The Bangladesh Securities and Exchange Commission (BSEC) has imposed a five-year ban on participation in audit and assurance activities for seven audit firms due to serious financial irregularities and violations of securities laws in the financial reports of four listed companies for the completed financial years. Despite these violations, the auditors did not raise the issues in their audit reports.
The commission has also decided to issue a show-cause notice, asking these audit firms and auditors to explain why they should not be declared ineligible to conduct audits for listed companies and other entities in the securities market.
The decision was made at the 973rd commission meeting, chaired by BSEC Chairman Khondkar Rashed Masud, which was held on Tuesday, September 16th, 2025. The BSEC’s Director and Spokesperson, Md. Abul Kalam, confirmed this information in a press release issued on Wednesday, September 17th.
According to the release, the audit firms and auditors involved are as follows:
- Suhirid Industries Limited (Financial Year Ended June 30, 2019): A. Hock & Co. Chartered Accountants
- Ringsign Textile Limited (Financial Years Ended June 30, 2017, 2018, 2019, and 2020): Ahmed & Akhtar, Mahfel Hock & Co., Ata Khan & Co., and Siraj Khan Basak & Co. Chartered Accountants
- Aman Cotton Fibers Limited (Financial Year Ended June 30, 2020): Islam Kazi Shafik & Co. Chartered Accountants
- Far East Islami Life Insurance Company Limited (Financial Years Ended June 30, 2018, and 2019): Mahfel Hock & Co. Chartered Accountants
Despite serious financial irregularities and violations of the Securities Act in the financial reports of these companies for the specified years, the audit firms did not raise these issues in their reports. As a result, BSEC has imposed a ban on these firms and auditors from conducting audit and assurance activities for any listed companies, investment schemes (such as mutual funds, alternative investment funds, and exchange-traded funds), and intermediary institutions in the capital market for five years. The commission has decided to issue a show-cause notice to these auditors and audit firms, asking why they should not be declared ineligible to participate in these activities.
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