SECP PAKISTAN

Securities and Exchange Commission of Pakistan

Statutory QCR Rating by SECP

The Institute perceives liaison with the regulatory authorities of the country as essential to the ongoing success of its QCR Program.

The Securities and Exchange Commission of Pakistan (SECP), through the Listing Regulations of the three Stock Exchanges namely Karachi, Lahore and Islamabad, has made mandatory QCR rating for the firms of chartered accountants engaged in the audit of listed entities.

Accordingly, no listed company shall appoint as external auditors a firm of Chartered Accountants which has not been given a satisfactory rating under the Quality Control Review Program of the Institute of Chartered Accountants of Pakistan.

Relevant Requirements of the Karachi Stock Exchange Listing Regulations relating to QCR

31-A All listed companies shall facilitate the Quality Control Review (QCR) of the audit working papers of practicing chartered accountants, carried out by the Institute of Chartered Accountants of Pakistan (ICAP) and, therefore, shall authorize their auditors to make available all the relevant information including the audit working papers to the QCR Committee of ICAP.

37 (xxxvii) No listed company shall appoint as external auditors a firm of auditors which has not been given a satisfactory rating under the Quality Control Review programme of the Institute of Chartered Accountants of Pakistan.