ISLAMABAD
\nSenior officials of the Auditor General of Pakistan (AGP) have dismissed Securities and Exchange Commission of Pakistan (SECP) objections to audit findings as unfounded, stressing that parliamentary bodies would not have pursued the issue if the observations were flawed.
\nThe AGP\u2019s 2023-24 audit flagged Rs267 million in unauthorised payments, including Rs156.6 million in salaries and perks and Rs110.9 million in Rest and Recreation Allowance granted to SECP\u2019s top management without Finance Division approval. The report also noted that SECP withheld Rs14 billion in surplus funds from the Federal Consolidated Fund, terming it a serious breach of financial discipline.
\nAccording to AGP officials, Akif Saeed received a salary package of Rs41.5 million in FY24, while commissioners drew Rs35.8 million each after backdated increases. The audit findings are now under review by the Senate Standing Committee on Finance and the Public Accounts Committee, lending them institutional weight.
\n\u201cHad the audit been incorrect, the SECP should have pursued legal remedies, not public statements,\u201d one AGP official remarked. Insiders argued the chairman\u2019s approach raises questions about whether his response reflects institutional or personal concerns.
\nThe dispute has already led lawmakers to restrict SECP\u2019s salary-setting powers, requiring future compensation to pass through proper approval channels.
\nFor investors, the controversy underscores persistent governance gaps in regulatory institutions. Some officials warned that regulators challenging audits without due process set a troubling precedent for accountability. Unless resolved, the standoff risks denting investor confidence and delaying reforms needed for financial sector transparency.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Senior officials of the Auditor General of Pakistan (AGP) have dismissed Securities and Exchange Commission of Pakistan (SECP) objections to audit findings as unfounded, stressing that parliamentary bodies would not have pursued the issue if the observations were flawed. The AGP\u2019s 2023-24 audit flagged Rs267 million in unauthorised payments, including Rs156.6 million in salaries […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-505236","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n