A significant gap has been revealed in the financial oversight of state-owned enterprises, with 64 per cent of such institutions in Pakistan failing to complete their audits, according to official documents of the Ministry of Finance.
According to media reports, the documents indicate that only around 36 per cent of state-owned enterprises have completed their audits, while a large number continue to operate on interim financial figures.
The report highlights that financial decisions worth billions of rupees in several state-owned entities are being made on the basis of estimates and assumptions due to incomplete audit data.
It further states that delays or incomplete audits are creating fiscal management challenges for the government and have also become an obstacle in the privatization process of various public sector entities.