ISLAMABAD:Audit Oversight Board (AOB) Thursday revoked the registration of an audit firm and barred it from carrying out audit of public interest companies.
The proceedings took place against Nauman Javed Hasnain Rashid, Chartered Accountants, said a press release issued here by AOB.
The firm had failed to submit form A and pay the annual registration fee despite several reminders on email and postal addresses earlier provided by the firm.
A show cause notice was then issued by AOB to the firm to explain its position in writing and in person. However, the firm did not reply to the reminders or the show cause notice.
The action was then taken by AOB after providing an opportunity of being heard to the firm. A copy of the Order can be viewed on AOB’s website: www.aob.gov.pk
AOB is the independent regulator in Pakistan established by the parliament in 2016 to protect public interest by overseeing the quality of the audit of Financial Statements of public interest companies (PICs).
There are more than 1000 PICs in Pakistan which include all listed companies and non-listed public sector companies.
Out of over 550 audit firms in Pakistan, 124 have a satisfactory quality rating 91 are currently registered with AOB. Only the audit firms registered with AOB are authorized to audit the financial statements of a PIC.