Transcript What are the ISSAIs for Financial Audit?

INTOSAI Financial
Audit Guidelines
(ISSAI 1000-2999)
Presentation by [name and title]
[Date and place]
Why has INTOSAI developed ISSAIs for
Financial Audit?
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Need for detailed standards and guidance
Cooperation with IFAC and IAASB
ISAs are globally accepted
Increased quality, confidence and credibility
What are the ISSAIs for Financial Audit?
ISSAI
ISA
International Standard on Auditing
Practice Note
ISSAI hierarchy
Level
Subject
ISSAI No
1: Founding Principles
Lima Declaration
1
2: Prerequisites for
functioning of SAIs
Independence
Transparency and
Accountability
Ethics, Quality
10-40
3: Fundamental
Auditing Principles
General-, Field-, and
Reporting Standards
100-400
4: Auditing Guidelines
Financial Audit Guidelines
Performance Audit Guidelines
Compliance Audit Guidelines
1000-2999
3000-3999
4000-4999
Invaluable international involvement
ISAs – Content and Structure
• Introduction
 Scope of this ISA
 Subject matter
 Effective date
• Objective(s)
• Definition
• Requirements
• Application and other explanatory material
PNs – Content and Structure
• Background
 Introduction to the ISA
 Content of the Practice Note
• Applicability of the ISA in public sector
auditing
• Additional guidance on public sector issues
Reference to authoritative standards
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ISSAIs for Financial Audit
ISAs
INTOSAI Fundamental Principles
Other relevant standards
ISSAI Content
Specialized
areas
Audit conclusions
and reporting
General principles
and responsibilities
Using the work
of others
Risk assessment
and responses to
assessed risks
Audit evidence
Objectives
Risk
Assessment
Communication
Consideration
of Laws and
Regulations
Some
General
Issues in
Audits of
Public Sector
Entities
Identifying
Fraud and
Error
Materiality
How can the ISSAIs on Financial Audit be
implemented in the national context?
Initial assessment:
• Implementation options
• Requirements in national context
• Current audit environment
• Resources needed
• Implementation process
• Cooperation options
The INTOSAI Financial Audit Guidelines
• Give confidence and credibility in our work
as auditors
• Provide the basis for high quality audits
• Are the basis for the professionalism in
our operations