Ahmad & Akhtar Chartered Accountants will not be allowed to audit the financial report of listed and non-listed companies after the licence of its only practising partner was not renewed.
The Institute of Chartered Accountants of Bangladesh (ICAB) yesterday decided not to renew the licence of Kanchi Lal Das, managing partner of Ahmad & Akhtar Chartered Accountants. All practitioners must have their annual licence renewed by the ICAB by June every year. Das’ licence inactivity came into effect this month.
The decision came after Das refused to cooperate with the ICAB to review the financial report of Coppertech Industries Ltd, which is trying to be listed on both stock exchanges.
The Financial Reporting Council ordered the ICAB to look into the report, which was audited by Ahmad & Akhtar, after allegations surfaced that it contains wrong information.
“This is the first time the ICAB has not renewed the licence of one of its members,” AF Nesaruddin, president of the ICAB, said.
Ahmad & Akhtar will not be allowed to audit any financial reports as the firm does not have any licence-holder practitioner at the moment, he added.
The ICAB took the decision during an emergency council meeting. If required, the Bangladesh Securities and Exchange Commission can re-audit the report of Coppertech for the best interest of stock investors, according to Nesaruddin.