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INTOSAI Financial Audit Guidelines Subcommittee

INTOSAI Financial Audit Guidelines Subcommittee. PSC Steering Committee meeting Brasilia June 2009. Accomplishments since Beijing. 7 PNs approved by FAS 7 PNs exposed and awaiting approval by FAS 10 PNs on exposure 2 ISSAIs revised and due for exposure Evaluation finished favorably

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INTOSAI Financial Audit Guidelines Subcommittee

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  1. INTOSAI Financial Audit Guidelines Subcommittee PSC Steering Committee meeting Brasilia June 2009

  2. Accomplishments since Beijing • 7 PNs approved by FAS • 7 PNs exposed and awaiting approval by FAS • 10 PNs on exposure • 2 ISSAIs revised and due for exposure • Evaluation finished favorably • 2 experts appointed to new IAASB task forces • One meeting and two telephone meetings held

  3. Current status in the development of ISSAI 1000-2999

  4. Consistency check of all ISSAIs will take place May-August 2009.

  5. Next Steps of the Development • Consistency Check (May-August) • Update the PNs to reflect the final version of the ISAs • Ensure consistent use of terms, language, references etc. • Translations including quality assurance (October-March) • Publication

  6. Meetings

  7. Continued Cooperation FAS-IAASB • Mr Steen Bernt Jensen (SAI Denmark) appointed Public Member of IAASB for 2008 • Mr Jonas Hällström, technical advisor • New IAASB Task Forces: • Revision of ISA 610 – Using the Work of Internal Auditors. Expert: Mr Clyde McLellan from Canada, back-office experts: TBD • ISAE 3000 – Assurance Engagements. Expert: Andrew Baigent, United Kingdom, back-office experts: TBD

  8. ISSAI 1000 • Provides a general introduction to the INTOSAI Financial Audit Guidelines • Purpose of the Guidelines • Structure and Content • Scope • Authority • General Issues in Audits of Public Sector Entities • Recommendations regarding Translation • Link between the INTOSAI Fundamental Principles (ISSAI 100-400) and ISSAI 1000-2999 • First draft presented at INCOSAI 2007 Proposal: Approval for exposure

  9. ISSAI 1003 • Glossary of Terms drafted as an addition to the IAASB Glossary • Public Sector specific terms • Additional explanations to terms in the IAASB glossary Proposal: Approval for exposure

  10. Additional Proposal Proposal: Approval of new name for the subcommittee – the INTOSAI Financial Audit Subcommittee (FAS) i.e. Remove “Guidelines” from the name to be consistent with the other PSC subcommittees

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