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Development and Convergence of Auditing Standards and Methodology

Development and Convergence of Auditing Standards and Methodology. EUROSAI Seminar on Financial Audit Standards October 2008 Deputy Director General Kelly Ånerud Technical Advisor, IAASB. INCOSAI. INTOSAI Governing Board. INTOSAI Professional Standards Committee (Denmark).

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Development and Convergence of Auditing Standards and Methodology

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  1. Development and Convergence of Auditing Standards and Methodology EUROSAI Seminar on Financial Audit Standards October 2008 Deputy Director General Kelly Ånerud Technical Advisor, IAASB

  2. INCOSAI INTOSAI Governing Board INTOSAI Professional Standards Committee (Denmark) Accounting Standards & Reporting (Canada) Financial Audit Guidelines (Sweden) Compliance Audit (Norway) Internal control Standards (Belgium) Performance Audit (Brazil) INTOSAI’s Professional Standards Committee

  3. INTOSAIs Framework of Standards www.issai.org

  4. + = Practice Note International Standards of Supreme Audit Institutions International Standard on Auditing International Standards

  5. IAASB PSC INCOSAI Issues paper INTOSAI Governing Board First read INTOSAI Professional Standards Committee Exposure draft Review of comments Accounting Standards & Reporting Performance Audit Financial Audit Guidelines Focus Group Internal control Standards Compliance Audit Final ISA Reference Panel Project Director & Project Secretariat INTOSAI ”Practice Note” Development of Standards and Guidelines INTOSAI & IFAC INTOSAI-nominated member & TA

  6. IAASB’s Clarity Project • Based on findings in IFAC report from 2004 – ”Rebuilding Public Confidence in Financial Reporting” • EU’s need for international auditing standards • All ISAs redrafted based on Clarity drafting conventions • New structure: • Introduction • Objective • Requirements (use of ’shall’) • Application Material • (Definitions if necessary) • Drafting techniques (bullet lists, considerations for SMEs and public sector entities) • INTOSAI’s Clarity Review Group Clarity - 2008 INTOSAI - 2010

  7. Audit Standard Setting - Value Circle Communication with stakeholders

  8. List of Acronyms • CAG – IAASB’s Consultative Advisory Group • CAS – INTOSAI’s Compliance Audit Subcommittee • COSO – Committee of Sponsoring Organizations of the Treadway Commission (internal control framework) • FAS – INTOSAI’s Financial Audit Guidelines Subcommittee • IAASB – International Auditing and Assurance Standards Board • IASB – International Accounting Standards Board • IC – Internal Control • IFAC – International Federation of Accountants • INCOSAI –INTOSAI’s Congress – held every 3 years • INTOSAI – International Organization of Supreme Audit Institutions • ISA – International Standard on Auditing • ISQC – International Standard on Quality Control • ISSAI – International Standards for Supreme Audit Institutions • PAS – INTOSAI’s Performance Audit Subcommittee • PCAOB – Public Company Accounting Oversight Board • PN – Practice Note • PSC – INTOSAI’s Professional Standards Committee • SAI – Supreme Audit Institution • SET – INTOSAI Special Expert Team • SME – Small and medium sized entity

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