The act was passed on September 6, 2015, in order to follow the accountability and transparency of the financial reporting procedures in the country.
[2] The FRC will be the watchdog body tasked with monitoring the functions of auditors, ensure transparency and accountability in accounting and the auditing of financial organisations, including various government, autonomous and non-government institutions.
[3] The stated mission of this institution is to be a model organization in Bangladesh with a view to ensuring quality in auditing, accounting and financial and non-financial reporting.
The FRC will review the application and will implore the registration pursuant to implement certain rules and guidelines.
If any auditor or any audit firm violates any provisions or any of its rules and guidelines created by the act, the Financial Reporting Council may cancel or suspend the registration and may held financially accountable as well.