Audit oversight board secp

The Audit Oversight Board (AOB) is also empowered to take disciplinary action on auditors in Pakistan

Under the Chartered Accountants Ordinance of 1961, the Institute of Chartered Accountants of Pakistan (ICAP) has established an I&D system for its members and students

In 2016, the Securities and Exchange Commission of Pakistan (SECP) made amendments to the Securities and Exchange Commission of Pakistan Act of 1997 (referred to as SECP Act), that established an independent Audit Oversight Board (AOB) with the responsibility to regulate the auditing profession in Pakistan

As per the 2017 code, it is mandatory that the Audit Committee be chaired by an independent director not being the chairman of the Board

As was the requirement previously, the Board shall satisfy itself such that at least one member of the Audit Committee qualifies as ‘financially literate’