June 2009

1

Intosai PSC Steering Committee

Update on project on audit quality control- ISSAI 40

Greg SchollumProject Chair(SAI New Zealand)

June 2009

Image here

June 2009

2

Intosai PSC Steering Committee

Purpose of the project

• Develop overall code for audit quality within SAIs (ISSAI 40).

• Part of level 2 of ISSAI framework (“prerequisites for the functioning of SAIs”).

• Aiming for endorsement at INCOSAI 2010.

June 2009

3

Intosai PSC Steering Committee

Background

• Terms of reference for the project approved in Beijing (October 2008):“Dual approach” endorsed;Support for guidance in ISSAI 40 to complement work of

FAS, CAS, PAS;Suggested additions to project team, including observer

from IAASB staff.

June 2009

4

Intosai PSC Steering Committee

Project team

• Greg Schollum – SAI New Zealand (Project Chair)

• Andrew Baigent – SAI United Kingdom (representing FAS)

• Therese Johnsen – SAI Norway (representing PAS)

• Jesús Lázaro Cuenca – European Court of Auditors (representing FAS)

• A K Thakur – SAI India (representing CAS)

• Mary Riopelle – SAI Canada

• Dr Josef Moser – SAI Austrian Court of Audit

• Michael Nugent – IAASB staff (Observer)

June 2009

5

Intosai PSC Steering Committee

Progress to date

• Draft ISSAI 40 prepared.

• Currently based on ‘companion’ approach.

• Project team meeting planned for September 2009 in London.

June 2009

6

Intosai PSC Steering Committee

Issues on which the views of the PSC Steering Committee are sought

• ‘Companion’ or ‘integrated’ approach?

• Overlap with part 1 of ISSAI 200:Potential withdrawal of ISSAI 200 in due course?

• Any comments on the material within ISSAI 40?

June 2009

7

Intosai PSC Steering Committee

Questions / points of clarification