Revision of the fundamental auditing principles
The revision of the fundamental auditing principles was completed in 2013 with the endorsement of four new ISSAIs on level 3 of the ISSAI Framework (ISSAI 100, 200, 300 and 400) at INCOSAI in Beijing, China.
The ISSAI Harmonisation Project was launched by the XX INCOSAI in 2010 in order to provide a common conceptual basis for public-sector auditing for all ISSAIs and all INTOSAI members. This is achieved by revising the fundamental auditing principles (ISSAIs 100-999) at level 3 of the ISSAI framework.
The project has resulted in 4 new ISSAIs which will take effect from the XXI INCOSAI in Bejing in October 2013:
ISSAI 100 - Fundamental Principles of Public-Sector Auditing
ISSAI 200 - Fundamental Principles of Financial Auditing
ISSAI 300 - Fundmamental Principles of Performance Auditing
ISSAI 400 - Fundmanetal Principles of Compliance Auditing
The fundamental auditing principles contain the key principles for public sector auditing and will provide a basis for all types of public sector audit engagements whatever their form or context. The principles also define how the ISSAIs can be used and refered to as an international set of auditing standards.
The project group's considerations
The following material explains some of the considerations behind the proposed text of the four ISSAIs:
The project group's final report
The project group's consideration of exposure comments
Note 1 - Making reference to the ISSAIs – Authority of the Fundamental Auditing Principles
Note 2 - Key concepts of public-sector auditing
Note 3 - The terminology of ISSAI 100 compared with the International Framework for Assurance Engagements
Note 4 - The elements of public-sector auditing
The following drafts were exposed for comments on www.issai.org until 15 February 2013:
ED ISSAI 100, ED ISSAI 200, ED ISSAI 300, ED ISSAI 400
Articles in the INTOSAI Journal
INTOSAI's New Fundamental Auditing Principles, October 2012
INTOSAI's New Fundamental Auditing Principles: Part 2, January 2013
Background materials used by the project group