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The audit process: assuring the integrity of public spending

The audit process: assuring the integrity of public spending. ICPS Public Accounts Committees International Symposium 2013. David Watkins Chair, Accounting and Auditing Standards Panel. Agenda. Who is responsible for the integrity of public spending? The role of the auditor

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The audit process: assuring the integrity of public spending

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  1. The audit process: assuring the integrity of public spending ICPS Public Accounts Committees International Symposium 2013 David Watkins Chair, Accounting and Auditing Standards Panel

  2. Agenda • Who is responsible for the integrity of public spending? • The role of the auditor • Standards used in the UK • Best practice

  3. Who is responsible? • Individuals • Managers • Leadership

  4. The internal auditor • Reports to leadership • Professional qualification • Professional standards, internationally based • Provides opinion on governance processes and procedures • Value for money

  5. The external auditor • Reports to external stakeholders and to leadership • Independently appointed • Professional qualification • Professional standards, internationally based • Provides an opinion on the financial statements – the figures and regularity • Exception reporting on governance processes and procedures • Value for money

  6. Standards used in the UK • Public Sector Internal Audit Standards • International Federation of Accountants • Code of Ethics for Professional Accountants • International Standards on Auditing, Review, Other Assurance, and Related Services • Financial Reporting Council • Practice Note 10 • Audit Commission • Code of Audit Practice – local government • Code of Audit Practice - health

  7. Best practice • Risk based • Internal control • Governance arrangements • Public financial management • Financial management maturity

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