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BSEC leaves out ATA Khan & Co from auditors’ panel

  • Published at 07:38 pm November 12th, 2019
ATA Khan & Co
Logo of ATA Khan & Co

The BSEC announced 38 chartered accountants firms eligible for auditing financial statements of listed securities

The stock market regulator on Tuesday left out audit firm ATA Khan and Co, Chartered Accountants from its auditors’ panel for not properly auditing Generation Next Fashions Ltd.

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday also revised its auditor panel for auditing listed companies to prevent any manipulation in the financial statements. 

The BSEC announced 38 chartered accountants firms eligible for auditing financial statements of listed securities. 

It would 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 stock market regulator said despite several warnings over its fabricated financial statement, Generation Next Fashions failed to maintain international accounting standards in its financial statement for 2014 and 2015.

In addition, the commission also sent a letter to the Institute of Chartered Accountants of Bangladesh (ICAB) for action against the firm.

Earlier, 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 Ahmad and Akhtar not to audit any listed company as the firm became a proprietorship firm.

It was alleged that the auditor failed to conduct proper audit of Coppertech Industries properly.

A commission meeting on Tuesday also decided to issue a show-cause notice to Ali Securities Ltd for its violation of securities law and asked it to pay dues to its client.  

The 38-strong panel of auditors comprises A Hoque, A Qasem, A Wahab, ACNABIN, Ahmed Mashuque, Ahmed Zaker, ARTISAN, Ashraf Uddin, 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.