Project to Improve Financial Reporting and Auditing Audit Component

Cowater, through this USD $1.3 million, World Bank-funded project, worked with the Department of the Auditor General of Pakistan between 2002-2005 in order to strengthen audit practices and help modernize Pakistans Supreme Audit Institution. Cowater developed and implemented a new financial and compliance audit manual and delivered training courses for auditors for new auditing procedures and methodologies. Support was given to the drafting of new audit legislation, selecting, customizing and rolling out Computer Assisted Audit Techniques, and engage in pilot audits according to the new audit manual. The project also supported internal audit practices through the drafting of additional internal audit legislation and an internal audit manual. As a result of Cowaters work Internal Audit Offices were created for the first time in the several key Ministries (Finance, Petroleum, Education, Health, and Industry).