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    PIFRA Project To Improve Financial Reporting and Auditing' in Pakistan

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    UMAIR AHMED
    The PIFRA 'Project to Improve Financial Reporting and Auditing' in Pakistan is an ongoing project from 2008-2018 with a total budget of $52821. The project aims to promote transparency, accountability, and professionalism in public financial management through modernizing initiatives to allow accurate financial information for decision making. It has four components: the Financial Accounting and Budgeting System, capacity building for the Auditor General's office, capacity building for the Controller General of Accounts office, and project management. The objectives are to modernize auditing standards, establish effective accounting systems, strengthen financial management practices, and generate timely and reliable financial information for decision makers.

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    PIFRA Project To Improve Financial Reporting and Auditing' in Pakistan

    Uploaded by

    UMAIR AHMED
    106 views3 pages
    The PIFRA 'Project to Improve Financial Reporting and Auditing' in Pakistan is an ongoing project from 2008-2018 with a total budget of $52821. The project aims to promote transparency, accountability, and professionalism in public financial management through modernizing initiatives to allow accurate financial information for decision making. It has four components: the Financial Accounting and Budgeting System, capacity building for the Auditor General's office, capacity building for the Controller General of Accounts office, and project management. The objectives are to modernize auditing standards, establish effective accounting systems, strengthen financial management practices, and generate timely and reliable financial information for decision makers.

    Original Description:

    Public sector financial reporting statdards

    Original Title

    PIFRA

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    The PIFRA 'Project to Improve Financial Reporting and Auditing' in Pakistan is an ongoing project from 2008-2018 with a total budget of $52821. The project aims to promote transparency, accountability, and professionalism in public financial management through modernizing initiatives to allow accurate financial information for decision making. It has four components: the Financial Accounting and Budgeting System, capacity building for the Auditor General's office, capacity building for the Controller General of Accounts office, and project management. The objectives are to modernize auditing standards, establish effective accounting systems, strengthen financial management practices, and generate timely and reliable financial information for decision makers.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    106 views3 pages

    PIFRA Project To Improve Financial Reporting and Auditing' in Pakistan

    Uploaded by

    UMAIR AHMED
    The PIFRA 'Project to Improve Financial Reporting and Auditing' in Pakistan is an ongoing project from 2008-2018 with a total budget of $52821. The project aims to promote transparency, accountability, and professionalism in public financial management through modernizing initiatives to allow accurate financial information for decision making. It has four components: the Financial Accounting and Budgeting System, capacity building for the Auditor General's office, capacity building for the Controller General of Accounts office, and project management. The objectives are to modernize auditing standards, establish effective accounting systems, strengthen financial management practices, and generate timely and reliable financial information for decision makers.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    PIFRA ‘Project to Improve Financial

    Reporting and Auditing’ in Pakistan


    Beneficiary level: Country
    Project status: Ongoing
    INTOSAI region(s): ASOSAI
    Duration from: 2008-01-01
    Duration to: 2018-12-31
    Total budget (US Dollar): $52821
    DAC Income classification: Lower Middle Income Countries

    PIFRA is actively engaged in promoting transparency, accountability, and professionalism in


    public financial management.  With our modernizing and capacity building initiatives, public
    sector managers can use real-time and accurate financial information for fiscal management and
    informed decision-making. There has been significant impact of our efforts on overall working
    environment of Finance, Accounts, and Audit organizations.
     
    PIFRA ‘Project to Improve Financial Reporting and Auditing’. Some brief facts about the project
    are presented below:
     
    1. Cost: The project is included in MTDF 2005-10 (under the sector of Governance) with an
    allocation of Rs. 5,533.5 Million
     
    2. Sponsoring Agency: Pakistan Audit Department
    3. Execution Agencies: Pakistan Audit Department, CGA, Ministry of Finance and Provincial
    Finance Departments

    4. Operation and Maintenance: Pakistan Audit Department & CGA


    Concerned Federal Ministry: Ministry of Finance
     
    COMPONENTS OF THE PROJECT
     The project consists of four components, which include:
    PIFRA Reforms
    A.  FABS (Financial Accounting and Budgeting System) 
    B.  Capacity building of Auditor General’s office  
    C.  Capacity building of Controller General of Accounts’ office 
    D.  Project Management
     
    PIFRA aims at improvement of governance in fiscal management sphere to achieve the vision of
    strengthened Integrated Financial Management System (IFMS) of the country. Objectives of the
    revised project are the same as those of PIFRA II and PIFRA-I, enlisted below: 

     
    Modernize government audit procedures and adopt internationally accepted auditing standards. 
     
    Establish effective accounting and reporting systems. 
     
    Strengthen financial management practices.
     
    Generate financial information, which is more useful, complete, reliable and timely. Improved
    data will facilitate program management by government decision-makers.
     
    Tighten internal controls and minimize the occurrence of errors and irregularities in the
    processing of payments and receipts.
     
    The objectives of project are in line with the sectoral objectives of MTDF 2005-10. One of the
    key sectoral objectives (the Governance sector) of MTDF relates with improvement in the
    indicators of governance in the country. The Chapter of MTDF on Governance clearly considers
    PIFRA as a major initiative leading towards good governance.
    SAIs connected to this project
     Pakistan
    How the project was initiated
    Other
    Link to further information on project
    http://www.pifra.gov.pk/project-profile.html
    Contact person: Beneficiary SAI/Region/Committee
    Khurram Raza Qureshi, Director General (IR&C)
    Source of funding
    Pakistan Audit Departmen
    Other Source of funding
    Contact person: Provider of support
    Mr. Syed Amaar Naqvi dgmis@cga.gov.pk; Mrs. Shahana Batool directorfabs@cga.gov.pk
    Implementing agency(s)
    Pakistan Audit Department, CGA, Ministry of Finance and Provincial Finance Departments
    Contact person: Implementing partner(s)
    Type of support
    Stand alone project
    Support modality
    Support categories covered
    Organisational capacity, Financial audit, Compliance Audit, Performance audit, IT Audit, Administrative
    Services
    Is support based on beneficiary SAI/INTOSAI region Strategic Plan?
    Yes
    Link to related projects/programs
    Pakistan – Development and Establishment of Human Resource Management Information System (HRMIS)
    for SAI Pakistan (2014-17)

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