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Monday, February 06, 2006

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COMPANY & FINANCE
 
ICAB clears three audit firms of wrongdoing
Md. Asiful Huq
2/6/2006
 

          Three of the four chartered audit firms, accused of wrongdoing in financial statements of some listed issues by the Securities and Exchange Commission (SEC), has been cleared of suspicion by the Institute of Chartered Accountants, Bangladesh (ICAB). The ICAB is the professional watchdog of chartered audit firms.
However, the ICAB has found another audit firm -- Khaleque & Co -- guilty of wrongdoing. The SEC that referred the matter to the ICAB is yet to take actions following the ICAB findings.
The SEC served show-cause notices on four chartered accountant firms - N Chakraborty & Co., MJ Abedin & Co., Haque Shahalam Mansur & Co. and Khaleque & Co. for issuing audit reports on the financial statements of Bangladesh Chemical Industries Ltd and Bangladesh Zipper Industries ltd., Sreepur Textile Mills Ltd, Bengal Biscuits Ltd. and M Hossain garments Washing & Dying Ltd. and Bangladesh Dying & Finishing Industries Ltd respectively.
Talking to the FE, Securities and Exchange Commission (SEC) chairman Mirza Azizul Islam said commission is aware of the malpractice in preparing income statements, balance sheets and other financial statements of some companies by the audit firms.
Islam said the commission has warned those companies and informed the ICAB in this regard. The commission would not hesitate to take stern actions against those audit firms and companies with a view to saving the interests of investors.
Islam also said as commission is closely monitoring the financial performance and other legal bindings of companies such actions have led to the decline in irregularities in holding AGMs by listed companies. The SEC Chairman said if any wrong information is found in income statements or balance sheets of the companies, the SEC seeks clarification from the companies concerned and take necessary action against those companies.
True financial status and capital structures of some listed companies are not properly projected in the audited income statements or balance sheets. The investors are, thus, misled by distorted financial health of these companies.

 

 
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