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Annual meeting of the WGPD Helsinki, Finland September 10-12, 2012

Revision of ISSAIs. WGPD Secretariat. Annual meeting of the WGPD Helsinki, Finland September 10-12, 2012. 10.09.2012 | ASF. Work Plan. ISSAIs Harmonization Project. ISSAIs Harmonization Project. Permanent. Review frequency at least every 5 years. In process. Concluded.

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Annual meeting of the WGPD Helsinki, Finland September 10-12, 2012

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  1. Revision of ISSAIs WGPD Secretariat Annual meeting of the WGPD Helsinki, Finland September 10-12, 2012 10.09.2012| ASF

  2. Work Plan

  3. ISSAIs Harmonization Project

  4. ISSAIs Harmonization Project Permanent Review frequency at least every 5 years In process Concluded

  5. ISSAIs Revision

  6. Revision Criteria

  7. 1. Are the ISSAIs and INTOSAI GOV still useful? • Yes, definitely.

  8. 2. Do they need to be updated? In what respects? YES

  9. ISSAIs Revision

  10. ISSAIs Revision

  11. ISSAIs Revision

  12. ISSAIs Revision

  13. ISSAIs Revision

  14. ISSAIs Revision

  15. 3. Do the WG’s ISSAIs need to be harmonized with other WGPD products? Yes, some concepts and definitions have to be harmonized. For example, in ISSAI 5410, the public debt is defined operationally and the definition defers from that used in the ISSAI 5422. The latter makes additional reference to hidden liabilities; while the ISSAI 5410 does not mention them at all.

  16. 3. Do the WG’s ISSAIs need to be harmonized with other WGPD products? • Another example is related to the risks evaluation. • ISSAI 5410 makes reference only to the operational risks (even when the document considers different types of risk by mentioning monetary risks as part of the operational risk), and ISSAI 5422 mentions nine types of risks. • In this regard, it is important to consider that the international financial practices acknowledge a two-type risk classification: a) financial, and b) operational. • The market, credit and liquidity risks belong to the financial type, that include the risks form the volatility of interest rates and the exchange rates; on the other hand, the operational risks include the processes, the legal part and technological risks. It would be convenient to evaluate if the concepts must be harmonized with those accepted on the international financial scope.

  17. 3. Do they need to be harmonized with other WGPD products? • An additional example: debt sustainability. • ISSAI 5410 mentions that: “Debt sustainability is the degree to which a government can maintain existing programs and meet existing creditor requirements without increasing the debt burden on the economy”. • ISSAI 5422 makes reference to a concept regarding to the fiscal sustainability and conceptualize it as “...whether the present value of its future revenues is greater than its expenditures, including debt service ...”.

  18. 4. Do they need to be aligned with the ISSAIs 100-4999? • Yes. • Example: ISSAI 5422 “An Exercise of Reference Terms to Carry Out Performance Audit of Public Debt” should be aligned to ISSAI 3100 “Performance Audit Guidelines: Key Principles”.

  19. 5. Do they need to be aligned with the general ISSAI terminology? • Not in all cases. • It all depends on the year the ISSAI has been issued, in view of the new exiting terminology • Due Process, • Harmonization Project, • ISSAIs awareness raising initiative, • INTOSAI Glossary.

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