M A Fazal & Co. delivers the full spectrum of professional accountancy, audit, tax, advisory and regulatory services — all led by Fellow Chartered Accountants (FCA) registered with ICAB, and compliant with Bangladesh and international professional standards.
M A Fazal & Co. is a Dhaka-based registered Chartered Accountancy firm offering eight core professional service lines to corporations, financial institutions, NGOs, development organisations, listed entities and SMEs. All engagements are led by FCAs with active ICAB practising certificates, conducted under Bangladesh and international professional standards, and supported by a multi-disciplinary team with deep sector expertise in banking, microfinance, taxation and development finance.
Independent, BSA-compliant audit and assurance engagements providing reasonable or limited assurance on financial information — mandatory under the Companies Act 1994 and sector-specific regulations.
Statutory / External Audit
Mandatory annual audit for all registered companies under the Companies Act 1994. The auditor expresses a positive opinion on whether financial statements present a "true and fair view" in compliance with BFRS or BFRS for SMEs. Only ICAB-licensed practising CAs may sign audit reports.
Internal Audit (Outsourced / Co-sourced)
A systematic evaluation of internal controls, risk management, governance and operational efficiency — separate from statutory audit. BSEC CGCG 2018 requires listed company audit committees to oversee internal audit. Many SMEs and NGOs outsource this function.
Special Purpose & Other Assurance Engagements
| Engagement | Assurance Level | Typical Use | Key Standard |
|---|---|---|---|
| Statutory / External Audit | Reasonable | All registered companies — annual | BSA 700 series |
| Review Engagement | Limited | Interim financials, donor half-yearly reports | BSRE 2400 |
| Project Audit (Donor) | Reasonable | USAID, World Bank, ADB, UN agencies | BSA 800 / GAGAS |
| NGO Affairs Bureau Audit | Reasonable | NGOs with foreign funding, NGOAB compliance | BSA 700 / NGOAB |
| Agreed-Upon Procedures (AUP) | None | Lender DD, covenant check, pre-acquisition | BSRS 4400 |
| Compilation Engagement | None | Small entities, bank submission | BSRS 4410 |
| Government / Public Sector Audit | Reasonable | SOEs, statutory bodies — CAG empanelled | GAASB 2021 |
Unmodified (Clean) — true and fair view, no exceptions. | Qualified — material exception on specific matter. | Adverse — pervasive material misstatement. | Disclaimer — inability to obtain sufficient evidence.
End-to-end income tax advisory and compliance services under the Income Tax Act 2023, covering corporate, individual and withholding tax matters before NBR and the tax appellate hierarchy.
Corporate Tax
Individual Tax
Individual income tax return preparation and filing for employees, directors, professionals and non-resident Bangladeshis. Salary restructuring for tax efficiency, investment rebate optimisation and asset documentation.
TDS & Withholding Tax Compliance
Monthly withholding tax (TDS) computation, challan preparation and online submission. Annual TDS return filing (Form 108). Compliance review for salary, rent, professional fees, contractor payments, interest and dividend deductions.
NBR Dispute Resolution & Appeals
Income Tax Act 2023 (replaced ITO 1984) · Income Tax Rules 1984 (transitionally applicable) · SROs issued by NBR on exemptions, rates and procedures · Dhaka Taxes Bar Association membership held by engagement team.
Comprehensive VAT and Supplementary Duty (SD) compliance and advisory services under the VAT and SD Act 2012, covering registration, return filing, dispute resolution and audit defence — for all taxable entities operating in Bangladesh.
VAT and SD Act 2012 (fully effective since 2019) · VAT and SD Rules 2016 · NBR SROs and General Orders on exemptions, zero-rating and reduced rates · Online VATM system for return filing and payment.
Strategic business planning, financial structuring and CFO-level advisory for businesses at key inflection points — start-up, expansion, restructuring, fund-raising or regulatory transition.
