Karachi: In partial modification of its earlier Circular No. 3 of 2024 dated February 06, 2024, the Securities and Exchange Commission of Pakistan (SECP) has revised the list of approved auditors for SECP-regulated entities. This announcement was made under various legislative frameworks, including the Securities and Exchange Commission of Pakistan Act, 1997 and the Securities Act, 2015.

The update specifies the inclusion of four audit firms under two distinct clauses of the revised Annexure I. Under clause (i), "Ilyas Saeed and Co." and "Parker Russell-A.J.S." have been added, while "S. M. Suhail and Co." and "H.A.M.D and Co." are now included under clause (ii). The revised list, effective immediately, mandates that the eligibility of an audit firm will be determined by the asset size or assets under management as of the financial year-end immediately preceding the appointment year. According to information available from the Pakistan Stock Exchange (PSX), these updates are critical for ensuring compliance and transparency within the financial activities of regulated entities.

Furthermore, any audit firm seeking inclusion in this list or needing to update their information may submit their applications to the SECP by the end of January each year. This periodic update ensures that the firms meet the regulatory and asset management thresholds specified in Annexure I, thus maintaining the integrity and accuracy of financial audits within the sector.

ANNEXURE I outlines the eligibility criteria and lists the approved auditors, including major firms like A. F. Ferguson and Co., KPMG Taseer Hadi and Co., and newer entrants like the aforementioned Ilyas Saeed and Co., across various financial entities such as Securities Exchanges, Futures Exchanges, and Asset Management Companies. The detailed list categorizes firms based on their capabilities and the financial thresholds they are authorized to handle, ranging from entities with assets under management of more than Rs. 50 billion to smaller entities with less than Rs. 200 million.

This initiative reflects SECP's commitment to enhancing the audit quality and compliance of financial entities under its regulation, ensuring robust financial practices across Pakistan's vibrant capital markets.