Key Insights on ISSAI Guidelines and Performance Audit Standards

Scheduled maintenance of ISSAI 3000 and GUIDs

Objective of session to inform the answer to two key questions Conforming amendments arising from ISSAI 140 The need for a standalone PAS project outside of the SDP

Duplication of ISSAI 300 and 3000 Work Plan 20-22 SDP 23 - 28 Work Plan 23-25 Scheduled Maintenance? ISSAI 300 9 years ISSAI 3000 5 years Project group volunteers TITLE/IMAGE

Are there any new sections that could/should be considered for inclusion in the standards? Internal control relevant to performance audit Work performed by experts or internal audit Include more detail on issues specific to the 3 Es Subsequent events Auditor competence and skills Reporting on best practice Using US generally accepted government auditing standards to strengthen GUIDS/ISSAI on Yes No Using computer processed data Making changes post publication Communication

Do you find the performance audit requirements in the current standard clear? 8 7 6 Areas for improvement 5 8 4 Requirements repeat principles in slightly 3 2 3 different wording and there is duplication that 1 could be minimized. 0 1 Yes Clarification on how audit approaches are Areas for improvement suggested described and in defining findings Unable to comment at present Clarify the minimum documentation requirements for key audit elements

Are there any areas of the standard that require additional supporting material? How to evaluate reliability of data Yes Understanding of internal controls 1 4 Identifying and managing audit risks No Scenario where third party is involved with the audited entity. Unable to comment at present 7 Noted improvements for existing GUIDs difference between audit objective and study objective descriptive and evaluative elements of auditing Pros/cons with quantitative v qualitative analytical methods potential to combine content

Do you think there are any definitions that need to be considered/revised/updated Add definitions for key terms audit risk, Yes audit team, audit topic, criteria, audit 1 1 objective No Present definition of performance auditing, 7 including the objectives and 3e s the same in 3 Not-applicable each document. Add cost effectiveness to the presentation of Unable to comment at present the 3e s Term and function of supervision and supervisor Elaborate definition of intended users and responsible parties to include private sector

Should the enhanced use of and reliance on technology be considered for inclusion in the ISSAI, GUIDs or both Technology is a means to an Yes No 4 end and not a standard-level 8 principle Of the 8 'Yes' responses, the general consensus is can be done through the GUIDs. Standards should be neutral to technology and subject matter and not be specific to methodologies Issue specific to isn t performance audit

General comments Continuity is important SDP initiatives Repetition should be eliminated Revise 300 and 3000 together Working within the SDP should be the basis for any improvements to avoid duplication of work Redundancies between ISSAI 3000 and the GUIDs should be eliminated Content of both are essentially identical any amendments should be coordinated Frequent changes isn t helpful and there is no real need for change currently Suggested approach recommended by a member in the comments Wait for the initial SDP assessment to learn what the work will entail and after that discuss if additional changes are necessary (this endeavour could conclude that we make no revision). In a small project group assess the current performance audit material and propose suggestions for change to the whole group, and on their approval, start doing the necessary work. Our discussions here in the breakout session could help with the project groups first analysis.

Select a group spokesperson who will provide the feedback from the group