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Statutory QCR Rating

The Institute perceives liaison with the regulatory authorities of the country as essential to the ongoing success of its QCR Program.

The Securities and Exchange Commission of Pakistan (SECP), through the Listing Regulations of the three Stock Exchanges namely Karachi, Lahore and Islamabad, has made it mandatory for listed companies to appoint those firms of Chartered Accountants as their external auditors that have been given satisfactory QCR rating by the Institute.

Accordingly, no listed company shall appoint as external auditors a firm of Chartered Accountants which has not been given a satisfactory rating under the Quality Control Review Program of the Institute of Chartered Accountants of Pakistan.

The scope of QCR Programme has been further extended by SECP vide its SRO 268(I)/2012 dated March 16, 2012. Now all non-listed companies, falling under the definition of ‘Economically Significant Companies’ are required to appoint QCR rated firms as their statutory external auditors. The requirement of this directive shall be effective from the financial year beginning on or after July 01, 2012


Relevant Requirements of the Karachi Stock Exchange Listing Regulations relating to QCR 29-A

All listed companies shall facilitate the Quality Control Review (QCR) of the audit working papers of practicing chartered accountants, carried out by the Institute of Chartered Accountants of Pakistan (ICAP) and, therefore, shall authorize their auditors to make available all the relevant information including the audit working papers to the QCR Committee of ICAP.

35 (xxxiii) No listed company shall appoint as external auditors a firm of auditors which has not been given a satisfactory rating under the Quality Control Review programme of the Institute of Chartered Accountants of Pakistan.