Section 36H: Definitions. In this Part,

Plain-Language Summary

A general explanation to aid understanding. The official statutory text appears below.

This section defines the following terms used in The Securities and Exchange Commission of Pakistan Act, 1997: • auditor — a chartered accountant within the meaning of Chartered Accountants Ordinance, 1961 (X of 1961) being a person qualified to be appointed as auditor of a company under section 253 of the Ordinance; • audit firm — a firm of chartered accountants in practice organized as partnership under the Partnership Act, 1932 (IX of 1932) or a sole proprietary firm being an auditor; • employee — any officer or employee of AOB; • fund — fund established under this Part; • Institute — the Institute of Chartered Accountants of Pakistan established under the Chartered Accountants Ordinance, 1961 (X of 1961); • member AOB — the member of AOB; • nominating committee — committee comprising following ex­officio members, namely:— (i) Secretary to the Government of Pakistan, Finance Division; (ii) the Chairman of the Commission; (iii) the President of the Institute; (iv) the Governor State Bank of Pakistan; and (v) one member to be co­opted by the ex­officio members; • public interest company — such company or body corporate as may be notified by the Commission; • registered audit firm — an audit firm registered with AOB; and • specified — specified through regulations made under section 36Z This is the official statutory text, shown as written — it is not a paraphrase or a legal opinion. Consult a verified lawyer to see how it applies to your specific situation.

36H. Definitions. In this Part,— (a) “auditor” means a chartered accountant within the meaning of Chartered Accountants Ordinance, 1961 (X of 1961) being a person qualified to be appointed as auditor of a company under section 253 of the Ordinance; (b) “audit firm” means a firm of chartered accountants in practice organized as partnership under the Partnership Act, 1932 (IX of 1932) or a sole proprietary firm being an auditor; (c) “audit oversight board” or “AOB” means the independent audit oversight board established under section 36; (d) “employee” means any officer or employee of AOB; (e) “fund” means fund established under this Part; (f) “Institute” means the Institute of Chartered Accountants of Pakistan established under the Chartered Accountants Ordinance, 1961 (X of 1961); (g) “member AOB” means the member of AOB; (h) “nominating committee” means committee comprising following ex­officio members, namely:— (i) Secretary to the Government of Pakistan, Finance Division; (ii) the Chairman of the Commission; (iii) the President of the Institute; (iv) the Governor State Bank of Pakistan; and (v) one member to be co­opted by the ex­officio members; (i) “public interest company” means such company or body corporate as may be notified by the Commission; (j) “quality assurance board” or “QAB” means the quality assurance board constituted by the Institute; (k) “registered audit firm” means an audit firm registered with AOB; and (I) “specified” means specified through regulations made under section 36Z.

Effective date: 1997-01-01

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