Written by The Banking Post
The Financial Reporting Council (FRC) has, for the first time, set fixed audit fees for chartered accountants auditing banks’ financial statements, a move aimed at bringing more discipline and transparency to the sector.
In a notification issued on Sunday, the FRC said audit fees will range between Tk 14.38 lakh and Tk 70.33 lakh in the current fiscal year (2025-26), depending on a bank’s total assets or risk-weighted assets.
For banks with assets of up to Tk 10,000 crore, the audit fee will be Tk 14.38 lakh. Where assets exceed Tk 150,000 crore, the fee will rise to Tk 70.33 lakh.
“We have set audit fees for the banking sector to bring discipline. We will gradually fix such fees for other sectors as well,” said FRC Chairman Md Sajjad Hossain Bhuiyan.
The new rule, effective from FY2025-26, was finalised after consultations with banks and the Institute of Chartered Accountants of Bangladesh (ICAB).
Bhuiyan noted that chartered accountants will audit banks in line with Bangladesh Bank’s external auditor rules introduced in 2024.
According to the notification, audit fees can be calculated either on the basis of total assets or risk-weighted assets, with banks and their auditors free to choose which method to adopt.
