BusinessPakistan

Ministry of IT to Hire Firm for Audit of its Two Special Funds

The Ministry of Information Technology and Telecom (MoITT) is coordinating and directing efforts to initiate and launch information technology and telecommunications programs and projects aimed at economic development of the country and has decided to hire consultancy firms for audit of two Special Funds for the financial year 2020-21.The MoITT had established two telecom funds under Pakistan Telecommunication (Reorganization) Amendment Act 2006. These funds consisted of the Universal Service Fund (USF) and Research & Development Fund (R&D). These funds are referred to as “Special Funds” maintained at the State Bank of Pakistan (SBP) under the Public Account heads.The collection into these funds is received from the Telecom operators at 1.5 percent for USF and 0.5 percent for R&D out of the adjusted annual gross revenue of the operators. According to the Ministry of IT and Telecom, these funds have been audited by commercial auditors up to the financial year 2019-2020, The ministry intends to get its fund accounts audited from the Chartered Accountants for the financial year 2020-2021.The ministry is seeking a consultancy firm (chartered account firm) registered in Pakistan that fulfills all legal requirements. The firm must have been listed in the “A” category in the State Bank panel of auditors and should have completed five audit assignments in the public or telecom sector. The consultancy firm should fulfill the technical evaluation criteria and requirements mentioned for external audits.

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