BSD Circular Letter No.04 of 2005

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050315

STATE BANK OF PAKISTAN - BANKING SUPERVISION DEPARTMENT

BSD Circular Letter No. 04 of 2005
March 15, 2005

The Presidents/Chief Executives
All Banks/DFIs,

Dear Sirs / Madam,

PRUDENTIAL REGULATION G-1 CORPORATE GOVERNANCE / BOARD
OF DIRECTORS AND MANAGEMENT

Please refer to Prudential Regulation – G-1, whereby the banks/DFIs have been advised to follow the “Code of Corporate Governance” issued by the SECP. In terms of provision xli of the SECP’s “Code of Corporate Governance”, the external auditors are required to be changed after every five years. Accordingly, all banks/DFIs are advised to ensure that the External Auditors are rotated on expiration of five years. In case of banks/DFIs
having two audit firms jointly auditing their accounts and both of them complete the 5 years period at the same time, one of them will be rotated on completion of 5 years and the other one in the next year.
2. Other instructions on the subject shall remain unchanged.

Please acknowledge receipt.

Yours faithfully,
Sd/-
(JAMEEL AHMAD)
Director

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