The State Bank of Pakistan has asked the Statutory Auditor(s) of banks/ DFIs to express their opinion on 'Internal Control over Financial Reporting' (ICFR) in the annual financial statements, as required under the 'guidelines', from December 31, 2009.
The SBP in its Circular BSD 09, issued on Monday, said that it has been decided that Statutory Auditor(s) of Banks/DFIs, instead of expressing opinion in annual financial statements on efficacy of 'Internal Control over Financial Reporting' (ICFR), as required under the guidelines, amended from time to time, can now submit their opinion on ICFR directly to Banking Services Department and copy to Institute of Chartered Accountants of Pakistan (ICAP).
The circular said that this requirement is for the year ending 31-12-2009. However, from the year ending 31-12-2010, Statutory Auditor(s) of Banks/ DFIs shall express their opinion on ICFR in the annual financial statements as required under the guidelines. In this regard, Banks / DFI's and their Statutory Auditor(s) have been again advised to make concerted efforts and gear up their activities to comply with the requirement(s) of the guidelines. The SBP added that all other instructions on the subject remain unchanged.
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