KARACHI, Jan 26: The State Bank has reminded all banks and development finance institutions (DFIs) to include in their annual reports for 2004 a statement on internal controls.

The SBP had asked them to add this statement in their annual accounts as of December 31, 2004, back in May last year. The central bank told all banks and DFIs through a letter issued on Wednesday that the condition of getting such statements attested by external auditors has been relaxed.

They are now supposed to get their statements on annual reports for 2005 attested by external auditors. The central bank had issued detailed guidelines on internal controls on May 27, 2004. Banks and DFIs are supposed to achieve full compliance of these guidelines by the end of this year.