SECP-ICAP to draft audit oversight framework for QCR
ISLAMABAD: The SECP-ICAP joint committee has agreed to a draft an audit oversight framework for the continuation of Quality Control Review (QCR) function at ICAP with an introduction of the oversight of the same by SECP, through appropriate legislations, in line with the similar practices adopted in Japan.
The fourth meeting of the joint committee was held at the SECP Head office in Islamabad on Tuesday and was chaired by Supreme Court Advocate Dr Tariq Hassan.
The Committee in its previous meeting had considered various legislation options and formed consensus about the development of an appropriate audit oversight framework suitable for Pakistan, which ensures compliance with the international standards of IFIAR, EU and IOSCO.
A draft audit oversight framework prepared earlier was considered by the committee during the latest meeting. As suggested by Syed Shabbar Zaidi, the members discussed the Japanese model of audit oversight and considered its adaption for Pakistan. Naeem Akhtar Shiekh and Asad Ali Shah also supported the Japanese indirect oversight model. After deliberation, the members agreed to a draft the audit oversight framework.