All Banks/DFIs
All Firms on SBP Panel of Auditors

Dear Sir / Madam,

PANEL OF AUDITORS – UNDER SECTION 35(1) OF BANKING COMPANIES
ORDINANCE, 1962

Please refer to BSD Circular No. 03 dated February 24,2003 on the above subject. In view of revised Quality Control Review (QCR) procedure advised by ICAP, it has been decided to replace Para 6 (iii) of the said circular as follows:

Para 6 (iii)
“Failure of the auditing firm in securing a satisfactory Quality Control Review (QCR), after every two and a half years as per framework of QCR programme, from the Institute of Chartered Accountants of Pakistan. In order to ensure compliance with this requirement, the enlisted auditing firms will be required to invariably submit a copy of their requisite QCR to the State Bank within two weeks of its receipt from ICAP at the expiry of the term of previous QCR failing which their category may be downgraded or they may be delisted by the State Bank.”

All other instructions of the circular remain unchanged.

Please acknowledge receipt.