Securities and Exchange Commission of Pakistan announces list of approved auditors for insurance industry

ISLAMABAD: In order to promote the sound development and strengthen the policyholders/shareholders confidence in the insurance industry, SECP is constantly exploring ways and means to bring the insurance industry on a par with best international practices.

Recognizing the critical role played by firms of Chartered Accountants in the statutory auditing process of financial statements, in exercise of powers conferred upon it under Section 481 of the Insurance Ordinance, 2000, whereby every auditor shall appoint an auditor who shall be approved by the Commission as qualified to perform audits of insurance companies, the SECP is pleased to announce the list pertaining to “Enlistment/Categorisation of Auditors” eligible to conduct audit of insurance, reinsurance and takaful entities for 2012.

During January 2012, the SECP invited applications from CA firms which are members of the Institute of Chartered Accountants of Pakistan. Considering the distinct nature of insurance business and its financial reporting, which is quite unlike other financial sector, the applications were evaluated in the light of QCR rating, size, structure, expertise and experience of the firm and its partners.

The approved list as announced vide Circular No 11/2012 dated February 23, shall be periodically reviewed to accommodate new firms and to disqualify/re-categorized any of the audit firms on the basis of emerging evidences.

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