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 the country’s economic development, and have hired consultancy firms to audit two Special Funds for the fiscal year 2020-21.
Under the Pakistan Telecommunication (Reorganization) Amendment Act 2006, the MoITT established two telecom funds. The Universal Service Fund (USF) and the Research and Development Fund (R&D) were among these funds. This money is known as “Special Funds” and is kept in the Public Accounts section of the State Bank of Pakistan (SBP).
The Telecom operators contribute 1.5 percent of their adjusted yearly gross revenue to USF and 0.5 percent of their adjusted annual gross revenue to R&D.
These funds have been audited by commercial auditors up to the financial year 2019-2020, according to the Ministry of IT and Telecom. The ministry plans to have its fund accounts audited by Chartered Accountants for the financial year 2020-2021.
The ministry is looking for a Pakistan-based consultant firm (chartered account firm) that meets all legal standards. The firm must have completed five audit tasks in the public or telecom sectors and be listed in the State Bank panel of auditors in the “A” category.
For external audits, the consultancy business must meet the technical evaluation criteria and requirements.
To read our blog on “Ministry of IT reveals the major roadblocks to promoting IT exports,” click here.
