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INTOSAI Task Force Global Financial Crisis -Challenges for SAIs and the WGPD

INTOSAI Task Force Global Financial Crisis -Challenges for SAIs and the WGPD. Roberto José Domínguez Moro Superior Audit Office of Mexico INTOSAI Working Group on Public Debt. June 14, 2010. Introduction.

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INTOSAI Task Force Global Financial Crisis -Challenges for SAIs and the WGPD

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  1. INTOSAI Task Force Global Financial Crisis -Challenges for SAIsand the WGPD Roberto José Domínguez Moro Superior Audit Office of Mexico INTOSAI Working Group on Public Debt June 14, 2010

  2. Introduction • The INTOSAI Task Force Global Financial Crisis - Challenges for SAIs was created as an institutional response to the auditing issues stemming from the financial crisis and the governments’ response to it

  3. Creation • 58th Governing Board Meeting (Vienna, November 2008) • Falls within INTOSAI Strategic Goal 3, Knowledge Sharing • Chair: United States of America

  4. Membership • 25 members so far: • Austria • Canada • Chile • China • Cyprus • Denmark • Estonia • European Court of Auditors • Finland • Hungary • Indonesia • Italy • Japan • Korea (Republic of) • Mexico Morocco • Netherlands • Poland • Russian Federation • Saudi Arabia • Slovakia • Sweden • United Kingdom •United States of America • Venezuela

  5. Purpose • To enhance the knowledge base of SAIs on financial and economic matters related to the crisis • To enhance the exchange of knowledge among SAIs • To help governments and the global community respond to the crisis • To become a source of information and experience

  6. Goals (i) • Draft Goal 1: Develop recommendations • Minimizing the impact of future financial crises • Draft Goal 2: Develop resources • SAIs work on global financial crisis, stimulus initiatives, and their impact

  7. Goals (ii) • Draft Goal 3: Develop tools and methodologies  • Strengthening SAIs’ monitoring ability • Financial and other regulatory systems • Draft Goal 4: Build strategic relationships with key international organizations  • Sharing Information on the financial crisis • Developing key indicators for early warning systems

  8. Goals (iii) • Draft Goal 5: Develop tools and methodologies • Strengthening SAIs ability • Conducting performance and other audits of macroeconomic measures taken in response to the global financial crisis

  9. Objectives (i) • Lessons learned • Lessons SAIs collectively learned from past financial crises • Impact on countries • Common problems that countries have experienced

  10. Objectives (ii) • Genesis and impact of the current crisis • Principal domestic and foreign factors causing and/or influencing the impact of the financial crisis • Impacts upon each country’s financial market and economic framework • Impacts upon economic development globally and regionally

  11. Objectives (iii) • Initial government responses to avert or minimize the crisis • Fiscal stimulus • Financial intervention • Broader economic interventions • Regulatory and other changes made to minimize the risk from financial crisis

  12. Objectives (iv) • Reforms, transparency, and accountability • Reforms to mitigate the impact of another financial crisis and needed global regulatory reforms • Role of central banks and other supervisors • Criteria for using public funds • Transparency, accountability and effectiveness of undertaken measures • Level of international cooperation

  13. Objectives (v) • Challenges that SAIs face • Factors (legal mandates, human resources, etc.) influencing SAIs’ ability • Impact on SAIs’ audit operations, fiscal resources, and legal mandates • Methodologies and tools to strengthen SAIs’ abilities • Audit principles for government auditing

  14. Objectives (vi) • Roles of SAIs in monitoring and overseeing financial markets, banking systems, and financial regulatory systems • Role of SAIs in responding to the current crisis • SAIs information that can affect government exit strategies

  15. Objectives (vii) • International Organizations & Key National Indicators • UN, OECD, World Bank, IMF, International Labor Organization, Bank of International Settlements, international standard setting bodies • Roles of international organizations and integration of government auditing into national measures • Definition of adequate international benchmarks

  16. Terms of Reference (i) • The Task Force will exist for a period not to exceed 3 years • Expected Products: • Archives of SAI work • Compilations of best practices and lessons learned • Electronic WIKI products • Case studies • Training courses

  17. Terms of Reference (ii) • Liaison with other INTOSAI Committees and Working Groups on intersecting issues: • Knowledge Sharing Committee • Working Group on Public Debt • Working Group on Key National Indicators

  18. Terms of Reference(iii) • Publication and Distribution of Documents • Exposure Drafts and Products • Task Force members comments within 21 calendar days of receiving the draft • May also circulate draft documents to other Task Forces, Working Groups, and the Governing Board prior to exposure to the full membership

  19. Terms of Reference (iv) • Reports to the Governing Board • The Task Force may participate in the annual Governing Board meeting • Changes to the Task Force terms of reference, membership, etc. • Documents presented to the Governing Board will be previously circulated within the Task Force

  20. Terms of Reference (v) • Reports to the INTOSAI Congress • The Task Force chair will present a report to the INCOSAI  • Results of its activities to date • Expected outcomes and products

  21. Terms of Reference (vi) • Creation of three subgroups: • 1. Financial crisis causes and lessons learnt • 2. Actions for minimizing and avoiding crises • 2A. Effects of rescue programs on financial markets • 2B. Effects of rescue programs on economy • 3. Challenges for SAIs

  22. Task Force and the WGPD (i) • Concurrence of issues to analyze • Impact of governmental rescue, bail-out and support programs on public debt • Liabilities, sustainability and long-term effects on public debt • Effective auditing of rescue programs • Definition of indicators and early-warning systems • Development of pertinent information related to auditing for policy-makers

  23. Task Force and the WGPD (ii) • WGPD Strategic Plan: • Maintain an active relationship with the other regional groups, working groups, standing committees, task forces as well as other institutions dealing with public debt issues • Designation of a WGPD member to undertake liaison responsibilities with the Task Force

  24. Task Force and the WGPD (iii) • WGPD investigations • Task Force  important input for current and future investigations • Need of WGPD – Task Force coordination • Avoiding duplication of efforts • Enriching WGPD products’ contents • Exchange of information • Cooperation and collaboration on common issues

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