Strengthening Audit Profession and Rebuilding Trust – Role of Auditors and Regulatory Bodies

The presentation discusses the current state and future prospects of the audit profession in Bangladesh. It notes that the profession is mature but plagued by low audit quality, poor investor awareness, and weak regulation despite the establishment of the Financial Reporting Council (FRC). Political and corporate corruption has created a “vicious cycle,” where audits are undervalued and manipulated. The presentation highlights how state capture and a powerful business elite have undermined regulatory independence and accountability. In the wake of the “Monsoon Revolution” of 2025, there are renewed calls for institutional reform and transparency. Auditors in politically connected banks often faced intimidation and pressure to alter financial reports, raising concerns about independence. Moving forward, the profession must focus on rebuilding trust through independence, strong governance, and professional integrity. Reforms should include strengthening the FRC, promoting young and female auditors, and ensuring the inclusion of external experts. The overarching goal is to restore accountability and rebuild public confidence in Bangladesh’s audit system.