1. Revision of ISSAI 5422 “An Exercise of Reference Terms to Carry out Performance Audit of Public Debt” 10.2014 | WGPD Mr. Roberto Salcedo Deputy Auditor General of Mexico Annual Meeting of the Working Group on Public Debt October 22-24, 2014 Seoul, Korea

2. ASF | 2 2004 – 2006 Developed by the former Public Debt Committee (now WGPD) Leader: SAI of Mexico Project on terms of reference for public debt performance audits First draft presented during the 2004 Meeting held in Moscow Progress reports: 2005 meeting (Sofia) 2006 meeting (Buenos Aires) ISSAI 5422 An Exercise of Reference Terms to Carry out Performance Audit of Public Debt

3. ISSAI 5422 ASF | 3 An Exercise of Reference Terms to Carry out Performance Audit of Public Debt Presented for approval to the 56th INTOSAI Governing Board Meeting (Mexico, 2007) Final endorsement: XIX INCOSAI (November 2007, Mexico)

4. ASF | 4 Lines of work (1) terms to be considered by an auditor to test whether the public debt and its relating concepts have been defined and classified clearly and according to hermeneutical standards. (2) items that should be included in the normative and legal framework of a country in order to provide the debt management with consistency and governance (3) essential aspects needed to determine whether debt management is carried out in accordance with the best practices. ISSAI 5422 An Exercise of Reference Terms to Carry out Performance Audit of Public Debt

5. ASF | 5 Lines of work (4) need of undertaking a vulnerability and sustainability analysis by means of static and dynamic indicators. (5) assessment that should be carried out by the auditor to give an opinion on the behavior of the institution in charge of debt management and its staff (competences, training, experience, code of ethics) (6) government obligation (a) to notify and disclose information on public debt, liabilities and associated risks, and (b) to issue reports. ISSAI 5422 An Exercise of Reference Terms to Carry out Performance Audit of Public Debt

6. ASF | 6 Basic Information It is not and evaluation on the social and economic impact in indebted countries. This document proposes a framework that could serve as guideline and trigger the conduction of this kind of audits. Reference terms on: (1) debt structure, (2) risk assessment, (3) prudent practices on debt management, and (4) recording, control and monitoring. ISSAI 5422 An Exercise of Reference Terms to Carry out Performance Audit of Public Debt

7. ASF | 7 Official ProductReviewing Team Comments ISSAI 5422 – An Exercise of Reference Terms to Carry Out Performance Audit of Public Debt. Mexico Need to make reference to recent crisis: Greece, Spain and Portugal. ISSAI 5422 An Exercise of Reference Terms to Carry out Performance Audit of Public Debt

8. Revision of ISSAI 5422 “An Exercise of Reference Terms to Carry out Performance Audit of Public Debt” 10.2014 | WGPD Mr. Roberto Salcedo Deputy Auditor General of Mexico Annual Meeting of the Working Group on Public Debt October 22-24, 2014 Seoul, Korea