ISLAMABAD, Jan 29: The Securities and Exchange Commission of Pakistan (SECP) has imposed a fine of Rs4,000 on a chartered accountant for negligence and violation of rules.

A statement, issued by the SECP, said that Salman Masud had been conducting his business under the name of Salman & Co. in Karachi. He has also been warned to be more cautious and careful in performance of his duties in future.

Salman was appointed auditor of a listed-company for the year ended June 30, 2001. The audit report on accounts for the company, signed by the chartered accountant was not on the prescribed form 35-A as required under Rule 17-A of the companies (general provisions and forms) rules 1985.

Scrutiny of the accounts revealed that there were several irregularities in the observance of the requirement of international accountant standards compliance of the fourth schedule to the companies ordinance 1984.

Salman Masud did not draw the attention of the members of board of directors towards the contravention and non-disclosures in the accounts thus violated the mandatory provisions of the companies ordinance 1984.