Governance Crisis Deepens: Irregular internal Audit Head Appointment Under Scrutiny at BoK
TP REPORT
ISLAMABAD: Serious irregularities have surfaced regarding the alleged illegal and non-transparent appointment to the critical position of Head of Internal Audit at the Bank of Khyber, raising significant concerns about governance, transparency, and regulatory compliance within the institution. According to sources, a formal complaint has been submitted to relevant forums highlighting alleged violations in the recruitment process, qualifications, and legal requirements.
Appointment Process Controversial, Alleged Violations of Rules
Documentary evidence suggests that the position of Head of Internal Audit was not publicly advertised, and the appointment was allegedly made in violation of merit-based principles. Sources claim that fundamental standards of transparency were overlooked during the process, raising serious questions about the integrity of the institution’s internal control framework.
Questions Over Degree and Eligibility
The complaint further points out that the academic and professional qualifications of the concerned officer allegedly do not meet the “fit and proper” criteria set by the State Bank of Pakistan. It has also been alleged that the officer obtained a degree from a specific university during the course of employment, with serious questions being raised regarding the procedure, duration, and legal validity of that degree. Concerns over discrepancies in academic credentials and possible misrepresentation have also been highlighted.
Experts state that the Head of Internal Audit serves as a cornerstone of accountability and oversight in any financial institution, and any irregularity or lack of transparency in such an appointment can significantly weaken the institution’s financial governance structure.
– An independent, transparent, and impartial investigation be initiated
– The entire appointment process be thoroughly reviewed
– The academic qualifications, credentials, and degree of the concerned officer be fully verified
– Strict legal action be taken against those found responsible for any irregularities
Sources further indicate that the State Bank of Pakistan has already expressed concerns regarding governance issues at the Bank, increasing the gravity of the matter.
Experts emphasize that this is not merely an issue of a single appointment but a broader test of transparency, merit, and accountability within public sector financial institutions. Failure to take timely action may have serious implications for public trust.
State bank has also pointed out that the Bank needs to change and replace their Chief Risk Officer, Head of Internal Audit and Chief Complaince Officer.
