Circular No. 16/2003 December 26, 2003Dear Member,
ALL MEMBERS IN PRACTICE
REVISION OF CRITERIA - STATE BANK OF PAKISTAN PANEL OF AUDITORS
During the second coordination meeting between State Bank of Pakistan
(SBP) and The Institute of Chartered Accountants of Pakistan (ICAP) it
was decided that in case of inactive / dual partners of the auditing firms
the weightage of such partners in the criteria for placement in SBP Panel
of Auditors would be reviewed.
Existing criteria for placement has been divided into 5 parts:
1.
Size of the Firm
2. Firm's Audit Experience
3. Quality Control Review (QCR) by the ICAP
4. Affiliation with International firm of Accountants
5. IT System Audit Experience
Size
of the firm is further divided into two parts, one related to the
partners of the firm and the other to management / staff. In case
of partners of the firm, every fellow member of ICAP has been allocated
2 points and every associate member 1 point each with a restriction that
maximum points in this section will not exceed 15.
State
Bank of Pakistan has now decided that in case of audit firms having
partners with dual partnership status (partners in more than one firm)
the
points allocation for such partners be reduced by half i.e. a fellow member
of ICAP will be allocated 1 point and an associate member 0.5 point.
Members in practice are requested to note the above.
Syed
Sajid Ali
Director Technical Services