INTOSAI Professional Standards Committee

Approval process for INTOSAI Financial Audit Guidelines

INTOSAI Financial Audit Guidlines constitute the fourth level of the structure of INTOSAI's International Standards of Supreme Audit Institutions (ISSAI). The development of the ISSAIs follow a due process which is outlined under Working Procedures found under Tasks and Responsibilities/Steering Documents on this website.

The approval process contains three main steps:

1. The INTOSAI Financial Audit Subcommittee approves the ISSAI in all the official INTOSAI languages. This step is preceeded by a drafting and comment period which leads to an approval of the Practice Note for translation. The translation is carried out by professional translators and a quality assurance is carried out by professional auditors.

2. The INTOSAI Governing Board approves the ISSAI during the Governing Board meeting held in October or November each year. Following the approval by the Governing Board, INTOSAI members are free to use the guideline (or ISSAI) as a whole - i.e. the ISA and Practice Note together.

3. The INTOSAI Congress (INCOSAI) endorses the ISSAI during the meeting of all INTOSAI members held once every three years. The endorsement by INCOSAI confirms the ISSAIs as official INTOSAI documents.

Below we list the ISSAIs in their different stages of approval. All ISSAIs can be found on the ISSAI website (www.issai.org).

The following ISSAIs have been approved by FAS and the Governing Board and endorsed by INCOSAI

XIXth INCOSAI in Mexico City, November 2007:

The ISSAIs approved by the XIXth INCOSAI in Mexico City in November 2007 were based on ISAs that have since then undergone revision and redrafting in the context of the IAASB Clarity Project. The revised and redrafted ISAs will be effective for audits of financial statements for periods beginning on or after 15 December, 2009. The ISSAIs will be effective at the same time. 

The 2007 INCOSAI gave FAS the right to make conforming changes to the ISSAIs as a result of the Clarity Project. These changes only need to be approved by the Governing Board and will remain official INTOSAI documents without re-endorsement by INCOSAI. The conforming changes in the ISSAIs were approved by the INTOSAI Governing Board in November 2009 and the approved ISSAIs are available on the website for INTOSAI's International Standards of Supreme Audit Institutions (www.issai.org). 

  • ISSAI 1220 Quality Control for an Audit of Financial Statements
  • ISSAI 1230 Audit Documentation
  • ISSAI 1260 Communication with Those Charged with Governance
  • ISSAI 1300 Planning an Audit of Financial Statements
  • ISSAI 1315 Identifying and Assessing the Risks of Material Misstatements through Understanding the Entity and Its Environment
  • ISSAI 1330 The Auditor’s Responses to Assessed Risks
  • ISSAI 1450 Evaluation of Misstatements Identified during the Audit
  • ISSAI 1800 Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
  • ISSAI 1805 Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (endorsed as part of ISSAI 1800)
  • ISSAI 1810 Engagements to Report on Summary Financial Statements (endorsed as ISSAI 1805)

The following ISSAIs have been approved by FAS and the Governing Board (and are awaiting endorsement by the XXth INCOSAI in Johannesburg, November 2010)

The ISSAIs can be found on the ISSAI website (www.issai.org). The ISAs are effective for audits of financial statements for periods beginning on or after 15 December, 2009. The ISSAIs are effective at the same time. 

  • ISSAI 1200 Overall Objective of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards of Auditing
  • ISSAI 1210 Agreeing the Terms of Audit Engagements
  • ISSAI 1240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
  • ISSAI 1250 Considerations of Laws and Regulations in an Audit of Financial Statements
  • ISSAI 1265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
  • ISSAI 1320 Materiality in Planning and Performing an Audit
  • ISSAI 1402 Audit Considerations Relating to an Entity Using a Service Organization
  • ISSAI 1500 Audit Evidence
  • ISSAI 1501 Audit Evidence – Specific Considerations for Selected Items
  • ISSAI 1505 External Confirmations
  • ISSAI 1510 Initial Audit Engagements – Opening Balances
  • ISSAI 1520 Analytical Procedures
  • ISSAI 1530 Audit Sampling
  • ISSAI 1540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
  • ISSAI 1550 Related Parties
  • ISSAI 1560 Subsequent Events
  • ISSAI 1570 Going Concern
  • ISSAI 1580 Written Representations
  • ISSAI 1600 Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)
  • ISSAI 1610 Using the Work of Internal Auditors
  • ISSAI 1620 Using the Work of an Auditor’s Expert 
  • ISSAI 1700 Forming an Opinion and Reporting on Financial Statements
  • ISSAI 1705 Modifications to the Opinion in the Independent Auditor’s Report
  • ISSAI 1706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
  • ISSAI 1710 Comparative Information – Corresponding Figures and Comparative Financial Statements
  • ISSAI 1720 The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements

 

 

(24-01-2011)