Qualified: SECP approves auditors for insurers

ISLAMABAD: The Securities and Exchange Commission of Pakistan has announced its list of approved auditors of the insurance industry in order to ensure standard practices and strengthen shareholders’ confidence in the workings of such institutions. The list has been announced pursuant to the powers vested in the SECP under Section 48(1) of the Insurance Ordinance, 2000. The SECP’s authorized auditors will be eligible to audit insurance, reinsurance and takaful institutions in 2012. Chartered accountancy firms were shortlisted for their eligibility after they had submitted applications for consideration in January 2012. The firms were evaluated by their QCR rating, size, structure, expertise and experience. The list is subject to review, and new firms may be accommodated and old ones disqualified or re-categorized in light of any emerging evidences. The list is available on the SECP’s website.

Published in The Express Tribune, February 25^th, 2012.