Bangladesh Bank Issues New Rules for Appointing Export Subsidy Auditors

Bangladesh Bank (BB) has introduced new guidelines for appointing audit firms to review applications for alternative cash assistance and export subsidies in the export-oriented domestic textile and other eligible sectors.

According to a circular issued Sunday by the central bank's Foreign Exchange Policy Department-1 (FEPD-1), banks can now hire audit firms to assess cash incentive applications for the 2026-27 fiscal year. However, they must first obtain a 'No Objection Certificate' (NOC) from FEPD-1.

The directive, signed by FEPD-1 Director Md. Harun-Ar-Rashid, allows banks to employ the same number of audit firms they currently use for their standard accounting audits.

If a bank needs to hire additional audit firms, it must seek prior approval from Bangladesh Bank. These applications must include clear justifications, such as the volume of export subsidy cases, the bank's previous working history with the proposed firms, and other relevant data.

The central bank confirmed that previous regulations concerning audit procedures specifically those outlined in the July 2024 and December 2023 circulars remain in effect. All Authorized Dealer (AD) banks have been instructed to notify relevant stakeholders about these updated guidelines immediately.