Cabinet committee proposes forensic audit of major loss-making SOEs

ISLAMABAD: Cabinet Committee on State Owned Enterprises (SOEs) on Monday proposed a forensic audit of major loss making SOEs on the instructions of Prime Minister Imran Khan.

The meeting of the committee was chaired by Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

Hafeez Shaikh directed that before taking a final decision on the proposed forensic audit, detailed information regarding the availability of sufficient forensic audit expertise within Auditor General Pakistan (AGP), estimate of cost in case the audit is to be outsourced to leading audit firms, proposed time duration of forensic audit and a proposed list of loss-making entities should be shared with the committee before the next meeting.

The adviser was given a detailed briefing on the triage of SOEs. The triage was undertaken for liquidation, privatisation and retention under government ownership, on the basis of economic rationale and financial performance of SOEs.

The committee discussed in detail issues pertaining to retention, privatisation and restructuring of proposed SOEs.

Hafeez Shaikh directed that the list should be reviewed and revisited till the next meeting and a new category may be introduced in the list where ownership may be retained by the government and the entity can be operated by the private sector for better management.

A draft law related to SOEs was also discussed in the meeting. Hafeez Shaikh directed that the law may be reviewed further in consultation with the Law Division and other line ministries/divisions.

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