ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has revised Guidelines, 2013 issued for the public sector companies.
The format of the review report on statement of compliance from the auditors to the members, specified vide Schedule III thereof, has been revised in the light of recommendations received from the Institute of CAP. The revised format contains explanation of responsibility of the auditor as well as the management of public sector companies. Moreover, the review report has been revised to provide for issuance of a modified report in cases where the managements of public sector companies have either not accepted or disclosed the fact of non-compliance with the provisions of the relevant framework.
In view of the fact that there are certain public sector companies whose shares are listed on stock exchanges, and which are subject to the requirements of both the Code of Corporate Governance, 2012 as well as the Public Sector Companies (Corporate Governance) Rules, 2013, separate review report has also been specified for such companies.
Meanwhile, in other development, the SECP has strongly dismissed and discounted reports that due to reference of certain cases to NAB, the stock market has experienced some fluctuations.
In a statement, the SECP clarified that NAB has been approached to take punitive action exclusively against those brokers who embezzled shareholders’ assets and have fled the country. The SECP says that no other case against brokerage houses have been referred to NAB for any regulatory violations.
