Evolution of Public Sector Audit in Europe
Discussing the changing landscape of public sector audit in Europe, focusing on the challenges faced by auditors, relevance of traditional attributes, and the need for integration of IT in the audit process. Emphasizing the importance of sharing experiences and collaboration for improved corporate governance in the public sector
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Presentation Transcript
Joint Seminar Brussels 2017 1
Future evolution of public sector audit in Europe Peter Welch, Director, European Court of Auditors 2
A changing world Overheating No privacy Instant judgement Anti-expert Delocalized Backing strong Connected Sharing data Using apps Using AI Expecting high standards of Corporate Governance leaders Operating in real time 3
Are the old attributes of auditors still relevant? Yes, but Auditors will be under pressure to report more quickly Make governance a key theme Use IT to perform audit and to report Expand their experience of other bodies Independence Special skills An (elite) qualification Experience of other bodies Listening(!) Understanding the business 4
Old and new challenges What kind of assurance was the auditor providing? Accounts - but often on the basis of local standards Legality and regularity - with a wide variety of mandates Performance - with a wider variety of mandates Compliance following procedures laid down in instructions 5
Old and new challenges Do they still need us? Gathering data? Interpreting data? Do we give people the right experience? No single answer - but the more we do to share experiences and people the better prepared we are. Do local accounting rules still matter? Less than global rules If your organization reports on nonstandard rules, expect someone to have an app to restate them soon. Do we still understand the business? In an age of social media do politics, accountability and public administration work the way they did? 6
Some conclusions We face big challenges Sharing experience is essential Encouraging our staff to spend time working on projects in other organisations will help us keep up We need IT that is integrated into the audit process. There is a big role for EUROSAI and for conferences like this We could work together with ECIIA on improving public sector corporate governance in Europe 7
