Sindh to hire auditing experts to improve financial management

KARACHI: Sindh government wants to take the services of private auditing firms to improve the financial management in the province, the provincial chief minister said. 

“The government intends to have partnership with private sector and accountancy professionals for economic growth and support activities,” Sindh Chief Minister Syed Murad Ali Shah said, speaking at the 15th Best Corporate and Sustainability Report Awards, held late Friday. “High quality financial reports are pivotal for the development of the country.”

Shah said sustainability reporting will help investors in making timely decision.

He appreciated the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) for jointly organising the ceremony every year for the enhancement of corporate reporting system. He urged the corporate sector to invest in the province, saying the province has a potential for robust economic growth.

The Chief Minister stressed the need for improving image building of the country for enhancing economic activities.

He said the provincial government is working to improve energy sector through developing Thar coalfields and alternative energy resources.

Nadeem Yousuf Adil, president at ICAP said the competition has brought tremendous improvement in the annual reports of the companies. 

“This fact has also been acknowledged at the regional level, as the number of winning Pakistani companies of SAFA (South Asian Federation of Accountants) Awards has increased,” Nadeem said.

He said the corporate and sustainability report awards are aimed at promoting greater and more effective communication of financial and other information by companies to their stakeholders through the publication of timely, informative, factual and reader-friendly annual reports.

“Stakeholders, especially investors, equate high quality annual reports with high quality management and this demonstrates a company's subscription to the ethic of transparency - the full and timely disclosure of information,” he added.

“High quality business reporting is at the heart of strong and sustainable organisations, financial markets and economies, as this information is crucial for the stakeholders to assess organisational performance and make informed decisions with respect to an organisation’s capacity to create and preserve value.”

Anis-ur-Rehman, vice president at ICMAP said the aim of initiating sustainability award category in 2011 was to encourage wider circulation of sustainability reporting.

“From sustainability reporting, we are now moving on to integrated reporting, which is a new standard for corporate communication,” Rehman added.

Yacoob Suttar, chairman at Joint Evaluation Committee of ICAP-ICMAP said the two bodies are regulating the accounting profession in the country.

Suttar said the awards recognise and honour the organisations for their achievements.

He said the annual reports are adjudged in accordance with the criteria through a transparent evaluation process.

As many as 50 companies were conferred with the awards in 10 categories, including financial sector, pharmaceutical, energy, engineering, textiles and non-profit organisations.