Sports federations asked to submit financial, audit reports

The Pakistan Sports Board (PSB) has issued a directive to 44 sports federations, asking for the submission of detailed financial and audit reports.

According to the PSB, this move aims to ensure greater transparency and proper utilisation of funds allocated to sports federations.

In a recent letter, the PSB told the federations to submit financial details urgently, and failure to do so could result in the suspension of financial support to the said federation.

According to the letter sent by the PSB, the board has asked federations to submit complete and audited financial statements for the fiscal year ending on June 30, 2024. 

In addition, the federations should certify the documents by a recognised chartered accountant firm to confirm their accuracy and adherence to financial standards.

The board emphasises that federations should provide bank-attested copies of all bank account statements from January 1, 2023, to August 31, 2024, to verify the authenticity of financial transactions and to ensure correct fund management.

The deadline to submit these documents is September 15, 2024, and the board has warned that failure to comply with these requirements could result in a suspension of future financial support.

A spokesperson for the PSB emphasised that the aim of these measures extends beyond mere compliance with rules and regulations.

"Our objective is to ensure that the funds are used correctly and effectively benefit the athletes representing our country. These steps are part of our broader efforts to foster financial transparency, which is essential for the development of sports and the encouragement of athletes in Pakistan," the spokesperson stated.