Islamabad: The Cabinet Committee on State-Owned Enterprises has initiated the proceedings for the audit of all underperforming state-owned enterprises (SOEs) in the country as per the instructions of Prime Minister Imran Khan, a news source reported on September 17.
According to the details shared, the committee has directed the Finance Division to consult the relevant ministries/divisions and identify loss-making public sector companies; in a bid to conduct their forensic audit for the last 10 years. The Finance Division has also been directed to submit its compliance report during the next meeting of the cabinet committee.
Moreover, for the selection of loss-making public companies, the Finance Division has proposed that either the selection should be made on the basis of total loss accrued during fiscal year (FY) ending June 2014 to FY2018 or based on the accumulated losses as of FY2018.
