Tasks and Responsibilities of the Financial Audit Subcommittee

Strategic objective

To maintain and further develop high quality guidelines that are globally accepted for the audit of financial statements in the public sector, and make those guidelines known, accepted and available to the INTOSAI community.

Strategy

To make use of the best resources of INTOSAI members, and to leverage the expertise and resources of the IAASB, an internationally respected auditing standards setting organization, for a strategic and cooperative partnership.

Read more about the goals and strategy of the Financial Audit Subcommittee. 

Roles and responsibilities

The task of the Subcommittee is to produce globally accepted auditing guidelines for the public sector. The Subcommittee approves all guidance prepared, processes developed and other relevant steering documents.

The Chairman of the Subcommittee is responsible for the project. The Subcommittee has established a Secretariat within the Swedish National Audit Office to facilitate the development of guidelines and monitor the work process. The FAS Secretariat is led by a Director who reports to the Chair of the Subcommittee.

Decision-making structure in INTOSAI

Decisions on INTOSAI’s Financial Audit Guidelines are based on the Terms of Reference of the Professional Standards Committee (PSC) and the decision-making structure of INTOSAI.

All guidance developed by the Subcommittee will be exposed for comments by the INTOSAI community and the Steering Committee of the PSC. The Subcommittee is responsible for preparing the final proposals after reflecting all relevant comments.

The final proposal will be approved by the Governing Board of INTOSAI and will, after the approval, be available for implementation by SAIs. At the following INCOSAI the guidance will be endorsed.

(24-01-2011)