Promoting transparency: Second phase of reforms introduced by CDI

The second phase of reforms in the Cooperative Department Islamabad (CDI) has been introduced to ensure transparency and to curb corruption in the financial matters of housing societies working in the city, said a press release issued on Friday.

The reforms were introduced on the special directives of the Chief Commissioner Islamabad Zulfiqar Haider, which were implemented by the Circle Registrar Cooperative Societies Islamabad.

Guidelines were issued for the auditors and managing committees under the Cooperative Societies Act 1925, in order to make the mandatory audit of cooperative societies above

Reproach.

In addition, the auditors must be declared credible by the Institute of Chartered.

Accountants of Pakistan (ICAP), who would be entitled to audit the cooperatives.

Furthermore, under the reforms, they will ensure the veracity of the financial transactions and business of a society being conducted according to cooperative principles and bylaws strictly provided.

Published in The Express Tribune, August 20^th, 2016.