All
Banks
All Auditors of Banks
Dear
Sirs/Madam,
GUIDELINES
FOR THE AUDITORS UNDER SECTION 35(3) OF
BANKING COMPANIES ORDINANCE, 1962
In
order to promote coordination and sharing of information
between the external auditors of banks and the SBP inspectors,
it has been decided that the SBP’s Inspection Teams will
hold meetings with the external auditors of banks before
commencement of each inspection, during which the auditors
will share their audit findings with the inspectors. Similarly,
the SBP Inspection Teams, on conclusion of their inspection,
will share their concerns about the financial statements
of the banks with the concerned external auditors.
Furthermore,
the banks are advised to ask their external auditors to
send the copies of their Letter to the Board of Directors
of the bank and the Management Letter directly to the State
Bank of Pakistan within one week of the issuance of these
letters. As for the year 2002, both the aforesaid letters
may be submitted to this department within fifteen days
from the date of this Circular Letter.
Please
acknowledge receipt.