FAS Achievement Report PSC Steering Committee meeting October 2008 Beijing 1 FAS in figures Oct08 9 ISSAIs have been endorsed by INCOSAI 20 ISSAIs are currently in a draft format and will be exposed in the coming months ID: 1047717
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1. Financial Audit Guidelines Subcommittee (FAS)Achievement Report PSC Steering Committee meetingOctober 2008, Beijing1
2. FAS in figures (Oct-08)9 ISSAIs have been endorsed by INCOSAI.20 ISSAIs are currently in a draft format and will be exposed in the coming months.10 ISSAIs remain to be drafted.79 SAIs have volunteered the use of their very best and most experienced financial audit experts. 27 SAIs have commented on the financial audit related ISSAIs at some stage of development.57 experts have participated in the development of Practice Notes as experts or back-office experts.25 INTOSAI experts have contributed to the work of International Auditing and Assurance Standards Board (IAASB) task forces as experts or back-office experts. 97 experts have participated in 5 Reference Panel meetings. 2
3. Current Status in the Development of ISSAI 1000-29993
4. 4Practice NotesExpertsTime and LocationStatusSET 2: ISA 500, ISA 560, ISA 570, ISA 580 Edward Fennessy, ECARussel Frith, ScotlandInes Metsalu, Estonia June 9- 11 StockholmFirst draft completed, FAS approval for Exposure October,17SET 3:ISA 200, ISA 210, ISA 240, ISA 250 Jan van Schalkwyk, South Africa, Jonas Hällström, SwedenKelly Ånerud, NorwayAugust 11-15,Stockholm First draft completed, FAS approval for Exposure October, 17SET 4:ISA 600, ISA 610 Tanwer Ahmed, Pakistan, Gail Valieres, USA Clyde mc Lellan, Canada September 22-24,New York (IAASB)First draft completedSET 5:ISA 700, ISA 705, ISA 706, ISA 710, ISA 720Julie Charron, Canada,Abe Akresh, USA, Karin Holmerin, Sweden November 10-14 ,Washington(World Bank)Experts confirmedSET 6:ISA 530, ISA 501 January 20-22 2009,StockholmExperts approachedSET 7:ISA 510 , ISA 520, ISA 540January 19-22, 2009, StockholmExperts approachedSpecial Expert teams 2008/09
5. INTOSAI on-going Participation in IAASB Task ForcesISA 620 – Using the Work of an Auditor’s Expert – Expert from BrazilISA 265 – Communicating Deficiencies in Internal Control - Expert from Saudi Arabia ISA 402 – Audit Considerations Relating to an Entity Using a Third Party Service Organization – Expert from NorwayISA 505 – External Confirmations - Expert from CanadaPNs to these ISAs will be finalized during 20095
6. Evaluation of work processesSelf assessment of work processesExperienced experts from RP, IAASB technical staff and FAS Secretariat staffworking procedures are relevant and appropriateWill benefit from broader range of input at an earlier stage in the development processSome concerns about finalizing the work at timeResultSpecial Expert Teams only, no Practice Note Task ForcesA larger group (30-35) of back-office experts are asked to comment on an early draft of the Practice Note, before it is presented to FAS for approval for exposureA detailed work plan for Special Experts Teams developed6
7. Evaluation of work processesExternal Evaluation;An external evaluation in accordance with World Bank requirements The evaluation was initiated in September and a final report is expected to be delivered in January 2009.FAS welcomes the evaluation and hope the result will lead to even better processes.7