The Office of the Chief Accountant (OCA) under the Bangladesh Securities and Exchange Commission (BSEC) is the key authority responsible for supervising accounting, auditing and corporate financial reporting of publicly listed companies by preparers, auditors and audit committees. It serves as the principal adviser to the BSEC, ensuring that companies’ financial statements and disclosures are transparent and comply with established accounting standards to safeguard investors. The OCA was first established as a dedicated department on 24 June 2014.
The Chief Accountant Division of the BSEC is currently headed by Chief Accountant Kamrul Anam Khan FCMA. The division comprises the Accounting and Auditing Policy Department and the Corporate Reporting Department. The core issue, however, is that the OCA is not adequately staffed and remains under-resourced. As a result, practices such as manipulation or cooking the books have become a common phenomenon in Bangladesh. The time has therefore come to strengthen the OCA.
OCA’s roles and responsibilities
Accounting and auditing policy: The OCA is responsible for developing and implementing accounting and auditing policies and principles for entities regulated by the BSEC. This includes working with domestic and international standard-setting bodies to ensure that international best practices are properly applied in Bangladesh.
Corporate reporting compliance: The division oversees the corporate reporting process, ensuring that the financial statements of issuer companies present a true and fair view of their affairs and comply with existing accounting standards and applicable laws.
Consultative services: The professional staff of the OCA provide consultation to listed companies, auditors and other BSEC divisions on the application of complex or unusual accounting standards and financial disclosure requirements.
Internal audit and compliance: The OCA monitors internal audit and compliance processes within regulated entities, ensuring that they are adequately resourced and effective in managing risk.
Enforcement support: The OCA assists the BSEC enforcement division by addressing accounting and auditing issues that may warrant enforcement actions against violators of securities laws or accounting and auditing standards.
Auditor engagements: The office receives notifications of auditor resignations or dismissals from audit engagements and ensures that proper procedures are followed.
Auditors under scanner
According to a recent report published by the Financial Express, several audit firms and auditors have come under scrutiny by government investigation agencies over alleged manipulation or cooking of books and audited financial statements of business tycoons implicated in major banking-sector scams during the Sheikh Hasina regime.
Chartered accountants and audit firms that examined 15 banks and several large business groups are now on the probe list. The National Board of Revenue has already instructed its field-level tax offices to review the income-tax returns of these firms and cross-check declared incomes and assets to determine whether fabricated financial statements were prepared in exchange for financial benefits.
Institute of Chartered Accountants of Bangladesh President NKA Mobin said the institute had not received any official communication from the government regarding investigations into its members. He added that disciplinary action, including suspension of licences for up to five years, would be taken if complaints were formally raised.
Enforcement actions and fines
In the United States, the OCA under the Securities and Exchange Commission uses enforcement actions and imposes substantial fines and penalties for such misconduct. In 2025, enforcement actions were taken against several companies for accounting-related violations, although total monetary settlements declined overall. Offending companies faced consequences including heavy fines, criminal charges and reputational damage.
World Wrestling Entertainment settled charges with the SEC in January 2025 for failing to disclose $10.5 million in settlement agreements, leading to a restatement of its financial statements. WWE co-founder Vince McMahon agreed to a $400,000 civil penalty and $1.3 million in reimbursement.
Private company GrubMarket Inc also settled with the SEC in January 2025 for providing investors with financial information that overstated revenues by about $550 million. The company agreed to pay an $8 million civil penalty.
Presto Automation Inc, a restaurant technology company, received a cease-and-desist order in January 2025 for allegedly making false claims about its artificial intelligence product. However, the SEC did not impose a civil penalty due to the company’s cooperation.
In June 2025, the SEC fined the Dutch affiliates of Deloitte, EY and PwC a combined $8.5 million for improper answer sharing during internal training examinations. This followed a substantial fine imposed on KPMG Netherlands in 2024 for similar violations.
The case for urgent institutional strengthening
In sum, the OCA plays a critical role in maintaining the integrity and transparency of financial information in Bangladesh’s capital market, which is essential for investor confidence and market development. However, this vital arm of the BSEC must be properly equipped with competent manpower and robust policy frameworks to detect doctored financial records and impose appropriate punishment on wrongdoers, manipulators and the masterminds behind such practices.
The author is managing partner of C-Net Consultant Network
