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

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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.

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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.

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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

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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.

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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.

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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

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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.

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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

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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