The Office of Auditor General of Pakistan (AGP) has made recoveries of Rs 5.655 billion from various federal and provincial departments during the first two months of the current fiscal year (2020-21).
According to the latest data of AGP Office, the recoveries from federal government departments stood at Rs 5.411 billion whereas that from provincial and district offices stood at Rs 243.9 million.
The break up figures show that the highest recovery during the period under review was made by Director General Audit Petroleum and Natural Resource, Lahore that recovered Rs 3.757 billion followed by Director General Postal & Telecommunication Lahore that recovered Rs 541.56 million.
Similarly Director General Audit Federal government Islamabad managed the recoveries of Rs 6.84 million, DGA (F&I) Islamabad, Rs 2.96 million, DGA Social Safety Net, Rs 4.32 million, and DGA Rawalpindi made recoveries of Rs 78.31 million.
Further DGA (DA) Karachi made recoveries of Rs 13.75 million, DGA Works China Pakistan Economic Corridor (CPEC) Islamabad recovered Rs 62.54 million, DGA (CA&E) Islamabad Rs 2.55 million and DGA9CE&E) Karachi recovered Rs 169.44 million.
The amount recovered by DGA works (federal) Islamabad stood at Rs 363.9 million, while that by DGA Power Sector, Lahore stood at Rs 9.14 million besides DG Audit (Railways), Lahore recovered Rs 131.21 million and DGA (IR&C) Karachi made recoveries of Rs 212.24 million.
Among provincial and district government recoveries, DGA (works provincial) Lahore managed recoveries of Rs 2.29 million, DGA Punjab, Lahore managed Rs 9.94 million, DGA KPK, Peshawar Rs 5.14 million, DGA Sindh, Karachi Rs 28.69 million while DGA Balochistan, Quetta managed Rs 113.21 million.
Likewise an amount of Rs 43.13 million was recovered by DGA AJK, Muzaffarabad, Rs 17.88 million by DGA district (North) Punjab Lahore, Rs 22.14 million by DGA district (South) Multan, Rs 1.27 million by DGA district KPK Peshawar and Rs 0.21 million were recovered by DGA (L.C) Balochistan, Quetta.
It may be mentioned here that the Auditor General Office conducts the annual audits of various government offices and institutions through its field offices.
The office has so far completed the audits until the year 2019-20. However the audit report of the year 2019-20 have not been laid in the Parliament yet.
The AGP offices identifies the irregularities in various departments through audit paras.
The Public Accounts Committee (PAC) discusses the audit reports of each year and after detailed discussion the committee testifies the report. On the basis of that report, the recoveries are made from the concerned departments.
SECP approves disclosure framework: The Securities and Exchange Commission of Pakistan (SECP) Tuesday approved disclosure framework to provide participants and general public with sufficient information for better understanding of Financial Market Infrastructures (FMIs), regulatory, supervisory, and oversight policies of SECP.
The disclosure framework has been prepared in accordance with the Principles for Financial Market Infrastructure (PFMIs) that pertain to standards of governance, risk management and protection of interests of participants, said a press release issued here.
The PFMIs have been jointly developed by International Organization of Securities Commission (IOSCO) and Committee on Payments and Market Infrastructures (CPMI) and recognized by the IMF and the World Bank.
The National Clearing Company of Pakistan Limited (NCCPL) and the Central Depository Company of Pakistan Limited (CDC) are important FMIs facilitating clearing, settling, recording of securities, derivatives and other financial transactions.
Both the institutions are regulated by SECP and play a critical role in fostering financial stability.
Earlier, with the assistance of World Bank, self-assessment of SECP being regulatory authority, and NCCPL and CDC being FMIs, were conducted and found broad compliance with PFMIs.
Based on these self-assessments, disclosure documents have been developed for NCCPL and CDC. Moreover, a separate document has been prepared by SECP to disclose its regulatory, supervisory, and oversight policies with respect to FMIs.
These disclosure documents will be made available to general public through respective websites and will be regularly updated, as and when deemed appropriate.
It is expected that compliance with the global standards in FMIs will enhance confidence of participants, particularly international investors and institutions in the financial system of Pakistan.
