ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed all non-listed companies to appoint only chartered accountants firms as their statutory external auditors holding satisfactory rating from the Institute of Chartered Accountants of Pakistan (ICAP).

A statement issued by SECP on Monday said that the move was meant to strengthen vigilance on auditors reporting on financial statements and bring all non-listed public interest and large size companies under review mechanism.

This direction was for all non-listed companies, which are public interest and larged size companies as designated in terms of the Fifth Schedule to the Companies Ordinance, 1984.

Such as chartered accountants firm, within the meaning of Chartered Accountants Ordinance, 1961 and Chartered Accountants By-Laws, 1983, should hold satisfactory rating under the Quality Control Review Programme of the ICAP.

Furthermore, all non-listed companies shall facilitate their statutory external auditors in quality control review of their audit working paper files. They will also make available all relevant information to the quality assurance department of the ICAP.

Published in Dawn, November 3rd, 2015

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