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030808
STATE BANK OF PAKISTAN BANKING SUPERVISION DEPARTMENT
BSD Circular Letter No.10
August 08, 2003
All Banks
All Auditors of Banks
Dear Sirs/Madam,
GUIDELINES FOR THE AUDITORS
UNDER SECTION 35(3) OF
BANKING COMPANIES ORDINANCE, 1962
In order to promote coordination and sharing
of information between the external auditors of banks and the SBP inspectors, it
has been decided that the SBP’s Inspection Teams will hold meetings with the
external auditors of banks before commencement of each inspection, during which
the auditors will share their audit findings with the inspectors. Similarly, the
SBP Inspection Teams, on conclusion of their inspection, will share their
concerns about the financial statements of the banks with the concerned external
auditors.
Furthermore, the banks are advised to ask their external auditors to send the
copies of their Letter to the Board of Directors of the bank and the Management
Letter directly to the State Bank of Pakistan within one week of the issuance of
these letters. As for the year 2002, both the aforesaid letters may be submitted
to this department within fifteen days from the date of this Circular Letter.
Please acknowledge receipt.
Yours faithfully,
(JAMEEL AHMAD)
Director