KARACHI, October 25, 2023 – The State Bank of Pakistan (SBP) has recently made updates to the list of eligible audit firms for conducting audits of banks and financial institutions.
The SBP has maintained a panel of auditors under Section 35(1) of the Banking Companies Ordinance, 1962, to ensure transparency and accountability in the financial sector.
As per the SBP’s updated criteria, audit firms are categorized into three groups, each with specific eligibility criteria:
Category A: Audit firms in Category A are eligible to conduct audits of all banks and Development Finance Institutions (DFIs). This category comprises reputable audit firms known for their experience and expertise in auditing financial institutions. The auditors in this category have the capability to handle audits of banks and DFIs of all sizes and complexities.
Some of the prominent audit firms in Category A include:
• A.F. Ferguson & Co.
• Baker Tilly Mehmood Idrees Qamar
• BDO Ebrahim & Co.
• Crowe Hussain Chaudhury & Co.
• EY Ford Rhodes
• Grant Thornton Anjum Rahman
• KPMG Taseer Hadi & Co.
• Kreston Hyder Bhimji & Co.
• Muniff Ziauddin & Co.
• Naveed Zafar Ashfaq Jaffery & Co.
• Rahman Sarfaraz Rahim Iqbal Rafiq
• Riaz Ahmad & Co.
• RSM Avais Hyder Liaquat Nauman
• UHY Hassan Naeem & Co.
• Yousuf Adil
Category B: Audit firms in Category B are eligible to conduct audits of banks and DFIs having assets up to Rupees 100 billion or branches up to 160. This category is suited for financial institutions of a moderate size and complexity.
Notable audit firms in Category B include:
• Amin Mudassar & Co.
• HLB Ijaz Tabussum & Co.
• IECnet S.K.S.S.S.
• Mudassar Ehtisham & Co.
• Mushtaq & Co.
• Nasir Javaid Maqsood Imran
• Parker Russell – A.J.S.
• PKF F.R.A.N.T.S.
• Reanda Haroon Zakaria & Co.
• Riaz Ahmad Saqib Gohar & Co.
• ShineWing Hameed Chaudhri & Co.
• Suriya Nauman Rehan & Co.
• Tariq Abdul Ghani Maqbool & Co.
• Zahid Jamil & Co.
Category C: Audit firms in Category C are eligible to conduct audits of banks and DFIs having assets up to Rupees 15 billion or branches up to 30. This category is tailored for smaller financial institutions with less complex operations.
Reputable audit firms in Category C include:
• Aamir Salman Rizwan
• Fazal Mahmood & Co.
• Feroze Sharif Tariq & Co.
• H.A.M.D & Co.
• H.Y.K & Co.
• Ibrahim Shaikh & Co.
• Iqbal Yasir & Co.
• J.A.S.B & Associates
• Junaidy Shoaib Asad
• Khalid Majid Rehman & Co.
• Malik Haroon Shahid Safder & Co.
• Mazars M.F. & Co.
• Rafaqat Mansha Mohsin Dossani Masoom & Co.
• Sarwars
• S. M. Suhail & Co.
The SBP’s decision to categorize audit firms aims to ensure that financial institutions in Pakistan receive audits from suitably qualified and experienced auditors. This effort contributes to maintaining transparency and integrity within the country’s financial sector, strengthening investor and public trust in the banking and financial industry.
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