The SECP-ICAP joint committee have agreed to a draft audit oversight framework providing for proposed continuation of Quality Control Review (QCR) function at ICAP with introduction of oversight of the same by SECP, through appropriate legislation, in line with similar practices adopted in Japan. The fourth meeting of the joint committee held at the SECP Head office, Islamabad on Tuesday chaired by Dr Tariq Hassan, Advocate Supreme Court.
The Committee in its previous meeting had considered various legislation options and formed consensus about the development of an appropriate audit oversight framework suitable to Pakistan, which ensure compliance with the international standards of IFIAR, EU and IOSCO.
A draft audit oversight framework, so prepared was considered by the Committee during this meeting. As suggested by Syed Shabbar Zaidi, the members discussed in detail the Japanese model of audit oversight and considered its adaption for Pakistan. Naeem Akhtar Shiekh and Asad Ali Shah also supported the Japanese indirect oversight model.
After deliberation the members, agreed to a draft audit oversight framework providing for proposed continuation of QCR function at ICAP with introduction of oversight of the same by SECP, through appropriate legislation, in line with similar practices adopted in Japan.The Chairman said that we are committed to form an independent audit oversight board in Pakistan not only to comply with international requirements but also to enhance the credibility of audit profession. The next meeting is planned in Karachi on January 04, 2015, whereby the committee will finalise the draft legislation that will be subject to approval by the Commission and ICAP Council.-PR