The State Bank of Pakistan (SBP) has upgraded the status of SM Suhail & Co, Chartered Accountants, on its Panel of Auditors maintained under Section 35(1) of the Banking Companies Ordinance, 1962, marking an important development for the audit firm within Pakistan’s regulated banking framework.
According to a notification issued by the central bank on January 15, SM Suhail & Co has been elevated from Category ‘C’ to Category ‘B’ on the SBP’s approved panel, with immediate effect. The panel categorisation is a key regulatory mechanism used by the central bank to determine the eligibility and scope of audit assignments that audit firms can undertake for banks and financial institutions operating in Pakistan.
The upgrade enables SM Suhail & Co to qualify for a broader range of audit engagements, subject to compliance with applicable SBP regulations and guidelines. Firms placed in higher categories on the SBP’s panel are generally permitted to conduct audits of larger and more complex banking and financial entities, reflecting the regulator’s assessment of their professional capacity, experience, and compliance track record.
The SBP maintains the Panel of Auditors to ensure that banks and financial institutions engage audit firms that meet stringent professional and regulatory standards. The categorisation process takes into account factors such as the firm’s human resource strength, professional qualifications of partners, quality control systems, prior audit experience, and adherence to regulatory requirements. Upgrades on the panel are typically viewed as an acknowledgement of a firm’s improved capacity and alignment with supervisory expectations.
Under the Banking Companies Ordinance, 1962, the appointment of auditors for banks and certain financial institutions requires prior approval from the SBP. The panel system helps the regulator exercise oversight over audit quality in the financial sector, which is considered critical for maintaining transparency, financial stability, and depositor confidence.
Industry participants note that inclusion in a higher category on the SBP’s panel can significantly enhance an audit firm’s standing within the financial sector. It allows access to a wider client base and more complex audit mandates, while also placing greater responsibility on the firm to maintain high professional and ethical standards.
The upgrade of SM Suhail & Co comes at a time when the SBP has been placing increased emphasis on strengthening governance, risk management, and disclosure standards across the banking and financial services industry. External auditors play a central role in this framework by providing independent assurance on financial statements, internal controls, and regulatory compliance.
Pakistan’s banking sector continues to operate under a robust regulatory regime, with the SBP regularly updating supervisory standards and enforcement mechanisms. The role of qualified and competent audit firms is viewed as an essential component of this ecosystem, particularly as banks adopt more complex products, digital channels, and risk management practices.
With its elevation to Category ‘B’, SM Suhail & Co is now positioned to contribute more extensively to the audit and assurance landscape of Pakistan’s banking and financial sector. The firm will be eligible to undertake expanded audit assignments in line with SBP rules, reinforcing the central bank’s objective of ensuring high-quality external oversight within the regulated financial system.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.