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Bangladesh Bank has issued new guidelines on the appointment of audit firms to verify applications for alternative cash assistance, or export subsidies, for the export sector.
Under the new directive, banks may appoint the same number of audit firms as those already engaged in auditing their financial statements to verify applications for export cash incentives against exports made during the 2026-27 fiscal year. However, any appointment of additional audit firms beyond that limit will require prior approval from the central bank’s Foreign Exchange Policy Department-1 (FEPD-1).
The central bank issued a circular on Sunday (July 5), sending the directive to the head offices and main branches of all authorised dealer (AD) banks.
According to the circular, the rule applies to the verification of applications for alternative cash assistance or export subsidies provided in lieu of bonded warehouse facilities and duty drawback schemes for export-oriented domestic textile industries and other eligible sectors. The latest directive follows similar circulars issued in 2023 and 2024.
The circular states that applications for export cash assistance or subsidies against exports made in the 2026-27 fiscal year may be audited by the prescribed number of audit firms, subject to Bangladesh Bank’s no-objection approval.
Banks requiring more audit firms than the permitted number may also do so, but only after obtaining approval from the Foreign Exchange Policy Department-1. In such cases, banks must explain why additional audit firms are needed, whether the proposed firms have previously worked with the bank, the number of subsidy applications to be audited, and provide other relevant information.
Bangladesh Bank also said that all other instructions contained in the circulars issued in 2023 and 2024, along with existing guidelines relating to audit procedures, will remain unchanged. The central bank instructed banks to inform all relevant parties and ensure proper implementation of the new directive.
