11-07-2003, 08:08 PM
Issuance of Management Letter / ICM to the shareholder is not practical 'cos first of all sometimes it can be 100-200 pages long and it will be kind of improbable for the company to issue an annual report which is so big. Secondly, this letter/memo contains day-to-day operational issues which the general public will not be interested in. And if just a summary of the issues is presented in the the annual report, then it loses its objective altogether.
There was a suggestion some time back that SECP and SBP should appoint the auditors for companies and banks respectively, but that is unacceptable for the smaller firms because in that case, all the business would've gone to the big firms as they have substantial contacts and say in SECP, SBP and in the governemnt.
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Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!
There was a suggestion some time back that SECP and SBP should appoint the auditors for companies and banks respectively, but that is unacceptable for the smaller firms because in that case, all the business would've gone to the big firms as they have substantial contacts and say in SECP, SBP and in the governemnt.
________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!
