Pakistani government initiates process to adopting IFAC standards

29 Jan 18

The Pakistani government has introduced public sector auditing reforms to align its accounting procedures with international standards.  

The office of Auditor General of Pakistan (AGP) is working with the World Bank to establish “a centre of excellence” by reforming the Pakistan Audit and Accounts Academy, local media has reported.

AGP staff are trained and developed through the academy.

Pakistan’s additional auditor general Zafar Hassan Reza said the Pakistan Institute of Public Finance Accountants (PIPFA) has kick-started the process of becoming a full member of the International Federation of Accountants (IFAC).

PIPFA is currently an associate member of IFAC and has participated in the IFAC Member Compliance Programme, which serves the public interest by promoting the adoption of international standards on private and public sector accounting.

Pakistan also has two other professional accountancy organisations (PAOs) which are IFAC members.

IFAC director of quality & development, Joseph Bryson, told PF: “As an IFAC Associate, PIPFA has demonstrated its commitment to both the Pakistani and global accountancy profession and to operate in the public interest.

"As a PAO that specialises in training and professional development of public sector accountants, PIPFA acts as a key resource to government, regulators, and other stakeholders by providing guidance and advice on accountancy topics and supporting the production of high-quality public sector financial information.

"This helps to enhance accountability, public trust, and the effectiveness of public goods and services.”

The reforms were announced when Reza addressed participants at a graduation ceremony of PIPFA, according to a government statement.

PIPFA is the only professional accounting organisation in the country and specialises in training, as well as professional development of the public sector.

The organisation has been asked by the auditor general to partner in the implementation of international public sector accounting standards through education and training.

Pakistan’s auditor general Javaid Jehangir has also stressed the importance of a good public financial management system last week at a meeting with the World Bank.

He said it is essential for the implementation of policies, fiscal discipline, strategic resource allocation and efficient service delivery.

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