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050126
STATE BANK OF PAKISTAN - BANKING SUPERVISION DEPARTMENT
BSD Circular Letter No. 03
January 26, 2005
The Presidents/Chief
All Banks/DFIs,
Dear Sirs / Madam,
GUIDELINES ON INTERNAL CONTROLS
Please refer to Para 7 of the Guidelines on Internal Controls issued vide BSD
Circular No.7 of May 27, 2004.
2. It has been decided that banks/DFIs will include a Statement on Internal
Controls in their Annual Reports as of 31st December, 2004, as required vide
above referred Para 7 of the Guidelines. However, the compliance of the
requirement regarding attestation of this Statement by the External Auditors as
per Para 7 (c) has been deferred for one year and will now be effective from the
year ending on December 31, 2005. The banks/DFIs are required to achieve full
compliance of the Guidelines on Internal Controls within this extended time
period.
3. Other instructions on the subject shall remain unchanged.
Please acknowledge receipt.
Yours faithfully,
Sd/-
(JAMEEL AHMAD)
Director
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