ACPAC 2009 The challenge of implementing International Financial

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					May 2010   Intosai PSC Steering Committee




                                                                    1
       Update on project on Quality
       Control for SAIs – ISSAI 40

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                                            Greg Schollum
                                            Project Chair
                                            (SAI New Zealand)

                                            May 2010
    May 2010   Intosai PSC Steering Committee




Purpose of the project                                               2




•   Develop an overall code for quality control within SAIs (ISSAI
    40).
•   Part of level 2 of the ISSAI framework (“Prerequisites for the
    functioning of SAIs”).
•   Aiming for endorsement at INCOSAI 2010.
    May 2010   Intosai PSC Steering Committee




Background                                                     3




•   Terms of reference for the project approved by the PSC
    Steering Committee (October 2008):
     “Dual approach” endorsed;
     Support for guidance in ISSAI 40 to complement work of
       FAS, CAS, PAS.
    May 2010   Intosai PSC Steering Committee




Project team                                                     4




•   Greg Schollum – SAI New Zealand (Project Chair)
•   Andrew Baigent – SAI United Kingdom (representing FAS)
•   Therese Johnsen – SAI Norway (representing PAS)
•   John Speed – European Court of Auditors (representing FAS)
•   A K Thakur/Pradeep Rao – SAI India (representing CAS)
•   Mary Riopelle – SAI Canada
•   Dr Josef Moser – SAI Austrian Court of Audit
•   Michael Nugent – IAASB staff (Observer)
    May 2010   Intosai PSC Steering Committee




Progress to date                                                  5




•   PSC Steering Committee consideration (17-19 June 2009)
•   Project team meeting (16-17 September 2009)
•   Project team drafting via teleconference & email (September
    2009 – January 2010)
•   Release of ED ISSAI 40 (3 February 2010)
•   Project team consideration of comments on ED via
    teleconference (30 April 2010)
•   PSC Steering Committee consideration (6-7 May 2010)
    May 2010   Intosai PSC Steering Committee




Key messages from the last PSC Steering                            6


Committee (17-19 June 2009)

•   ISSAI 40 should continue to be developed on the basis of the
    dual approach (using ISQC 1).
•   ISSAI 40 should complement, not duplicate ISQC 1.
•   ISSAI 40 should be designed to help interpret what a system
    of quality control is within the public sector context.
    May 2010   Intosai PSC Steering Committee




2 key audiences for ISSAI 40                                   7




•   Those SAIs who wish to use ISSAI 40 without reference to
    ISQC 1 and don’t wish to assert compliance with ISQC 1.
•   Those SAIs who wish to comply with ISQC 1 but need some
    guidance about how ISQC 1 should be applied in a public
    sector context.
    May 2010   Intosai PSC Steering Committee




Overview of comments received on ED                     8


ISSAI 40

•   25 comment letters received to date:
     some with no detailed comments;
     some with detailed comments.
•   Overall flavour is “supportive of the ED”.
•   One SAI suggests we need to redraft the document.
    May 2010   Intosai PSC Steering Committee




Where to from here?                                                   9




•   Project team to consider comments from PSC Steering
    Committee (May/June 2010).
•   Project team to continue considering comments on the ED
    (May/June 2010).
•   Project team to finalise ISSAI 40 for consideration by PSC
    Steering Committee (July 2010).
•   Project team to arrange translation of ISSAI 40 into 5 official
    languages (August – September 2010).
•   ISSAI 40 to be considered at INCOSAI (November 2010).
  May 2010   Intosai PSC Steering Committee




Questions / points of clarification           10

				
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