The State Bank has decided to develop co-ordination between external auditors of banks and SBP inspectors.
A circular has been issued by the State Bank on Friday “to promote co-ordination and sharing of information between the external auditors of banks and SBP inspectors”.
“It has been decided that the SBP Inspection Teams will hold meetings with the external auditors of banks before commencement of each inspection during which the auditors will share their audit findings with the inspectors,” said the circular.
Similarly, the SBP Inspection Teams, on conclusion of their inspection, will share their concerns about the financial statement of the banks with the concerned external auditors.
The State Bank has advised banks to ask their external auditors to send the copies of their Letter to the Board of Directors of the bank and the Management Letter directly to the State Bank of Pakistan within one week of the issuance of these letters.
“As for the year 2002, both the aforesaid letters may be submitted to this department within fifteen days from the date of this Circular Letter,” said the SBP.