INTOSAI Financial Audit Guidelines Subcommittee

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Presentation transcript:

INTOSAI Financial Audit Guidelines Subcommittee PSC Steering Committee meeting Brasilia June 2009

Accomplishments since Beijing 7 PNs approved by FAS 7 PNs exposed and awaiting approval by FAS 10 PNs on exposure 2 ISSAIs revised and due for exposure Evaluation finished favorably 2 experts appointed to new IAASB task forces One meeting and two telephone meetings held

Current status in the development of ISSAI 1000-2999

Consistency check of all ISSAIs will take place May-August 2009. Draft Exposure FAS Approval GB Approval INCOSAI Endorsement 1220, 1230, 1260, 1300, 1315, 1330, 1450, 1800, 1805 (1810)  Conforming changes to be presented at GB Nov 2009 1200, 1210, 1240, 1250, 1500, 1550, 1560, 1570, 1580 Nov 2009 2010 1700, 1705, 1706, 1710, 1720, 1600, 1610 Expected in Oct 2009 1402, 1501, 1505, 1510, 1520, 1530, 1540 Exposure May-July 1320 Re-exposure June – Aug 1265, 1620 Exposure June – Aug 1000, 1003 Expected exposure July-Oct Expected in 2010 (TBD) Oct 2010 (Presented as ED at GB Nov 2009) Consistency check of all ISSAIs will take place May-August 2009.

Next Steps of the Development Consistency Check (May-August) Update the PNs to reflect the final version of the ISAs Ensure consistent use of terms, language, references etc. Translations including quality assurance (October-March) Publication

Meetings Date For the purpose of: June 2009 – PSC Steering Committee Approval of ISSAIs 1000 and1003 for exposure by the PSC SC October 2009 – FAS Approval of consistency checked PNs and of 17 exposed PNs November 2009 – Governing Board Approval of all consistency checked PNs March 2010 - FAS Approval of all translated PNs and ISSAIs 1000-1003 November 2010 – Governing Board Approval of ISSAIs 1000 and 1003

Continued Cooperation FAS-IAASB Mr Steen Bernt Jensen (SAI Denmark) appointed Public Member of IAASB for 2008 Mr Jonas Hällström, technical advisor New IAASB Task Forces: Revision of ISA 610 – Using the Work of Internal Auditors. Expert: Mr Clyde McLellan from Canada, back-office experts: TBD ISAE 3000 – Assurance Engagements. Expert: Andrew Baigent, United Kingdom, back-office experts: TBD

ISSAI 1000 Provides a general introduction to the INTOSAI Financial Audit Guidelines Purpose of the Guidelines Structure and Content Scope Authority General Issues in Audits of Public Sector Entities Recommendations regarding Translation Link between the INTOSAI Fundamental Principles (ISSAI 100-400) and ISSAI 1000-2999 First draft presented at INCOSAI 2007 Proposal: Approval for exposure

ISSAI 1003 Glossary of Terms drafted as an addition to the IAASB Glossary Public Sector specific terms Additional explanations to terms in the IAASB glossary Proposal: Approval for exposure

Additional Proposal Proposal: Approval of new name for the subcommittee – the INTOSAI Financial Audit Subcommittee (FAS) i.e. Remove “Guidelines” from the name to be consistent with the other PSC subcommittees