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ISLAMABAD, Sep 03 (APP):The Pakistan Sports Board (PSB) has initiated strict measures to ensure financial transparency and accountability among sports federations.
PSB has instructed all federations to submit their annual audited accounts and bank statements by September 15, 2024, said a press release.
According to a letter issued by PSB which is also available on its website, all federations must submit fully audited financial statements for the fiscal year ending June 30, 2024.
These statements must be certified by a recognized chartered accountancy firm. Additionally, certified copies of all bank statements from January 1, 2023, to August 31, 2024, must be submitted.
The letter said that these measures are being implemented to ensure that the funds provided to the federations are utilized for the development and support of athletes. It further said that failure to provide these documents may result in the suspension of future financial support to the federations.
The Pakistan Sports Board emphasized that the aim of these measures is not just compliance with rules and regulations but also to ensure that the funds are used correctly and benefit the athletes representing the country.
These steps are part of PSB’s broader efforts to ensure financial transparency, which is crucial for the development of sports and the encouragement of athletes in Pakistan.