Financial Audit Guidelines Subcommittee 1

Financial Audit Guidelines Subcommittee

(FAS)

Achievement Report

PSC Steering Committee meeting

October 2008, Beijing

Financial Audit Guidelines Subcommittee 2

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.

Financial Audit Guidelines Subcommittee 3

Current Status in the Development of ISSAI 1000-2999

10

20

10Approved

Drafted

Still to be devloped

Financial Audit Guidelines Subcommittee 4

Practice Notes Experts Time and Location Status

SET 2: ISA 500, ISA 560, ISA 570, ISA 580

Edward Fennessy, ECARussel Frith, ScotlandInes Metsalu, Estonia

June 9- 11 Stockholm

First draft completed, FAS approval for Exposure October,17

SET 3:ISA 200, ISA 210, ISA 240, ISA 250

Jan van Schalkwyk, South Africa, Jonas Hällström, SwedenKelly Ånerud, Norway

August 11-15,Stockholm

First draft completed, FAS approval for Exposure October, 17

SET 4:ISA 600, ISA 610

Tanwer Ahmed, Pakistan, Gail Valieres, USA Clyde mc Lellan, Canada

September 22-24,New York (IAASB)

First draft completed

SET 5:ISA 700, ISA 705, ISA 706, ISA 710, ISA 720

Julie Charron, Canada,Abe Akresh, USA, Karin Holmerin, Sweden

November 10-14 ,Washington(World Bank)

Experts confirmed

SET 6:ISA 530, ISA 501

January 20-22 2009,Stockholm

Experts approached

SET 7:ISA 510 , ISA 520, ISA 540

January 19-22, 2009, Stockholm

Experts approached

Special Expert teams 2008/09

Financial Audit Guidelines Subcommittee 5

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 finalized during 2009

Financial Audit Guidelines Subcommittee 6

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

Financial Audit Guidelines Subcommittee 7

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.