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ISLAMABAD: Finance Division has directed the authorities to conduct special forensic audit of Peshawar Electric Supply Company (PESCO) and Hyderabad Electric Supply Company (HESCO).

At a recent meeting presided over by the caretaker Finance Minister, Dr Shamshad Akhtar, it was decided to conduct special audit of SSGCL, PESCO and HESCO.

Power sector quagmire: Implementation of 3-pronged strategy begins

Finance Division has drafted the following Terms of Reference (ToRs) for the special forensic audit of both power sector entities where losses are too high as compared to other power Distribution Companies: (i) evaluate whether financial statements give a true and fair view of the affairs of the company and are in compliance with relevant accounting and report standards;(ii) evaluate whether internal controls are in place and in effect;(iii) evaluate company is regulatory compliance; (iv) examine the achievement of Transmission & Distribution losses target fixed by NEPRA;(v) examine the detection bills in the light of commercial procedure NEPRA distribution code and policies in vogue; (vi) evaluate the achievement of annual revenue realization with reference to tariff determined by NEPRA; (vii) review and analyze subsidy claims’ verification and disbursement; (viii) review and analyse pending receivable with ageing; (ix) review whether there is any financial indiscipline in payment to pensioners;(x) review whether there are any irregularities in procurement against annual procurement Plans;(xi) report on any instances of non-recovery of liquidated damages from the supplies; and (xii) in case frauds are detected or negligence identified, make recommendations for fixing responsibility.

Copyright Business Recorder, 2023

Comments

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Rasheed Ahmed Qureshi Oct 04, 2023 10:52am
Excellent
thumb_up Recommended (0)
DR.A.BASHIR Oct 05, 2023 09:42pm
THIS WAS THE TASK PREVIOUS GOVERNMENT(S),!! WHICH THEY UNFORTUNATELY DIDN'T DO,!!!!
thumb_up Recommended (0)
Noor Oct 06, 2023 11:06am
Same should be done for other discos also
thumb_up Recommended (0)
Gul Oct 06, 2023 11:43am
Wasting people money doing these drama to do audit and so....PESCO worker tech u and for amount money thay how to stole electric only u need to pay them.
thumb_up Recommended (0)
Zaryab khan Oct 07, 2023 06:59pm
Absolutely correct. A good discission. It should be for all disco's and the responsible should be published heavily
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