The Islamabad Stock Exchange has issued a circular dated November 12, 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 also states the change of auditors is required by companies whose financial years have ended on September 30, 2003 or going to end on December 31, 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 listed companies whose financial year ended on September 30, 2003, if such company has its Annual General Meeting before January 1, 2004, in accordance with SECP's notification.
