Pakistan Railways: first IFRS audit planned

Pakistan Railways centres on a first IFRS-based review of its accounts, with a chartered accountancy firm to be hired under PPRA rules via e-PADS.

Pakistan Railways will have its financial statements audited under International Financial Reporting Standards (IFRS) for the first time.

Federal Minister for Railways Hanif Abbasi said an internationally reputed chartered accountancy firm will be hired for the work.

The firm will be chosen on merit under Public Procurement Regulatory Authority (PPRA) rules, with procurement through the e-PADS portal.

The step is framed as part of wider reforms under the State-Owned Enterprises (SOE) Act, 2023.

Abbasi said tough action would follow the independent audit and that every rupee must be accounted for.

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