The government has appointed chairman and members of Audit Oversight Board (AOB).
According to a press statement issued by the Securities and Exchange Commission of Pakistan (SECP) here on Monday, the Finance Ministry issued a notification on Friday, Dec 23 for appointment of chairman and members of the Audit Oversight Board (AOB) formed under the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997).
Dr Tariq Hassan has been notified as chairman while Ahmad Saeed, Muhammad Naeem, Faresa Jafarey Ahsan, Shahid Ghaffar, Tariq Iqbal Khan and Asif Usman as members of the board.
These appointments have been made with immediate effect and for a period of three year, the statement said, adding the appointments have been made on the recommendation of the nominating committee comprising the SECP chairman, Finance Division secretary, SBP governor and ICAP president.
All the appointees are eminent professionals having vast experience in the relevant fields, it added. Dr Tariq Hassan is an attorney practicing law and has been the ex-chairman of SECP and advisor to the Finance minister in the past.
Ahmad Saeed is a fellow member of the ICAP and the Institute of Cost & Management Accountants of Pakistan (ICMAP). Muhammad Naeem is also a chartered accountant and is presently serving as a board member of the NBP and the PSX. He has also served as chairman, Lahore Stock Exchange in the past.
Ms Faresa is a leading corporate lawyer in Pakistan and is currently associated with LMA Ebrahim Hosain. Shahid G Khan is currently working as Managing Director, National Investment Trust. He has also served as SECP commissioner and KSE MD in the past.
Tariq I Khan is also a fellow chartered accountant and has served at numerous key positions such as ISE president, FBR Member and SECP commissioner.
Asif Usman is a retired BPS-22 officer of the Pakistan Audit & Accounts Service and remained Controller General of Accounts.
The AOB is a body formed under the SECP Act, 1997 to regulate the audit profession in the country. Its functions among many others include registration and de-registration of audit firms which intend to carry out audit of public interest companies, oversight and review of the Quality Assurance Board of the Institute of Chartered Accountants of Pakistan (ICAP) etc.
The process involves the analysis of work order sequences to discover any or all sequences that operate inefficiently and for the reasons why they do so. With routine cost accounting, manufacturers can operate with more reliable estimated costs.
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