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What is PIFRA :

Project to Improve Financial Reporting and Auditing

Authoities Responsible:

Stakeholders

• Planning Division
• Ministry of Finance, AGP, CGA
• Provincial Finance Departments
• NRB (National Reconstruction Bureau)
• Provincial Local Government Departments

Vision Statement for Financial Reporting and Auditing

1. As Pakistan proceeds to open up its economy and free it from regulatory controls, the need for good governance and modern financial management becomes paramount. Instead of direct intervention, the Government has to design appropriate fiscal and monetary responses to changing conditions. In this backdrop of a global economy, issues of transparency and accountability have become even more pronounced. The synergy of greater public-private sector partnership has to be exploited to accelerate and enhance the development process.
   
   
2. The effectiveness and credibility of government policies is critically dependent on the availability of timely and accurate financial and management information, the existence of a cadre of competent professionals in the public and private sectors, a framework of financial and accounting principles and procedures designed according to internationally accepted standards, and a system of public accountability that includes a strong and independent legislative audit function.
   
   
3. As part of its vision the Government intends to separate its accounting and auditing functions and re-engineer its economic and financial management function to include as key elements of its strategy:
   
• a modern accounting system designed according to internationally recognized accounting principles and standards, functioning under the Executive, and based on modern information technology to ensure ready availability of relevant, accurate and timely information required by economic managers as a decision support system.
• a governance structure and legal framework consistent with international standards for an independent comprehensive audit function which supports public accountability by timely reporting to the legislature for effective and appropriate action;
• increasing professionalization of the elements of its civil services which deal with financial and economic management, requiring key competencies in staff training and appropriate human resource management policies emphasizing performance, experience and knowledge;
• increasing partnership between the private and public sectors in their respective areas of comparative advantage; and,
• adopting improved standards for private sector financial disclosure.

Objectives

It will help produce accurate, timely and meaningful accounts which cater to the needs of the users. The project will help produce analysis of budgeted data reported in monthly accounts producing significant deviation between actual budgeted account and total actual expenditures and receipts. This would help budget formulation in a more constructive manner and promote the idea of good governance. The improvements envisaged in the Audit component would help in enhancing accountability on the part of the Government of Pakistan and, consequently, more effective and efficient government. More specific benefits to be expected of this project can be summarized as follows:

1. Modernized  government  audit procedures  and  adoption  of internationally accepted auditing standards will eradicate program oversights and improve evaluation capabilities.
   
   
2. Effective accounting and reporting systems will enable the government to better formulate, control, and monitor its budget.
   
   
3. Strengthened financial management practices will increase the impact of development programs and related external assistance.
   
   
4. Financial information generated by the improved accounting and information systems will be more useful, complete, reliable and timely.  Improved data will facilitate program management by government  decision-makers.
   
   
5. Tighter internal controls will lessen the occurrence of errors and irregularities in the processing of payments and receipts.
   
   
6. Related training programs will build staff capabilities and enhance utilization of human resources.

Outcomes

 For Internal Stakeholders:

• Re-engineered Business Processes
• Prompt processing of claims
• Improved HR functionality
• Improved monitoring of budget
• Accurate, Transparent & Timely reports.
• Good Governance
• Improved Decision Making Process
• Cash Forecasting Systems
• Automated Financial Management System with greater Internal Controls
• Facilitating System based Audit
• More visible Audit Trails
• High Level of Accountability

For Externall Stakeholders:

• Increased Assurance, Transparency and Accountability in terms of Public Spending
• Compliance with International Accounting Standards
• Dissemination of Information, Confidence, Reliability and Trust to the Public.

 Implementation Sites:

• Budget Wing of Federal Ministry of Finance
• CGA
• AGPR
• Provincial Finance Departments
• Provincial Accountants General
• District Accounts Offices

 Automated Solution:

• SAP/R3 by Siemens Pakistan (Implementers)

Implementation Plan:

• 1 Test Site
• 18 Pilot Sites
• 33 Rollout Sites
• 75 Replication Sites

Source: www.pifra.gov.pk

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