ICAB suspends two BSEC-listed auditors over misconduct
The decision was taken at an ICAB council meeting on 20 January this year, following recommendations from its investigation and disciplinary committee
The Institute of Chartered Accountants of Bangladesh (ICAB) has suspended two audit partners from firms enlisted with the Bangladesh Securities and Exchange Commission (BSEC) over violations of professional standards and misconduct.
The decision was taken at an ICAB council meeting on 20 January this year, following recommendations from its investigation and disciplinary committee.
Both auditors are part of the BSEC-approved panel authorised to audit listed companies and capital market intermediaries, making the action significant for the country's financial reporting environment.
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The penalised auditors are Quazi Shafiqul Islam, managing partner of Islam Quazi Shafique & Co, and Nurul Hossain Khan, managing partner of Kazi Zahir Khan & Co. They have each been barred from conducting statutory audits for one year.
In addition, Shafiqul has been fined Tk6 lakh and Nurul Tk9 lakh. Failure to pay the fines within three months will result in an additional one-year suspension, according to ICAB. The two auditors will regain access to the Document Verification System (DVS) after completing their suspension.
ICAB, established in 1973, is the country's national professional accounting body responsible for regulating the profession, licensing auditors, and enforcing disciplinary measures against misconduct.
Earlier in August 2025, ICAB took similar disciplinary action against two other BSEC-listed auditors. Abu Kaiser, former senior partner of Mahfel Huq & Co, had his certificate of practice revoked for two years and was fined Tk4 lakh for professional misconduct. Abdus Satter Sarkar, a former partner of the same firm, also faced a two-year revocation along with a Tk5 lakh fine on similar charges.
Market insiders say the latest actions reflect a growing emphasis on improving audit quality and accountability in Bangladesh's capital market. As these auditors were responsible for reviewing financial statements of listed entities, any compliance failure raises concerns over investor protection and transparency.
The move comes amid heightened regulatory scrutiny of audit practices, with authorities seeking to ensure adherence to professional standards and restore confidence in financial reporting.
