PSC INTOSAI Professional Standards Committee Professional Standards Presentation by: Bettina Jakobsen, Chair of the PSC, Assistant Auditor General of SAI Denmark The Exchange Abu Dhabi 13 – 15 May 2013

PSC INTOSAI Professional Standards Committee INTOSAI Organisation

PSC INTOSAI Professional Standards Committee Objective of the PSC To promote strong, independent, and multidisciplinary SAIs by (1) providing and maintaining international standards of Supreme Audit Institutions (ISSAIs) and (2) contributing to the development and adoption of appropriate and effective professional standards

PSC INTOSAI Professional Standards Committee But why use professional standards? Confidence and trust Credibility Quality and consistency Professionalism

INTOSAI Professional Standards Committee 5 Internal Control Standards Subcommittee Chair: Poland Compliance Audit Subcommittee Chair: Norway Performance Audit Subcommittee Chair: Brazil Financial Audit Subcommittee Chair: Sweden Project on Audit Quality Control Chair: New Zealand PSC Chair: Denmark PSC Steering Committee Chair: Denmark Goal Liaison: Libya Accounting and Reporting Subcommittee Chair: Canada Project on Harmonisation Chair: PSC Secretariat

PSC INTOSAI Professional Standards Committee PSC Achievements ISSAI website Adoption of the ISSAI framework Adoption of 37 new ISSAIs and INTOSAI GOVs Maintenance frequency agreed and established Adoption of INTOSAI Due Process for Developing, Revising and Withdrawing ISSAIs

PSC INTOSAI Professional Standards Committee Overview of ISSAI Framework Level 1 - Founding Principles ISSAI 1 The Lima Declaration Level 2 - Prerequisites for the Functioning of SAIs ISSAI 10 The Mexico Declaration on SAI Independence ISSAI 20 Principles of Transparency and Accountability ISSAI 30 Code of Ethics ISSAI 40 Quality Control for SAIs Level 3 - Fundamental Auditing Principles ISSAI 100 Basic Principles ISSAI 200 General Standards ISSAI 300 Field Standards ISSAI 400 Reporting Standards Level 4 - Auditing Guidelines Implementation guidelines: ISSAI 1000–2999 Financial Auditing ISSAI Performance Audit Guidelines ISSAI Compliance Audit Guidelines Level 4 - Auditing Guidelines Guidelines on specific subjects: ISSAI International Institutions ISSAI Environmental Audit ISSAI Privatisation ISSAI IT-audit ISSAI Audit of Public Debt ISSAI Audit of Disaster-related Aid ISSAI Peer Review Guidelines ISSAI Audit of Corruption Prevention INTOSAI GOV - Guidance for Good Governance INTOSAI GOV Internal Control Standards INTOSAI GOV Accounting and Reporting Standards

PSC INTOSAI Professional Standards Committee INCOSAI 2013 Presentation of new fundamental auditing principles developed under the Harmonisation Project Mandate to develop a sustainable INTOSAI standard-setting model

PSC INTOSAI Professional Standards Committee The Harmonisation Project Established in 2010 Four sub-projects Involving more than 25 auditors from the INTOSAI community. Headed by the PSC Secretariat

PSC INTOSAI Professional Standards Committee New set-up for professional standard setting in INTOSAI Transparent and effective governance system Systematised approach to developing standards Consistency in the use of concepts, wording and presentation of texts in the individual ISSAIs and across the ISSAI framework Centralised monitoring of developments within public sector auditing

PSC INTOSAI Professional Standards Committee More information on INTOSAI’s standard-setting activities can be found on www. issai.org Questions?