ISLAMABAD
The Securities and Exchange Commission of Pakistan (SECP) has made public the draft Auditor’s (Reporting Obligations) Regulations, 2017, in order to obtain public opinion and attract constructive feedback.
The Companies Act, 2017, stipulates various reporting obligations on the part of auditors of the companies that want to register, or already have registered. In pursuance of requirements of the Act, the SECP has specified various formats for the auditor’s reports through the draft regulations.
This includes auditor’s report on financial statements of a banking company, insurance company and all other companies as well as report on consolidated financial statements.
The draft regulations also specify the format for auditor’s review report on the quarterly accounts of the company, statement of compliance with the code of corporate governance, statements of compliance with the Public Sector Companies (Corporate Governance) Rules, 2013, assurance report on compliance with the licensing conditions applicable to the company and statement of compliance of board of directors.
The regulations have been notified to achieve the standardization of formats for the auditors’ reports. The regulations have been placed on the SECP’s website.
