ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has started 38 show-cause proceedings against companies, their auditors and directors for various alleged violations of provisions of the Companies Ordinance, 1984.
The violations include failure to comply with legal provisions in respect of holding annual general meetings, filing of interim accounts and delay in deposit of provident fund amount, discharge of duties by auditors, incorrect false statement in the accounts and non-compliance with Commission’s directions etc.
The supervision department continued the strategy to focus on the quality of audits being performed by the statutory auditors and concluded 6 proceedings through orders against the auditor for not discharging their duties in line with applicable provisions and their failure to bring out material facts about affairs of companies as per Section 255 of the Ordinance.
