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030224
STATE BANK OF PAKISTAN BANKING SUPERVISION DEPARTMENT KARACHI
BSD Circular No.03
February 24, 2003
All Banks/DFIs
All Firms on SBP Panel of Auditors
Dear Sirs/Madam,
Panel Of Auditors Under Section 35 Of Banking Companies Ordinance, 1962
Please refer to BSD Circular No.6 dated the 31st
January 2001 under cover of which a panel of auditors maintained under Section
35 of the BCO, 1962 was circulated and subsequent changes/amendments were
carried out in the panel from time to time. The following consolidated/revised
instructions on the subject are hereby issued:
2) The existing panel (attached as Annexure ‘A’) shall remain operative as
under: -
a) Auditing Firms in Category ‘A’ are eligible to conduct audit of all Banks/DFIs.
b) Auditing Firms in Category ‘B’ are eligible to conduct audit of the Banks/DFIs
having total assets (net of contra items) up to Rs.50 billion or number of
branches up to 99.
c) Auditing Firms in Category ‘C’ are eligible to conduct audit of the Banks/DFIs
having total assets (net of contra items) below Rs.5 billion or number of
branches below 10.
3) Banks/DFIs shall appoint auditors from the Panel of Auditors of State Bank
of
Pakistan.
4) The panel will be reviewed continuously to accommodate new applicant firms
and to upgrade/downgrade the firms on the basis of emerging evidences.
5) The existing Application Form is revised and the applicant firms desirous of
being enlisted or upgraded on the panel shall apply on the new form placed at
Annexure ‘B’.
6) The State Bank may also downgrade the category of any firm or remove it
from the panel in the following cases: -
i. If material misstatement of facts and figures is observed in the statements
or reports submitted to the State Bank duly certified by the auditing firm,
which will materially alter the assessment of financial position of banks/DFIs
in an adverse manner.
ii. If the information, facts and figures submitted to SBP in application form
for the purpose of enlistment/up gradation on SBP Panel of Auditors, is found
incorrect or not in harmony with the information supplied to the Institute of
Chartered Accountants of Pakistan.
iii. Failure of the auditing firm in securing a satisfactory Quality Control
Review (QCR), after every two years 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.
iv. If any change in the nomenclature of the firm or in its partners or a
reduction of more than 25% in its staff, declared to SBP, is not communicated to
SBP within two weeks of the occurrence of change.
v. If any information sought by SBP, whatsoever, about the firm is not supplied
to the State Bank of Pakistan within the stipulated time.
The above instructions shall supercede all earlier directives issued from time
to time on the subject.
Yours faithfully,
(JAMEEL AHMAD)
Annexure-A of BSD Circular No.03 Dated February 24, 2003
NAMES OF AUDITING FIRMS (CHARTERED ACCOUNTANTS) ON SBP’s PANEL OF AUDITORS UNDER SECTION 35(1) OF B.C.O. 1962.
SR. NO. NAME OF THE FIRMS CATEGORY "A" A1 A.F. Ferguson & Co.
State Life Building No. 1/C,
I.I. Chundrigar Road, Karachi.
Tel: 2426711-5, 2426682-5 Fax: 2415007.A2 Anjum Asim Shahid Rahman.
st & 3rd Floors, Modern Motors House,
1
Beaumont Road, Karachi 75530
Tel: 5671194, 5687098, 5687096,5671966,5673745
Fax: 5688834A3 Avais Hyder Zaman Rizwani
11-J, P.E.C.H.S, Block-6,
Off: Shahrah-e-Faisal, Karachi.
Tel: 4533377, 4539025 Fax: 4539301, 4552493A4 Ebrahim & Co.
nd Floor, Block "C" Lakson Square
2
Building No. 1, Sarwar Shaheed Road, Karachi.
Tel: 021-5683030.5683189, Fax: 5684239A5 Syed Husain & Co.
st Floor Modern Motors House
1
Beaumount Road, Karachi.
Tel: 021-5687090, 5685615, 5673754, 5671909, 5652723,
5685542, 5210736, 5685598 Fax#: 5210626
Email: shco@syedhusainco.comA6 Hyder Bhimji & Co.
nd Floor, Standard Insurance House,
2
I.I. Chundrigar Road, Karachi.
Tel: 021-2417585-3 Fax: 021-2423954A7 Ilyas Saeed & Co.
A-4 Sea Breeze Barkat Market,
New Garden Town, Lahore.
Tel: 042-5861852 Fax: 5856145A8 Khalid Majid Rahman Sarfaraz Rahim Iqbal Rafiq
rd Floor Al Malik Centre
3
70 West Jinnah Avenue, Islamabad
Tel: 051-2829667A9 M. Yousuf Adil Saleem & Co.
Cavish Court, A-35, Block 7, KCHSU,
Shahrah-e-Faisal, Karachi.
