KARACHI, Aug 17: A study mission of the World Bank on Tuesday held meeting with the managing director of Pakistan Industrial Credit and Investment Corporation (PICIC) and discussed accounting and auditing standards.

According to PICIC sources, the mission led by Ismaila B. Cessay also examined accounting and auditing system of the corporation and expressed satisfaction over the procedures and standards.

The team leader appreciated the PICIC performance, saying that it was playing an important role in the financial sector. Earlier, PICIC managing director Muhammad Ali Khoja explained the team about the accounting and auditing standards and procedures being followed in the corporation, specially in maintaining balance sheet, profit and loss and cash flows.

Ms Cessay said the World Bank on the request of Pakistan was preparing a report, which will evaluate accounting and auditing standards with reference to international standards, assessing the quality of actual accounting and auditing practices and analyze the effectiveness of mechanisms for ensuring compliance with applicable standards. -APP