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Editor n Cheif : Syed Asif Salahuddin
Editor: Tariq Sumair
 
Today's INP Latest Full Story
 
  SECP takes notice of statutory auditors of brokerage houses
   
 
ISLAMABAD, March 10 (INP): In the wake of recent broker defaults, the SECP is critically reviewing the role of statutory auditors of brokerage houses. In this regards, the SECP has sought information from six auditors to assess the audit quality. The 2015 Securities Act assigns certain specific responsibilities to statutory auditors of brokerage houses, in particular regarding client assets. It has been observed that some auditing firms are acting as statutory auditors for a large number of brokers. For example, two auditing firms are working as statutory auditors for about 100 brokers. One of these firms had audited the accounts of three brokers who recently defaulted. As part of the ongoing inquiry against recently defaulted brokers, the conduct of the said auditing firm is also under scrutiny. Additionally, the SECP has started looking at financials of brokers audited by this firm.    The SECP Chairman has emphasized on statutory auditors to perform their duties in conformity with the law. He further said that the SECP would not shy away from initiating any stern legal actions against those auditing firms that fail to perform their functions with utmost diligence and strictly in accordance with the law.
 
 
Today's INP Pakistan Stories
     
Chaudhry Nisar decides to break silence
News Image   ISLAMABAD, July 21 (INP): Federal Interior Minister Chaudhry Nisar Ali has decided to break his silence regarding ongoing political situation arising out of the Panama case hearing. NMore
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Hindu nationalism pushing India into war with China: Global Times
News Image   BEIJING, July 20 (INP): India’s China policy has been hijacked by rising Hindu nationalism—which has been fuelled by election of Prime Minister Narendra Modi, said China’s Global Times on Thursday, and warned that “it will put India’s own interest in jeopardy if India lets religious nationalism push the two countries into war.” More
updated 12 minutes ago
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