Audit Oversight Board revokes registration of chartered accountant firm

Web DeskWeb Editor

01st Jul, 2021. 08:12 pm
Audit Oversight Board

KARACHI: The Audit Oversight Board (AOB) has revoked the registration of an audit firm and; thereby, barred it from carrying out the audit of public interest companies.

The proceedings took place against Nauman Javed Hasnain Rashid, chartered accountants. The firm had failed to submit Form A and pay the annual registration fee despite several reminders on email and postal addresses earlier provided by the firm.

A show-cause notice was then issued by the board to the firm to explain its position in writing and in person. However, the firm did not reply to the reminders or the show-cause notice. The action was then taken by the board after providing an opportunity of being heard to the firm.

The Audit Oversight Board is the independent regulator in Pakistan established by the parliament in 2016 to protect public interest by overseeing the quality of the audit of the financial statements of the public interest companies.

There are more than 1,000 public interest companies in Pakistan, which includes all the listed companies and non-listed public sector companies. Of over 550 audit firms in Pakistan, 124 have a satisfactory quality rating, while 91 are currently registered with the board. Only the audit firms registered with the Audit Oversight Board are authorised to audit the financial statements of a public interest company, it added.

Adsense 300 x 250