PIFRA ‘Project to Improve Financial Reporting and Auditing’ in Pakistan

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.