Background

SECP vide its Circular letter ID/PRDD/MISC/2016/4703 dated April 15, 2016 has asked Insures to submit the Annual Statement of Compliance with Section 11 and 12 of the Insurance Ordinance 2000 duly reviewed and certified by the statutory auditors along with the review report.

The Institute’s relevant Committee to have consistent practice across the industry, has developed a suggested format for the review report for a limited assurance engagement based on International Standard on Assurance Engagements 3000, ‘Assurance Engagements other than audits or reviews of historical financial statements’ issued by the International Auditing and Assurance Standards Board.

Further, as the report is only for the use of SECP that has been specified at the end of the report.

Members are advised to take guidance from the enclosed format.

Circular 6 – Format of Review Report on Annual Statement of Compliance with Section 11 & 12 of the Insurance Ordinance 2000