Standard Setting – Input to Benchmarking Kelly Ånerud, Deputy Director International Federation of Accountants INTOSAI Professional Standards Committee Manama, Bahrain May 20-22, 2014

Standard Setting Benchmarking – Elements of Interest to INTOSAI International Standard Setting Boards Standard Setting Benchmarking – Elements of Interest to INTOSAI Stakeholders – how are views of external stakeholders taken into consideration? Standards development – who develops the standards, who is doing the actual writing, how is the work organised, in what forums does the work take place, etc.? Administrative support – what kind of administrative support is available to the people developing standards and how is it organised?

Standard Setting Benchmarking - Stakeholders International Standard Setting Boards Standard Setting Benchmarking - Stakeholders Volunteer Board members - Annual Call for Nominations Best person for the job Balance practitioner, non-practitioner, public members, regional, gender Technical Advisors (TAs) and other experts Due process for standard setting (wide consultation, exposure etc.) Extensive outreach – roundtables, forums, seminars, presentations

Standard Setting Benchmarking - Stakeholders International Standard Setting Boards Standard Setting Benchmarking - Stakeholders Monitoring Group – public interest perspectives Public Interest Oversight Board (PIOB) - ensures due process Consultative Advisory Groups (CAG) - advises on strategy/work plan

Standard Setting Benchmarking - Oversight International Standard Setting Boards Standard Setting Benchmarking - Oversight

Standard Setting Benchmarking – Standards Development International Standard Setting Boards Standard Setting Benchmarking – Standards Development Independent standard setting boards Subject to due process and oversight Meetings open to the public Development of standards Members, Technical Advisors, other experts, IFAC staff Expectation attendance at meetings - Board / task forces Significant annual time commitment Annual evaluation of members

Standard Setting Benchmarking – Standards Development International Standard Setting Boards Standard Setting Benchmarking – Standards Development Phased approach: Project proposal / issues paper Exposure draft / analysis of responses Possible re-exposure PIOB approves due process Final standard published On average 2- 3 years to complete

Standard Setting Benchmarking – Resources International Standard Setting Boards Standard Setting Benchmarking – Resources Role of Chairman: IAASB and IPSASB full-time roles IESBA and IAESB significant part-time roles Board members, Technical Advisors, other experts Technical staff - approximately 20 Administrative staff - approximately 4 – 6 IFAC provides significant financing and infrastructure support (e.g. HR, IT, Communications, IP)

Thank you.