Dr Tariq Hassan chaired the first meeting of the recently formed Audit Oversight Board (AOB) in Karachi on Friday. The meeting was attended by all members, including Ahmad Saeed, Muhammad Naeem, Faresa Jafarey Ahsan, Shahid Ghaffar, Tariq Iqbal Khan and Asif Usman Khan. The members deliberated on the functions and powers conferred on the AOB through the statute and discussed future roadmap for discharge of audit oversight responsibilities in the best manner.
Administrative issues, including human resource requirement, for the AOB were also discussed in detail. The members authorised the chairman to seek assistance from the Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP) and the Institute of Chartered Accountants of Pakistan (ICAP) in accordance with the law.
The meeting concluded with vote of thanks for the SECP and the ICAP for facilitating the establishment of the AOB. Chairman SECP Zafar ul Haq Hijazi also met the members who conveyed to him and recorded their appreciation for his efforts and all-out support to the AOB.
It may be added here that the AOB is a body formed under the SECP Act, 1997, to regulate the audit profession in the country. Its functions include registration and de-registration of audit firms that intend to carry out audit of public interest companies, oversight and review of the Quality Assurance Board of the Institute of Chartered Accountants of Pakistan (ICAP) etc.-PR
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