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Revision of the WGPD Official Products & the PSC Harmonization Project

Revision of the WGPD Official Products & the PSC Harmonization Project. WGPD Secretariat June 10, 2011. The harmonization route.

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Revision of the WGPD Official Products & the PSC Harmonization Project

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  1. Revision of theWGPDOfficialProducts & thePSCHarmonization Project WGPDSecretariat June 10, 2011

  2. Theharmonizationroute Themaintenance of the Working Group on Public Debt’s official products will require an alignment with the terms of the newly approved Due Process, as well as with the Harmonization Project and eventually with the ISSAI Terminology Glossary. Here is a brief look into the Harmonization & Revision of the Fundamental Auditing Principles established approved by the Professional Standards Committee (PSC) last April, to see what we need to consider, before making any concrete changes to our own official products.

  3. ISSAI 100-4999 | Goal A • Verify the state of the revisions of ISSAI 100-4999, which the PSC is in charge of. • According to the 4th criteria for revision of official products, the alignment with them shall be considered (if required). • The WGPD Secretariat contacted the PSC on this matter and the timelines for revisions. We are awaiting for a response.

  4. ISSAI 10-99 | Goal B • If there are editorial changes to be made to ISSAI 10-99, they need to be also considered. • If changes are made in ISSAI 10-99, they will likely impact ISSAI 100-999 as well. • PSC’s timeframes for these revisions should also be taken into consideration, in order to plan our own accordingly.

  5. ISSAI 5000-5999 • We also asked the PSC about the possible need to align the WGPD’s official products to the series of ISSAI 5000-5999 and some specific Guidelines of the series ISSAI 100-4999 • The coordination of the revision of ISSAI 5000-5999 is responsibility of the Knowledge Sharing Committee (KSC), so we need to be in close contact with them as well.

  6. ISSAI 5421 &the Guidance on the Reporting of Public Debt: final report • The WGPD’s“ISSAI 5421 Guidance on Definition and Disclosure of Public Debt” is not updated and was only produced in English. • On the other hand the Guidance on the Reporting of Public Debt: final report later issued, has the same content as ISSAI 5421 plus improved and new material and it is available in all 5 INTOSAI languages. Nonetheless this one, is not considered as an ISSAI and does not have a registry at ISSAI.org However, this version should be kept over ISSAI 5421.

  7. INTOSAI GOV 9230 • Additionally there is the issue of conflict since a Guidance is more likely to be an INTOSAI GOV not an ISSAI, since it is not a norm. • This has been discussed with the PSC and they recommended to keep it as an ISSAI, but this was before the new Due Process and harmonization project, so we have requested their new view on this.

  8. ISSAITerminologyGLOSSARY • Finally as stated in our Joint Report, we will also need to consider that we will have to wait until the ISSAI Terminology Glossary is published, in order to harmonize the terminology of our products with it.

  9. Futurework • Assess a work plan • Analyze the changes we want to make and have all the WGPD members validate them • Work closely with the PSC to follow their own revisions in order to update ours accordingly • Be aware of the INTOSAI Glossary updates, in order to use it for our products

  10. Officialapproval • Once the pertinent modifications, additions or eliminations are made , we shall comply with the PSC Due Process and open them for comments • Inform the KSC and the INTOSAI Governing Board for their final approval

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