Circulars/Notifications - Banking Supervision Department-1  
BSD-1 Circular Letter No. 01 of 2021

July 06, 2021

The Presidents/ Chief Executives
All Banks/ DFIs / MFBs

Dear Sirs/Madam,

Instructions on Internal Controls over Financial Reporting (ICFR)

      Please refer to OSED Circular No. 01 of 2014 on the captioned subject and other instructions on Internal Control over Financial Reporting (ICFR) issued from time to time.

2.         In this regard, it has been decided that banks/ DFIs, which have completed all the stages of ICFR roadmap, are allowed to discontinue annual submission of Long Form Report (LFR) or Annual Assessment Reprt (AAR) on efficacy of ICFR to State Bank of Pakistan (SBP). However, they shall continue to prepare LFR or AAR on annual basis under ICFR instructions/ framework. Banking Supervision Departments of SBP may evaluate these reports as part of their supervisory assessments.

3.         All other instructions on the subject shall remain unchanged.

Please acknowledge receipt.


Yours faithfully,

(Syed Jahangir Shah)

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