State Bank, SECP & Other

QCR Rated Firms List

Saboor Ahmad
[Senior Tax Advisor – BDO Riyadh Saudi Arabia]
[Founder of CA Professionals Pakistan]

Contact Details:
[+92 3029114479 / +96 656517276]
Social Responsibility:

Dear CA Students,
We have prepared a combined & organized document of SBP, SECP and Other QCR Rated
Firms in a single document. We value your experience, please review the document and
share your feedback if you find any mistake or error in the listing of Firms by contacting me
on WhatsApp at 0323-4049879 OR 0302-9114479.

Stay tuned:
We will update the file time to time.

CA Professionals Pakistan WhatsApp Channel:

Must Join our CA Professionals Pakistan Induction Channel to get induction updates related
to CA/ACCA Across Pakistan and share with your friends.

Link:
https://whatsapp.com/channel/0029VaCNeoE9MF8ySgrGDQ1W

Best Regards,
CA Professional Pakistan Team
Sawera Nazeer
[External Auditor - Zahid Jamil & Co.]
[+92-314-7986599]

Muhammad Nauman
[+92-323-4049879]
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Important Information

What are QCR Firms?

1. The simple meaning of QCR is that ICAP has reviewed the audits conducted by a firm and found them
satisfactory. As per standards, the audits have been done properly, and ICAP issues a satisfactory QCR
certificate for them.
2. Additionally, some matters related to students, managers etc., which are called ISQM (International
Standards on Quality Management) and similar, are also reviewed for example, whether they are
properly managing people and meeting requirements. QCR does not mean that ICAP is keeping
constant watch over everything a firm does or monitoring people all the time.

SECP Categories of Firms?

• SECP basically maintains categories for Audits of Insurance Companies, Modarabas, Mutual Funds, etc.
Category A:
Only certain top audit firms (listed by SECP) can audit the following large or regulated entities:
• Stock Exchanges, Futures Exchanges, Clearing Houses, and Depository Companies
• Securities Brokers with a Trading and Clearing license
• Asset Management Companies, Pension Fund Managers, or NBFCs with Rs. 50 billion or more Assets
under Management (AuM), and deposit-taking NBFCs
• Modarabas with assets of Rs. 1 billion or more
• Collective Investment Schemes, Voluntary Pension Schemes, or REITs with assets of Rs. 10 billion or
more
• Insurance, Reinsurance, or Takaful Operators with assets of over Rs. 10 billion
• Collateral Management Companies
• Credit Rating Companies
• Professional Clearing Members
These entities must appoint auditors only from the SECP-approved list (alphabetical order).

Category B:
The following entities can appoint auditors either from the SECP-approved list under this clause (alphabetical
order) or from the list given under clause (i):
• Securities Brokers with a Trading and Self-Clearing license
• Asset Management Companies, Pension Fund Managers, or NBFCs with less than Rs. 50 billion AuM
• Non-deposit taking NBFCs that lend through mobile applications
• Modarabas with assets of less than Rs. 1 billion
• Collective Investment Schemes, Voluntary Pension Schemes, or REITs with assets of less than Rs. 10
billion
• Insurance, Reinsurance, or Takaful Operators with assets of Rs. 10 billion or less
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Other Than Category A & B:

The following entities can appoint any audit firm with a Satisfactory QCR Rating from ICAP
• Securities Brokers with a Trading-Only license
• Futures Brokers of PMEX
• Securities and Futures Advisers
• Modarabas with assets of less than Rs. 200 million
• Lending NBFCs (non–deposit-taking)
• Insurance Brokers and Reinsurance Brokers
• Third Party Administrators
• Corporate Restructuring Companies and the trusts created by them
• Share Registrars and Balloters

State Bank Categories of Firms?

• State Bank of Pakistan maintains categories for the Audits of Banks and DFI’s (Development Finance
Institutions).