Tel: 021-4546494, 111-55-2626 Fax: 4055548A10 Muniff Ziauddin & Co.
5 Victoria Chamber No. 1,
Abdullah Haroon Road , Karachi.
Tel: 021-5682942-5684888 Fax: 5682874A11 Riaz Ahmed & Co.
racolhr@brain.net.pk
10-B, Saint Mary Park, Main Boulevard,
Gulberg –III, Lahore-54660.
Tel: 042-5718137-39-26 Fax: 5714340
E-mail:
sarfrazm@brain.net.pkA12 Taseer Hadi Khalid & Co.
st Floor, Sheikh Sultan Trust Building NO. 2,
1
Beaumount Road, Karachi.
Tel: 021-5685847 Fax: 5685095A13 Ford Rhodes Sidat Hyder & Co.
Room No.601-603, Progressive Plaza,
Beaumont Road,
Karachi-75530
Phone #: 021-5650007-10
Fax #: 021-5681965CATEGORY "B"
B1 Aslam Malik & Co.
Suite # 19, First Floor,
Central Plaza, Civic Centre,
New Garden Town, Lahore.
Tel: 5858693-585869,
Fax: 5856019B2 Hameed Ch. & Co.
H.M. House, 7 Bank Square, Lahore.
Tel: 042-7235084-7
Fax: 7235083B3 Hameed Khan & Co.
19 Miccop Centre, 1, Mozang Road, Lahore.
Tel: 042- 7234562-7239271
Fax: 7234562B4 Ibrahim Sh. & Co.
259-260 Panorama Centre,
Fatima Jinnah Road, Saddar, Karachi.
Tel: 021-5210577-5673529
Fax: 5676591B5 Ijaz Tabussum & Co.
th Floor Waheed Plaze , 52 West Waheed Plaza
4
Jinnah Avenue, Blue Area,
Islamabad.
Tel: 051-2825045, 2825090
Fax: 051-2825106B6 M. Hussain Ch. & Co.
25/E Main Market, Gulberg-2, Lahore
Tel: 041-5759223,5759224
Fax: 5759226B7 Rahim Jan & Co.
F-103, Regency Plaza, Mini Market,
Gulberg-II, Lahore
Tel: 5758199
Fax: 5873896B8 Saeed Kamran Patel & Co.
nd Floor, Buland Markaz,
2
33 Blue Areas, Islamabad.
Tel: 051-270116-279658
Fax: 279658B9 S.M. Masood & Co
nd Floor, Empire Centre,
2
Main Boulevard, Gulberg, II
Lahore.
Tel: 042-5712554-5712557
Fax: 042- 5712556B10 Zahid Jamil & Co.
356-A Al Jamil Plaza,
Ground Floor, Small "D" Ground
Peoples Colony, Faisalabad.
Tel: 92-41-725065-68 718166
Fax: 725070, E-mail: zahid@fsd.paknet.com.pkCATEGORY ‘C’ C1 Abdul Sattar & Co.
Opposite Govt. Pilot School,
Abdali Road, Multan
Tel: 061-510031, 546467
Fax: 510031C2 Daudally Lalani & Co.
th Floor, Panorama Centre
Room No. 507, 5
Sadar, Karachi.
Tel: 021- 5674782-7
Fax: 021- 5687654C3 Fazal Mahmood & Co.
147 – Shadman Colony-I, Lahore.
Tel: 042- 7576986-7580236
Fax: 7560971C4 Mushtaq & Co.
407 Commerce Centre,
Maulana Hasrat Mohani Road, Karachi.
Tel: 021- 2638521-4
Fax: 2639843C5 R.H. & Co.
2- Gardee Trust Building,
Napier Road, Lahore.
Tel: 042-7359251-3
Fax: 7359254C6 Rehman Iqbal Umar Iftikhar
F-6, Institution of Engineers
Zarghoon Road, Quetta.
Tel: (081)832546-832516
E-mail: hbui@paknet.com.pkC7 Riaz Ahmad, Saqib, Gohar & Co.
5 Nasim, C.H.S. Major Nazir Bhatti, Road,
Off Shaheed-e-Millat Road, Karachi.
Tel: 4945427, 4946112, 4931736
Fax: 4932629C8 Qavi & Co.
33 Rehman Court, Plaza Square,
Off: M.A. Jinnah Road, Karachi.
Tel: 021- 7720486 – 7733751
Fax: 7727424C9 Saleem Hadi Aslam Nawaz
89 –F, Jail Road, Lahore.
Tel: 042- 7584617 – 7578122
Fax: 7276728C10 Shahid Sami & Co.
Suit # 133, Hotel Metropole Building
Club Road
Karachi-75520
Tel: 92-21-5661192-5215703
Fax: 92-21-5673940C11 Taher Moochhala & Co.
