The Securities and Exchange Commission of Pakistan (SECP) has expanded the panel of statutory auditors for Modaraba companies. The SECP has directed the Registrar Modarabas to select the specified chartered accountant firms as statutory auditors for Modaraba companies.
According to SECP circular No 28 of 2009, the SECP has specified additional conditions to Modaraba Authorisation Certificates for addition in panel of auditors. "For the purpose of section 15 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance. 1980 read with Rule 19 of the Modaraba Companies & Modaraba Rules, 1981, no chartered accountancy firm other than the following will be approved by Registrar (Modarabas) Modaraba" to act as statutory auditors of a Modaraba:
A.F. Ferguson & Co (PRICE WATERHOUSECOOPERS); Anjum Asim Shahid Rahman (Grant Thornton); Avais Hyder Liaquat Nauman; BDOEbrahim & Co; Hyder Bhimji & Co; Ilyas Saeed & Co; Rahman Sarfaraz Rahim Iqbal Rafiq; M. Yousuf Adil Saleem & Co; Muniff Ziauddin & Co; Riaz Ahmed & Co; KPMG Taseer Hadi & Co; Ford Rhodes Sidat Hyder & Co (Ernest & Young); Naveed Zafar Hussain Jaffery & Co and Horwath Hussain Chaudhry & Co.
As per the circular, in terms of power conferred by section 11 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 read with rule 3(2)(e) of the Modaraba Companies and Modaraba Rules, 1981 the additional condition for conducting the business by Modarabas is hereby imposed, which shall be deemed to be part of the conditions of the certificate already granted for authorisation to float a Modaraba.
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