Accounting & Audit Services in Bangladesh

Officers have powers under the VAT and SD Act 2012 to enter and inspect business premises in specified circumstances, and survey teams often visit without advance notice. Formal audits usually start with a written notice. In any case, ask for identification and the authority for the visit and keep a record.

Bangladesh has adopted International Financial Reporting Standards, formerly issued locally as BFRS and BAS, with the Financial Reporting Council overseeing standards under the Financial Reporting Act 2015. Which entities must follow full IFRS and FRC requirements depends on their classification, but most companies prepare statements on an IFRS basis for audit.

Generally yes. The Companies Act 1994 does not exempt a company from audit because it had little or no activity. A dormant company still needs audited accounts for its AGM and usually for its income tax return. The audit of a dormant company is simpler and typically less costly.

Bookkeeping records individual transactions and keeps ledgers and reconciliations up to date. Accounting uses those records to make adjustments, apply accounting standards and produce financial statements and reports. Most businesses need both; small ones often outsource bookkeeping and get accounting support at month or year end.

From the first transaction. Share capital deposits, pre-incorporation expenses and initial purchases need proper records for the first audit and tax return. Setting up a chart of accounts and bank routine in the first month is far cheaper than reconstructing the first year later.

No. The financial report, or financial statements, is prepared by the company's management. The audit report is the independent auditor's opinion on whether those statements give a true and fair view. Both are usually presented together, but responsibility for the statements stays with the directors.