agenda item 9 discussions on topics for fas work plan 2014-2016

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  • Agenda item 9Discussions on Topics for FAS Work Plan 2014-2016

  • Work plan 2011-2013To maintain and continue to develop the ISSAIs on Financial AuditTo create awareness for the standards and guidelines and contribute with expert knowledge on the guidelines, relating to implementation effortsTo contribute to the consistency in the ISSAI frameworkExplore the advantages and possibilities of including other standards issued by the IAASB as part of the ISSAIsSummarize lessons learnt throughout the processMonitor 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 periodNew ISA projectsNeed for clarifications of PNs due to comments received during implementationOther needs for development?

  • To discuss: Next three years;A few new or revision projects relating to ISAs (?)Conforming changes as a result of Harmonization projectClarifications as a result of implementation monitoringOther 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 effortsActivities so far: INTOSAI Journal,Key personsAwareness raising material presented on websiteAwareness raising seminars and speechesGoal partly relevant for next period, especially expertise knowledgeSupport 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 ProjectMay include the need for conforming changes of existing guidelinesSuch changes needs to be attended to before 2013Goal 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 IAASBGoal 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)ISRE 2400, Engagements to Review Financial StatementsISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the EntityInternational Standards on Assurance Engagements (ISAEs)ISAE 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial InformationISAE 3400, The Examination of Prospective Financial InformationISAE 3410, Assurance on a Greenhouse Gas StatementISAE 3420, Assurance on the Process to Compile Pro Forma Financial Information Included in a ProspectusInternational Standards on Related Services (ISRSs)ISRS 4400, Engagements to Perform Agreed-upon Procedures Regarding Financial InformationISRS 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 learntCarry 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 activitiesPost-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 clarificationsPre-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 standardNo, 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 activitiesWill need a more comprehensive survey and best undertaken when a significant number of SAIs have implemented.

    To discuss:How?Timing?Who?

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