Circulars - Dec. 27, 2002 Circular No. 19 Appointment of External Auditors by the Listed Companies

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD
Circular No. 19
Reference No. No. EMD/D-II/31/2002
December 27 , 2002

Appointment of External Auditors by the Listed Companies

Attention of the listed companies is invited towards the Listing Regulation No.37 (xxxvii) of the Karachi Stock Exchange Listing Regulations whereby the said companies are required to appoint as external auditor only those firms of auditors which have been given a satisfactory rating under the Quality Control Review Programme of the ICAP.

2. In this connection, the ICAP has issued a list of practicing firms of Chartered Accountants with satisfactory Quality Control Review Ratings on the basis of audit reports issued upto October 31, 2002. A copy of the list is attached as Annexure. This list shall be updated by ICAP from time to time, a copy of which will be available on ICAP’s website (www.icap.org.pk).

3. The Audit Committees and Board of Directors of listed companies are advised to take into account Quality Control Review Ratings of the auditors to ensure compliance with Listing Regulation No. 37 (xxxvii), before recommending appointment of auditors to the shareholders in the annual general meetings. An appointment of auditor(s) which does not comply with this requirement would be a violation of the Listing Regulations and would expose the companies to consequential action..

4. It may further be noted that the SEC has penalized certain auditors under the Companies Ordinance, 1984. The listed companies may also wish to consider this while appointing statutory auditors.

(Ashfaq Ahmed Khan)
Director (E&M)

Annexure to Circular No. 19 of 2002

*PRACTICING FIRMS OF CHARTERED ACCOUNTANTS WITH SATISFACTORY QUALITY CONTROL REVIEW RATINGS BY ICAP (ON THE BASIS OF REPORTS ISSUED UPTO 31 OCTOBER 2002)

Sr. No.	Name of Firm	Sr. No.	Name of Firm
1	A.Aziz Chaudhury & Co.	29	M. Sikandar & Co.
2	A. F. Ferguson & Co.	30	M. Yousuf Adil Saleem & Co.
3	A. M. Laliwala & Co.	31	Manzoor Hussain Mir & Co.
4	Abbas & Co.	32	Mehmood & Co.
5	Akber G. Merchant & Co.	33	Munaf Yusuf & Co.
6	Amir Alam Khan & Co.	34	Muniff Ziauddin & Co.
7	Anjum Asim Shahid Rahman	35	Mushtaq & Co.
8	Avais Hyder Zaman Rizwani	36	Nasir Javaid Maqsood & Co.
9	Coopers & Lybrand	37	Qavi & Co.
10	Ebrahim & Co.	38	Rafiq & Co.
11	Eshai & Co.	39	Rahim Iqbal Rafiq & Co.
12	F.R. Merchant & Co.	40	Rahman Sarfaraz & Co.
13	Faruq Ali & Co.	41	Rauf Ayoob & Co.
14	Fazal Mahmood & Co.	42	Riaz Ahmad & Co.
15	Feroze Sharif Tariq & Co.	43	Raiz Ahmed Saqib Gohar & Co
16	Ford Rhodes Sidat Hyder	44	S. M. Masood & Co.
17	Gangat & Co.	45	S. M. Rehan & Co.
18	Gardezi & Co.	46	S. P. Amjad & Co.
19	Hameed Chaudhri & Co.	47	Saeed Kamran Patel & Co.
20	Hyder Bhimji & Co.	48	Salariya & Co.
21	Ijaz Tabussum & Co.	49	Sarwar Awan & Co.
22	Ilyas Saeed & Co.	50	Sher Muhammad Khan & Co.
23	Iqbal & Co.	51	Taher Moochhala & Co.
24	Javed & Co.	52	Tanzeem & Co.
25	Khalid Majid Husain Rehman	53	Taseer Hadi Khalid & Co.
26	M. Almas & Co.	54	Z. Lakhani & Co.
27	M. Ather & Co.	55	Zakaria Loya & Co.
28	M. Hussain Chaudhry & Co.