Independent business valuation, M&A advisory, project finance support and capital restructuring for Bangladeshi companies at major transaction milestones.
| Valuation Method | Best Suited For | Common Application |
|---|---|---|
| Discounted Cash Flow (DCF) | Established businesses with stable cash flows | M&A, strategic acquisition, project finance |
| Market Multiples (Comparable Companies) | Listed sector peers available | Listed company valuation, IPO pricing |
| Net Asset Value (NAV) | Asset-heavy businesses, investment companies | Investment companies, real estate, holding cos. |
| Precedent Transactions | Recent sector M&A data available | Deal negotiations, fairness opinions |
| Dividend Discount Model (DDM) | Mature dividend-paying entities | Banks, financial institutions |
Financial due diligence for acquisitions and investments, forensic audit engagements and fraud investigation services — conducted with independence, professional scepticism and strict confidentiality.
Full-cycle outsourced accounting, payroll management and financial reporting for SMEs, NGOs and foreign entities operating in Bangladesh — enabling management to focus on core business while maintaining full compliance.
SMEs without a qualified finance team · Foreign company branches and liaison offices · Newly incorporated entities in set-up phase · NGOs and development organisations requiring donor-compliant accounting · Start-ups transitioning to formal financial management.
Incorporation, RJSC compliance, BIDA registration, regulatory liaison and company winding-up services — ensuring entities remain in good standing with all Bangladesh regulatory authorities.
| Regulatory Body | Key Filing / Requirement | Periodicity |
|---|---|---|
| RJSC | Annual return, director changes, share allotment | Annual / event-based |
| BIDA | Branch / liaison office registration, renewal | Initial + annual renewal |
| BSEC | Quarterly financials, price sensitive disclosures, CGCG | Quarterly / ongoing |
| DSE / CSE | Dividend announcement, AGM schedule, board meeting minutes | Event-based |
| NBFID / Bangladesh Bank | Loan registration, charge creation and satisfaction | Event-based |
Our multi-disciplinary team brings specialised expertise across the following industries. Each sector engagement is staffed with team members who understand the specific regulatory, reporting and operational context of that industry.
Particular depth in financial institutions, MFIs and development-sector organisations — combining Bangladesh Bank regulatory knowledge, BFRS 9 implementation experience, and familiarity with donor audit requirements (USAID, World Bank, ADB, UNDP, bilateral agencies).
| Standard / Framework | Issued By | Applies To |
|---|---|---|
| Bangladesh Standards on Auditing (BSA) | ICAB (aligned with ISA / IAASB) | All audit engagements |
| Bangladesh Financial Reporting Standards (BFRS) | ICAB / FRC (aligned with IFRS) | PIEs, listed companies, banks, insurance |
| BFRS for SMEs | ICAB / FRC | Non-PIE private companies |
| Bangladesh Standard on Quality Control 1 (BSQC 1) | ICAB | All registered audit firms |
| ICAB Code of Ethics | ICAB (aligned with IESBA) | All ICAB members and firms |
| Income Tax Act 2023 | Bangladesh Parliament / NBR | All tax engagements |
| VAT & SD Act 2012 / Rules 2016 | NBR | All VAT engagements |
| Companies Act 1994 | RJSC / Ministry of Commerce | All registered companies |
| Financial Reporting Act 2015 | FRC | Public interest entities |
| Bank Company Act 1991 (amend. 2018) | Bangladesh Bank | Banks and NBFIs |
| BSEC Corporate Governance Code 2018 | BSEC | All listed companies |
| Government Auditing Standards 2021 (GAASB) | CAG Bangladesh | Government / public sector audits |
Key Regulatory Bodies
Issues BSA standards, licenses practising members, runs Quality Assurance Department (QAD) reviews of registered firms.
Adopts accounting and auditing standards under FRA 2015. Increasing oversight over large and PIE auditors.
Mandates BFRS and CGCG 2018 for listed companies. Oversees audit committee requirements and disclosure obligations.
Regulates bank and NBFI audits. Issues BRPD/DFIM circulars and empanelment criteria for financial institution auditors.
Administers income tax and VAT. Issues SROs, general orders and rulings on rates, exemptions and procedures.
Receives annual returns and statutory filings for all registered companies. Penalty-enforcing authority under Companies Act 1994.
