News Summary

• Bangladesh Securities and Exchange Commission (BSEC) has banned two audit practices and individual partners for lapses in their audit work on the financial statements of Fareast Islami Life Insurance and Ring Shine Textiles.
• The move comes after regulatory findings pointed to major weaknesses in the audit work of the two companies.
• In one case, Mahfel Huq and Co, Chartered Accountants and its former partner Abu Kaiser were penalised over their audit of the 2018 accounts.
• In a separate ruling, Ata Khan and Co and its partner Maqbul Ahmed have been declared ineligible for inclusion in the BSEC’s panel of auditors for a period of up to five years.