EC - REFORMS FOR AUDIT

[kamranACA]

Pls see the news on link given below

http//www.straitstimes.com/BreakingNews/Money/Story/STIStory_717192.html

I believe it would be a very nice step and should be followed in Pakistan as well.

Regards,

[BILAL.SARDAR]

Well thats really good if implemented in Pak bt i fear it wont be implemented in near future.

[kamranACA]

There is already a rule in Pakistan that the Government's Corporations should have two audit firms appointed for the external audit. I believe most of the corporations and Govt institutions like PIA, State Life, NBP etc are following it.

However, it does not specify that at least a non-Big 4 firm must be appointed as one of the two joint auditors. I think this should be a very good step if such a change is brought into effect.

Further, there is also a need to follow such principle in Public Interest Entities and Listed companies; at least for the bigger concerns. Let's see the future.

Regards,

[HERA BABY]

all respected members please shed your knownledge on ths topic [)]
http//www.accountancy.com.pk/forum/topic.asp?TOPIC_ID=26606