Please refer to BSD Circular Letter No. 04 of 2005 and BSD Circular Letter No. 08 of 2009 on the cited subject.
2. In this regard, it has been decided that the banks which are majority owned subsidiaries of foreign bank, may continue with the same external auditor(s) or their affiliated firm(s) in Pakistan as of their parent foreign bank even after five years as required under the above regulation, after seeking prior clearance from State Bank of Pakistan. However, the engagement partner(s) of such audit firms shall be rotated after every five years.
3. In this context, subsidiary shall have the same meaning as explained in section 3 of Companies Ordinances 1984.
4. All other instructions on the subject shall remain unchanged.