Embezzlement alleged in audit report of 22 private institutions

Islamabad December 6 (Online): Embezzlements has allegedly been surfaced in the audit reports of 22 educational institutions.
The audit was conducted by the auditor general of Pakistan on the order of the Supreme Court of Pakistan. The auditor general has recommended forensic audit of four private sector institutions included Froebel’s School Islamabad, Roots International School System, Roots Millennium School and the City Schools system.
According to the report submitted by the auditor general in the Supreme Court on Thursday, as many as 22 educational institutions’ management didn’t give access to their financial details to keep their money hidden.
Meanwhile, 12 institutions managements show 2 per cent to 5 per cent increase in the annual fee whereas the owners of these schools have received 256 per cent increase in their earning. The auditor general has suggested complete audit of the prime sector schools.
The report mentioned that major private schools are using a huge money on the name of expanses and salaries of schools owners, these schools include Roots School System Rs143m, Roots Millennium Rs128m, Lahore Grammar School Rs1605m, BayView Academy Rs236m, City School Rs571m, Frobels Schooling System Islamabad Rs 180m, Frobels Karachi Rs105m and Headstart Rs138m used in the last one year.
A very astonishing information revealed by Frobel Administration, that they have increased the pays of their owners by 265 pc annually, City School Administration has released an amount of Rs2bn from net profit amount to a private orgnisation anmed “Anjuman”. Lahore Grammar School evaded tax of 19 pc and showed the profit only 3pc.
According to report Becon House earned net profit amount of Rs1909 million while tax head 973m, City School profit in the financial year 2016-17 Rs319m and tax head 114m, Learning Alliance School net profit Rs15m and tax head 7m, Lahore College of Art and Science net profit 43m while tax head 18m, Frobels Education Karachi 18m and tax head 4.1m, Frobels Islamabad net profit 9million and tax expanses 4m.
Salamat School System (SSS) had showed profit of Rs 11.30 million and given tax expenditure Rs8.85 million, Generation School Karachi had show profit of Rs 4.83 million and tax expenditure 14.05 million.
The audit team has also alleged that the private education institutions hadn’t provided information regarding number of students, campus and teachers. The auditor general has recommended forensic audit of four private sector institutions.
Ends/Online/TR/SM/NH

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