Regulatory Alerts2025-07-04
Added · Updated
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.