Islamabad: The Competition Commission of Pakistan (CCP) has suggested for the Securities and Exchange Commission of Pakistan (SECP) to reintroduce its mandatory annual cost audit of the five economic sectors which produce consumer-sensitive goods, a news source reported.
These sectors include cement, sugar, cooking oil, fertiliser, and wheat flour production. The CCP has contended that the cost audit will not only ensure transparency, but provide information for the government to make decisions which will serve public interest in the best possible way.
According to a note sent by CCP to SECP, the former faced difficulty in determining cost of sugar production while the price of sugar was undergoing a hike since there is no public information available for the past three years, as the last cost audit was conducted in 2017.
The former government had then amended the Companies Law to link the cost audit with recommendation by sector’s regulator, whereas these sector do not have a regulator.
