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Agenda item 5 ISSAI 200 and ISSAI 1000- Changes to the ISSAIs

Agenda item 5 ISSAI 200 and ISSAI 1000- Changes to the ISSAIs. Objective of agenda item 5. Discussion on consequences of approval of draft ISSAI 200 Discussion on placement of old extant ISSAI 100-400 Discussion on the use of ISSAI 1000 especially in light of new ISSAI 200

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Agenda item 5 ISSAI 200 and ISSAI 1000- Changes to the ISSAIs

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  1. Agenda item 5 ISSAI 200 and ISSAI 1000- Changes to the ISSAIs

  2. Objective of agenda item 5 • Discussion on consequences of approval of draft ISSAI 200 • Discussion on placement of old extant ISSAI 100-400 • Discussion on the use of ISSAI 1000 especially in light of new ISSAI 200 • Discussions on the need for updating the ISSAIs

  3. Background • ISSAI 200- Fundamental Principles of Financial Auditing approved at the PSC SC June 2013, to be endorsed at the congress in October 2013 • Discuss the use of ISSAI 200 and the different options for the ISSAIs on level 4, based on endorsement of new ISSAI 200

  4. ISSAI 200 • Not to be used as standards • Sets out the principles to be followed when developing auditing standards in line with INTOSAI ambitions • Level 4 guidance is consistent with ISSAI 200

  5. ISSAI 200 • Relevant only when developing own standards or? • Can SAI have use of ISSAI 200 for other purposes • Information to stakeholders? • Peer reviews? • How can FAS promote or inform about ISSAI 200?

  6. ISSAI 1000- Content • Introduction • Background • The Purpose of the INTOSAI Financial Audit Guidelines • Scope of the INTOSAI Financial Audit Guidelines • Structure and Content of the INTOSAI Financial Audit Guidelines • Applying the INTOSAI Financial Audit Guidelines as Standards • Authority • General Issues in Audits of Public Sector Entities • Translation of the INTOSAI Financial Audit Guidelines

  7. ISSAI 1000 Content • Appendix 1 – Link between the INTOSAI Fundamental Auditing Principles (ISSAI 100–400) and the INTOSAI Financial Audit Guidelines (ISSAI 1000–2999) • Appendix 2 – ISSAIs, effective for audits of financial statements for periods beginning on or after December 15, 2009 • Appendix 3 – The Authority Attached to the ISAs • Appendix 4 – Translation Recommendations • Appendix 5 – List of Abbreviations

  8. ISSAI 1000 General Introduction • Alternatives; • Delete ISSAI 1000, issues considered sufficiently covered by new ISSAI 200 • Retain ISSAI 1000, but delete parts not relevant (this option is complicated due to the fact we also need to refer to the old ISSAI 100-400) • Retain the entire document, but change references (this option is complicated due to the fact we also need to refer to the old ISSAI 100-400)

  9. Consequences • Alternative 1 (delete 1000) • More references needed to ISSAI 200 in separate level 4 documents • No explanation of scope and how the ISSAIs are structured • Reference in all PNs to ISSAI 1000 are to revised (new reference may be the authority in ISSAI 100) • How to attend to the PSC suggestion to refer to the old ISSAI 100-400 in the guidelines?

  10. Consequences • Alternative 2 (delete parts of ISSAI 1000) • No duplication with ISSAI 200 • The underlying view is that ISAI 200 and the ISSAI 1000-1810 form part of the same set of standards • Explanation of scope and how the ISSAIs are structured will still be available • Limited needs for changing references, need to refer to two sets of ISSAIs on level 3

  11. Consequences • Alternative 3 (Retain entire ISSAI 1000) • Limited needs for changing references, need to refer to two sets of ISSAIs on level 3 • Explanation of scope and how the ISSAIs are structured will be available • Duplication of guidance (ISSAI 200/1000

  12. Old Fundamental Principles- Suggestion PSC Secretariat. • The INTOSAI Auditing Standards from 1992 (“old” ISSAI 100-400)is annexed to the ISSAI 1000 • A footnote is inserted in ISSAI 1000/28 that explains the issue and/or the text in point (c) is modified to refer to the annex. • This solution is complicated due to the large amount of references to these documents, that needs to be amended to refer to two sets.

  13. Old Fundamental Principles- Suggestion PSC Secretariat cont. • How do we best attend to the suggestion to have the old ISSAI 100-400 attached to the guidelines?

  14. Other changes - • Identified by different stakeholders and reported to the secretariat: • Minor issues relating to: • ISSAI 1510 • ISSAI 1805 • ISSAI 1700 • ISSAI 1570 • Some of these are listed in appendix 3 to this agenda item

  15. Identified needs for amendments • Amendments to ISSAI 1000 according to the discussions above • Inclusion of “old” ISSAI 100-400 with relevant references • Minor clarification to PNs in accordance with annex 3 • New ISSAI 1610 • During next year new and updated ISSAI 1720

  16. Timing ofchanges • PSC Maintenance frequency: • ISSAI 1000-1810 should be revised when an underlying ISA is revised • Options • Attend to already identified needs during 2014- Approval by GB 2014 • Attend to these together with the outcome of Auditor Reporting, ISA 720 revision, Disclosures amendments which may include significant changes, GB 2015 • In all alternatives- present an updated version for endorsement in 2016

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