Pakistan Railways to get first audit under international reporting standards

Federal Railways Minister Muhammad Haneef Abbasi has decided that the financial statements of Pakistan Railways will be audited under International Financial Reporting Standards (IFRS) for the first time. Daily Pakistan described it as a first in the history of the institution, and the audit will cover fiscal year 2025-26.

According to Express News, an internationally recognised chartered accountant firm will be hired for the work. The firm will be selected on merit and under the rules of the Public Procurement Regulatory Authority.

The entire selection process will be carried out through the ePADS portal, a measure meant to ensure transparency. The reports did not say when the firm would be appointed or when the audit results would be released.

The step is part of wider efforts to strengthen financial discipline, internal control and institutional transparency under the SOE Act 2023.

Abbasi said strict and necessary decisions will be taken in light of the independent audit report. He said there will be no compromise on transparency in Pakistan Railways and that every rupee of the institution will be accounted for.

The minister said eliminating corruption and complete financial accountability are government priorities. Daily Pakistan reported him as calling the elimination of corruption the government's first priority.

Abbasi said Prime Minister Shehbaz Sharif is personally monitoring the performance and reform process of Pakistan Railways. He said the aim is to make the institution financially self-reliant, transparent and stable, and that public resources will be properly used through financial transparency and effective monitoring.