ISLAMABAD: In order to enforce discipline in the appointments of auditors in the financial sector and securities market, the Securities and Exchange Commission of Pakistan (SECP) has okayed a uniform criteria for audit companies for the listing on its panel of auditors.
Currently, various divisions of the SECP use different criteria for selection of the audit firms. A recent data review of the audit firms being regulated by the SECP revealed that the firms did not consider the quality of auditors properly while assigning them the task.
The auditors performing the audit of these specialised sectors must possess adequate resources, knowledge and related experience to perform their duties professionally, the SECP said.
