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SECP TELLS ROLE OF AUDIT FIRM ALSO UNDER SCRUTINY.

More drama continued to unfold in the case of the country's stock market and the recent crackdown by the apex regulator as the Securities and Exchange Commission of Pakistan (SECP) sought information from six auditing firms to assess the quality of their audit, source said to Research Analyst-PAGE. The move comes as the regulator looks to tighten the screws on brokerage houses and also "critically reviews the role of statutory auditors of brokerage houses". In a handout released on Friday, the SECP said that it has observed that some auditing firms are acting as statutory auditors for a large number of brokers. "One of these firms had audited the accounts of three brokers who recently defaulted," stated the handout. "As part of the ongoing inquiry against recently defaulted brokers, the conduct of the said auditing firm is also under scrutiny, source added.

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Publication:Pakistan & Gulf Economist
Date:Mar 19, 2017
Words:175
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