Karachi June 15 2022: Qavi & Co. Chartered Accountant firm listed in Category ‘C’ of SBP’s Panel of Auditors has been delisted from the panel with immediate effect according to the circular issued by the State Bank of Pakistan.
Audit Firms in Category “C” are eligible to conduct audit of banks and DFIs having assets up to Rupees 15 billion or branches up to 30.
Under the Banking Companies Ordinance, 1962, if the State Bank is not satisfied with the performance of the auditor of a banking company or the auditor has not fulfilled any of the requirements laid down in this section the State Bank after giving the auditor an opportunity of being heard may,-
(a) revoke the appointment of external auditors of the banking company;
(b) downgrade the category of the auditor in the panel of the auditors;
(c) remove the auditor from the panel of the auditors for a maximum period of five years.
However, SBP has not explained the reason for immediate delisting of the Chartered Accountant Firm.