es: REPORTING STANDARD ON OPPORTUNITY LOSSES 12/16/12

Share 0

More

Next Blog

Create Blog

Sign In

S. A. Pasha's Articles
SUNDAY , 19 JUNE 2011 MY BLOG LIST

REPORTING STANDARD ON OPPORTUNITY LOSSES

Working in the public sector environment evoke my soul many times about the need of financial reporting standard for discloser requirements with regard of the opportunity loss(es) if any pointed out by the management/auditors (whether internal auditors or external auditors). It is a serious issue especially in case of state owned enterprises that are not subjected to legislative scrutiny by Auditor General of Pakistan (AGP) or the Public Accounts Committee (PAC) relating to the effective use of public fund. The Board of Directors (BOD) should consider about the need of the Accounts Committee consisting of board of directors, whose report along with minutes of meting should be submitted to Board of Directors and AGP or Public Accounts Committee for review in good gesture for good governance. In the public sector it could also been observed that effective fund management is missing. Public taxes/funds are usually been placed/invested with lower rates of return although the opportunity of higher yield fulfilling the organizational need as well as according to the corporation policy is available. Beside the culprits this credit goes to our bureaucratic attitude to obliged others and use the public fund in personal interest. As a policy matter it must be decided and instructed to all public owned entities that placement could only be made to the highest return yielding financial institution, for contrary prior approval from accounts committee / Board of Directors is required. The board of the corporation must also give guidelines in regard of minimum credit rating of the financial institution for secure placement. The commercial audit wing of the Auditor General of Pakistan should also perform a monitoring role for compliance for adopted standards and good practices by state-owned enterprises. Monitoring role for Public sector entities need to be improve. There is currently no Public sector Enterprises Monitoring Boards as established in other countries. This role is performed by the corporate wing of the ministry of finance. There is little or no involvement of Auditor General
shabbirahmedpasha.blogspot.com/2011/06/reporting-standard-on-opportunity.html

From the Pen of S. A. Pasha

SENIORITY ONLY BY THE PASSAGE OF TIME solution to this common dilemma especially in public sector - As y ou might be aware of the fact that in the country we liv es in, contrary to the rest of the world, seniority could easily be attained only with the pas... 3 months ago

S. A. Pasha's World of Expressions!

WHISTLE BLOWING AN INSIDE BARK - * **Introduction* We liv es in a complex world, the ev idence is that our world is full of humans. Ev ery day , decisions are made that can affect our health,... 4 months ago

Corporate Affairs Solutions & Recomendations

Notes to the Agenda & Notice of Resolution For the Meeting of Board of Director - *1 . APPROV AL OF x TH BOARD OF DIRECTORS MEETING* *Notes to the agenda* The minutes of x th Board of Directors meeting (annex ed at A) are required to be appro... 6 months ago

Karachi Urban T ransport Corporation Limited Karachi Circular Railways

Internal Auditors Term of Reference (Draft) - The objectiv e and scope of work of the engagement should at least include the following: 1 . To assist the organization in carry ing 1/2

es: REPORTING STANDARD ON OPPORTUNITY LOSSES 12/16/12

in the selection of internal auditors and external auditors of the stateowned enterprises. There is a need to first reform the individuals or participants in the process of decision making, identified person(s) must be charged with authority and responsibility for implementation. Integrity and objectivity comes with the fear of the Accountability, Openness in front of public would also play an important role in this regard. Financial Statements / Statement of Expenditure and revenue must be opened for public (may be uploaded in website etc) so that independent opinion could be obtain for better prospective. Holder of public offices should be as open as possible about all the decision and actions that they take. They should give reason for their decision and restrict information only when the wider public interest clearly demands.
Posted by Shabbir Ahmed Pasha at 23:38
Recommend this on Google

out specific corpor... 6 months ago

SUBSCRIBE TO

Posts Comments

BLOG ARCHIVE

2011 (10) November (2) June (5) REPORTING STANDARD ON OPPORTUNITY LOSSES Tax evasion a worldwide sophisticated phenomenon... Economy of Pakistan - at a Glance Government spendings & hope of new taxes Stab to define Poverty May (3)

Labels: Auditor General of Pakistan, Board of Directors, opportunity loss, Public Accounts Committee

No comments: Post a Comment

Etryu cmet. ne or omn..

Com m ent as: Google Account Publish Preview

Newer Post Subscribe to: Post Comments (Atom)

Home

Older Post

ABOUT ME

Shabbir Ahmed Pasha Karachi, Sindh, Pakistan Mr. Shabbir Ahmed Pasha, B.Com., M.A in Economics,M.Phil Scholar, FITM, FICS, APFA, CPFA(CA), ACMA(NG), AMIA, AMRP, ACSP is Chief Financial Officer at Karachi Circular Railways (Karachi Urban Transport Corporation)and Part-time Director of HERITAGE Financial Management Pakistan. He is a Researcher in the field of Public Finance and Accounting. He is the Chartered Secretary, Management Consultant, Financial, Corporate Law and Tax Consultant. View my complete profile

Simple template. Template images by luoman. Powered by Blogger.

shabbirahmedpasha.blogspot.com/2011/06/reporting-standard-on-opportunity.html

2/2