Central bank formulates regulation to appoint foreign consulting firms for audit
Staff Correspondent
Bangladesh Bank (BB) has formulated a special regulation to appoint qualified international consulting firms to conduct risk-based integrated audit activities of the banks.
Under ‘The Special Regulations of Bangladesh Bank' 2024’, the central bank will appoint consulting firms for the development of banking companies and banking policies which will conduct in-depth audits of specific banks.
According to the central bank, the regulation was formulated at a meeting of the central bank's board of directors.
The central bank in a letter to the managing directors and chief executive officers of all banks in the country on Sunday said that this rule will come into effect immediately.
According to the central bank “Whereas in spite of the requisite regulatory framework in place, a number of banks in Bangladesh have been facing multifarious challenges in respect of quality of assets, corporate governance, policies and compliance of laws and eegulations and thereby damaging the trust and confidence of the public in general and undermining the credibility of the banking system as a whole.”
The BB considers it proper and expedient to undertake a risk-based comprehensive assessment of the concerned banks to identify the core issues causing problems and to undertake reforms, where necessary, to preserve trust, stability, and sustainability of the banking system, it said.
