Section 35: Audit of accounts

35. Audit of accounts.___(1) The accounts of the Fund shall be audited by one or more independent auditors of international repute who shall be chartered accountants within the meaning of the Chartered Accountants Ordinance, 1961 (X of 1961), to be appointed by the Board. (2) The Board, on the recommendation of the audit committee, shall appoint the external auditors for a period of five years. (3) The Board may, on the recommendation of the audit committee, terminate the contract of the Fund’s external auditors and any removal of an auditor along with the reasons of the same must be notified to the Supervisory Council. (4) In case resignation is tendered by auditor then it shall communicate the reasons of its resignation to the Board. (5) The external auditor shall report to the audit committee and the Board on key matters arising from the audit and in particular on material weaknesses in internal controls relating to the financial reporting process. (6) The external auditors shall have full power to examine all books and accounts of the Fund and obtain all information about its transactions. (7) The Auditor-General of Pakistan may, without prejudice to the audits conducted by the external auditors pursuant to sub-section (1), conduct audit of the accounts of the Fund and such audit shall not have concern with the merits of the policy decisions, investment and divestment decision including return thereof by the Fund. (8) Any resigning external auditor must provide a letter to the Board explaining their reasons for resignation.

Effective date: 2023-08-04

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