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ICAP issues clarification regarding ISE's ruling

The Institute of Chartered Accountants of Pakistan (ICAP) has issued this press release regarding Islamabad Stock Exchange's decision regarding mandatory rotation of auditors.

“The Islamabad Stock Exchange has issued a circular dated 12 November 2003 informing all Listed Companies that they are required to change their external auditors every five years as per the Code of Corporate Governance. The Circular further states the change of auditors is required by those Companies whose financial years have ended on 30 September 2003 or going to end on 31 December 2003.

The Institute of Chartered Accountants of Pakistan would clarify, under advise to the Islamabad Stock Exchange and the Securities and Exchange Commission of Pakistan (SECP) that the directive for changing of the auditors (rotation of auditors) would not be applicable to those listed companies whose financial year ended on 30 September 2003 if such company has its Annual General Meeting before 01 January 2004, in accordance with SECP's Notification.

Aslam Dossa
Executive Director

Karachi
02 December 2003″

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