A host of audit firms and auditors are under the scanner of government investigation agencies over alleged irregularities in audited financials of business tycoons implicated in the major banking-sector scams during the previous regime.
According to official sources, chartered accountants (CAs) and audit firms that audited 15 banks and several large business groups are on the probe list.
The list shows Islami Bank, Sonali Bank, Al-Arafah Islami Bank, Global Islami Bank, Union Bank, Social Islami Bank, IFIC Bank, Exim Bank, First Security Islami Bank, Bangladesh Commerce Bank, United Commercial Bank, and National Bank, as well as corporate groups, such as Beximco, Crescent Group, and S Alam Cold Rolled Steels.
Based on intelligence reports, the Chief Adviser's Office has forwarded a list of renowned chartered-accountancy firms to the Anti-Corruption Commission (ACC), the National Board of Revenue (NBR), and the Financial Reporting Council (FRC) for the scrutiny of their earnings and sources of income, according to a letter obtained by The Financial Express.
The NBR has already instructed all its 40 field-level tax offices across the country to examine income-tax returns of these firms and crosscheck the declared incomes and assets to assess whether any fabricated financial statements were prepared in exchange for financial benefits.
The instruction followed an ACC request seeking information as to whether tax offices had already conducted any investigation into the firms.
In cases where no steps had been taken, the ACC asked the Central Intelligence Cell (CIC) to initiate legal action following investigations.
Meanwhile, the Special Branch (SB) of police has made a report on audit firms that prepared financial statements for banks and other major entities allegedly linked to the previous Awami League government.
Talking to The Financial Express on Monday, Institute of Chartered Accountants of Bangladesh (ICAB) President NKA Mobin said the FRC was already working on determining whether there were audit-quality lapses or deviations in the preparation of financial statements.
"The FRC is seeking our assistance, and we are extending all-out cooperation. No final conclusion has yet been reached," he said, adding that the issue was raised at a recent FRC council meeting.
Accounting professionals, however, say preparing fabricated financial statements in exchange for financial benefits is unlikely in the case of most reputed audit firms, except for a few isolated cases.
They suggest that there might have been procedural or compliance-related shortcomings rather than deliberate doctoring of financial documents.
"Tax offices are unlikely to find evidence of undue financial transactions between auditors and banking-scam beneficiaries as such dealings did not occur," says a CA, preferring anonymity.
Mr Mobin also said the ICAB had not received any official communication from the government to investigate allegations against its members.
"Regular complaints, if any, are examined by our quality-assurance team," he said, adding that the ICAB would take disciplinary action, including the suspension of licences for up to five years, if complaints were raised by the FRC, the Bangladesh Securities and Exchange Commission (BSEC), or the Bangladesh Bank.
There are currently around 600 practicing chartered accountants in Bangladesh.
FRC Chairman Dr Md Sajjad Hossain Bhuiyan has said the council is actively looking into the issue.
"FRC experts responsible for reviewing audited financial statements are working on the matter and are scheduled to submit their report by February 28, 2026," he said.
Although the expert team initially proposed June 30 as the deadline, the FRC asked them to complete the review by February, he added.
"As auditors are highly respected professionals, the FRC is proceeding cautiously to ensure that no one is unfairly defamed," Dr Bhuiyan notes.
The firms have audited Crescent Group, S Alam Cold Rolled Steels Ltd; Sonali Bank, Al-Arafah Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank, United Commercial Bank, Bangladesh Commerce Bank, IFIC Bank, Social Islami Bank, Islami Bank, Exim Bank, National Bank, Delta Life Insurance Company, Givenchy Garment Accessories, Givenchy Garments, Givenchy Spinning Mills and Enjoy Z Design, Envoy Fashions, and Envoy Garments.
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