Provident Fund Audit in Bangladesh

Bangladesh recognises three categories of provident fund. A statutory provident fund is mandated by government. A recognised provident fund is approved by the Commissioner under the Income Tax Ordinance, 1984, and carries tax advantages. An unrecognised provident fund is a private fund that has not received such approval. Recognition is granted under Part B of the First Schedule to the Ordinance, with the Commissioner ordinarily deciding within around 45 days of application.

Beyond the statutory accounting and audit functions, we assist with registration documentation with the Registrar of Provident Funds, preparation of the trust memorandum covering the fund's rules and operations, and registration with the income tax authority. We prepare member statements, handle regulatory correspondence and compliance support, and assist with monthly contribution processing and ongoing fund management — including the conditions requiring deduction from employee salaries, vesting in trustees and payment of the fund balance when an employee leaves.