The Companies Act, 2017 (the Companies Act) has been promulgated on May 30, 2017. The Securities and Exchange Commission of Pakistan (the Commission) will notify the statutory auditor’s report formats.
Further, the Commission has issued Circular No. 17 of 2017, dated July 20, 2017, providing clarification on the applicability of the requirements of Companies Act relating to preparation and filing of statutory financial statements, including the interim and quarterly financial statements. The said circular is attached for the members’ reference.
In view of the above, it is clarified that until the revised formats of the statutory auditor’s reports are notified by the Commission, the auditor’s reports formats prescribed in Form 35A, 35B and 35C under the Companies (General Provisions and Forms) Rules 1985, issued under the repealed Companies Ordinance, 1984 (the repealed Ordinance) will remain effective, in accordance with the provisions of section 509 of the Companies Act.
Members are advised to take note of the above.