The Pifra is a step towards achieving maximum financial accountability and transparency in the system by promoting digitization of entire expenditure and expenses system for the govt budgets. The Pifra Stands for Project to Improve Financial Reporting and Auditing.
In line with this Project, the Pifra web portal has been launched officially by the Govt of Pakistan. The Pifra website maintains an online record for all budgetary allocations,a list of expenditures for all Govt departments. In addition to that, the govt employees have the facility to get their payslips online.
This project is the backbone of Pakistan’s Audit and expenditure mechanism. In fact, this whole concept has the backing from Pakistan Audit department, CGA and Ministry of Finance along with Provincial Finance departments. With the quite collaboration of all department, the Pifra has been made possible.
The Pifra Project is for the ease and transparency of Govt departments. It has the budgetary allocation to the tune of 5,553 Million. In line with this budget allocation, the Pifra has been made viable and effective tool to project maximum financial audit and transparency.
There are Four Key components of Pifra. These are as follows:
Aims and Objectives of Pifra
1. FABS (Federal Accounting & Budgeting System)
2. Enhance the Capacity Building of the Auditor General’s Office.
3. Promote Effective Project Management.
4. To Enhance the Capacity Building of the Controller General of Accounts’ Office.
Pifra is the project for accountability, transparency, and rooting out any hurdle in the way of progress and prosperity. It promotes
professionalism, accountability, and auditing for greater Public Financial Management. This project is aimed at accelerating the pace of progress and prosperity by bridging the gaps in building an effective and Integrated Financial Management System (IFMS).
The Pifra has the following well-professional and well-promoted key concepts for working:
1. Improve the audit mechanism as per internationally well-recognized Standard Operating Procedures (SOPs)
2. More transparency and Public accountability by publishing the Financial disclosures online.
3. Reducing the Gaps to Avoid Financial Mismanagement and Loss.
4. Promote Trust to build an effective Financial Management System
Conclusion
Therefore, Pifra is one of the wonderful initiative of Govt to promote financial accountability and audit mechanism. The system is gradually being upgraded to cover the maximum areas to achieve a complete financial Management System for Pakistan.
