A study mission of World Bank on Tuesday held a meeting with the managing director Pakistan Industrial Credit and Investment Corporation (Picic) and discussed accounting and auditing standards.
According to Picic sources, the mission, led by Ismaila B Cessay, also examined accounting and auditing system of the corporation and expressed satisfaction over the procedures and standards.
The team leader appreciated the performance of Picic saying that it was the leading development financial institution of Pakistan, playing an important role in the financial sector. "The improved performance of Picic is visible," she added.
Earlier, managing director Picic Mohammad Ali Khoja explained the visiting team about the accounting and auditing standard and procedures being followed in the corporation, especially in maintaining balance sheet, profit and loss and cash flows.
Ms Cessay said that the World Bank on the request of Pakistan government was preparing a report, which would evaluate accounting and auditing standards with reference to international standards, assessing the quality of actual accounting and auditing practices and analyse the effectiveness of mechanisms for ensuring compliance with applicable standards.
The mission has been holding meetings with the officials of Ministry of Finance, Security and Exchange Commission of Pakistan, State Bank, insurance regulatory body, accounting firms, chambers of commerce, large corporations, state-owned corporations, foreign banks and investment companies.
Comments
Comments are closed.