Section 36K: Functions of AOB. Notwithstanding anything contained in any other law, AOB shall

36K. Functions of AOB. Notwithstanding anything contained in any other law, AOB shall perform the following functions, namely:— (a) to register audit firms, which carry out or intend to carry out audit of public interest companies in the manner laid down in sub­section (1) of section 36T; (b) to deregister audit firms in the manner laid down in sub­section (2) of section 36T; (c) to undertake comprehensive review and examination of the QAB work and independently assess the appropriateness of the quality control review framework and take such actions as deemed necessary; (d) to oversee and review policies, procedures, programs of QAB for ensuring an effective oversight of quality of audit of public interest companies and to specify any improvement required in QAB's policies, procedures and systems; (e) to direct the Institute for making such changes in the quality control review framework as it considers necessary or expedient for the purposes of this Part; (f) to ensure that the auditing standards adopted by the Institute conform to the international standards as issued by International Auditing and Assurance Board; (g) to conduct inspections and inquiries in respect of matters related to this Part and regulations made hereunder; and (h) to coordinate with relevant authorities including the Commission, State Bank of Pakistan and the Institute in formulating and implementing strategies for enhancing the reliability of quality and effectiveness of audits of public interest companies.

Effective date: 1997-01-01

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