ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) has sought stakeholders’ feedback on the Cost Audit Regime in Pakistan.
According to a press release issued by the SECP on Wednesday, the consultation paper desired assessing the effectiveness of the Companies (Maintenance and Audit of Cost Accounts) Regulations, and explore potential improvements.
The consultation paper mentioned the role of cost audits in increasing transparency, operational efficiency, and accountability within the corporate sector.
It reviews the existing regulatory framework, international practices, and the current use of cost audit reports in the country. The paper also highlighted several key considerations and raised questions for stakeholders’ feedback.
At present, Cost Audit requirement is limited to only five industries. The consultation paper seeks feedback on expansion or restriction to specific industries, challenges and potential solutions, implementation of cost accounting standards and audit framework, as well as public disclosure or confidentiality of cost audit reports.
The SECP invites stakeholders and experts to give feedback and recommendations.
