BB to conduct forensic audit of Nagad

Bangladesh Bank (BB) has taken a decision to conduct a forensic audit on mobile financial service (MFS) provider Nagad.

The central bank today took the decision at its board meeting held at the BB headquarters in the city, said BB Executive Director and Spokesperson Husne Ara Shikha after the meeting.

According to Investopedia, a forensic audit is an examination and evaluation of a firm's or individual's financial records.

During a forensic audit, an auditor seeks to derive evidence that could potentially be used in court. A forensic audit is used to uncover criminal behaviour such as fraud or embezzlement.

Husne Ara Shikha informed that the central bank has restructured its Audit Committee, by removing its member Md Nazrul Huda and replacing him with Dhaka University teacher Professor Dr. Rashed Al Mahmud Titumir.

Nazrul Huda was appointed as a member of the Audit Committee on January 12, 2020.

Dr Rashed is a Professor of Economics and former Chairman of the Department of Development Studies at Dhaka University (DU).