Government amends SOEs Policy, mandating internal audit and SBP framework adherence
The government amended the State-Owned Enterprises (Ownership and Management) Policy, 2023, confirming the changes on 20 September 2026. The Finance Division approved amendments to paragraph 31 of the SOEs (Ownership and Management) Policy, 2023.
Furthermore, the amendments require all State-Owned Enterprises to establish internal audit procedures and mechanisms. The State Bank of Pakistan's statutory financial reporting framework takes precedence over the IFRS for regulated entities.
The Finance Division is now mandated to issue a detailed framework for the financial management of statutory SOEs after consulting with the AGP. The IFRS for SOEs Act, 2023, specifies that Financial Reporting Standards are notified by the Securities and Exchange Commission of Pakistan (SECP) under Section 225 of the Companies Act, 2017.
The State Bank of Pakistan's statutory reporting framework remains in place for all entities under its regulation.











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