1. Financial Audit Subcommittee
Presentation by Jonas Hällström

2. Decisions by the PSC Steering Committee
Approval of ISSAI 1000 and 1003
Approval of Work Plan
Update from FAS
Translations

3. ISSAI 1000 and 1003 –Due process Exposure comments considered
Comments from FAS members considered
FAS discussion and approval in April
PSC approval May 6-7
FAS approval of translations in September
GB approval in November
INCOSAI endorsement in November

4. ISSAI 1000/1003 –Comments Predominantly positive responses ISSAI 1000
Respondents supported the inclusion of ”general issues”
Some respondents asked for more issues under ”general issues”
Reference to standards in paragraph 28 changed
ISSAI Some clarifications of definitions

5. ED ISSAI 1000/1003
No need to re-expose
Most changes are clarifications
The PSC Steering Committee is asked to approve ISSAI 1000 and 1003 for endorsement at INCOSAI

6. FAS Work Plan 2011-2013 Strategic Objective
Maintain and further develop high quality guidelines that are globally accepted for the audit of financial statements in the public sector, and make those guidelines known, accepted and available to the INTOSAI community.

7. Work Plan 2011-2013 – tasks defined by the PSC
To maintain and continue to develop the ISSAIs on Financial Audit
To create awareness for the standards and guidelines and contribute with expert knowledge on the guidelines, relating to implementation efforts, and
To contribute to the consistency in the ISSAI framework

8. Work Plan 2011-2013 - additional FAS initiatives
Explore the needs, advantages and possibilities of including other standards issued by the IAASB as part of the INTOSAI Financial Audit Guidelines
Summarize lessons learnt
Monitor implementation of the guidelines among INTOSAI members.
The PSC Steering Committee is asked to approve the Work Plan

9. Translations 36 PNs translated to official INTOSAI languages
Discussions with IFAC regarding access to translated ISAs
All translations of INTOSAI parts of the guidelines approved by FAS in September