Audit Firm Registration Process

To get registered with the Audit Oversight Board (AOB), an audit firm is required to follow the procedure as laid down in sub-regulation 2 of regulation 4 of the Audit Oversight Board (Operations) Regulations, 2018. Here is a step-wise guidance to the procedure:

1. Create Account

To create your firm’s account on Audit Firm Registration System (AFRS) follow the steps below:

  1. Click on the “Create Account” on AFRS and complete the registration form by entering the required information.
  2. Download the registration form and get it signed by the authorized partner of the audit firm. Once done, upload the signed and stamped form in your AFRS account. Your registration form will be reviewed by AOB. Once your account has been approved, you will receive an activation email.
  3. Login to your account and complete the required details of the Form-A, including particulars of the firm and any branch offices etc.
  4. To obtain a Letter of Recommendation (LOR), as specified in Schedule 4 to the Regulation.
  5. To obtain a letter of recommendation (LOR), download the Form-A and get it signed from the authorized audit partner of the firm and stamp of firm should be affixed. The Form-A should be sent to QAB.

2. Submission of LOR to AOB

Once the LOR is received from QAB, please submit the LOR along with Form-A to AOB.

3. Fee Submission

Pay fee as specified in Schedule 3 to the Regulation.

4. Certificate of Registration

Subject to regulation 4B, AOB may approve registration of an audit firm and in token of its approval, shall issue a Certificate of Registration under the signature of an Authorized Officer of AOB and enter the particulars of the applicant audit firm in the Register. A Certificate of Registration entitles the audit firm to conduct audit of public interest companies. The particulars of registered audit firm shall be entered in the Register which shall be posted on the website of AOB:

Provided that the registration of an audit firm shall be subject to continuing compliance with conditions stated below which require that firm shall be:

(i) maintaining satisfactory QCR Rating under the QCRF;

(ii) complying with all the applicable laws and regulations, QCRF, International Standards on Auditing (ISAs), relevant requirements of code of ethics as adopted by Institute, international standards related to quality and other professional pronouncements as applicable in Pakistan, by the audit firm and its Audit Partners;

(iii) submitting Form A as specified in Schedule 2 annually;

(iv) timely depositing the specified annual Fee; and

(v) submitting the revised Form A as specified in Schedule 2 to AOB within 15 days from the occurrence of changes, if any, in the particulars of registered audit firm