Notification regarding mandatory requirement of satisfactory rating under quality control review program of ICAP for auditors of economically significant companies

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NIC Building, Jinnah Avenue, *

No. CLD/RD/602(22)/2009 Islamabad, 16th March, 2012

Subject: NOTIFICATION REGARDING MANDATORY REQUIREMENT OF SATISFACTORY RATING UNDER QUALITY CONTROL REVIEW PROGRAM OF ICAP FOR AUDITORS OF ECONOMICALLY SIGNIFICANT COMPANIES

Please find enclosed herewith an S.R.O. notification on the above subject for publication in Part-II of the Gazette of Pakistan, Extraordinary with the request to send 50 printed copies to the undersigned. Payment will be made on receipt of bill.

(Abdul Rehman Qureshi)
Advisor/Secretary

Encl: As Above

The Manager,
Printing Corporation of Pakistan Press,
Islamabad

268(1)/2012
16-3-2012

*

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -:-:-:-

Islamabad, March 16, 2012

NOTIFICATION

S.R.O. 268 (I)/2012.- In exercise of powers conferred under section 40B of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), read with section 506B of the Companies Ordinance, 1984 (XLVII of 1984), the Securities and Exchange Commission of Pakistan is pleased to direct all non-listed companies, falling under the definition of ‘economically significant companies’ in terms of clause (iii) of para 2 of Part-I of the Fifth Schedule to the said Ordinance, to appoint as its statutory external auditors out of the firms of Chartered Accountants which hold satisfactory rating under the ‘Quality Control Review Program’ of the Institute of Chartered Accountants of Pakistan. The requirement of this directive shall be effective from the financial year beginning on or after July 1, 2012.

F. No. EMD/D-II/QCR/07/11-507

(Abdul Rehman Qureshi)
Advisor/Secretary