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SECP Annual Filing of Form 29 & Form A
SECP Annual Filing of Form 29 & Form A in Pakistan:
The Securities and Exchange Commission of Pakistan (SECP) is the regulatory authority in Pakistan responsible for the regulation and supervision of the capital market, corporate sector, and insurance industry. One of the key responsibilities of the SECP is to ensure that all companies registered under the Companies Act, 2017, comply with the provisions of the law and file their annual returns and financial statements in a timely and accurate manner. In this context, SECP has introduced the requirement of filing Form 29 and Form A annually by all companies registered in Pakistan. In this article, we will discuss the SECP annual filing of Form 29 and Form A in Pakistan in detail.
Form 29:
Form 29 is a form prescribed by the SECP for the annual filing of the particulars of the directors, chief executive, and auditors of the company. All companies registered under the Companies Act, 2017, are required to file Form 29 with the SECP within thirty days of the annual general meeting (AGM). The AGM is held once every year and is a mandatory requirement for all companies.
- The Form 29 contains the following information:
- Name of the company
- Address of the registered office of the company
- Name and CNIC number of the directors of the company
- Name and CNIC number of the chief executive of the company
- Name and address of the auditor of the company
- The date on which the AGM was held
- The date on which the Form 29 was signed by the authorized person of the company
The purpose of filing Form 29 is to provide the SECP with up-to-date information about the directors, chief executive, and auditors of the company. This information is essential for the SECP to ensure that the company is being managed in accordance with the Companies Act, 2017, and the rules and regulations prescribed by the SECP. The SECP uses this information to monitor the activities of the company and take appropriate action if any irregularities are detected.
Form A:
Form A is another form prescribed by the SECP for the annual filing of the financial statements of the company. All companies registered under the Companies Act, 2017, are required to file Form A with the SECP within thirty days of the AGM. The purpose of filing Form A is to provide the SECP with the financial information of the company, which is essential for the SECP to monitor the financial performance of the company and ensure that the company is complying with the accounting and financial reporting standards prescribed by the SECP.
The Form A contains the following financial statements:
- Balance sheet
- Profit and loss account
- Cash flow statement
- Statement of changes in equity
- Notes to the financial statements
- Name of Auditor
The financial statements must be prepared in accordance with the International Financial Reporting Standards (IFRS) or the Generally Accepted Accounting Principles (GAAP) prescribed by the SECP. The financial statements must be audited by a chartered accountant or a firm of chartered accountants registered with the Institute of Chartered Accountants of Pakistan (ICAP).
The purpose of the audited financial statements is to provide the SECP with an independent assessment of the financial position and performance of the company. The audit report must contain the following information:
- A statement about the auditor’s independence and objectivity
- A statement about the auditor’s responsibility for the audit
- A statement about the auditor’s opinion on the financial statements
- A statement about the basis of the auditor’s opinion
- Any other information that the auditor deems necessary to include in the report
- Penalties for Non-Compliance
