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.

Project summary

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 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

Exposure drafts

The following drafts were exposed for comments on until 15 February 2013:


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

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