01-02-2005, 07:11 AM
Dear Friends
Here I would like to draw ur attention towards the week point in control Corporate governance by State Bank (SBP) & SECP..
There are number of circulars.laws.regulation has been issued/established in pakistan for transparent system /affairs of the organization....
You will agree Internal Audit "Independency" is very important to play the role of internal auditors effectively......
So many statements ..bye laws..like memorandum of ass....article of ass....etc...are submitted to registrar for public companies.but neither SBP .nor SECP ever asked to submit a formal Internal Audit charter at the time of registration of company.....
Y it is so.?
In pakistan an internal Audit should follow the Professional Practice of The Institute of internal auditors..... as per this practice....one themost important is.....
"Internal Audit Dept.. should have knowledge skills collectively to cover all aspect of its organization"...........
this aspect has forget by SECP/SBP....atleast for listed companies and banks...for close monitoring within the company ...& every updation in the chrter should be submitted to SECP/SBP within a specif period...........
how do u feel about the proposal.....whether it will help in to control the organizational process.....
Regards....
Kh. Ehrar Ul Hasan
APA,ACMA,CIA(Usa),MA(Eco),CIMA(Inter),IBP-Stage-I & II (Only Sky is the limit.$$$.....)
Here I would like to draw ur attention towards the week point in control Corporate governance by State Bank (SBP) & SECP..
There are number of circulars.laws.regulation has been issued/established in pakistan for transparent system /affairs of the organization....
You will agree Internal Audit "Independency" is very important to play the role of internal auditors effectively......
So many statements ..bye laws..like memorandum of ass....article of ass....etc...are submitted to registrar for public companies.but neither SBP .nor SECP ever asked to submit a formal Internal Audit charter at the time of registration of company.....
Y it is so.?
In pakistan an internal Audit should follow the Professional Practice of The Institute of internal auditors..... as per this practice....one themost important is.....
"Internal Audit Dept.. should have knowledge skills collectively to cover all aspect of its organization"...........
this aspect has forget by SECP/SBP....atleast for listed companies and banks...for close monitoring within the company ...& every updation in the chrter should be submitted to SECP/SBP within a specif period...........
how do u feel about the proposal.....whether it will help in to control the organizational process.....
Regards....
Kh. Ehrar Ul Hasan
APA,ACMA,CIA(Usa),MA(Eco),CIMA(Inter),IBP-Stage-I & II (Only Sky is the limit.$$$.....)