Find Accountancy, Audit and Tax expertise in Bangladesh

Overview

There are over 200 accountancy and audit service providers in Bangladesh, largely based in Dhaka and Chittagong. All of the ‘Big Four’ international accounting firms operate in the country. Increasing efforts have been made to strengthen and standardise accounting and auditing practices. Only partnership firms with seven years experience in professional practice are allowed to audit listed companies. Additionally, all businesses must maintain proper books of accounts in the local currency and have their accounts audited by qualified external auditors. Auditing practices are regulated by the Companies Act 1994, the Banking Companies Act 1991, the Insurance Act 1938, the Securities and Exchange Commission Act 1993, the Securities and Exchange Rules 1987, the Foreign Donations Regulation Rules 1978, and the Co-operative Societies Ordinance 1984. An accountancy conference in February 2012 in Dhaka noted that there was still a tendency for accounting and auditing practices to suffer from institutional weaknesses in regulation and enforcement of standards and rules. Indeed, Bangladesh placed 127th in the world (out of 144 countries) for the strength of its auditing and reporting standards in the World Economic Forum’s Global Competitiveness Report (2012-13), with a value of 3.7 out of 7, below the world mean of 4.6. In the 2011 World Bank’s Ease of Doing Business Index Bangladesh came 107th in the world (out of 183 countries) in relation to resolving insolvency, in comparison to India in 128th place.

Accountancy, Audit and Tax organisations in Bangladesh
KPMG
The Institute of Chartered Accountants of Bangladesh