LAHORE - The Auditor General of Pakistan (AGP) has given a clean chit to South Punjab Forest Company (SPFC).

The AGP audit covered the time period from inception of SPFC till the latest financial year ending on June 30, 2017. Moreover, the financial statements of SPFC were also audited by the external auditors (an independent firm of chartered accountants) as required under Companies Act, 2017. According to Tahir Rasheed, CEO, SPFC, ‘The fact that the AGP has no audit para on SPFC signifies that we have ensured transparency in our processes. The organization has set in place various safety valves and adheres to the rules and regulations set by the government. We will continue to maintain these standards in future as well and ensure that there is no burden on government’.

The auditors found all procurement according to Public Procurement Regulatory Authority (PPRA) rules 2014 and all financial matters according to International Financial Reporting Standards (IFRS). The AGP further observed that SPFC is compliant with the Corporate Governance Rules 2013 issued by the Securities and Exchange Commission of Pakistan (SECP) for public sector companies, which clearly highlights that the organization strictly adheres to transparency in its processes.