Section 36U: Inspection and proceedings by AOB

36U. Inspection and proceedings by AOB.—(1) AOB on a complaint, suo moto or on reference made by the Commission or State Bank of Pakistan may conduct inspection of records of QAB, in respect of an audit firm registered under this Part, to ensure compliance of this Part or regulations made hereunder: Provided that, if AOB is not satisfied with the work of QAB, it may directly conduct inspection of records of audit firm and the public interest company. (2) For the purposes of sub­section (1), AOB or any person authorized in this behalf shall have the same powers as are vested in the civil court under the Code of Civil Procedure, 1908 (Act V of 1908), while trying a suit, in respect of the following matters, namely:— (a) discovery and production of books of account and other documents, at such place and at such time as may be specified; (b) summoning and enforcing the attendance of persons and examining them on oath or affirmation; (c) inspection of any books, registers and other documents of any person referred to in clause (b) at any place; (d) issuing commissions for examination of witnesses or documents; and (e) receiving evidence on affidavit.

Effective date: 1997-01-01

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