SECP notifies draft auditors reporting obligations rules

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified the draft Auditor’s (Reporting Obligations) Regulations, 2017, to obtain public opinion, a statement said on Thursday.

The Companies Act, 2017, stipulates various reporting obligations on the part of auditors of the company. In pursuance of the 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, it added.

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 the statement of compliance of board of directors, the statement said.

The regulations have been notified to achieve the standardisation of formats for the auditors’ reports. The public is requested to send their comments by email at commission.secretariat @secp.gov.pk by June 29, 2017, it added.