Financial Audit SubcommitteePresentation by Jonas Hällström

Decisions by the PSC Steering Committee

• Approval of ISSAI 1000 and 1003• Approval of Work Plan 2011-2013

Update from FAS

• Translations

ISSAI 1000 and 1003 –Due process

1. Exposure comments considered2. Comments from FAS members considered3. FAS discussion and approval in April4. PSC approval May 6-75. FAS approval of translations in September6. GB approval in November7. INCOSAI endorsement in November

ISSAI 1000/1003 –Comments

• Predominantly positive responses• ISSAI 1000

• Respondents supported the inclusion of ”general issues”

• Some respondents asked for more issues under ”general issues”

• Reference to standards in paragraph 28 changed

• ISSAI 1003 - Some clarifications of definitions

ED ISSAI 1000/1003

• No need to re-expose• Most changes are clarifications

The PSC Steering Committee is asked to approve ISSAI 1000 and 1003 for endorsement at INCOSAI

FAS Work Plan 2011-2013 Strategic Objective

Maintain and further develop high qualityguidelines that are globally accepted for theaudit of financial statements in the publicsector, and make those guidelines known,accepted and available to the INTOSAIcommunity.

Work Plan 2011-2013 – tasks defined by the PSC

• To maintain and continue to develop the ISSAIs on Financial Audit

• To create awareness for the standards and guidelines and contribute with expert knowledge on the guidelines, relating to implementation efforts, and

• To contribute to the consistency in the ISSAI framework

Work Plan 2011-2013- additional FAS initiatives

• Explore the needs, advantages and possibilities of including other standards issued by the IAASB as part of the INTOSAI Financial Audit Guidelines

• Summarize lessons learnt• Monitor implementation of the guidelines

among INTOSAI members.

The PSC Steering Committee is asked to approve the Work Plan

Translations

• 36 PNs translated to official INTOSAI languages• Discussions with IFAC regarding access to

translated ISAs• All translations of INTOSAI parts of the guidelines

approved by FAS in September