ISSAI HARMONISATION PROJECT
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 - Fundamental 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 following drafts were exposed for comments on www.issai.org until 15 February 2013:
Articles in the INTOSAI Journal
Background materials used by the project group
- Old ISSAIs 100, 200, 300 and 400
- Mapping report on the auditing function of supreme audit institutions
- Survey on needs and priorities of supreme audit institutions
- INCOSAI's decision on a common framework of INTOSAI's standards and guidelines
- Theme paper on consistency in the ISSAI framework
- Appendix 1 to theme paper: The key provisions of the present text of ISSAIs 1, 100, 200, 300 and 400
- Appendix 2 to theme paper: Pre-study of the auditing assignments of 15 SAIs
- The "dual approach" - the PSC's approach to the use of standards from other standard setters