The SECP-ICAP joint committee has reached on consensus about the way forward towards formation of a robust and effective independent audit oversight board in Pakistan. The committee was formed to deliberate and prepare recommendations on adopting a mechanism of independent audit oversight set up for public interest company auditors in Pakistan. The seven member committee includes three nominees each of the Securities and Exchange Commission of Pakistan (SECP) and Institute of Chartered Accountants of Pakistan (ICAP).
The meeting chaired by its chairman Dr Tariq Hassan and attended by Shabbar Zaidi, Asad Ali Shah, Naeem Akhtar Sheikh and Feroze Rizvi, Zafar Abdullah Commissioner, Ali Azeem Ikram Executive Director, Khalida Habib Director. The committee was assisted by Ayesha Riaz as Secretary and by Shahid Hussain, Director Technical Services.
The Chairman emphasised the need for the development of a comprehensive futuristic plan for consideration of the committee which entails all aspects, including composition, functions and powers of the board. Khalida Habib, Director (SECP) informed the committee about parallel practices in Australia, Malaysia and United States. Members also discussed a concept paper with reference to functions performed by independent audit oversight bodies internationally and their powers related to inspection and inquiry. It was agreed that an option paper containing different models for deliberation of the committee, will be developed for the next meeting that will assist the committee to develop an oversight set up best suited to Pakistan.-PR