Islamabad: The government has appointed an audit firm as auditors of Security Exchange Commission of Pakistan (SECP) which majority of shares are owned by newly appointed chairman Federal Board of Revenue (FBR).
Zaidi is a senior partner in AF Ferguson & Co, a member firm of Pricewaterhouse Coopers.
The government had appointed M/S A.F Ferguson & Co Chartered Accountants as auditors of SECP in March this year for the financial year ending on June 30, 2019.
For the previous financial year ending June 30, 2018, M/S KPMG Taseer Hadi & Co were appointed as auditors of the commission who remained auditors of SECP for five years from fiscal year 2013-14 to 2017-18.
According to section 25(3) of the SECP Act 1997, the statements of accounts of the SECP are required to be audited by a firm of chartered accountants appointed by SECP with the approval of the federal government.
With the approval of commission, SECP had recommended the M/S A.F Ferguson &Co Chartered Accountants for appointment as auditors to audit SECP’s statements of accounts for the financial year ending on June 30, 2019.This firm had been selected out of three firms on the basis of pre-defined evaluation criteria.