KEY POINTS
- SECP held a high-level consultation in Islamabad on reforming Pakistan’s cost audit regime
- Stakeholders from ICAP, ICMAP, CCP, MoI, and industry discussed ways to make the framework more relevant and efficient
- ICAP and ICMAP will jointly prepare detailed recommendations within three weeks for SECP.
- The reforms aim to reduce compliance burden, avoid duplication, and promote transparency
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has initiated the next phase of reforms to modernize the country’s cost audit regime, holding a high-level consultation session at its head office in Islamabad.
The Session was aimed at aligning the framework with international standards and enhancing regulatory relevance.
Chaired by the SECP Chairperson, the session brought together representatives from the Institute of Chartered Accountants of Pakistan (ICAP), the Institute of Cost and Management Accountants of Pakistan (ICMAP), the Ministry of Industries and Production (MoI), the Competition Commission of Pakistan (CCP), and leading industry participants.
The discussion followed SECP’s Consultation Paper on the Cost Audit Regime, released in January 2025, which sought feedback on the effectiveness of the current framework.
Earlier sessions held in Lahore and Karachi revealed that many stakeholders viewed the existing regime as overly compliance-heavy with limited practical utility.
Building on these insights, participants in the Islamabad consultation agreed that ICAP and ICMAP will jointly conduct a comprehensive review and submit recommendations within three weeks.
The review will focus on revising cost accounting statement formats, defining the scope of audits, and establishing mechanisms for filing reports with sectoral regulators.
The SECP said the objective is to develop a balanced, transparent, and efficient cost audit framework that supports regulatory oversight while facilitating ease of doing business.
Reaffirming its commitment to an inclusive approach, the SECP emphasized that the reform effort aims to ensure the cost audit regime contributes meaningfully to corporate transparency, accountability, and policy formulation in Pakistan.
