The Pakistan Sports Board (PSB) has issued a directive requiring all sports federations to submit their annual audited accounts and bank statements by September 15. This initiative is part of the PSB’s ongoing efforts to ensure that funds allocated for sports development are used effectively and responsibly.
The PSB has communicated to the federations through an official letter, mandating the submission of fully audited financial statements for the fiscal year ending June 30, 2024. These statements must be certified by a recognized chartered accountancy firm, ensuring their accuracy and reliability. In addition to the audited accounts, federations are required to provide certified copies of all bank statements covering the period from January 1, 2023, to August 31, 2024.
The PSB’s letter emphasizes that these measures are crucial for verifying that the financial resources provided to federations are being utilized for the intended purpose of developing and supporting athletes. The board has made it clear that failure to comply with these requirements could result in the suspension of future financial support, underscoring the seriousness of the initiative.
This push for financial transparency is part of a broader strategy by the PSB to enhance the governance and accountability of sports federations. By holding federations accountable for their financial practices, the PSB seeks to build trust and confidence among stakeholders, including athletes, sponsors, and the public.
The PSB’s initiative is a significant step towards ensuring that sports in Pakistan are managed with integrity and efficiency, ultimately benefiting athletes and the broader sporting community.