KARACHI, May 7: A meeting between officials of the Auditor General of Pakistan and the Institute of Cost and Management Accountants of Pakistan (ICMAP) held in Islamabad on Tuesday discussed areas of collaboration between the two organizations, an ICMAP press release issued here said.

It stated that a working group formed in the meeting would finalize areas of collaboration including preparation of Terms of Reference (TOR) for conducting cost audit by the practising cost and management accountants in the public sector organizations.

ICMAP observed that the Auditor General appreciated the proposal for subjecting public sector organizations to cost audit so as to reduce costs, improve efficiencies, curtail wastage and make those organizations financially viable.

The meeting was attended by Auditor General of Pakistan, Manzoor Hussain along with deputy auditor general and director central (audit). ICMAP side led by President, Badruddin Fakhri included vice president, honorary secretary and treasurer.