Intosai Auditing Standards

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Concept Paper on Post PIFRA Strategy
Audit Competency Centre

A good Public Financial Management (PFM) system is essential for the implementation of policies and the achievement of developmental objectives by supporting aggregate fiscal discipline, strategic allocation of resources and efficient service delivery. An open and orderly PFM system is one of the enabling elements for those three levels of budgetary outcomes:
• Effective controls of the budget totals and management of fiscal risks contribute to maintain aggregate fiscal discipline.
• Planning and executing the budget in line with government priorities contributes to implementation of government’s objectives.
• Managing the use of budgeted
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Key elements of the quality of OAGP’s actual external audit is envisaged to comprise the scope/ coverage of the audit, adherence to appropriate auditing standards including independence of the external audit institution, focus on significant and systemic PFM issues in its reports, and performance of the full range of financial audit such as reliability of financial statements, regularity of transactions and functioning of internal control and procurement systems. Inclusion of some aspects of performance audit (such as e.g. value for money in major infrastructure contracts) would also be expected of a high quality audit function.
With the Auditor-General adopting International Auditing Standards the envisaged wider role of the Auditor-General in auditing circumstances changed. The timing of audits has changed and now has to be done during the busy periods due to reporting deadlines imposed by the PEFA. This implies that Auditor General will need to staff up in order to be in a position to meet the reporting deadlines. Moreover Devolution has changed the way government money is spent in Pakistan. Responsibility for well over billions of rupees a year now lies with the devolved administrations. These changes in accountability for public money have also meant changes in the audit arrangements.

Objectives of PIFRA Audit Component PIFRA was one such initiative where OAGP tried to achieve following objectives from the Project
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