"We have demanded the president, who is patron of the PCB (Pakistan Cricket Board), to probe into a series of massive financial irregularities of the funds in the last one year," committee member Enver Baig said.
The Senate started an inquiry into the affairs of the PCB three months ago. It is investigating the national team's home series defeat to archrivals India in March-April.
Pakistan lost 2-3 in the One-day matches and 1-2 in Tests, their first ever series defeats on home soil against India, who toured across the border for the first time in 15 years.
"We demand that PCB's financial irregularities must be probed by the National Accountability Bureau (NAB)," said Beg.
Former PCB treasurer Muhammad Naeem, who resigned early this year, levelled serious allegations of financial irregularities in the past year during Tuesday's committee hearing, which was also attended by PCB chairman Shaharyar Khan.
"Transparency, financial probity and credibility does not appear to have been observed in the conduct of most of PCB affairs since assumption of office by you," Naeem claimed in his resignation.
Khan took over as PCB chief in December last year.
In the first two meetings of the committee, Khan and chief selector Wasim Bari said Pakistan lost the series to India due to lack of commitment by the players and poor planning.