Bangladesh Bank (BB) on Wednesday released an updated list of Cost and Management Accountant (CMA) firms authorized to audit applications for export subsidies and cash incentives.

The Foreign Exchange Policy Department (FEPD) of the central bank issued a circular to all authorized foreign exchange dealers detailing the eligibility and regulations for these audits.

According to the directive, seven specific CMA firms have been enlisted as eligible for these assignments. These are Hannan & Co., Hossain & Co., Mujibur Rahman & Co.,

Podder & Associates, Safe-Q Associates & Co., Saifur Enayet & Associates and SAM & Associates.

The central bank stipulated that a single CMA firm is permitted to undertake auditing assignments for a maximum of three banks within a particular financial year.

This latest instruction supplements the guidelines previously established in Foreign Exchange Circular No. 20, dated December 03, 2023, which remains the primary regulatory framework for appointing CMA firms for export incentive audits.

All other existing instructions regarding export subsidies and cash incentives remain unchanged, the circular added. Bangladesh Bank has instructed all authorized dealers to bring this new directive to the attention of their clients.