shrimp, potatoes, meat and ship.