AGP completes SPFC's audit 2017

11:05 AM | 2 Jun, 2018
AGP completes SPFC's audit 2017
LAHORE - After completion of South Punjab Forest Company (SPFC)’s first complete financial year of operations, SPFC voluntarily wrote a letter in November 2017 to the Auditor General of Pakistan (AGP) to conduct the audit of SPFC, upon which the office of the AGP conducted SPFC’s audit in December 2017, covering the time period from inception till the latest Financial Year ending on June 30, 2017.

The audit was done in a comprehensive manner and no audit paras are pending in the audit report for the said period. Moreover, the financial statements of SPFC were also audited by the external auditors (an independent firm of chartered accountants) as required under Companies Act, 2017.

According to Tahir Rasheed, CEO, SPFC, "The fact that the AGP has no audit para on SPFC signifies that we have ensured transparency in our processes. The organization has set in place various safety valves and adheres to the rules and regulations set by the government. We will continue to maintain these standards in future as well and ensure that there is no burden on government".

The auditors found all procurement according to Public Procurement Regulatory Authority (PPRA) rules 2014 and all financial matters according to International Financial Reporting Standards (IFRS). The AGP further observed that SPFC is compliant with the Corporate Governance Rules 2013 issued by the Securities and Exchange Commission of Pakistan (SECP) for Public Sector Companies, which clearly highlights that the organization strictly adheres to transparency in its processes.