Standard Setting – Input to Benchmarking

1. Standard Setting – Input to Benchmarking Kelly Ånerud, Deputy Director International Federation of Accountants INTOSAI Professional Standards Committee Manama, Bahrain May 20-22, 2014

2. International Standard Setting Boards Standard Setting Benchmarking – Elements of Interest to INTOSAI • Stakeholders – how are views of external stakeholders taken into consideration? • Standards development – who develops the standards, who is doing the actual writing, how is the work organised, in what forums does the work take place, etc.? • Administrative support – what kind of administrative support is available to the people developing standards and how is it organised?

3. International Standard Setting Boards Standard Setting Benchmarking - Stakeholders • Volunteer Board members - Annual Call for Nominations • Best person for the job • Balance practitioner, non-practitioner, public members, regional, gender • Technical Advisors (TAs) and other experts • Due process for standard setting (wide consultation, exposure etc.) • Extensive outreach – roundtables, forums, seminars, presentations

4. International Standard Setting Boards Standard Setting Benchmarking - Stakeholders • Monitoring Group – public interest perspectives • Public Interest Oversight Board (PIOB) - ensures due process • Consultative Advisory Groups (CAG) - advises on strategy/work plan

5. International Standard Setting Boards Standard Setting Benchmarking - Oversight

6. International Standard Setting Boards Standard Setting Benchmarking – Standards Development • Independent standard setting boards • Subject to due process and oversight • Meetings open to the public • Development of standards • Members, Technical Advisors, other experts, IFAC staff • Expectation attendance at meetings - Board / task forces • Significant annual time commitment • Annual evaluation of members

7. International Standard Setting Boards Standard Setting Benchmarking – Standards Development • Phased approach: • Project proposal / issues paper • Exposure draft / analysis of responses • Possible re-exposure • PIOB approves due process • Final standard published • On average 2- 3 years to complete

8. International Standard Setting Boards Standard Setting Benchmarking – Resources • Role of Chairman: • IAASB and IPSASB full-time roles • IESBA and IAESB significant part-time roles • Board members, Technical Advisors, other experts • Technical staff - approximately 20 • Administrative staff - approximately 4 – 6 • IFAC provides significant financing and infrastructure support (e.g. HR, IT, Communications, IP)