Author: arshad

Revised Procedure for Verification of Record by Audit – AG 22.06.2023

Revised Procedure for Verification of Record by Audit – AG 22.06.2023On June 22, 2023, the Auditor General of Pakistan issued a critical update to the procedure for record verification in audits. This new directive, encapsulated in Director Audit Office letter No. RDDA-MLN/F-164/2019/Reports/CD-1215 and AGP letter No. 581/129; PAC/C/2019 dated December 29, 2022, introduces essential changes aimed at improving the efficiency and effectiveness of the audit process. In this article, we will delve into the details of the revised procedure, its implications for auditee organizations, and best practices for implementing these changes.Overview of the Revised Procedure for Record VerificationThe revised procedure…

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Payment of Pension through MICRO Finance Banks – AG 06.11.2023

Payment of Pension through MICRO Finance Banks – AG 06.11.2023On November 6, 2023, the Auditor General of Pakistan issued a pivotal directive regarding the payment of pensions through microfinance banks. This new directive, as outlined in the letter No. Pen-Coord/Hl-812 dated September 4, 2023, informs that all previous guidelines related to pension payments through microfinance banks are now canceled. Instead, pension payments should revert to the prior established practices until further notice. This article delves into the implications of this directive, explores the reasons behind the decision, and provides guidance for ensuring strict compliance with the updated procedures.Understanding the November…

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