ISLAMABAD, SEPT 26 /DNA/ – Senior officials of the Auditor General of Pakistan (AGP) have dismissed Securities and Exchange Commission of Pakistan (SECP) objections to audit findings as unfounded, stressing that parliamentary bodies would not have pursued the issue if the observations were flawed.
The AGP’s 2023-24 audit flagged Rs267 million in unauthorised payments, including Rs156.6 million in salaries and perks and Rs110.9 million in Rest and Recreation Allowance granted to SECP’s top management without Finance Division approval. The report also noted that SECP withheld Rs14 billion in surplus funds from the Federal Consolidated Fund, terming it a serious breach of financial discipline.
According to AGP officials, Akif Saeed received a salary package of Rs41.5 million in FY24, while commissioners drew Rs35.8 million each after backdated increases. The audit findings are now under review by the Senate Standing Committee on Finance and the Public Accounts Committee, lending them institutional weight.
“Had the audit been incorrect, the SECP should have pursued legal remedies, not public statements,” one AGP official remarked. Insiders argued the chairman’s approach raises questions about whether his response reflects institutional or personal concerns.
The dispute has already led lawmakers to restrict SECP’s salary-setting powers, requiring future compensation to pass through proper approval channels.
For investors, the controversy underscores persistent governance gaps in regulatory institutions. Some officials warned that regulators challenging audits without due process set a troubling precedent for accountability. Unless resolved, the standoff risks denting investor confidence and delaying reforms needed for financial sector transparency.
