Please
refer to BSD circular No.05 dated February 24, 2009
on the captioned subject.
2) It has been decided that Statutory Auditor(s) of
Banks / DFIs, instead of expressing opinion in annual
financial statements on efficacy of Internal Control
over Financial Reporting (ICFR) as required under the
guidelines, amended from time to time, can now submit
their opinion on ICFR directly to this department and
copy to Institute of Chartered Accountants of Pakistan
(ICAP). This requirement is for the year ending 31-12-2009.
However, from the year ending 31-12-2010, Statutory
Auditor(s) of Banks/ DFIs shall express their opinion
on ICFR in the annual financial statements as required
under the guidelines.
3) In this regard, Banks / DFI’s and their Statutory
Auditor(s) are once again advised to make concerted
efforts and gear up their activities to comply with
the requirement(s) of the guidelines.
All other instructions on the subject shall, however,
remain unchanged.
Please acknowledge receipt.