Category ‘A’ Category ‘B’ Category ‘C

Audit Firms in Category “B” are Audit Firms in Category “C”
Audit Firms in Category eligible to conduct audit of are eligible to conduct audit
“A” are eligible to conduct Banks and DFIs having assets up of banks and DFIs having
audit of all Banks and DFIs to Rupees 100 billion or assets up to Rupees 15 billion
branches up to 160. or branches up to 30

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If any Firm is not present in the given list, It means that the Firm is Non-QCR Rated.
* Firms with valid QCR Rating (As of August 29, 2025)
** Where the QCR validity of firm has expired, the QCR rating of the firm remains valid as the QCR renewal is in process
*** Firms restored in the list through court orders

Category Under Category Under

Sr No Firm Name
SBP SECP
1 A. A. Baig & Co. * QCR QCR
2 A. Aziz Chaudhury & Co. * QCR QCR
3 A. B. M. & Co. * QCR QCR
4 A. D. Akhawala & Co. * QCR QCR
5 A. F. Ferguson & Co. * QCR-A QCR-A
6 A. H. W. & Co. * QCR QCR
7 A. M. Laliwala & Co. * QCR QCR
8 A. Shahbaz & Co. * QCR QCR
9 Abbas & Co. * QCR QCR
10 Abdan & Co. * QCR QCR
11 Abdul Khaliq & Co. * QCR QCR
12 Abdul Rahman & Co. * QCR QCR
13 Ahmed Mushir & Salariya * QCR QCR
14 Akhter Mahmood Mian *** QCR QCR
15 Akram & Co. * QCR QCR
16 Alam & Aulakh * QCR QCR
17 Ale Imran & Co. ** QCR QCR
18 Ali Akhtar Adnan * QCR QCR
19 Amin & Co. * QCR QCR
20 Amin Mudassar & Co. * QCR-B QCR-B
21 Amir Alam Khan & Co. * QCR QCR
22 Arshad Raheem & Co. * QCR QCR
23 Aslam Malik & Co. ** QCR QCR
24 Ather Rasool Imran & Co. * QCR QCR
25 Avais ** QCR QCR
26 Azhar Zafar & Co. ** QCR QCR
27 Baker Tilly Mehmood Idrees Qamar * QCR-A QCR-A
28 BDO Ebrahim & Co * QCR-A QCR-A
29 Clarkson Hyde Saud Ansari ** QCR QCR
30 Crowe Hussain Chaudhury & Co. * QCR-A QCR-A
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31 Daudally Lalani & Co. * QCR QCR

32 Dawood Saif & Co * QCR QCR
33 EY Ford Rhodes * QCR-A QCR-A
34 F. R. Merchant & Co. * QCR QCR
35 Faiz & Co. ** QCR QCR
36 Faruq Ali & Co. * QCR QCR
37 Fatah & Co. * QCR QCR
38 Fazal Mahmood & Co. * QCR-C QCR-B
39 Feroze Sharif Tariq & Co. * QCR-C QCR
40 Ghazi & Co. ** QCR QCR
41 Grant Thornton Anjum Rahman * QCR-A QCR-A
42 Gul Ahmed & Co. * QCR QCR
43 H. A. M. D. & Co. * QCR-B QCR-B
44 H. O. A. * QCR QCR
45 Hafizullah & Co. ** QCR QCR
46 Hameed Zahid & Co. * QCR QCR
47 Hashmi & Co. * QCR QCR
48 Hasnain Ali & Co ** QCR QCR
49 Hasnain Rashid & Co. * QCR QCR
50 Hassan Farooq & Co. ** QCR QCR
51 HLB Ijaz Tabussum & Co. * QCR-B QCR
52 Ibrahim, Shaikh & Co. ** QCR-C QCR
53 Ilyas Saeed & Co. * QCR-A QCR-A
54 Iqbal Yasir & Co. * QCR-C QCR
55 Ishtiaq Ahmad & Co *** QCR QCR
56 Ishtiaq Rana & Co. * QCR QCR
57 Izhar & Co. * QCR QCR
58 J. A. S. B. & Associates *** QCR-C QCR
59 Jalis Ahmad & Co. * QCR QCR
60 Javaid Jalal Amjad & Co. * QCR QCR
61 Javed & Co. * QCR QCR
62 Junaidy Shoaib Asad ** QCR-C QCR-B
63 Kaleem & Co. ** QCR QCR
64 Kamran & Co. * QCR QCR
65 KPMG Taseer Hadi & Co. * QCR-A QCR-A
66 Kreston Hyder Bhimji & Co. * QCR-A QCR-A
67 M. A. Chaudhri & Co. * QCR QCR

