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S. A. Pasha's ArticlesS. A. Pasha's Articles
SUNDAY, 19 JUNE 2011
REPORTING STANDARD ON OPPORTUNITYLOSSES
Working in the public sector
environment evoke my soul many
times about the need of financial
reporting standard for discloser
requirements with regard of the
opportunity loss(es) if any pointed
out by the management/auditors
(whether internal auditors or
external auditors).
It is a serious issue especially in case
of state owned enterprises that are
not subjected to legislative scrutiny
by Auditor General of Pakistan (AGP)
or the Public Accounts Committee
(PAC) relating to the effective use of
public fund. The Board of Directors
(BOD) should consider about the need of the Accounts Committee
consisting of board of directors, whose report along with minutes of
meting should be submitted to Board of Directors and AGP or PublicAccounts Committee for review in good gesture for good
governance.
In the public sector it could also been observed that effective fund
management is missing. Public taxes/funds are usually been
placed/invested with lower rates of return although the opportunity of
higher yield fulfilling the organizational need as well as according to
the corporation policy is available. Beside the culprits this credit goes
to our bureaucratic attitude to obliged others and use the public fund
in personal interest.
As a policy matter it must be decided and instructed to all public
owned entities that placement could only be made to the highestreturn yielding financial institution, for contrary prior approval from
accounts committee / Board of Directors is required. The board of
the corporation must also give guidelines in regard of minimum credit
rating of the financial institution for secure placement.
The commercial audit wing of the Auditor General of Pakistan should
also perform a monitoring role for compliance for adopted standards
and good practices by state-owned enterprises. Monitoring role for
Public sector entities need to be improve. There is currently no Public
sector Enterprises Monitoring Boards as established in other
countries. This role is performed by the corporate wing of the
ministry of finance. There is little or no involvement of Auditor General
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