ISLAMABAD, (Pakistan Point News - APP -24th Augst,2016) : The Auditor General of Pakistan, Rana Assad Amin has advised all Federal Secretaries as well as Provincial Chief Secretaries to ensure proper maintenance of the record of assets purchased from the government funds because a number of paras raised by audit related to non maintenance of record of assets. In this regard letters have been issued to all concerned wherein it has been reminded that format of Fixed Asset Register is provided in the Accounting Policy and Procedure Manual issued under New Accounting Model approved by the President in 2000, said a statement issued here on Wednesday.
Non maintenance of assets registers indicates weak internal controls and a risk area which would be given special emphasis in future audit assignments. It has also been highlighted that Pakistan is gradually moving towards implementation of International Public Sector Accounting Standards (IPSAS) which would entail a transition from cash basis of accounting to accrual basis of accounting. This would not be possible without proper maintenance of assets record. The Federal Secretaries and Provincial Chief Secretaries have been requested to issue special instructions for proper maintenance of assets record in their offices to improve internal controls and avoid audit observations on the subject.