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68 M. Almas & Co. * QCR QCR

69 M. R. M. E. & Co. * QCR-B QCR
70 M. Saleem Associates ** QCR QCR
71 Mahboob Sheikh & Co. * QCR QCR
72 Malik & Co * QCR QCR
73 Malik Haroon Ahmad & Co. * QCR-C QCR-B
74 Masoom Akhtar & Co. * QCR QCR
75 MAZARS M.F. & Co. * QCR-C QCR
76 Mian Saleem & Co. * QCR QCR
77 Mohsin & Co. * QCR QCR
78 Moore Shekha Mufti * QCR QCR
79 Muhammad Ali Hussain & Co. * QCR QCR
80 Munaf Yusuf & Co. * QCR QCR
81 Muniff Ziauddin & Co. * QCR-A QCR-A
82 Mushtaq & Co. ** QCR-B QCR-B
83 Nadeem Safdar & Co. ** QCR QCR
84 Naeem & Co * QCR QCR
85 Nasir Jamil & Co. * QCR QCR
86 Nasir Javaid Maqsood Imran ** QCR-B QCR-A
87 Nauman Javed Hasnain Rashid *** QCR QCR
88 Naveed Zafar Ashfaq Jaffery & Co. ** QCR-A QCR-B
89 Omer Adil & Co. * QCR QCR
90 Parker Russell-A. J. S. ** QCR-B QCR-A
91 Peter & Co * QCR QCR
92 PKF F.R.A.N.T.S. * QCR-B QCR-B
93 Qadeer & Co. *** QCR QCR
94 Rafaqat Babar & Co. * QCR QCR
95 Rafaqat Mansha Mohsin Dossani Masoom & Co. *** QCR-C QCR
96 Rafqat Hussain & Co * QCR QCR
97 Rahman Sarfaraz Rahim Iqbal Rafiq ** QCR-A QCR-A
98 Rao & Company * QCR QCR
Reanda Haroon Zakaria Aamir Salman Rizwan & Co.
99 QCR-B QCR-A
(Formerly Reanda Haroon Zakaria & Co.) *
100 Riaz & Co. ** QCR QCR
101 Riaz Ahmad & Co. * QCR-A QCR-A
102 Riaz Ahmad, Saqib, Gohar & Co. * QCR-B QCR-B
103 Rizwan & Co. * QCR QCR-A

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104 Rizwani Imtiaz & Co. ** QCR QCR

105 RSM Avais Hyder Liaquat Nauman * QCR-A QCR-A
106 S. M. A. R. T. * QCR QCR
107 S. M. Suhail & Co. * QCR-C QCR-B
108 Saeed Ul Hassan & Co. * QCR QCR
109 Sarwar Awan & Co. ** QCR QCR
110 Sarwars *** QCR-C QCR
111 Shafaqat Hassan Majid & Co. * QCR QCR
112 Shahbaz Hannan & Co. * QCR QCR
113 Sheikh & Chaudhri * QCR QCR
114 ShineWing Hameed Chaudhri & Co. * QCR-B QCR-B
115 Suriya Nauman Rehan & Co. ** QCR-B QCR
116 Tabussum Saleem & Co * QCR QCR
117 Tahir Siddiqi & Co. ** QCR QCR
118 Tariq Abdul Ghani & Co. * QCR-B QCR-B
119 UHY Hassan Naeem & Co. * QCR-A QCR-A
120 Usmani & Co. * QCR QCR
121 Uzair Hammad Faisal & Co. * QCR-C QCR
122 Viqar A. Khan & Co. ** QCR QCR
123 Waqas & Co. * QCR QCR
124 Yaqub & Co. * QCR QCR
125 Yousuf Adil * QCR-A QCR-A
126 Yusaf Saeed & Co. ** QCR QCR
127 Z. M. T. & Co. * QCR QCR
128 Zaheer Babar & Co. * QCR QCR
129 Zahid Ali Faisal Asjad & Co. ** QCR QCR
130 Zahid Jamil & Co. * QCR-B QCR
131 Zulfiqar Ahmad & Co. * QCR QCR