The Securities and Exchange Commission of Pakistan (SECP) Tuesday approved a list of 19 auditors/chartered accountant firms, which would be entitled to conduct statutory audit of all insurance/reinsurance / takaful companies for the year ending 2016 and onward.
According to a circular 6 of 2017 issued by the SECP here on Tuesday, 11 audit firms in category-A are eligible to conduct audit of all insurance/ reinsurance / takaful entities. However, eight audit firms in category-B are eligible to conduct audit of all insurance / reinsurance / takaful entities having gross written premium and total assets less than Rs1 billion as per the financial statements in the immediate preceding year.
In super session of its earlier circular # 5 of 2014 dated February 14, 2014 the Securities and Exchange Commission of Pakistan has reviewed the applications received from audit firms pursuant to the provisions of section 48 of the insurance Ordinance, 2000 and revised approved list of auditors, the SECP said.
For the year ending 2016 and onward, all insurance/reinsurance/ takaful entities shall appoint their auditors, to conduct statutory audit, from the approved list issued by the commission. List of approved auditors pursuant to S.48 (1) of Insurance Ordinance, 2000 to conduct audit of insurance/reinsurance/takaful entities:
Category A:
AF Ferguson & Co, Chartered Accountants; Grant Thornton Anjum Rehman, Chartered Accountants; RSM Avais Hyder Liaqat Nauman, Chartered Accountants; BDO Ebrahim & Co, Chartered Accountants; EY Ford Rhodes, Chartered Accountants; Hyder Bhimji & Co, Chartered Accountants; Ilyas Saeed & Co, Chartered Accountants; KMPG Taseer Hadi & Co, Chartered Accountants; Deloitte Yousuf Adil, Chartered Accountants; Rehman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants and Riaz Ahmad & Co, Chartered Accountants.
Category B:
Baker Tilly Mehmood Idrees Qamar, Chartered Accountants; FRANTS & Co, Chartered Accountants; ShineWing Hameed Chaudhry & Co, Chartered Accountants; Horwath Hussain Chaudhry & Co, Chartered Accountants; Muniff Ziauddin & Co, Chartered Accountants; Naveed Zafar Ashfaq Jaffery & Co, Chartered Accountants; Parker Randaall - AJS, Chartered Accountants and SM Suhail & Co, Chartered Accountants.
Audit firms in category-A are eligible to conduct audit of all insurance / reinsurance / takaful entities. Audit firms in category-B are eligible to conduct audit of all insurance / reinsurance/ takaful entities having gross written premium and total assets less than Rs1 billion as per the financial statements in the immediate preceding year.