ISSAI listing

Level 2: Prerequisites for the Functioning of Supreme Audit Institutions  

ISSAI 10 : Mexico Declaration on SAI Independence (1987)

ISSAI 11 : INTOSAI Guidelines & Good Practices Related to SAI Independence  

ISSAI 20 : Principles of Transparency & Accountability

ISSAI 21 : Principles of Transparency - Good Practices 

ISSAI 30 : Code of Ethics 

ISSAI 40 :  Quality Control for SAIs

Level 3: Fundamental Auditing Principles

• ISSAI 100: INTOSAI Auditing Standards - Basic Principles • ISSAI 200 : INTOSAI Auditing Standards - General Standards • ISSAI 300: INTOSAI Auditing Standards - Field Standards • ISSAI 400 :INTOSAI Auditing Standards - Reporting Standards

ISSAI 100 – Highlights

• Introduction– the principles contained in ISSAIs 200-400 should be applied in

conjunction with those presented in ISSAI 100• Purpose and authority of the ISSAIs

– difference between• Framework for public sector auditing

– recognition of the differences in the perception of what auditing is, which depends on mandate, strategic decisions or organisation

– reminder of the most important organisational requirements for the SAIs: ethics and quality control

– objective of auditing and public sector auditing

4

ISSAI 100 – Highlights(cont...)• Confidence and assurance in public sector auditing

– a sub-group consisting of PAS, FAS and CAS representatives was formed to write this section

– recognises that assurance or confidence can be presented in different forms, not exclusively in an opinion

• The elements and the principles to be applied– common issues for the three audit types:

elements relating to a public sector audit situation principles when conducting an audit divided into two groups:

o general principles; ando principles applicable to the phases of the audit process

• Making reference to the ISSAIs– text agreed by the “authority” sub-group and which should be repeated in ISSAIs

200-400 – two ways to use the principles: either to form the basis on which standards are developed or adopted or to form the basis for the adoption of the general auditing guidelines at level 4 as the

authoritative standards

5

ISSAI 100 – the common elements of public sector auditing

Planning the audit

• Establish the terms of the audit

• Obtain understanding

• Conduct risk assessment or problem analysis

• Identify risks of fraud

• Develop an audit plan

Conducting the audit

• Perform the planned audit procedures to obtain audit evidence

• Evaluate audit evidence and draw conclusions

Reporting and follow-up

• Prepare a report based on the conclusions reached

• Follow up on reported matters as relevant

PRINCIPLES RELATED TO THE AUDIT PROCESS

Ethics & independence

Quality control Audit team management & skills

Audit risk Materiality

Professional judgment, due care and scepticism

Documentation Communication

ISSAIs 200, 300 and 400

• Defines the key principles for financial, performance and compliance auditing;

• Define best practice;• Can be adopted by the SAIs as authoritative

auditing standards if relevant.

Level 4: Implementation Guidelines

ISSAI 1000 to 2999 : Financial Auditing Guidelines about 50 standards in this series for example

standard 1500 audit evidence; 1530 audit sampling

ISSAI 3000 to 3999: Performance Auditing Guidelines

2 standards in this series-3000,3100

ISSAI 4000 to 4999 :Compliance Auditing Guidelines

3 standards in this series-3000,3100

Outsourcing Audits by SAIs to address resource constraints

• Most of the respective legislation of the SAIs empower them to outsource audit tasks – but lack of outsourcing policy affects effective management of

outsourced audits • Outsourcing does not absolve the SAI from its obligation and

responsibility – though the Persons or Firms engaged have the obligation to timely

deliver a good quality report• SAIs are accountable to ensure that applicable ethical & audit standards

and reporting requirement are adhered to in the outsourced audits . • These are achieved through clear terms of engagement, effective

communication and monitoring of quality by SAI• SAIs should follow various guidance and requirements of ISSAI 1620 in

using the work of experts

Level 4: Auditing Guidelines - Specific Guidelines on

ISSAI 5000 to 5099: Audit of International Institutions

ISSAI 5100 to 5199: Environmental Audit

ISSAI 5200 to 5299: Audit of Privatisation

ISSAI 5300 to 5399: IT-Audit

ISSAI 5400 to 5499 :Audit of Public Debt

ISSAI 5500 to 5599 : Audit of Disaster related Aid

ISSAI 5600 to 5699 :Peer Review Guidelines