Page 36 - CMA Journal (Mar-Apr 2026)

Many export rms are still relying on semi-manual
accounting systems, leading to incomplete transaction
records, delayed nancial reporting, and errors in cost
tracking of exports. Since foreign buyers require nancial
transparency, weak internal controls become a signi cant
hindrance for such exporters.

Internal Control and Financial Reporting exports, it is not something that is unique to Pakistan. As
mentioned above, many South Asian countries alone have
Weak internal controls directly affect nancial reporting textile as their top export.
quality.
In order to improve its structure, Pakistan must adopt a
balanced strategy, which is adaptive to external shocks.
Conclusion
Rather than scrambling to correct the impact that
An overview of Pakistan's economy shows both the lack of geopolitical tensions leave on the economy, Pakistan should
diversity in its exports, and the fragility of its policy look to develop its trade and export sector with a strong
implementation. A major internal issue Pakistan faces is consistent base of operations, whether that is by diversifying
political unrest, where each new governing party brings a into other industries or simply by specializing in what we do
new set of policies. On the external front, organizations like best.
the IMF and World Bank demand reforms and new policies to
issue grants. These factors all affect the proper About the Author: Ms. Urooj Fatima is an Associate member
implementation and continuation of Pakistan's policies, of ICMA, also holding an M.Com degree from Hailey College of
causing delays and lack of con dence. Commerce session 2019-2023. Her research publication titled
"FinTech Based Financial Inclusion and its Impact on the
Many economies that wish to grow are now looking to Performance of Banking Sector: Empirical Evidence from
Pakistan" was published in the Journal of Social Science
expand globally through diversifying their exports or
Archives (Vol 3, Issue 2, 2025). She is currently working as an
specializing in certain industries. Pakistan has yet to achieve
Accounts Officer at Nestle Pakistan.
either. Although its textile industry is the backbone of its

34 ICMA’s Chartered Management Accountant, Mar-Apr 2026