Audit Rights u/s 254

of the Companies Ordinance 1984

Dear Member
I am personally thankful to the respected members for sharing their ideas, views and offering their comments
for betterment of the Technical Support and Practice Development. Participation of the members towards
affairs of the institute is highly appreciated.
You may be aware that Securities and Exchange Commission of Pakistan (SECP) is in process of revising
Companies Ordinance, 1984 and it is expected that draft, Company Law may be placed for public views/
comments within short span of time. We had already approached SECP for audit rights under section 254 of
the Companies Ordinance, 1984. We may be required to present our case before Corporate Law Review
Committee (CLRC) for inclusion of CMAs as auditors of the companies at par with CAs. To support our
demand, we require justifications with valid reasons and sound grounds to prepare our case.
Members in general and practicing members in particular are requested to provide the justifications with
valid reasons and sound grounds (including reference of International Cost and Management Accounting
Bodies), as to Why the Financial Audit Rights may also be extended to CMAs at par with CAs.
Kindly share your valuable inputs at ideas.tspd@icmap.com.pk.
For any clarification, please feel free to contact Mr. Tariq Javed Kamboh Director TSPD at 051-2894281 or
+92 300 9752816.
Best Regards

Waqar Ali Khan, FCMA

Chairman TSPD Committee (ICMAP)