Working Group on Public Debt Progress Report 7th Meeting of the Steering Committee of the INTOSAI Committee on the Knowledge Sharing and Knowledge Services (Goal 3) Washington, DC, United Sates of America October 15 and 16, 2015

WGPD | 2 ArgentinaAustriaBrazilChile ChinaFinlandIndia Mexico (chair) Portugal Ukraine (online) South Korea USA Zambia Annual meeting, July 22-24, 2015

WGPD | 3 Livingstone, Zambia 36 delegates 13 member SAIs IDI UNCTAD AFROSAI-E Secretariat GIZ

WGPD | 4 PSC Revision of existing professional standards on public debt to ensure its validity and relevance ISSAIs Harmonization Project

WGPD | 5 ISSAIs Harmonization Project Five Key Criteria for the revision of WGPD ISSAIs 1. Usefulness 2. Updating required 3. Potential harmonization with other Working Group’s products 4. Alignment to other standards in the ISSAI Framework 5. Harmonization of the general ISSAI terminology, particularly the recently revision by the PSC of ISSAIs 100 to 400.

WGPD | 6 ISSAIs Harmonization Project Revised version of ISSAIs issued by the Working Group ISSAI 5410 “Guidance for Planning and Conducting an Audit of Internal Controls of Public Debt” ISSAI 5421 “Guidance on Definition and Disclosure of Public Debt” ISSAI 5422 “An Exercise of Reference Terms to Carry out Performance Audit of Public Debt” ISSAI 5430 “Fiscal Exposures: Implications for Debt Management and the Role of SAIs”

WGPD | 7 ISSAIs Harmonization Project Revised version of ISSAIs issued by the Working Group ISSAI 5411 “Debt Indicators” ISSAI 5420 “Public Debt: Management and Fiscal Vulnerability: Potential Roles for SAIs” Next revision process Withdrawal

WGPD | 8 Investigation Themes Projects based on the WGPD Strategic Plan’s objectives To prepare and publish guidelines and other material to be used by SAIs in order to encourage the proper reporting and sound management of public debt. To identify key issues for the development of responsibilities and procedures for auditing and evaluating public debt commitments. To prepare papers examining matters on public debt definition, reporting and assessment.

ASF | 9 Evaluation of Information Systems related to Public Debt Management Origin: 2009, Meeting in Kiev Approved in May 2013, by the KSC Chair and by the PSC Published from July to October 2013 as exposure version for comments by the INTOSAI community

ASF | 10 Evaluation of Information Systems related to Public Debt Management XXII INCOSAI ISSAI 5450 INTOSAI Re-exposure period INTOSAI July 1 – October 1, 2013 PSC CommentsNomenclature KSC May 2013 WGPD 2012 Implemented as a reference for the development of the "Coordinated Parallel Audit of Information Systems for Public Debt Management" initiative Subject to re-exposure period ISSAI 5450 will be presented during the XXII INCOSAI in 2016, for final approval.

ASF | 11 Public Debt Management Office XXII INCOSAI INTOSAI GOV INTOSAI Exposure for comments PSC KSC Feedback WGPD Origin: 2008, Meeting in Nadi The first Guideline for Good Governance (INTOSAI GOV) developed by the Working Group. Request for KSC endorsement in order to submit the document to PSC for classification and exposure to comments. Expected to be presented for final approval at the next INCOSAI in 2016.

ASF | 12 Concept Framework of Coordinated Parallel Audit of PDM Information Systems To assess the appropriate implementation of management and control process in relation to the efficiency of Public Debt Management National Information Systems 12 SAI involved in this initiative Guidance for Conducting a Public Debt Audit Guidance of Auditing on Public Debt Information Systems (ISSAI 5450) Work plan Three meetings: Ukraine, Moldova and Georgia Reference

ASF | 13 Trans-regional Programme on Public Debt Management Audit Objective To strengthen the institutional capacities of 29 participating SAIs from 5 regional working group. To promote the sound public debt management and audit. Outcomes The guide “Auditing Public Debt Management”. Relevance It provides practical audit procedures, questions and tools to assist auditors in conducting audits on nine specific public debt management topics.

ASF | 14 WGPDIDI Current project: Trans Regional Programme on Strengthening Public Oversight and Audit of Sovereign Lending and Borrowing Frameworks IDI Collaboration with the WGPD

WGPD | 15 Trans-regional Programme on Strengthening Public Oversight and Audit of Sovereign Lending and Borrowing Frameworks. Objectives To strengthen the professional and institutional capacity of participating SAIs in conducting in-depth and effective audit of lending and borrowing frameworks To influence effective sovereign lending and borrowing practices

WGPD | 16 Trans-regional Programme on Strengthening Public Oversight and Audit of Sovereign Lending and Borrowing Frameworks. 1. Joint effort with the WGPD and UNCTAD 2. Working meetings in different INTOSAI regions have been carried out, including OLACEFS and ASOSAI 3. Participation of senior management of the SAIs to ensure proper understanding of the requirements, relevance and results of the program 5. The WGPD will continue collaborating and strengthening the working relationship with the IDI.

WGPD’s Website ASF | 17 Updating and renewal of the WGPD’s website Purpose: Exchange experiencias and knwoledge Virtual and physical spaces to present best practices, discuss challenges and exchange views on innovative methodologies, new developments, and issues of public debt.

Cooperation with other partners World BankUNITARUNCTADIDBOECD WGPD | 18

Revision of WGPD Strategic Plan ASF | 19 New developments and challenges face by INTOSAI Strategic Plan WGPD Strategic Plan

New WGPD Chair ASF | 20 Call for nomination to take over the WGPD Chair

Working Group on Public Debt Progress Report 7th Meeting of the Steering Committee of the INTOSAI Committee on the Knowledge Sharing and Knowledge Services (Goal 3) Washington, DC, United Sates of America October 15 and 16, 2014

Motions ASF | 22 To take note of the Working Group’s annual report To take note of the development of the draft ISSAI 5450 “Guidance on Auditing Public Debt Information System”, that will be presented in the 2016 INCOSAI for its final approval To take note of the development of a potential INTOSAI GOV “Public Debt Management Office”, that will be subject to the PSC Due Process and would be presented in the 2016 INCOSAI for its final approval

Motions ASF | 23 To take note of the actions carried out by the Working Group’s Secretariat for the following revised ISSAIs to be endorsed by the KSC Steering Committee, so that they could be presented to the PSC: ISSAI 5421, ISSAI 5410, ISSAI 5430, ISSAI 5422 To endorse the Working Group Secretariat’s proposal to withdraw ISSAI 5420 “Public Debt: Management and Fiscal Vulnerability: Potential Roles for SAIs” to be withdrawn from the ISSAI Framework To take note on the decision of the SAI of Mexico to call for nominations to occupy the WGPD Chair. The handing over of this position should take place at the XXII INCOSAI in November 2016