Circular 16 of 2025 - Appointment of Auditors for SECP Regulated Entities

The Securities and Exchange Commission of Pakistan has revised the list of approved auditors for SECP-regulated entities by adding "Rizwan & Co." to Clause (i) and "Malik Haroon Ahmad & Co." to Clause (ii) of Annexure I. These additions modify the earlier Circular No. 15 of 2024 and determine which audit firms are eligible to conduct audits based on entity size and license category. Entities with assets exceeding specific thresholds, such as Rs. 50 billion for NBFCs or Rs. 10 billion for insurance operators, must appoint auditors from Clause (i), while smaller entities may choose from Clause (i) or Clause (ii). Additionally, Clause (iii) permits smaller entities to appoint any audit firm with a satisfactory QCR rating from ICAP, and all Public Interest Companies must use firms registered with the Audit Oversight Board.

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Securities and Exchange Commission of Pakistan

Securities Market Division

Policy, Regulation and Development Department

No. SMD/SE/2(322)/2022 July 03, 2025

Circular No. 16 of 2025

APPOINTMENT OF AUDITORS FOR SECP-REGULATED ENTITIES

In partial modification of its earlier Circular No. 15 of 2024 dated August 15, 2024, the Securities and Exchange Commission of Pakistan, in exercise of the powers under clause (jb) of sub-section (4) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), read with section clause (iii) of section 2 of the Securities Act, 2015 (III of 2015), sub-section (3) of section 2 of the Futures Market Act, 2016 (XIV OF 2016); section 15 and 41B of the Modaraba Companies and Modaraba (Flotation and Control) Ordinance, 1980 (XXXI of 1980) read with rule 19 of the Modaraba Companies and Modaraba Rules, 1981; section 17 of the Corporate Restructuring Companies Act, 2016 (XXXII of 2016); clause (a) of sub-section (1) of section 48 of the Insurance Ordinance, 2000 (XXXIX of 2000); section 282B of the Companies Ordinance, 1984 (XLVII of 1984); rule 7(1)(ba) of the NBFC Rules, 2003; and regulation 38(2)(h) of the Non-Banking Finance Companies and Notified Entities Regulations, 2008 has decided to revise the list of auditors for audit of SECP Regulated Entities.

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Lineage: Amended

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Timeline

Amended 1 time · last 2026-04-21

2026-04-21SECPCircular No. 7 of 2026: List of Approved Auditors of SECP Regulated Entitiesamends

Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works