ISLAMABAD: In a major development for Pakistan’s real estate sector, the National Accountability Bureau has uncovered serious gaps in the audit practices of cooperative housing societies through a first of its kind AI based review. The findings have raised fresh concerns about transparency and financial oversight in the housing sector.

The NAB Rawalpindi office conducted a consultative session with housing society managements, auditors, and officials from the cooperative housing department to evaluate existing audit reports. The initiative marks a significant shift toward digital scrutiny and data driven accountability.

For the first time, NAB deployed an AI enabled system to carry out a detailed analytical examination of audit records. The system identified multiple financial, administrative, and legal irregularities, revealing that many audit reports lacked depth and failed to capture critical risk areas.

According to officials, several reports were limited to basic documentation such as land acquisition, member deposits, and development costs. However, they failed to assess broader aspects including project progress, financial risks, and proper utilization of funds, exposing systemic weaknesses in the audit framework.

The review was conducted under the direction of Waqar Ahmed Chauhan, who emphasized the need for a more comprehensive and transparent audit system. NAB has decided to introduce standardized guidelines and procedures to improve audit quality and ensure consistency across the sector.

Authorities stressed that effective audits are critical for safeguarding public investments, preventing fraud, and ensuring timely completion of housing projects. The move is expected to strengthen financial governance, restore public confidence, and bring much needed transparency to Pakistan’s rapidly expanding housing sector.