The Securities and Exchange Commission of Pakistan (SECP) on Saturday directed all listed companies and their subsidiaries to provide "other information" contained in their annual reports, as such term is defined in international standard of accounting 729, to their external auditors.
In a circular issued here on Saturday, the commission also directed companies to provide sufficient time to their external auditors to review and comment upon any "material inconsistencies" found in such other information where the other information may contradict the information contained in the audited financial statements.
The SECP said listed companies and their subsidiaries are required to comply with this directive from the period commencing January 1, 2006.