INTOSAI Financial Audit
Guidelines Subcommittee
PSC Steering Committee meeting
Brasilia June 2009
Financial Audit Guidelines Subcommittee
1
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
Financial Audit Guidelines Subcommittee
2
Current status in the
development of ISSAI 1000-2999
2
10
9
9
7
Endorsed by INCOSAI
Approved by FAS
Due for approval by FAS
On exposure
Due for exposure
Financial Audit Guidelines Subcommittee
3
ISSAI
Draft
Exposure
FAS Approval
GB Approval
INCOSAI
Endorsement
1220, 1230, 1260, 1300,
1315, 1330, 1450, 1800,
1805 (1810)



Conforming
changes to be
presented at GB
Nov 2009

1200, 1210, 1240, 1250,
1500, 1550, 1560, 1570,
1580



Nov 2009
2010
1700, 1705, 1706, 1710,
1720, 1600, 1610


Expected in Oct
2009
Nov 2009
2010
1402, 1501, 1505, 1510,
1520, 1530, 1540

Exposure
May-July
Expected in Oct
2009
Nov 2009
2010
1320

Re-exposure
June – Aug
Expected in Oct
2009
Nov 2009
2010
1265, 1620

Exposure
June – Aug
Expected in Oct
2009
Nov 2009
2010
1000, 1003

Expected
exposure
July-Oct
Expected in 2010
(TBD)
Oct 2010
(Presented as ED
at GB Nov 2009)
2010
Consistency check of all ISSAIs will take place May-August 2009.
Financial Audit Guidelines Subcommittee
4
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
Financial Audit Guidelines Subcommittee
5
Meetings
Date
For the purpose of:
June 2009 – PSC Steering
Committee
Approval of ISSAIs 1000 and1003
for exposure by the PSC SC
October 2009 – FAS
Approval of consistency checked
PNs and of 17 exposed PNs
November 2009 – Governing Approval of all consistency checked
Board
PNs
March 2010 - FAS
Approval of all translated PNs and
ISSAIs 1000-1003
November 2010 – Governing Approval of ISSAIs 1000 and 1003
Board
Financial Audit Guidelines Subcommittee
6
Continued Cooperation FASIAASB
• 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
Financial Audit Guidelines Subcommittee
7
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
Financial Audit Guidelines Subcommittee
8
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
Financial Audit Guidelines Subcommittee
9
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
Financial Audit Guidelines Subcommittee
10