SAQIB BASHIR & CO. CHARTERED ACCOUNTS versus HEAD OF DEPARTMENT (ENFORCEMENT) SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 255, 260 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33, while examining annual audited accounts of the relevant year and audit report by the Commission's Auditor Enforcement Department, unmodified report Had to issue. It has been observed that the company was incorporated in the year 2009, but it was not driven during the amendment year and earlier in the year, despite all the facts given, the auditor made a variable report without highlighting the fact. Which the company could not process. No operation; and inactive for the past two years, the Enforcement Department, not satisfied with the auditor's response, imposed a fine of Rs 10,000 for two years on the annual accounts of the company's auditor, indicating that the company Not working in Director's Reports. The company's administration had decided to keep the company inactive, both of these facts being material, were sufficient for the auditor to express their opinion in the report. Failure to amend the Auditor's Report as a result of the Company's financial condition raised significant doubts about the Company's capabilities, violating the mandatory provisions of Section 255 of the Company Ordinance 1984 that required the Auditor. In the event that there was no reason to interfere with an unknown order to provide a fair and fair view of the affairs of the company, the appeal was dismissed. \ r \ n
Related judgments — Securities and Exchange Commission of Pakistan, 2014
