Financial Audit Subcommittee
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Financial Audit Subcommittee Presentation by Jonas Hällström. Decisions by the PSC Steering Committee. Approval of ISSAI 1000 and 1003 Approval of Work Plan 2011-2013. Update from FAS. Translations. ISSAI 1000 and 1003 –Due process. Exposure comments considered

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Financial Audit Subcommittee Presentation by Jonas Hällström

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Financial audit subcommittee presentation by jonas h llstr m

Financial Audit Subcommittee

Presentation by Jonas Hällström


Decisions by the psc steering committee

Decisions by the PSC Steering Committee

  • Approval of ISSAI 1000 and 1003

  • Approval of Work Plan 2011-2013

Update from FAS

  • Translations


Issai 1000 and 1003 due process

ISSAI 1000 and 1003 –Due process

  • Exposure comments considered

  • Comments from FAS members considered

  • FAS discussion and approval in April

  • PSC approval May 6-7

  • FAS approval of translations in September

  • GB approval in November

  • INCOSAI endorsement in November


Issai 1000 1003 comments

ISSAI 1000/1003 –Comments

  • Predominantly positive responses

  • ISSAI 1000

    • Respondents supported the inclusion of ”general issues”

    • Some respondents asked for more issues under ”general issues”

    • Reference to standards in paragraph 28 changed

  • ISSAI 1003 - Some clarifications of definitions


Ed issai 1000 1003

ED ISSAI 1000/1003

  • No need to re-expose

  • Most changes are clarifications

The PSC Steering Committee is asked to approve ISSAI 1000 and 1003 for endorsement at INCOSAI


Fas work plan 2011 2013 strategic objective

FAS Work Plan 2011-2013 Strategic Objective

Maintain and further develop high quality

guidelines that are globally accepted for the

audit of financial statements in the public

sector, and make those guidelines known,

accepted and available to the INTOSAI

community.


Work plan 2011 2013 tasks defined by the psc

Work Plan 2011-2013 – tasks defined by the PSC

  • To maintain and continue to develop the ISSAIs on Financial Audit

  • To create awareness for the standards and guidelines and contribute with expert knowledge on the guidelines, relating to implementation efforts, and

  • To contribute to the consistency in the ISSAI framework


Work plan 2011 2013 additional fas initiatives

Work Plan 2011-2013- additional FAS initiatives

  • Explore the needs, advantages and possibilities of including other standards issued by the IAASB as part of the INTOSAI Financial Audit Guidelines

  • Summarize lessons learnt

  • Monitor implementation of the guidelines among INTOSAI members.

The PSC Steering Committee is asked to approve the Work Plan


Translations

Translations

  • 36 PNs translated to official INTOSAI languages

  • Discussions with IFAC regarding access to translated ISAs

  • All translations of INTOSAI parts of the guidelines approved by FAS in September


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