ISLAMABAD: Minister for Federal Education and Professional Training Shafqat Mahmood has directed the Finance Division to complete the consultative process and constitute the Internal Audit Policy Board as early as possible.
Mahmood said this while presiding over a meeting of the Cabinet Committee on Institutional Reforms (CCIR) on Thursday.
The minister said that with the enforcement of this Public Finance Management Act 2019, many financial issues of the respective ministries will be addressed at initial stages and the efficiency and good governance of the ministries will improve many times.
The committee exhaustively deliberated on Public Finance Management Act 2019. According to this act, every ministry/ division will have a chief finance and accounts officer (CFAO) to assist and work under the principal accounting officer of the respective ministry/division.
This act will strengthen the financial powers of the principal accounting officer of the ministry/division. Under this act, for the first time, chief internal auditors (CIA) will be introduced in the ministries/ divisions who will evaluate all the transactions of the respective ministry/division. It will also point out the weak areas to the principal accounting officer before the external audit initiates.
The meeting was also attended by SAPM on petroleum, auditor general of Pakistan, controller general of accounts, deputy chairman Planning Commission, secretary establishment, secretary finance, special secretary Cabinet Division and joint secretary (Institutional Reforms Cell) Prime Minister’s Office. The meeting was adjourned till next Thursday.
