Conclusions

FAS meeting in Abu Dhabi

4-5 September 2013

Conclusions of meeting

• •

5. Discussion on need for changes to the ISSAIs

Discussion on consequences of approval of draft ISSAI 100 and 200. No decisions to be made at this meeting.

The meeting suggests FAS to attend the following matters ahead:  There is a need for an introduction/preface on how to use the FA guidelines on level 3 and 4.

Conclusions…

5. …   A roadmap/flowchart/ conceptual framework could be useful to describe the options when developing auditing standards in line with INTOSAI ambitions (ISSAI 100, 200 and level 4).

The introduction/preface and roadmap/flowchart is best to be placed in new ISSAI 1000 on level 4.

Conclusions…

5. …    Start to develop a non authoritative document to explain the ISSAI structure Suggests the placement of the old extant ISSAI 100-400 as appendix in old ISSAI 1000 to be renamed ISSAI 1001. There is a need for updating other ISSAIs.

Conclusions…

5. …   FAS can start drafting the changes due to already identified needs and then wait for the Auditor Reporting, ISA 720 revision. Thereafter present an updated package.

A risk to end up with not updated PN to the ISA if not possible to amend new ISA when ready.

Conclusions…

5. …  Discuss with PSC the need to make fast track confirming and editorial amendments.

Conclusions…

• •

6. Discussion and final approval of draft Practice Note 1610

Draft PN 1610 - changes according to input from FAS will be incorporated followed by written procedure for approval for exposure.

Exposure draft – before November 1.

Conclusions…

•

8. Auditor Reporting- relevance for the Public Sector and set up of PN Task Force

Key audit matters  In general FAS supportive  FAS need to discuss further

Conclusions…

• 8. … On going concern  Expectation gap due to what the public read in to the statement on going concern.

  More controversial than the key audit matter.

FAS may need to agree on a definition of going concern in the public sector environment.

  Relevance and need for flexibility?

Relationship between going concern sustainability

Conclusions…

• 8. … General support for reference to ethical standards and independence

Conclusions…

•

8. Auditor Reporting- PN Task Force

We will not make a decision but some members showed interest in participating:  ECA   South Africa Canada.

Conclusions… 9. Discussion on topics for FAS work plan for 2014-2016

• The purpose of this discussion is to give input to a new WP, not to decide.

General comments: Strategy:  to give more support to IDI  Limitation “financial statements” since see the need of additional standards  All goals relevant except goal 5 (lessons learned).

Conclusions…

9. … • • • • General comments: FAS need to clarify effective dates of ISSAIs and ISAs.

Identified a need to strengthen the cooperation within the regions and with PSC and IDI.

Post implementation review Assessment for additional standards

Conclusions…

•

10. Presentation of IDI recent development in the area of Financial Auditing

FAS need to consider/clarify that trainers attending FAS meetings are not representing FAS than participating in IDI activities.

Conclusions…

•

11. Chairman’s reflection past 10 years Article to INTOSAI Government Journal

Further comments is appreciated during the next coming weeks.