ISLAMABAD: Only the Audit Oversight Board (AOB) registered auditors can audit a public interest company (PIC) and its inspectors will begin fieldwork in Lahore and Karachi for a thorough review of Institute of Chartered Accoun­­tants of Pakistan’s (ICAP) Quality Control Framework (QCR) framework from Monday, April 23.

The PICs cover a wide range of entities that have stakes in public listed companies, public sector companies, banks, insurance companies, mutual funds, securities brokers and utilities.

AOB is an independent regulator established by the parliament in 2016 in line with international practices, with the objective of enhancing the quality of audit of financial statements in public interest.

The main reason for the establishment of the board was to develop an effective and robust audit oversight framework in Pakistan. It is responsible for regulating auditors of PICs to promote investors’ protection as well as confidence in the quality and reliability of audited financial statements of PICs.

The board has registered audit firms that have satisfactory QCR rating, which are included on the recommendation of the Quality Assurance Board established by the ICAP. It has also placed the list of audit firms at its website which is regularly updated.

Published in Dawn, April 22nd, 2018