INTOSAI and IFAC Robert F. Dacey Chief Accountant US Government Accountability Office

2 INTOSAI (International Organisation of Supreme Audit Institutions) Represents the external government audit community. Objectives  promote the development and transfer of knowledge,  improve government auditing worldwide, and  enhance professional capacities, standing and influence of member SAIs in their respective countries. autonomous, independent and non-political organisation. non-governmental organisation with special consultative status with the Economic and Social Council (ECOSOC) of the United Nations. Almost 200 Member SAI’s.

3 INTOSAI Professional Standards Committee - Financial Audit Subcommittee Strategic objective - To develop high quality guidelines that are globally accepted for the audit of financial statements in the public sector. Strategy - To leverage the expertise and resources of the IAASB, an internationally respected auditing standards setting organization, in a strategic and cooperative partnership. Chaired by Mr Gert Jönsson, Deputy Auditor General of Sweden

4 Actions to Achieve the Strategic Objective Incorporate public sector consideration into the ISAs by:  Participating as members in IAASB task forces to write audit standards on current and future projects  Writing comment letters on exposure drafts of ISAs where there was no INTOSAI input on the IAASB task force Provide guidance (auditing guidelines) above and beyond what is provided in each ISA for public sector audits by:  Drafting practice notes for all ISAs in order to provide special considerations for the public sector  Drafting additional guidance to deal with the special needs of the public sector

5 Auditing Guidelines Translate the fundamental auditing principles into more specific, detailed and operational guidelines. Guidelines for financial audits, performance audits and compliance audits. Financial audit guidelines are based on the International Standards of Auditing (ISA’s). Each guideline on financial auditing consists of an ISA together with an INTOSAI Practice Note outlining the modifications and further elaborations that need to be considered in public auditing.

6 GAO Involvement in Standard Setting Coordinate with INTOSAI members on IAASB task forces Provide comment letters on IAASB, ASB and PCAOB Exposure Drafts Participate on many AICPA Auditing Standards Board (ASB) task forces, including the International Auditing Standards Subcommittee Observer to the PCAOB SAG and ASB

7 GAO Involvement in Standard Setting The Comptroller General of GAO issues generally accepted government auditing standards (GAGAS)  incorporate ASB field work and reporting standards unless specifically excluded or modified Participate in the U.S. Auditing Standards Coordinating Forum with PCAOB and ASB