Financial Audit Guidelines Subcommittee (FAS) Achievement Report PSC Steering Committee meeting October 2008, Beijing
FAS in figures (Oct-08) • 9 ISSAIs have been endorsed by INCOSAI. • 20 ISSAIs are currently in a draft format and will be exposed in the coming months. • 10 ISSAIs remain to be drafted. • 79 SAIs have volunteered the use of their very best and most experienced financial audit experts. • 27 SAIs have commented on the financial audit related ISSAIs at some stage of development. • 57 experts have participated in the development of Practice Notes as experts or back-office experts. • 25 INTOSAI experts have contributed to the work of International Auditing and Assurance Standards Board (IAASB) task forces as experts or back-office experts. • 97 experts have participated in 5 Reference Panel meetings.
INTOSAI on-going Participation in IAASB Task Forces • ISA 620 – Using the Work of an Auditor’s Expert – Expert from Brazil • ISA 265 – Communicating Deficiencies in Internal Control - Expert from Saudi Arabia • ISA 402 – Audit Considerations Relating to an Entity Using a Third Party Service Organization – Expert from Norway • ISA 505 – External Confirmations - Expert from Canada • PNs to these ISAs will be finalizedduring 2009
Evaluation of work processes Self assessment of work processes • Experienced experts from RP, IAASB technical staff and FAS Secretariat staff • working procedures are relevant and appropriate • Will benefit from broader range of input at an earlier stage in the development process • Some concerns about finalizing the work at time • Result • Special Expert Teams only, no Practice Note Task Forces • A larger group (30-35) of back-office experts are asked to comment on an early draft of the Practice Note, before it is presented to FAS for approval for exposure • A detailed work plan for Special Experts Teams developed
Evaluation of work processes External Evaluation; • An external evaluation in accordance with World Bank requirements • The evaluation was initiated in September and a final report is expected to be delivered in January 2009. • FAS welcomes the evaluation and hope the result will lead to even better processes.