Islamabad — The Securities and Exchange Commission of Pakistan (SECP) issued a Consultation Paper in January 2025, focusing on reviewing the existing cost audit framework in Pakistan. The paper was made available on the SECP’s website to gather feedback from key stakeholders across various sectors.
Following the feedback received, consultation sessions were held in Lahore and Karachi, with participants from industry, professional bodies, and regulators. The majority of responses indicated that the current framework is compliance-heavy, with limited practical utility.
On October 27, 2025, a follow-up consultation session took place at the SECP Head Office in Islamabad, chaired by the SECP Chairperson. Representatives from the Institute of Chartered Accountants of Pakistan (ICAP), the Institute of Cost and Management Accountants of Pakistan (ICMAP), the Ministry of Industries and Production (MoI), and the Competition Commission of Pakistan (CCP) participated in the session. Discussions centered on aligning the cost audit regime with international standards and improving its relevance to regulatory goals.
It was agreed that ICAP and ICMAP would conduct a detailed review and provide recommendations to the SECP within three weeks. The review will address the formats of cost accounting statements, the scope of audits, and filing mechanisms with sectoral regulators. The goal is to create a cost audit framework that ensures transparency, avoids reporting duplication, and supports ease of business in Pakistan.
The SECP reaffirmed its commitment to a consultative approach to regulatory reforms, ensuring that the cost audit framework meets both regulatory needs and business requirements in Pakistan.
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