Bangladesh Bank (BB) on Sunday issued fresh directives regarding the appointment of audit firms to examine applications for alternative cash assistance and export subsidies in customs bonds and duty draw-backs for export-oriented domestic textile and other applicable sectors.

According to a circular issued by the Foreign Exchange Policy Department-1 (FEPD-1) of the central bank, banks can now appoint audit firms to scrutinize cash incentive applications for exports made in FY2026-27, subject to a 'No Objection Certificate' (NOC) from the FEPD-1.

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The circular, signed by FEPD-1 Director Md. Harun-Ar-Rashid, stated that banks may engage an equal number of audit firms as those currently employed for their regular bank accounting audits.

However, if any bank requires additional audit firms beyond that number, it must submit a formal application to Bangladesh Bank for approval.

The central bank specified that such applications must clearly outline the justification for appointing extra firms, the previous history of those firms working with the bank, the volume of cash assistance/export subsidy cases, and other necessary data.

The central bank noted that all other previous instructions regarding audit procedures—including those detailed in FE Circular Letter No. 10 (dated July 08, 2024) and FE Circular No. 20 (dated December 03, 2023)—will remain unchanged.

All Authorized Dealer (AD) banks have been instructed to immediately inform the relevant stakeholders about the new guidelines.