USAID introduces internal audit manual for DISCOs

ISLAMABAD: USAID Power Distribution Improvement Program (PDIP) Friday in a workshop kicked-off the new internal audit manual for power distribution companies (DISCOs).The new internal audit manual shall improve DISCO operational efficiencies that will help reduce cost, improve revenue and internal controls, and by assisting prevention and detection of frauds and irregularities.Chief internal auditors of WAPDA, PEPCO, Auditor General of Pakistan and additional chief auditors of DISCOs along with the representatives of international auditing firms attended the workshop.“Expanding the scope of the internal audit manual and business processes for compliance and internal controls over financial reporting will significantly increase organizational accountability and result in improved revenues and lower costs” Gary Bartlett, Finance expert of the USAID Power Distribution Improvement Program said on the occasion “The introduction of co-sourcing, whereby an external independent audit firm will work alongside the DISCO internal audit staff, will provide much needed technical skills, resources, training and independence to the DISCO internal audit function”

“Our main objective is to assist DISCOs in improving their performance and efficiency, therefore internal audit manual revision shall help in achieving our objective” Dick Dumford, Chief of Party of the USAID Power Distribution Improvement Program said on the occasion “We are also working on reducing energy losses and assisting with installation of technical equipment in DISCOs which will bring improvement in revenue and reducing energy losses”

MWP-USAID Power Distribution Improvement Program (PDIP) is a three-year, USAID-funded program aimed at working jointly with government-owned electric power Distribution Companies(DISCOs) in Pakistan to improve their performance in terms of reduction in losses, and improvement in revenues and customer services, to bring them to a level of well-run utilities. – Onlinenews