The Audit Oversight Board (AOB) would like to emphasize to all auditors and public interest companies that only the auditors registered with AOB can audit the financial statements of public interest companies. AOB is an independent regulator established by the Parliament in 2016 in line with international practices. The objective of AOB is to enhance the quality of audit of financial statements in public interest.
AOB has now registered audit firms that have satisfactory Quality Control Review (QCR) rating. AOB registers audit firms based on the recommendation of the Quality Assurance Board established by the Institute of Chartered Accountants of Pakistan (ICAP). This list of audit firms is available on the website of AOB and it will be updated on an ongoing basis.
The definition of a public interest company covers a wide range of entities including listed companies, public sector companies, banks, insurance companies, mutual funds, securities brokers and utilities. Starting from 23 April 2018, AOB inspectors are beginning their fieldwork in Lahore and Karachi for a thorough review of ICAP's QCR framework.-PR
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