FRC UK to strengthen Bangladesh audit rules

The meeting focused on the FRC UK's mandate, its risk-based supervisory approach, and its structured relationship with the Institute of Chartered Accountants of England and Wales (ICAEW). These insights will support ICAB’s engagement with the Financial Reporting Council (FRC) Bangladesh to promote a more proportionate, transparent, and internationally aligned regulatory environment, said an ICAB press release today.

The ICAB delegation was led by President Noor-E Khoda Abdul Mobin, accompanied by Vice Presidents Suraiya Zannath and Muhammad Mehedi Hasan, ICAB UK Chapter Chairman  AKM Fazlur Rahman, and Chief Operating Officer of ICAB  Mahbub Ahmed Siddique. 

The FRC UK team included CEO of FRC UK Richard Moriarty, Executive Director of Supervision Anthony Barrett, and Director of Professional Bodies Supervision Dhruve Shah.

FRC UK officials highlighted their principles-based approach, including a clear definition of Public Interest Entities (PIEs), proportionate standard-setting, and a risk-based inspection regime. They also emphasized the “supervision of supervisors” model, in which the FRC oversees how professional bodies such as ICAEW regulate their members without duplicating responsibilities.

ICAB believes these insights will be instrumental in strengthening dialogue with FRC Bangladesh. Priority areas include advocating for a more focused PIE definition, adopting risk-based inspections, ensuring statutory clarity, and fostering a collaborative regulatory ecosystem that supports both audit quality and professional growth.

This engagement marks an important step in ICAB’s efforts to align Bangladesh’s regulatory framework with global best practices and enhance public trust in financial reporting and audit, reports BSS.