The Institute of Chartered Accountants of Bangladesh on Thursday decided not to renew the licence of audit firm Ahmad and Akhtar, which has got embroiled in a controversy over the audit report of little-known Coppertech Industries.
The ICAB’s decision followed Tuesday’s Bangladesh Securities and Exchange Commission decision that barred Ahmad and Akhtar from auditing any listed company.
Both the decisions mean Ahmad and Akhtar would not be eligible for auditing any company in Bangladesh, said sources in the ICAB.
A council meeting of the ICAB made the decision not to renew licence of Ahmad and Akhtar because of its non-cooperation with the ICAB over an investigation into the audit report of Coppertech Industries.
ICAB president AF Nesaruddin said that they had decided not to renew licence of Ahmad and Akhtar.
He declined to comment further on the issue.
The ICAB launched the investigation into the Coppertech audit report, prepared by Ahmad and Akhtar, following a directive of the Financial Reporting Council.
There are allegations that the financial report of Coppertech, which has raised Tk 20 crore through an initial public offering, was fabricated so that the company’s IPO could go through.
Ahmad and Akhtar disappointed the ICAB on a number of occasions as the auditor refused to cooperate with its regulator on some pretexts.
Ahmad and Akhtar has also become a proprietorship firm as its partner Shaheed Mohammad retired from the firm on March 4 this year.
The ICAB on May 26 sent a letter to the BSEC regarding the matter based on which the regulator banned the firm from auditing any listed company. The Dhaka Stock Exchange has decided not to list Coppertech till the ICAB concludes investigation into the company’s financial report.
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