Alarmed by weakness of audit mechanism, IMF calls for independent AGP office

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• Warns of fiduciary risks to Rs40tr in public funds

• Questions why auditor general’s office remains attached to federal secretariat

• Audit process bogged down by over 6,000 reports a year, minimal PAC follow-up

ISLAMABAD: The Inter­national Monetary Fund (IMF) has expressed serious concern over the absence of an internal audit mechanism and weak constitutional and parliamentary audit supervision in Pakistan, warning that these gaps pose major fiduciary risks to public funds estimated at about Rs40 trillion at the federal level and even higher in the provinces.