608 -610 Paradise Chamber,
Near Passport Office’ Saddar, Karachi
Tel: 021- 5650453 – 5212842
Fax: 5650453
Annexure ‘B’ of BSD Circular No.03 Dated 24 February, 2003
APPLICATION FOR PLACEMENT/UP
GRADATION ON THE STATE BANK
OF PAKISTAN PANEL OF AUDITORS MAINTAINED UNDER
SECTION 35 OF BCO, 1962
1. NAME OF THE FIRM:
2. DATE OF ESTABLISHMENT:
3. ADDRESSES: (along with Telephone
and fax Numbers):
i) Registered Office
ii) Other Offices in major cities
4. SIZE OF FIRM:
(A member will be eligible for points in one firm only, of his choice)
i) Details of Partners:
| Sr.No. | Name of Partner | Registration No. | FCA/ACA | Whether working In other firm (Yes/No) | If answer to Column 5 is yes | |
| Name of Firm opted by the | Other firm member for points | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
ii) Details of Staff:
a) Members of ICAP:
|
Sr. No. |
Name . |
Membership No |
Designation |
Experience with firm as ICAP Member |
Whether working in Other firm (Yes/No) |
| (1) | (2) | (3) | (4) | (5) | (6) |
b) Partly qualified/Trainees working in the firm having Minimum experience of Two years after registration with ICAP:
| Sr.No. | Name | Registration No. | Date of Registration With ICAP | Experience after Registration (in Years – Months) |
| (1) | (2) | (3) | (4) | (5) |
5. QUALITY CONTROL REVIEW (QCR):
(Please attach one copy each of the
two latest QCR ratings)
| Year | Opinion/Rating by ICAP |
| 6. AFFILIATION WITH INTERNATIONAL FIRM OF CHARTERED ACCOUNTANTS: | (Yes/No) |
If yes, please specify Name of such firm, their Address, Date of affiliation, details regarding No. of offices in different countries (excluding Pakistan), No. of FCAs & ACAs associated with the Firm (excluding those in Pakistan), etc.
7. AUDIT EXPERIENCE IN IT SYSTEMS
(ITS):
i. Details of Staff Involved in IT System Audit:
| Sr. No. | Name | Qualification | Year of Exam Passed | ITS Audit Experience after Qualification (in year – months) | Whether working in Other firm (Yes/No) |
| (1) | (2) | (3) | (4) | (5) | (6) |
ii. Firm’s IT System Audit Experience Of Banks/DFIs During Last Five Years:
| Sr. No. |
Name of Bank/NBFI audited by the firm |
Audit for the year ended | Total Assets (Net of Contra items) of the Bank/NBFI |
No. of Branches of Bank/NBFI |
| (1) | (2) | (3) | (4) | (5) |
8. FIRM’S AUDIT EXPERIENCE OF BANKS/DFIS DURING THE LAST FIVE YEARS:
|
Sr.No. |
Name of Bank/NBFI audited by the firm |
Audit for the year ended |
Total Assets (Net of Contra items) of the Bank/NBFI |
No. Of Branches of Dank/NBFI |
|
(1) |
(2) |
(3) |
(4) |
(5) |
Notes:
a) Banks/NBFIs mean Scheduled Banks in Pakistan, Development Finance
Institutions, NBFCs including Investment Banks, Discount Houses, Housing Finance
Companies, Venture Capital Companies, Leasing Companies and Modarabas.
b) If the audit firm has conducted audit of one institution for more than one
year,they should provide the above details for each year in a separate row.
c) If the audit firm has no prior Bank/NBFI’s audit experience, but whose
partners have Bank’s/NBFI’s audit experience as audit partner with another firm
should provide above details indicating name of such firm along with date of
their retirement in an additional column in the above.
9. DECLARATION:
I/We solemnly declare
1. That the above information, in my/our application form for the purpose of
enlistment/up gradation on SBP Panel of Auditors, is true to the best of my
knowledge and record.
2. That I/we undertake to notify to the State Bank of Pakistan, within oneweek,
any change in the nomenclature of the firm or in its partners or a reduction of
more than 25% in its staff declared above.
3. That I/We also undertake to submit, after every two years, a copy of the
Quality Control Review (QCR) report of my/our firm by the ICAP to the State Bank
within two weeks of its receipt from the ICAP.
4. That I/We also accept the right of State Bank of Pakistan to seek information
from me/us, any time, regarding my/our operation,structure and nomenclature. It
goes without saying that SBP shall have every right to tally information
supplied by me/us with the record maintained in ICAP.
5. That I/we have clearly understood that in case of any violation/failure to
meet the requirements of the above clauses, the State Bank of Pakistan will have
the right to remove/downgrade the name of my/our firm from/on its Panel of
Auditors, immediately, without any further reference to me/us.
(Signatures and Seal)