The BSEC directed auditor Ahmad and Akhtar not to audit any listed company as the firm has become a proprietorship firm
The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday revised the panel of auditors for the listed firms to prevent any manipulation in the financial statements.
The commission imposed a ban on M/S. Ahmad and Akhter Chartered Accountants for being a non-compliant firm, from auditing any listed companies of stock market.
The BSEC directed auditor Ahmad and Akhtar not to audit any listed company as the firm has become a proprietorship firm.
The auditor has been facing criticism as there was allegation that the auditor didn’t audit financial reports of Coppertech Industries properly, it was learnt.
The firm has become a proprietorship firm as its partner Shaheed Mohammad retired from the firm on March 4 this year.
Therefore, the regulator directed Ahmad and Akhtar not to audit financial statements of the listed companies.
On July 4, The Institute of Chartered Accountants of Bangladesh (ICAB) has decided not to renew the license of audit firm Ahmad and Akhter Chartered Accountants.
BSEC announced 39 chartered accountants firms eligible for auditing financial statements of listed securities. It will be mandatory for all listed companies to have their financial statements audited by only the commission-assigned panel, said the regulator in a statement.
The panel of auditors are A Hoque, A Qasem, A Wahab, ACNABIN, Ahmed Mashuque, Ahmed Zaker, ARTISAN, Ashraf Uddin, Ata Khan, Aziz Halim Khair Choudhury, FAMES, G Kibria, Hoda Vasi Chowdhury, Howlader Yunus, Hussain Farhad, Islam Aftab Kamrul, Islam Quazi Shafique, KM Alam, KM Hasan, Kazi Zahir Khan, Khan Wahab Shafique Rahman, MJ Abedin, MM Rahman, MABS & J Partners, Mahefi Huq, Malek Siddiqui Wali, Masih Muhith Haque, Nurul Faruk Hasan, Octokhan, Pinaki, Rahman Mostafa Alam, Rahman Rahman Huq, SF Ahmed, SK Barua, Shafiq Basak, ShirazKhan Basak, Syful Shamsul Alam, Toha Khan Zaman and Zoha Zaman Kabir Rashid.
The BSEC amended its 2011 orders and said the issuer of listed securities must require its financial statements audited by any firm of chartered accountants which is in the panel of the commission.