KARACHI – The State Bank of Pakistan (SBP) has extended its deadline for banks and Development Financial Institutions (DFIs) to submit a ‘Long Form Report’ till June 30, said a circular issued by the central bank on Saturday.
“It has been decided that statutory auditors of banks/DFIs can now submit to this department, a ‘Long Form Report’ for the year ended December 31, 2010, latest by June 30, 2011,” said SBP Circular Letter No 05 issued by the Banking Surveillance Department.
Moreover, banks and DFIs have been asked to submit a “status report” to the State Bank, by the 15th of next month, to indicate their progress towards meeting the extended timeline. All other instructions on the subject shall, however, remain unchanged, the circular said.
The SBP move is primarily aimed at strengthening internal controls over financial reporting in banks and DFIs.
