Agenda item 5
ISSAI 200 and ISSAI 1000- Changes to the
ISSAIs
Objective of agenda item 5
• Discussion on consequences of
approval of draft ISSAI 200
• Discussion on placement of old
extant ISSAI 100-400
• Discussion on the use of ISSAI 1000
especially in light of new ISSAI 200
• Discussions on the need for updating
the ISSAIs
Background
• ISSAI 200- Fundamental Principles of
Financial Auditing approved at the PSC SC
June 2013, to be endorsed at the congress
in October 2013
• Discuss the use of ISSAI 200 and the
different options for the ISSAIs on level 4,
based on endorsement of new ISSAI 200
ISSAI 200
• Not to be used as standards
• Sets out the principles to be followed when
developing auditing standards in line with
INTOSAI ambitions
• Level 4 guidance is consistent with ISSAI
200
ISSAI 200
• Relevant only when developing own
standards or?
• Can SAI have use of ISSAI 200 for other
purposes
• Information to stakeholders?
• Peer reviews?
• How can FAS promote or inform about ISSAI
200?
ISSAI 1000- Content
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Introduction
Background
The Purpose of the INTOSAI Financial Audit Guidelines
Scope of the INTOSAI Financial Audit Guidelines
Structure and Content of the INTOSAI Financial Audit
Guidelines
Applying the INTOSAI Financial Audit Guidelines as
Standards
Authority
General Issues in Audits of Public Sector Entities
Translation of the INTOSAI Financial Audit Guidelines
ISSAI 1000 Content
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Appendix 1 – Link between the INTOSAI Fundamental
Auditing Principles (ISSAI 100–400) and the INTOSAI
Financial Audit Guidelines (ISSAI 1000–2999)
Appendix 2 – ISSAIs, effective for audits of financial
statements for periods beginning on or after December 15,
2009
Appendix 3 – The Authority Attached to the ISAs
Appendix 4 – Translation Recommendations
Appendix 5 – List of Abbreviations
ISSAI 1000 General Introduction
• Alternatives;
1. Delete ISSAI 1000, issues considered
sufficiently covered by new ISSAI 200
2. Retain ISSAI 1000, but delete parts not
relevant (this option is complicated due
to the fact we also need to refer to the
old ISSAI 100-400)
3. Retain the entire document, but change
references (this option is complicated
due to the fact we also need to refer to
the old ISSAI 100-400)
Consequences
• Alternative 1 (delete 1000)
• More references needed to ISSAI 200 in
separate level 4 documents
• No explanation of scope and how the
ISSAIs are structured
• Reference in all PNs to ISSAI 1000 are
to revised (new reference may be the
authority in ISSAI 100)
• How to attend to the PSC suggestion to
refer to the old ISSAI 100-400 in the
guidelines?
Consequences
• Alternative 2 (delete parts of ISSAI 1000)
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No duplication with ISSAI 200
The underlying view is that ISAI 200 and
the ISSAI 1000-1810 form part of the same
set of standards
Explanation of scope and how the ISSAIs
are structured will still be available
Limited needs for changing references, need
to refer to two sets of ISSAIs on level 3
Consequences
• Alternative 3 (Retain entire ISSAI 1000)
• Limited needs for changing references,
need to refer to two sets of ISSAIs on
level 3
• Explanation of scope and how the
ISSAIs are structured will be available
• Duplication of guidance (ISSAI
200/1000
Old Fundamental Principles- Suggestion
PSC Secretariat.
• The INTOSAI Auditing Standards from 1992
(“old” ISSAI 100-400)is annexed to the
ISSAI 1000
• A footnote is inserted in ISSAI 1000/28 that
explains the issue and/or the text in point
(c) is modified to refer to the annex.
• This solution is complicated due to the large
amount of references to these documents,
that needs to be amended to refer to two
sets.
Old Fundamental Principles- Suggestion
PSC Secretariat cont.
• How do we best attend to the suggestion to
have the old ISSAI 100-400 attached to the
guidelines?
Other changes • Identified by different stakeholders and
reported to the secretariat:
• Minor issues relating to:
• ISSAI 1510
• ISSAI 1805
• ISSAI 1700
• ISSAI 1570
• Some of these are listed in appendix 3 to
this agenda item
Identified needs for amendments
• Amendments to ISSAI 1000 according to
the discussions above
• Inclusion of “old” ISSAI 100-400 with
relevant references
• Minor clarification to PNs in accordance with
annex 3
• New ISSAI 1610
• During next year new and updated ISSAI
1720
Timing of changes
• PSC Maintenance frequency:
• ISSAI 1000-1810 should be revised
when an underlying ISA is revised
• Options
a) Attend to already identified needs during
2014- Approval by GB 2014
b) Attend to these together with the outcome
of Auditor Reporting, ISA 720 revision,
Disclosures amendments which may
include significant changes, GB 2015
c) In all alternatives- present an updated
version for endorsement in 2016