Auditing Services for Local Businesses in 2025

In the evolving financial and regulatory ecosystem of Bangladesh, auditing services have emerged as essential for ensuring business transparency, accuracy in reporting, and legal compliance. For local businesses, regardless of size or industry, robust auditing mechanisms are no longer optional—they are legally mandated and strategically imperative.

At TRW Law Firm, our auditing services are designed to protect the integrity of financial data, mitigate business risks, and support long-term compliance with regulatory authorities such as the National Board of Revenue (NBR), Registrar of Joint Stock Companies and Firms (RJSC), Bangladesh Bank, and the Financial Reporting Council (FRC). Leveraging the strength of our multidisciplinary legal and financial professionals, we provide tailored auditing solutions to startups, SMEs, family-owned enterprises, and corporate bodies across the country.

Understanding Auditing in the Bangladeshi Context

Auditing in Bangladesh encompasses a structured examination of financial statements to ensure their fairness and compliance with Bangladesh Financial Reporting Standards (BFRS) and Bangladesh Standards on Auditing (BSA).

Auditors must also ensure compliance with:
🟩 Companies Act 1994
🟩 Income Tax Ordinance 1984
🟩 VAT and Supplementary Duty Act 2012
🟩 Bank Company Act 1991 (for financial institutions)
🟩 FRC Guidelines and Code of Corporate Governance

The evolving focus on corporate governance, anti-money laundering (AML), and foreign direct investment (FDI) has transformed auditing from a statutory formality into a strategic function for growth and risk management.

Types of Auditing Services Offered by TRW Law Firm

1. 🟩 Statutory Audits

Required for all companies registered under the Companies Act 1994, these audits verify that financial records conform to legal and regulatory standards. TRW Law Firm collaborates with registered chartered accountants to conduct statutory audits that satisfy RJSC and NBR requirements.

2. 🟩 Internal Audits

We help clients develop strong internal controls by identifying weaknesses in processes, fraud risks, and operational inefficiencies. Internal audits provide actionable recommendations for business owners and stakeholders.

3. 🟩 Forensic Audits

TRW’s expert forensic auditors investigate fraud, embezzlement, and financial discrepancies—frequently used in shareholder disputes, investment conflicts, and regulatory probes.

4. 🟩 Tax Audits

We conduct specialized tax audits to assess income tax, VAT, customs duties, and transfer pricing arrangements, ensuring accuracy and risk mitigation before regulatory assessments.

5. 🟩 Compliance Audits

Aimed at regulatory compliance across labor, tax, and environmental laws, these audits help businesses avoid penalties and uphold their reputations.

6. 🟩 Due Diligence Audits

In merger and acquisition transactions, TRW assists buyers and investors in evaluating the financial, legal, and tax standing of the target company through meticulous audits.

Why Local Businesses in Bangladesh Need Auditing Services

Auditing serves as the bedrock of financial credibility and investor confidence. Here’s why it’s crucial for local businesses:

🟩 Compliance with Legal Requirements: Annual statutory audits are mandatory for limited liability companies. Non-compliance can result in RJSC penalties, legal sanctions, or loss of credibility.

🟩 Access to Bank Loans and Investments: Financial institutions and investors demand audited financial statements for credit assessments or equity financing.

🟩 Transparency and Fraud Prevention: Audits help detect anomalies in procurement, payroll, or inventory management systems—minimizing fraud risks.

🟩 Sustainability and Growth: Accurate auditing informs strategic decisions, cash flow management, and long-term planning.

🟩 Tender Eligibility: Government and multinational tenders often require submission of audited accounts for eligibility.

Industries We Serve

TRW Law Firm has provided auditing and assurance support across diverse sectors:

🟩 Manufacturing & Garments
🟩 Construction & Real Estate
🟩 Healthcare & Pharmaceuticals
🟩 Education & Nonprofits (NGOs)
🟩 Retail & E-commerce
🟩 Logistics & Transport
🟩 Startups & IT companies
🟩 Agro-processing & Fisheries

Each industry has specific regulatory frameworks—our firm tailors its auditing approach accordingly, ensuring both sector-specific and general compliance.

Auditing Standards We Follow

TRW ensures full alignment with:

🟩 International Standards on Auditing (ISA)
🟩 Bangladesh Financial Reporting Standards (BFRS)
🟩 Bangladesh Accounting Standards (BAS)
🟩 FRC Codes of Corporate Governance
🟩 Ethical Guidelines of ICAB (Institute of Chartered Accountants of Bangladesh)

We strictly maintain independence and integrity, ensuring that audits are free from conflict of interest and align with ethical codes prescribed by global and national accounting bodies.

Audit Process at TRW Law Firm

Our auditing process is comprehensive, transparent, and digitally streamlined:

🟩 1. Planning & Scoping – Define the audit scope, risk areas, and client objectives.
🟩 2. Data Collection – Gather financial statements, vouchers, ledgers, and relevant documentation.
🟩 3. Analytical Review – Conduct ratio analysis, trend analysis, and industry benchmarking.
🟩 4. Fieldwork – Interview stakeholders, inspect inventory, test samples, and validate controls.
🟩 5. Reporting – Deliver a detailed audit report highlighting findings, weaknesses, and recommendations.
🟩 6. Follow-Up – Assist with rectification, implementation of controls, and re-audits if necessary.

We deploy cloud-based platforms and AI-driven analytics where applicable, especially for high-volume data.

Why Choose TRW Law Firm for Auditing Services?

TRW Law Firm is not just a group of lawyers—we are a multidisciplinary powerhouse of chartered accountants, auditors, tax experts, and compliance consultants. Here’s what makes us different:

🟩 Cross-Functional Expertise – We integrate legal, financial, and regulatory insight under one roof.
🟩 Client-Centric Service – We customize each audit based on business goals and risk profile.
🟩 Regulatory Liaison – We represent clients before the NBR, RJSC, Bangladesh Bank, and Anti-Corruption Commission (ACC).
🟩 Litigation-Ready Reports – Our audit reports are crafted to stand up in litigation or regulatory inquiry.
🟩 Post-Audit Advisory – We offer ongoing advice on tax planning, restructuring, and risk mitigation.

Challenges Faced by Local Businesses & How We Solve Them

Case Study: Local Business Saved from NBR Penalty

Client: A mid-sized garment accessories supplier in Narayanganj
Problem: Received a notice from the NBR alleging VAT evasion based on unfiled returns.
TRW’s Approach:

🟩 Conducted a forensic audit of last 3 years’ transactions
🟩 Reconstructed books of accounts with VAT adjustments
🟩 Filed revised returns under voluntary disclosure
🟩 Represented the client before the VAT Appellate Tribunal

Outcome: Penalty was waived, and business regained tax compliance status—preventing blacklisting in tenders.

Final Thoughts

In the dynamic regulatory climate of Bangladesh, local businesses cannot afford to take auditing lightly. It’s no longer a box to tick but a strategic tool for credibility, growth, and compliance. At TRW Law Firm, we don’t just audit your numbers—we audit your future.

Whether you’re a startup raising capital or a family business expanding operations, TRW’s auditing services provide the foundation for making informed, transparent, and accountable business decisions.

Contact TRW Law Firm Today

TRW Law Firm – The Gold Standard in Legal and Audit Services
Dhaka Office: House 410, Road 29, Mohakhali DOHS
Dubai Office: Rolex Building, L-12 Sheikh Zayed Road.

📞 Contact Numbers:
+8801708000660
+8801847220062
+8801708080817

📧 Emails:
info@trfirm.com
info@trwbd.com
info@tahmidur.com

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