The Securities and Exchange Commission of Pakistan (SECP) has extended the date for chartered accountant firms to submit applications for inclusion in the panel of auditors up to February 29. In this connection, the SECP has informed the Institute of Chartered Accountants of Pakistan (ICAP), Karachi, accordingly.
According to the SECP letter, the ICAP has been requested to advise its member firms to submit applications for inclusion in the SECP panel of auditors. The last date for receipt of application was January 31, 2008. Since there was demand from audit firms for extension in the period for receipt of application, the Commission, after considering their difficulties, decided to extend the date for submission of application up to February 29.
It is important to mention that the Commission had decided to appoint a fresh panel of chartered accountants for carrying out detailed audit of the registered companies and financial institutions.
The auditors would be given assignments pertaining to companies approved for different sectors including NBFCs, brokers, insurance, Modarabas, non-banking listed companies and non-listed companies with paid-up capital exceeding Rs 7.5 million falling under SECP jurisdiction.
The panel would be divided into A, B and C categories and statutory auditors would be eligible to audit different sectors and sizes of companies. These companies would initially be advised to appoint their auditors or seek approvals, if required, out of the SECP panel of auditors.
All eligible auditors would be required to submit fresh applications and any earlier request made in this behalf would not be considered because very specific information is required by the commission for drawing the panel, the SECP added.