Regulator fixes audit fees for banks

For the first time, the Financial Reporting Council (FRC), an autonomous regulatory body, yesterday set audit fees for chartered accountants who will audit the financial statements of banks in the current fiscal year of 2025-26.

In a notification, the FRC said, for banks with total assets or risk-weighted assets of up to Tk 10,000 crore, the total audit fee will be Tk 14.38 lakh, and where total assets or risk-weighted assets exceed Tk 150,000 crore, the fee will be Tk 70.33 lakh.

"We have set audit fees for the banking sector to bring discipline. We will gradually fix such fees for other sectors as well," said FRC Chairman Md Sajjad Hossain Bhuiyan.

The FRC said the new rule will apply from the fiscal year 2025-26, and banks and auditors are expected to comply accordingly.

The fees were determined following consultations with stakeholders, including banks and the Institute of Chartered Accountants of Bangladesh (ICAB).

Bhuiyan said chartered accountants will audit the financial statements of banks in line with external auditor rules introduced by Bangladesh Bank in 2024.

According to the notification, audit fees may be based either on the total assets of banks or on their risk-weighted assets. Banks and chartered accountants themselves will decide which approach to adopt.