INTOSAI Financial Audit Guidelines (ISSAI 1000-2999)
Presentation by [name and title]
[Date and place]
Why has INTOSAI developed ISSAIs for Financial Audit?
• Need for detailed standards and guidance• Cooperation with IFAC and IAASB• ISAs are globally accepted• Increased quality, confidence and credibility
What are the ISSAIs for Financial Audit?
ISAInternational Standard on Auditing
Practice Note
ISSAI hierarchy
Level Subject ISSAI No
1: Founding Principles Lima Declaration 1
2: Prerequisites for functioning of SAIs
IndependenceTransparency and AccountabilityEthics, Quality
10-40
3: Fundamental Auditing Principles
General-, Field-, and Reporting Standards
100-400
4: Auditing Guidelines Financial Audit GuidelinesPerformance Audit GuidelinesCompliance Audit Guidelines
1000-29993000-39994000-4999
Invaluable international involvement
ISAs – Content and Structure
• Introduction Scope of this ISA Subject matter Effective date
• Objective(s)• Definition• Requirements• Application and other explanatory material
PNs – Content and Structure
• Background Introduction to the ISA Content of the Practice Note
• Applicability of the ISA in public sector auditing
• Additional guidance on public sector issues
Reference to authoritative standards
• ISSAIs for Financial Audit• ISAs• INTOSAI Fundamental Principles • Other relevant standards
ISSAI Content
General principles and responsibilities
Risk assessment and responses to
assessed risks
Audit evidence
Using the work of others
Audit conclusions and reporting
Specialized areas
Objectives
Risk Assessment
Consideration of Laws and Regulations
Materiality
Identifying Fraud and
Error
Some General Issues in Audits of
Public Sector Entities
Some General Issues in Audits of
Public Sector Entities
Communication
How can the ISSAIs on Financial Audit be implemented in the national context?
Initial assessment:• Implementation options• Requirements in national context• Current audit environment• Resources needed• Implementation process• Cooperation options
The INTOSAI Financial Audit Guidelines
• Provide the basis for high auditsqualityquality
• Give confidence and in our work as auditors
credibilitycredibility
• Are the basis for the in our operations
professionalismprofessionalism