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INTRODUCTION: At Siemens, we continually strive to create a safe working environment by being responsive, caring and committed to the various needs governing the security and well being of employees.

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Table of contents:Chap 1 : Introduction1.1) Introduction to pifra1.2) Components of pifra1.3) Software used1.4) Scope&institunal relationsIntroductionThe Govt. of Pakistan took an initiative to address the shortcomings of the financial reporting system and to ensure good governance. The IMF carried out a survey in Government Accounting in early 1990s, followed by a diagnostic study sponsored by the World Bank. As a result, the Project to Improve Financial Reporting and Auditing (PIFRA) was introduced by the Auditor General of Pakistan in 1994.The main objective of this project is to computerize the whole accounting and auditing system of the country. The idea behind computerizing the whole system is to generate timely, accurate and reliable financial statements; to monitor fiscal deficit; to forecast flow of cash; to manage public debt and to achieve effective financial controls.The accounting system of Pakistan was inherited from the century old accounting system of the Indian govt. The old accounting system lacks timeliness, accuracy and most importantly transparency. Accounts of any organization, large or small, are the most important tool for curbing the corruption by keeping an eye on ins and outs of the money and more importantly they give the overall inner picture of the organization to the stakeholders which helps them take better financial decisions.While talking about the country as an organization the importance of the accounts becomes

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