The
Presidents/Chief Executives
All Banks/DFIs,
Dear
Sirs / Madam,
PRUDENTIAL
REGULATION G-1 CORPORATE GOVERNANCE / BOARD
OF DIRECTORS AND MANAGEMENT
Please
refer to Prudential Regulation – G-1, whereby the banks/DFIs
have been advised to follow the “Code of Corporate Governance”
issued by the SECP. In terms of provision xli of the SECP’s
“Code of Corporate Governance”, the external auditors
are required to be changed after every five years. Accordingly,
all banks/DFIs are advised to ensure that the External Auditors
are rotated on expiration of five years. In case of banks/DFIs
having two audit firms jointly auditing their accounts and
both of them complete the 5 years period at the same time,
one of them will be rotated on completion of 5 years and the
other one in the next year.
2.
Other instructions on the subject shall remain unchanged.
Please acknowledge receipt.
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