The State Bank of Pakistan has made it obligatory for audit firms to acquire and submit quality control review (QCR) after every two-and-a-half years from the Institute of Chartered Accountants of Pakistan, or face downgrading or delisting.
A SBP circular issued on Friday said that in view of revised Quality Control Review (QCR) procedure, advised by ICAP, it has been decided to replace Para 6 (iii) of the BSD circular No 03, February 24, 2003, regarding panel of auditors - under section 35 (1) of Banking Companies Ordinance, 1962.
The revised paragraph will now read as: "Failure of the auditing firm in securing a satisfactory Quality Control Review (QCR), after every two-and-a-half years as per framework of QCR programme, from the Institute of Chartered Accountants of Pakistan. In order to ensure compliance with this requirement, the enlisted auditing firms will be required to invariably submit a copy of their requisite QCR to the State Bank within two weeks of its receipt from ICAP at the expiry of the term of previous QCR, failing which their category may be downgraded, or they may be delisted by the State Bank."
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