The Pakistan Sports Board (PSB) has issued a directive to 44 sports federations, asking them to submit detailed financial and audit reports.
According to the PSB, this move is aimed at ensuring greater transparency and proper utilization of funds available to sports federations.
In a recent letter, the PSB told the federations to submit financial details urgently and failure to do so could lead to suspension of financial support to the said federation.
According to the letter sent by the PSB, the board has asked the federations to submit complete and audited financial statements for the financial year ending June 30, 2024.
In addition, federations should have the documents certified by a recognized chartered accountancy firm to confirm their accuracy and compliance with financial standards.
The board emphasizes that federations should provide certified copies of all bank accounts from January 1, 2023 to August 31, 2024, to verify the authenticity of financial transactions and ensure proper management of funds.
The deadline for submitting these documents is September 15, 2024, and the board has warned that failure to comply with these requirements could result in the suspension of future financial support.
A PSB spokesperson emphasized that the objective of these measures extends beyond mere compliance with rules and regulations.
“Our aim is to ensure that the funds are used properly and that the athletes who represent our country benefit effectively. “, the spokesman said.
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