Circular 8/2007 – EXTERNAL AUDITORS ACCESS TO SBP INSPECTION REPORT

Attention of all firms on State Bank of Pakistan panel of auditors is drawn to the above issue raised in a recent meeting of the Co-ordination Committee of SBP and the Institute. In the meeting, SBP was apprised about the difficulties which some of the external auditors of banks are facing in getting access to SBP Inspection Report.

SBP pointed out that the report is a sensitive unpublished document, therefore, necessary measures are needed to preserve its confidentiality. However, access to the inspection report will be allowed to external auditors and SBP has set up procedures whereby the concerned bank/DFI should write to SBP seeking permission to grant access to the report and such request will be responded within a couple of days. The report should be reviewed by a senior member of the audit team, preferably a partner or manager.

If any bank/DFI shows reluctance in sharing the report or response from SBP to Bank’s/ DFI request is delayed, the matter may be brought to the notice of Director Banking Inspection Department of SBP, who will facilitate in resolving the matter.

All concerned firms are requested to note the above.