May 8, 2019 (MLN): To promote ease of doing business, the Audit Oversight Board (AOB) is introducing an online audit firm registration system, reported the Securities and Exchange Commission of Pakistan (SECP) in a press release today.
Following this measure, instead of sending papers back and forth, audit firms will be able to provide the required information by filling an online registration form.
This registration system shall facilitate both new registration and annual submission of data by the audit firms. Once the registration database has been populated by a firm, the workload for annual submission of information shall be greatly reduced.
This shall also make it easy for audit firms to review and communicate any changes in their particulars to AOB.
This system has been developed using the expertise of local IT professionals and storage services of National Telecom Corporation. It is currently undergoing user acceptance testing and shall go live in a month’s time.
AOB is an independent regulator established by the parliament to oversee audit quality of public interest companies, which include listed companies.
