LAHORE: The Pakistan Railways has decided to get its financial statements audited under the International Financial Reporting Standards (IFRS) for the first time in its history to strengthen financial transparency, accountability and good governance.
Federal Minister for Railways Hanif Abbasi announced that the services of an internationally reputed chartered accountancy firm would be hired to audit the organisation’s financial statements for the fiscal year 2025-26.
He said the selection of the audit firm would be made strictly on merit and in accordance with the Public Procurement Regulatory Authority (PPRA) rules. The entire procurement process would be conducted through the e-PADS portal to ensure transparency.
The initiative was part of Pakistan Railways’ broader efforts to improve financial discipline, internal controls and institutional transparency in line with the State-Owned Enterprises (SOE) Act, 2023.
Abbasi said stringent decisions would be taken in light of the independent audit report, adding that there would be no compromise on transparency and every rupee of the organisation would be accounted for. He said eliminating corruption and ensuring financial accountability were among the government’s top priorities.
He said Prime Minister Shehbaz Sharif was personally overseeing the performance of Pakistan Railways and implementation of its reform agenda.
Copyright Business Recorder, 2026
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