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