ISLAMABAD: The Privatisation Commission (PC) is yet to recover outstanding receivables of Rs 5.2 billion from 13 parties, who failed to clear their obligations, well informed sources told Business Recorder.
Sharing the details, sources said, the PC Board in its meeting held on Sept 05, 2022 approved to appoint Crowe Hussain Chaudhury & Co Chartered Accountants (M/s Crowe CA) as external auditors for audit of PC receivables-privatisation proceeds (13 entities) as on June 30, 2022 at a total fee of Rs 498,000 including out of pocket expenses.
Accordingly, an agreement was signed on Sept 09, 2022 by the parties for the purpose. M/S Crowe CA completed the audit and submitted a detailed Audit Report of Privatisation Commission receivables-privatisation proceeds (13 entities) containing the Receivable Statement of the Commission as on June 30, 2022 Salient features of the report are as follows:
(i) the receivable statement of the Commission as on June 30, 2022 is prepared, in all material respects, in accordance with accrual basis of accounting, the sales agreement entered into with buyers, arbitration awards and court decrees issued; (ii) audit was conducted in accordance with the International Standards on Auditing (ISAs) as applicable in Pakistan; (iii) Auditors obtained sufficient and appropriate audit evidence to provide basis for their opinion; (iv) statement was prepared to assist the Commission’s Board in evaluation of recoverability of its receivables from parties ; and (v) as per receivable report approximately Rs 5.2 billion was outstanding from 13 parties as on June 30, 2022.
The PC Board Special Committee (for External Audit) examined the report prepared by the Crowe Hussain Chaudhury & Co Chartered Accountants and unanimously recommended to the PC Board for adoption of Audit Report-Privatisation Commission Receivables-Privatisation Proceeds (13 entities) containing the receivable statement of the Commission as on June 30, 2022 along with Comfort Letter (to be issued to the Auditors for restriction on use/ distribution of Auditors Report).
The PC Board has approved the audit report of Privatisation Commission Receivables-privatisation proceeds (13 entities) as on June 30, 022 containing the receivable statement of the Commission as on June 30, 2022.
The Board also approved the Comfort Letter to be issued to the Auditor for restriction on use/ distribution of Auditors Report and in principle approval for payment to the auditor on account of additional services (i.e., for defending their opinion in courts/ other forums.
The Board also authorised the Chairman Special Committee (for External Audit) Zafar lqbal Sobani and the Secretary, Privatisation Commission to sign the receivable statement on behalf of the Board.
Copyright Business Recorder, 2023
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