Agenda item 9
Discussions on Topics for FAS Work Plan
2014-2016
Work plan 2011-2013
1. To maintain and continue to develop the ISSAIs on
Financial Audit
2. To create awareness for the standards and guidelines
and contribute with expert knowledge on the
guidelines, relating to implementation efforts
3. To contribute to the consistency in the ISSAI
framework
4. Explore the advantages and possibilities of including
other standards issued by the IAASB as part of the
ISSAIs
5. Summarize lessons learnt throughout the process
6. Monitor implementation of the guidelines among
INTOSAI members
1. To maintain and continue to develop
the ISSAIs on Financial Audit
• Goal attended to, new PN 610 will be handled in
this meeting. New PN 720 will be up next year.
• Goal considered relevant for coming period
• New ISA projects
• Need for clarifications of PNs due to
comments received during implementation
• Other needs for development?
To discuss:
• Next three years;
•
•
•
•
A few new or revision projects relating to ISAs (?)
Conforming changes as a result of Harmonization
project
Clarifications as a result of implementation monitoring
Other standards
• How would we ensure access to relevant
expertise?
•
•
•
Pool of experts?
Representatives from each regional group?
FAS members?
2. To create awareness for the standards
and guidelines and contribute with expert
knowledge on the guidelines, relating to
implementation efforts
• Activities so far:
• INTOSAI Journal,
• Key persons
• Awareness raising material presented on
website
• Awareness raising seminars and speeches
• Goal partly relevant for next period, especially
expertise knowledge
• Support IDI?
To discuss:
• Who should be most efficient to approach?
• Who should be involved?
• What kind of presentation, awareness
raising, or training material do we need to
develop?
• Need for more detailed implementation
guidance?
3. To contribute to the consistency in the
ISSAI framework
• Goal attended to through participation in
Harmonization Project
• May include the need for conforming
changes of existing guidelines
• Such changes needs to be attended to
before 2013
• Goal may be relevant if new PSC harmonization
initiatives are decided (ISSAI 30)
4. Explore the advantages and
possibilities of including other
standards issued by the IAASB
•
•
Goal attended to, survey conducted 2012.
Goal considered relevant
• FAS decision to make a new survey at a
later stage (2014)
• Which standards are most relevant?
Additional standards of possible relevance
International Standards on Review
Engagements (ISREs)
International Standards on Assurance
Engagements (ISAEs)
International Standards on Related
Services (ISRSs)
ISRE 2400, Engagements to Review
Financial Statements
ISRE 2410, Review of Interim Financial
Information Performed by the Independent
Auditor of the Entity
ISAE 3000, Assurance Engagements
Other than Audits or Reviews of
Historical Financial Information
ISAE 3400, The Examination of
Prospective Financial Information
ISAE 3410, Assurance on a Greenhouse
Gas Statement
ISAE 3420, Assurance on the Process to
Compile Pro Forma Financial Information
Included in a Prospectus
ISRS 4400, Engagements to Perform
Agreed-upon Procedures Regarding
Financial Information
ISRS 4410, Engagements to Compile
Financial Statements
Other areas that might need guidance
• Guidance for SAIs with responsibilities related to
fraud in an audit of financial statements?
• Guidance for SAIs with responsibilities related to
environmental issues (sustainability reports) in
an audit of financial statements?
• Guidance for SAIs with responsibilities to report
on internal controls in an audit of financial
statements?
• Guidance for Sais with responsibilities to perform
Budget Execution Audits?
To discuss:
• How do we best approach the need for additional
relevant IAASB standards (survey, public
consultation paper, use of KP, regional groups)?
• If we launch a survey, how would such a survey
be conducted (web-based, hearings)?
• Are there areas, in addition to possible IAASB
assurance standards, we need to consider as
part of the broader mandate for a financial audit
in the public sector?
5. Summarize lesson learnt
•
•
Carry out a review of lessons learnt by
different actors relevant to FAS’ work.
Draw conclusions on lessons learnt and
share them with relevant stakeholders.
• FAS decision to replace this with “chairmans
reflections”
6. Monitor implementation of the guidelines
among INTOSAI members.
•
•
Pre-implementation monitoring
activities
Post-implementation activities
Pre-implementation monitoring activities
• Main purpose is to identify those that have
decided to implement and, if possible, receive
early alerts on needs for clarifications
• Pre-implementation questions sent out to key
persons;
•
Has your organization decided to implement the ISSAIs for Financial Audit?
•
Yes, we will implement/have implemented the ISSAIs as the authoritative
standard.
•
Yes, we will implement/have implemented the ISSAIs as guidance to
support other standards (if so, please specify which standards).
•
No, but we will implement/have implemented the ISAs as the
authoritative standard
•
No, but we are considering implementing the ISSAIs for Financial Audit.
•
No, and we are not considering implementing the ISSAIs.
Pre-implementation monitoring activities
•
If you have decided to implement the ISSAIs for Financial Audit, how will you go
about the implementation process?
•
We will implement/have implemented the ISSAIs all at once.
•
We will implement/have implemented the ISSAIs step by step.
•
We were already working in accordance with the ISAs and only require
minor adjustments to our current audit approach.
• Discussions:
•
•
Do we need to approach a larger number of
SAIs, and if so, how can we approach them?
Additional information needed?
Post-implementation activities
•
Main purpose is to identify areas were the quality of the
ISSAIs may need to be enhanced;
•
Aspects of the ISSAIs that might be difficult to
understand,
•
The need for additional requirements or deletions, in
the ISAs,
•
Areas in which the SAI may decide to provide
additional guidance material to achieve consistent
application,
•
Aspects of the ISSAIs that may be difficult to translate
for different reasons.
Post-implementation activities
• Will need a more comprehensive survey and
best undertaken when a significant number
of SAIs have implemented.
• To discuss:
•
•
•
How?
Timing?
Who?