Auditing reforms introduced in public sector

ISLAMABAD: Government introduced public sector auditing reforms to bring the accountancy procedures in line with the international standards, a senior official said on Saturday.

“…the office of Auditor General of Pakistan (AGP) is working on the World Bank mission to establish a centre of excellence by reforming Pakistan Audit and Accounts Academy,” Additional Auditor General Zafar Hassan Reza said.

The academy builds capacity of the department of Auditor General.

Reza was addressing the participants of 6th graduation ceremony of Pakistan Institute of Public Finance Accountants (PIPFA), a sponsored body of AGP, according to a government’s statement.

PIPFA has been imparting education for the last 24 years.

The institute is the only professional accounting organisation of Pakistan, which specialises in training and professional development of the public sector.

Reza said PIPFA has kick-started the process to obtain full membership of International Federation of Accountants and the office of Auditor General is extending its support to the institute.

AGP asked PIPFA to partner in the successful implementation of International Public Sector Accounting Standards in the public sector through education and training.

“The office of Auditor General of Pakistan takes pride in acknowledging the important role of PIPFA in educating and training the public sector which is a mission of social welfare and prosperity of Pakistan,” Additional AGP said.

Reza said economic development both in Pakistan and its surrounding regions, despite very difficult geopolitical situations, have changed the scenario “and now Pakistan is very well placed to act as a catalyst for economic growth and prosperity especially after initiative of CPEC (China-Pakistan Economic Corridor) project”.

“… the dynamics of economic development and progress seem totally different from past with a progressive approach,” he added.

“Hopefully, these initiatives and projects would produce abundance of opportunities in all spheres of life, businesses and economy in Pakistan and within the region.”

Additional AGP said PIPFA has signed a memorandum of understanding (MoU) with the UK-based Chartered Institute of Public Finance and Accountancy (CIPFA), which resulted in grant of affiliate status to PIPFA members.

“In order to further enhance the scope of this MoU, PIPFA has also introduced optional papers at different levels of its corporate sector education program besides recently introducing an additional PFM (public financial management) scheme that will enable the public sector PIPFA members to be recognised as full CIPFA members,” he added.