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Editor: Tariq Sumair
 
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  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
     
CPEC will usher in regional economic connectivity and shared prosperity of nations in West and central Asia: Tariq Azim Khan
News Image   OTTAWA, Mar 26 (INP) “23rd march is a day when we renew our commitment to develop the Country in accordance with the principles of justice and equity, the real objective of the creation of Pakistan”, said Tariq Azim Khan, High Commissioner of Pakistan, while paying tribute to the Father of the Nation and other leaders of the freedom movement, at a reception hosted by the High Commission to celebrate Pakistan Day at Ottawa. More
updated 12 minutes ago
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Al Qaeda leader Qari Yasin involved in attacks on Sri Lankan team, GHQ, Marriot Hotel bombing killed in drone attack: Pentagon
News Image   WASHINGTON, Mar 26 (INP) A US drone strike in eastern Afghanistan on March 19 killed the senior Al-Qaeda military commander Qari Yasin, who has been linked to numerous attacks in Pakistan, the US military confirmed on Saturday. More
updated 12 minutes ago
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