ISLAMABAD: The Public Accounts Committee (PAC), on Thursday, sought support from the Finance Division to get access of Auditor General of Pakistan’s (AGP’s) access to the accounts of a leading bank for audit purposes.
The parliamentary panel also warned the board of directors of the bank that the committee could issue directives to the federal government to disband the board in case it failed to comply with the directives of the PAC.
In early meeting, the committee summoned chairman board of directors of that bank to explain why the board has not authorised AGP to carry out its audit. The chairman board of directors contended that the bank was generating and financing its expenditure by its own and the government never budgeted any allocation to the bank.
He further said the bank has been following all the rules and regulations given by the regulator. He maintained that the 18th Amendment has further strengthened their stance as it gives clarity that the AGP can audit only government-funded organisations.
He pointed out that the bank has its own internal audit mechanism. The committee directed the Finance Division to write a letter to the bank with the directive to withdraw case from the court and give access to the AGP to bank’s accounts.
Copyright Business Recorder, 2021