New audit framework to be introduced from Oct 1

In a bid to meet one of the conditions – improving performance standards – put forth by the IMF for the $ 6Bn bailout package for Pakistan, the FBR has decided to introduce a new audit framework from 1st Oct’19. The FBR has accorded formal approval to the draft of the new audit framework. On the insistence of IMF, the FBR has also prepared a draft for withdrawal of the amendment made to the Finance Act 2019 under which the audit of the taxpayers had been limited. The draft for this will be ratified by the Law Division and sent to the ECC of the Cabinet for final approval.