The Securities and Exchange Commission of Pakistan (SECP) has directed unlisted companies not to file their revised audited accounts. In a statement issued by the commission on Thursday, SECP said certain unlisted companies revise their annual audited accounts already filed with the registrar and then file these as ‘revised annual audited accounts’ for the same financial year. This results into filing of more than one set of accounts in the record of the registrar for the financial year. Any document required to be filed with the registrar can only be revised if the registrar requires so, it added. It has been noted that certain unlisted companies filed revised set of their annual audited accounts even though it was not required by the registrar and this practice is against provisions of law and accounting standards. The revision of annual audited accounts, on discovery of errors, can only be rectified in subsequent period accounts according to the provisions of accounting standards, it added.
when the companies are trapped in income tax problems they change the accounts with the help of auditors who are chartered accountants
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