INTOSAI Financial Audit Guidelines (ISSAI 1000-2999) Presentation by [name and title]

INTOSAI Financial Audit Guidelines (ISSAI 1000-2999) Presentation by [name and title] [Date and place]

Why has INTOSAI developed ISSAIs for Financial Audit? • Need for detailed standards and guidance • Cooperation with IFAC and IAASB • ISAs are globally accepted • Increased quality, confidence and credibility

What are the ISSAIs for Financial Audit? ISSAI ISA International Standard on Auditing Practice Note

ISSAI hierarchy

Invaluable international involvement

ISAs – Content and Structure • Introduction • Scope of this ISA • Subject matter • Effective date • Objective(s) • Definition • Requirements • Application and other explanatory material

PNs – Content and Structure • Background • Introduction to the ISA • Content of the Practice Note • Applicability of the ISA in public sector auditing • Additional guidance on public sector issues

Reference to authoritative standards • ISSAIs for Financial Audit • ISAs • INTOSAI Fundamental Principles • Other relevant standards

ISSAI Content Specialized areas Audit conclusions and reporting General principles and responsibilities Using the work of others Risk assessment and responses to assessed risks Audit evidence

Objectives Risk Assessment Communication Some General Issues in Audits of Public Sector Entities Consideration of Laws and Regulations Materiality Identifying Fraud and Error

How can the ISSAIs on Financial Audit be implemented in the national context? Initial assessment: • Implementation options • Requirements in national context • Current audit environment • Resources needed • Implementation process • Cooperation options

The INTOSAI Financial Audit Guidelines • Give confidence and in our work as auditors credibility • Provide the basis for high audits quality • Are the basis for the in our operations professionalism

INTOSAI Financial Audit Guidelines (ISSAI 1000-2999) Presentation by [name and title]