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IAASB
The International Auditing and Assurance Standards Board (IAASB)
The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body established by the International Federation of Accountants (IFAC).
The PSC has adopted what is referred to as a dual approach when it comes to the development of audit guidance in the public sector. In practice this means that when possible and relevant, the PSC will build on material from other standard-setting bodies. In accordance with this policy, the PSC Financial Audit Subcommittee has established a formal cooperation with IFAC concerning the development of financial auditing guidelines. For details on the cooperation, please click the Memorandum of Understanding below.
The IAASB issues the International Standards on Auditing (ISA) as well as a range of other standards for the accounting business. The International Standards of Supreme Audit Institutions (ISSAI) issued by INTOSAI include a set of implementation guidelines on financial auditing, ISSAI 1000-1999, which are based on the ISAs.
In 2009 Assistant Auditor General Mr. Steen Bernt Jensen, Denmark, serves as a public member of the IAASB upon suggestion from INTOSAI's Professional Standards Committee (PSC).
The PSC Chair wishes to inform the INTOSAI community of the main issues discussed by IAASB and encourage all SAIs with an interest in these matters to contribute with views and input. If you wish to stay informed you are welcome to subscribe to the PSC Secretariat's executive briefings by sending a mail to psc@rigsrevisionen.dk. The briefings can also be read here:
Executive Briefings
Executive Briefing - March 2009
Executive Briefing - June 2009
Executive Briefing - September 2009
Executive Briefing - November 2009
Links:
IDI
The INTOSAI Development Initiative
The PSC is also working closely together with the IDI. This organization was established in 1986, it is based in Oslo and its primary task is to assist SAIs in emerging and developing countries in their efforts to build their capacity. One of the elements in capacity building is the implementation of international auditing standards, and the IDI has planned and carried out numerous courses with focus on auditing methods.
The ISSAI framework is currently including standards and guidelines addressing most of the tasks that public sector auditors may be expected to perform. Making sure that the standards and guidelines are being used by SAIs around the world will require an extraordinary effort, and most recently the PSC and the IDI have agreed to expand their cooperation to include also various ISSAI awareness-raising activities.
Link:
IIA
The Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is an international professional association with 120,000 members in more than 91 countries. The members of the IIA work in the private and public sector in internal auditing, risk management, governance, internal control, information technology audit, education, and security.
The IIA and the PSC are sharing common goals, amongst other with respect to development and adoption of appropriate and effective professional standards, and it was therefore in 2007 decided to enter into a more formalized cooperation through the signing of a Memorandum of Understanding (MoU). In the past years, the IIA and the PSC Internal Control Standards Subcommittee have benefited from their respective work and involvement.