PSCINTOSAI Professional Standards Committee

Professional Standards

Presentation by: Bettina Jakobsen, Chair of the PSC, Assistant

Auditor General of SAI DenmarkThe Exchange

Abu Dhabi 13 – 15 May 2013

PSCINTOSAI Professional Standards Committee

INTOSAI Organisation

PSCINTOSAI Professional Standards Committee

Objective of the PSC

To promote strong, independent, and multidisciplinary SAIs by (1) providing and

maintaining international standards of Supreme Audit Institutions (ISSAIs) and (2)

contributing to the development and adoption of appropriate and effective professional

standards

PSCINTOSAI Professional Standards Committee

But why use professional standards?

• Confidence and trust• Credibility • Quality and consistency• Professionalism

INTOSAI Professional Standards Committee

5

Internal Control

Standards SubcommitteeChair: Poland

Compliance Audit

SubcommitteeChair: Norway

Performance Audit

SubcommitteeChair: Brazil

Financial Audit

SubcommitteeChair: Sweden

Project on Audit Quality

ControlChair: New Zealand

PSCChair: Denmark

PSC Steering CommitteeChair: Denmark

Goal Liaison: Libya

Accounting and Reporting

SubcommitteeChair: Canada

Project on Harmonisation

Chair: PSC Secretariat

PSCINTOSAI Professional Standards Committee

PSC Achievements

• ISSAI website• Adoption of the ISSAI framework • Adoption of 37 new ISSAIs and INTOSAI GOVs • Maintenance frequency agreed and established• Adoption of INTOSAI Due Process for Developing,

Revising and Withdrawing ISSAIs - 2010

PSCINTOSAI Professional Standards Committee

Overview of ISSAI FrameworkLevel 1 - Founding Principles ISSAI 1 The Lima Declaration

Level 2 - Prerequisites for the Functioning of SAIs ISSAI 10 The Mexico Declaration on SAI IndependenceISSAI 20 Principles of Transparency and AccountabilityISSAI 30 Code of EthicsISSAI 40 Quality Control for SAIs

Level 3 - Fundamental Auditing PrinciplesISSAI 100 Basic Principles ISSAI 200 General Standards ISSAI 300 Field StandardsISSAI 400 Reporting Standards

Level 4 - Auditing Guidelines Implementation guidelines: ISSAI 1000–2999 Financial Auditing ISSAI 3000-3999 Performance Audit GuidelinesISSAI 4000-4999 Compliance Audit Guidelines

Level 4 - Auditing Guidelines Guidelines on specific subjects:ISSAI 5000-5099 International InstitutionsISSAI 5100-5199 Environmental AuditISSAI 5200-5299 PrivatisationISSAI 5300-5399 IT-auditISSAI 5400-5499 Audit of Public Debt ISSAI 5500-5599 Audit of Disaster-related Aid ISSAI 5600-5699 Peer Review GuidelinesISSAI 5700-5799 Audit of Corruption Prevention

INTOSAI GOV - Guidance for Good GovernanceINTOSAI GOV 9100-9199 Internal Control StandardsINTOSAI GOV 9200-9299 Accounting and Reporting Standards

PSCINTOSAI Professional Standards Committee

INCOSAI 2013

• Presentation of new fundamental auditing principles developed under the Harmonisation Project

• Mandate to develop a sustainable INTOSAI standard-setting model

PSCINTOSAI Professional Standards Committee

The Harmonisation Project

• Established in 2010• Four sub-projects• Involving more than 25 auditors from

the INTOSAI community.• Headed by the PSC Secretariat

PSCINTOSAI Professional Standards Committee

New set-up for professional standard setting in INTOSAI

• Transparent and effective governance system• Systematised approach to developing

standards• Consistency in the use of concepts, wording

and presentation of texts in the individual ISSAIs and across the ISSAI framework

• Centralised monitoring of developments within public sector auditing

PSCINTOSAI Professional Standards Committee

More information on INTOSAI’s standard-setting activities can be found on

• www.intosai.org• www. issai.org• www.psc-intosai.org

Questions?