{"id":957,"date":"2019-01-28T10:58:30","date_gmt":"2019-01-28T10:58:30","guid":{"rendered":"http:\/\/localhost\/icap2019\/?page_id=957"},"modified":"2021-10-11T09:40:38","modified_gmt":"2021-10-11T09:40:38","slug":"statutory-qcr-rating","status":"publish","type":"page","link":"https:\/\/staging.icap.org.pk\/icap\/quality-assurance\/statutory-qcr-rating\/","title":{"rendered":"Statutory QCR Rating"},"content":{"rendered":"<p>The Listed  Companies (Code of Corporate Governance) Regulations require every company  to appoint as external auditors, a firm which has been given a satisfactory  rating under Quality Control Review Program, of the Institute of Chartered  Accountants of Pakistan (ICAP) and is registered with Audit Oversight Board  (AOB) established under Securities and Exchange Commission of Pakistan (SECP)  Act, 1997. An audit firm shall be entitled to be registered with AOB on the  recommendation of Quality Assurance Board in accordance with the quality  control review framework issued by ICAP<\/p>\n<p>The scope of  the QCR Program was further extended by SECP vide its SRO 1044 (I)\/2015 dated  October 22, 2015 which requires non listed companies of the following  categories to appoint a Chartered Accountant firm as its external auditors  which holds a satisfactory QCR rating under the QCR program of the Institute,  namely;<\/p>\n<ul>\n<li>Public  Interest Company;<\/li>\n<li>Large  Sized Company; and<\/li>\n<li>Public  Interest and Large Sized Companies licensed \/ formed under Section 42 and  Section 43 of the Ordinance.<\/li>\n<\/ul>\n<p>The SRO also  states that all non-listed companies&nbsp;which are required to appoint QCR  rated audit firms as their statutory external auditors shall facilitate their  statutory external auditors in Quality Control Review of their audit working  paper files by authorizing them to make available all the relevant information\/  documentation\/records including audit working papers to the Quality Assurance  Department of the Institute of Chartered Accountants of Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Listed Companies (Code of Corporate Governance) Regulations require every company to appoint as external auditors, a firm which has been given a satisfactory rating under Quality Control Review Program,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":955,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-957","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/pages\/957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/comments?post=957"}],"version-history":[{"count":3,"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/pages\/957\/revisions"}],"predecessor-version":[{"id":5737,"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/pages\/957\/revisions\/5737"}],"up":[{"embeddable":true,"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/pages\/955"}],"wp:attachment":[{"href":"https:\/\/staging.icap.org.pk\/icap\/wp-json\/wp\/v2\/media?parent=957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}