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

2. 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

3. Current status in the development of ISSAI 1000-2999

4. 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.

5. 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

6. 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 FAS
Approval of all translated PNs and ISSAIs
November 2010 – Governing Board
Approval of ISSAIs 1000 and 1003

7. 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

8. 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 ) and ISSAI
First draft presented at INCOSAI 2007
Proposal: Approval for exposure

9. 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

10. 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