working group on public debt progress report 7th meeting of the steering committee of the intosai...
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Working Group on Public DebtProgress Report
7th Meeting of the Steering Committee of the INTOSAI Committee on the Knowledge Sharing
and Knowledge Services (Goal 3)Washington, DC, United Sates of America
October 15 and 16, 2015
WGPD | 2
Argentina Austria Brazil Chile
China Finland India Mexico (chair)
Portugal Ukraine (online)
South Korea USA
Zambia
Annual meeting, July 22-24, 2015
Annual meeting, July 22-24, 2015
WGPD | 3
Livingstone, Zambia
36 delegates
13 member SAIs
IDI
UNCTAD
AFROSAI-E Secretariat
GIZ
WGPD | 4
PSC
Revision of existing professional standards on public debt to ensure its
validity and relevance
ISSAIs Harmonization Project
WGPD | 5
ISSAIs Harmonization ProjectFive Key Criteria for the revision of WGPD ISSAIs
1. Usefulness
2. Updating required
3. Potential harmonization with other Working Group’s products
4. Alignment to other standards in the ISSAI Framework
5. Harmonization of the general ISSAI terminology, particularly the recently revision by the PSC of ISSAIs 100 to 400.
WGPD | 6
ISSAIs Harmonization ProjectRevised version of ISSAIs issued by the Working Group
ISSAI 5410“Guidance for Planning and
Conducting an Audit of Internal Controls of Public Debt”
ISSAI 5421“Guidance on Definition and Disclosure of Public Debt”
ISSAI 5422“An Exercise of Reference
Terms to Carry out Performance Audit of Public Debt”
ISSAI 5430“Fiscal Exposures: Implications for Debt Management and the
Role of SAIs”
WGPD | 7
ISSAIs Harmonization ProjectRevised version of ISSAIs issued by the Working Group
ISSAI 5411“Debt Indicators”
ISSAI 5420“Public Debt: Management and Fiscal Vulnerability: Potential
Roles for SAIs”
Next revision processWithdrawal
WGPD | 8
Investigation ThemesProjects based on the WGPD Strategic Plan’s objectives
To prepare and publish guidelines and other material to be used by SAIs in order to encourage the proper reporting and sound management of public debt.
To identify key issues for the development of responsibilities and procedures for auditing and evaluating public debt commitments.
To prepare papers examining matters on public debt definition, reporting and assessment.
ASF | 9
Evaluation of Information Systems related to Public Debt Management
• Origin: 2009, Meeting in Kiev
• Approved in May 2013, by the KSC Chair and by the PSC
• Published from July to October 2013 as exposure version for comments by the INTOSAI community
ASF | 10
Evaluation of Information Systems related to Public Debt Management
XXII INCOSAIISSAI 5450
INTOSAIRe-exposure period
INTOSAIJuly 1 – October 1, 2013
PSCComments Nomenclature
KSCMay 2013
WGPD2012
• Implemented as a reference for the development of the "Coordinated Parallel Audit of Information Systems for Public Debt Management" initiative
• Subject to re-exposure period
• ISSAI 5450 will be presented during the XXII INCOSAI in 2016, for final approval.
ASF | 11
Public Debt Management Office
XXII INCOSAIINTOSAI GOV
INTOSAIExposure for comments
PSC
KSCFeedback
WGPD
• Origin: 2008, Meeting in Nadi
• The first Guideline for Good Governance (INTOSAI GOV) developed by the Working Group.
• Request for KSC endorsement in order to submit the document to PSC for classification and exposure to comments.
• Expected to be presented for final approval at the next INCOSAI in 2016.
ASF | 12
Concept Framework of Coordinated Parallel Audit of PDM Information Systems
To assess the appropriate implementation of management and control process in relation to the efficiency of Public
Debt Management National Information Systems
12 SAI involved in this initiative
Guidance for Conducting a Public
Debt Audit
Guidance of Auditing on Public Debt
Information Systems (ISSAI 5450)
Work plan
2014-2015
Three meetings:
Ukraine, Moldova and Georgia
Reference
ASF | 13
Trans-regional Programme on Public Debt Management Audit
Objective• To strengthen the institutional capacities of 29 participating
SAIs from 5 regional working group.• To promote the sound public debt management and audit.
Outcomes• The guide “Auditing Public Debt Management”.
Relevance• It provides practical audit procedures, questions and tools to
assist auditors in conducting audits on nine specific public debt management topics.
ASF | 14
WGPDIDI
Current project:Trans Regional Programme on Strengthening Public
Oversight and Audit of Sovereign Lending and Borrowing Frameworks
IDI Collaboration with the WGPD
WGPD | 15
Trans-regional Programme on Strengthening Public Oversight and Audit of Sovereign Lending and Borrowing Frameworks. Objectives
To strengthen the professional and institutional capacity of
participating SAIs in conducting in-depth and
effective audit of lending and borrowing frameworks
To influence effective sovereign lending and
borrowing practices
WGPD | 16
Trans-regional Programme on Strengthening Public Oversight and Audit of Sovereign Lending and Borrowing Frameworks.
1. Joint effort with the WGPD and UNCTAD
2. Working meetings in different INTOSAI regions have been carried out, including OLACEFS and ASOSAI
3. Participation of senior management of the SAIs to ensure proper understanding of the requirements, relevance and results
of the program
5. The WGPD will continue collaborating and strengthening the working relationship with the IDI.
WGPD’s Website
ASF | 17
Updating and renewal of the WGPD’s websitePurpose: Exchange experiencias and knwoledge
Virtual and physical spaces to present best practices, discuss challenges and exchange views on innovative methodologies, new developments, and issues of public debt.
Cooperation with other partners
World BankUNITAR
UNCTADIDB
OECD
WGPD | 18
Revision of WGPD Strategic Plan
ASF | 19
New developments and challenges
face by INTOSAI
Strategic Plan 2017-2022
WGPD Strategic Plan
New WGPD Chair
ASF | 20
Call for nomination to take over the WGPD Chair
Working Group on Public DebtProgress Report
7th Meeting of the Steering Committee of the INTOSAI Committee on the Knowledge Sharing
and Knowledge Services (Goal 3)Washington, DC, United Sates of America
October 15 and 16, 2014
Motions
ASF | 22
To take note of the Working Group’s annual report
To take note of the development of the draft ISSAI 5450 “Guidance on Auditing Public Debt Information System”, that will be presented in the 2016 INCOSAI for its final approval
To take note of the development of a potential INTOSAI GOV “Public Debt Management Office”, that will be subject to the PSC Due Process and would be presented in the 2016 INCOSAI for its final approval
Motions
ASF | 23
To take note of the actions carried out by the Working Group’s Secretariat for the following revised ISSAIs to be endorsed by the KSC Steering Committee, so that they could be presented to the PSC:
ISSAI 5421, ISSAI 5410, ISSAI 5430, ISSAI 5422
To endorse the Working Group Secretariat’s proposal to withdraw ISSAI 5420 “Public Debt: Management and Fiscal Vulnerability: Potential Roles for SAIs” to be withdrawn from the ISSAI Framework
To take note on the decision of the SAI of Mexico to call for nominations to occupy the WGPD Chair. The handing over of this position should take place at the XXII INCOSAI in November 2016