The Bangladesh Securities and Exchange Commission (BSEC) has chosen 14 auditors to conduct audits of 50 listed companies in an effort to address issues related to unclaimed dividend disbursement.
In a directive issued on Monday, the commission instructed the Capital Market Stabilisation Fund (CMSF) to appoint auditors from the list of the selected 14 for the initial phase of audits.
The directive outlines that the CMSF will determine the audit periods based on corporate actions, including declarations of cash and stock dividends, right issues, and other such corporate actions.
The audit will be carried out by the 14 selected firms in accordance with the CMSF’s proposal, and the audit fees should not exceed the proposed amount.
The audit will be conducted according to approved terms of reference, and the findings will be reported accordingly.
Before finalizing the audit report and its findings, the CMSF will organize a tripartite meeting with the relevant department of the commission.
Both auditors and the CMSF are required to ensure compliance with the relevant rules, regulations, notifications, and instructions issued by the commission in this regard.
Additionally, no audit firm is permitted to conduct audits for more than four companies.
The selected chartered accountants include A Wahab & Co, ACNABIN, Aziz Halim Khair Choudhury, FAMES & R, G Kibria & Co, Howladar Yunus & Co, Mahfel Huq & Co, Masih Muhith Haque & Co, SK Barua & Co, Zoha Zaman Kabir Rashid & Co, Mahamud Sabuj & Co, Islam Jahid & Co, Basu Banerjee Nath & Co, and Snehasish Mahmud & Co.
