PSC Announces Revised Standards, Establishes Networks of Translators and Liaison Officers

Revised INTOSAI Pronouncements for Financial Audits Now Available
Two revised INTOSAI pronouncements are available at issai.org for audits of financial statements: ISSAI 200 – Financial Audit Principles, and ISSAI 2000 – Application of the Financial Audit Standards.

ISSAI 200 provides the key principles for the audit of financial statements or other forms of presentation of financial information. It complements the fundamental principles of ISSAI 100 with the specific context of audits of financial statements. Together, they constitute the basis for INTOSAI’s complete set of professional pronouncements in this area and should both be complied with.

ISSAI 2000 outlines the special considerations in applying the requirements of the International Standards on Auditing (ISAs) in the context of audits in accordance with the ISSAIs. The ISAs are developed by the International Auditing and Assurance Standards Board (IAASB). INTOSAI has an agreement that allows it to incorporate the ISAs into the INTOSAI Framework of Professional Pronouncements (IFPP).

The main purpose of the ISSAIs on financial audit is to provide INTOSAI members with a comprehensive set of principles and standards for the audit of financial statements of public-sector entities. Both pronouncements are the result of the INTOSAI Professional Standards Committee’s (PSC)Financial Audit and Accounting Subcommittee´s work and were approved by the Governing Board in 2020.

PSC Secretariat Creates Network of Voluntary Translators for INTOSAI Pronouncements
The PSC Secretariat has created a network of voluntary translators for the INTOSAI pronouncements, with the aim of guaranteeing the quality of translations. Having Supreme Audit Institutions (SAIs) complete the translations—rather than commercial translators with no specialized knowledge of audits—is a step towards high-quality translations.

According to the INTOSAI due process for standard-setting, INTOSAI pronouncements should be available in the five official INTOSAI languages: English, Spanish, French, German, and Arabic.

We invite SAIs with translators of the official languages, or with experienced auditors skilled in translation, to participate in the INTOSAI pronouncements’ translation network. It is important that the translators know the subject matter and have a good command of English. The current network of voluntary translators includes SAIs from Argentina, Germany, Austria, Qatar, United Arab Emirates, France, and Russia.

SAIs interested in joining the network can get in touch with the PSC Secretariat at psc@tcu.gov.br.

PSC Establishes Network of Standards Liaison Officers
PSC has established a network of INTOSAI standards liaison officers (ISLO), to enhance communication around the standard-setting process and learn more about the application of the framework. The ISLO network provides a single point of contact in SAIs and INTOSAI working bodies.

Liaison officers receive requests from the PSC or other INTOSAI bodies and react as necessary, such as by providing feedback on a particular issue or distributing information at their organizations. Liaison officers also identify problems encountered in applying the standards, and convey this information to the appropriate INTOSAI body.

To join this network, please get in touch with the PSC Vice-Chair at ECA-ISLO@eca.europa.eu.