SECP notifies draft regulations concerning reporting obligations of the auditors

ISLAMABAD, June 15: The Securities and Exchange Commission of Pakistan (SECP) has notified the draft Auditor's (Reporting Obligations) Regulations, 2017, to obtain public opinion. The regulations have been placed on the SECP's website.

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.

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 statement of compliance of board of directors.

The regulations have been notified to achieve the standardization 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.