KPMG Taseer Hadi Charge Rs 4.4 Million from Silk Bank in 2011
Auditors KPMG Taseer Hadi & Company made Rs 4.4 Million in total from the audit of Silk Bank in financial year 2011, up by staggering 23% from previous year’s Rs 3.6 Million. Although previous year’s audit of Silk Bank was not made by KPMG Taseer Hadi & Co.
Bank which was in a loss of one and a half billion in 2010 recovered in 2011 and posts half a billion in profits.
KPMG annual audit charge an annual audit fees of Rs. 1.7 million up from Rs 1 million in 2010. The increase might be the result of Silk Bank’s expansion and opening of new branches which results in more audit work.
Half of pocket expenses amounted to Rs 300,000 and half yearly review and special certification were Rs 700,000 and Rs. 1.7 million respectively.
The audit report prepared by KPMG draws attention to Silk Bank’s inability to meet the minimum capital requirement of Rs 8 Billion and capital adequacy ratio of of 10%, as applicable on banks by the State Bank of Pakistan.