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Financial Audit Subcommittee Presentation by Jonas Hällström

Financial Audit Subcommittee Presentation by Jonas Hällström. Decisions by the PSC Steering Committee. Approval of ISSAI 1000 and 1003 Approval of Work Plan 2011-2013. Update from FAS. Translations. ISSAI 1000 and 1003 –Due process. Exposure comments considered

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Financial Audit Subcommittee Presentation by Jonas Hällström

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  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 2011-2013 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 1003 - 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

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