Ishaq Dar chairs review of proposed audit oversight law changes

Deputy Prime Minister Ishaq Dar chaired a meeting to review proposed amendments to the law governing the Audit Oversight Board, with the discussion also covering ways to strengthen the country's financial reporting system and institutional performance, UrduPoint reported on Tuesday.

The report gave no further detail. It did not identify the provisions of the law that are proposed to be changed, say who else attended, or indicate whether a draft will go to the federal cabinet or to parliament. No statement from the finance ministry, the Securities and Exchange Commission of Pakistan or the Audit Oversight Board itself was carried in the report.

The Audit Oversight Board oversees the quality of statutory audits of public-interest companies and works alongside the SECP, which regulates the corporate sector. Its remit covers the registration and inspection of audit firms and the disciplinary process for auditors of listed and other public-interest entities.

Because no detail was published, it is not yet known whether the proposed amendments would widen the board's powers, change its composition, or alter the way it is funded and held accountable.

Separately, Aaj News reported that Federal Minister for Economic Affairs and Establishment Senator Ahad Cheema chaired a meeting on Monday on the Drug Regulatory Authority of Pakistan, at which officials said a case-by-case review of pending drug-pricing matters was almost complete and were directed to move those cases forward.

According to a statement from the Ministry of Economic Affairs quoted by Aaj News, the meeting was told that flu vaccine effective against the three virus strains recommended by the World Health Organization is available in the market in sufficient quantity, and that DRAP had withdrawn its request for a concessional price for the vaccine because its price is already controlled in the international market.

The meeting was also told that DRAP is reviewing the current formula for setting medicine prices and identifying factors that can obstruct fair and accurate pricing. Cheema directed that the authority consider subscribing to specialised drug-pricing databases so that prices can be assessed independently and more reliably, Aaj News reported.

The minister said easing things for the public was the government's first priority and that unjustified price increases would not be accepted. He said comparisons with prices in other countries could improve quality, but that independent scrutiny and monitoring of the pricing process was also necessary, and that the formula should be framed in the public interest without creating unnecessary hurdles for importers or the pharmaceutical industry.