INTOSAI Working Group on Public Debt Progress Report on Updating of ISSAI 5410, 5430, and 5440 Dawn Simpson, U.S. Government Accountability Office INTOSAI WGPD Meeting, Seoul, South Korea, October 2014 This work is subject to revision and should not be reproduced or distributed. Page 1

ISSAI 5410: Guidance for Planning and Conducting an Audit of Internal Controls of Public Debt Updated electronic version provided to the Secretariat Open item – whether updates needed to Mexico case study in Figure 2 and Canada case study in Figure 8 Next step – determine if updates to other public debt ISSAIs affect ISSAI 5410 Primary changes related to: Terms/definitions COSO’s Updated Internal Control Framework Information systems controls Definition of public debt in ISSAI 5421 Heavily Indebted Poor Country table Standard & Poor’s rating factors Page 2

ISSAI 5440: The Use of Substantive Tests in Financial Audits Updated electronic version provided to the Secretariat Next step – determine if updates to other public debt ISSAIs affect ISSAI 5440 Primary changes related to: Harmonizing with IMF-World Bank Revised Guidelines for Public Debt Management Harmonizing with the new ISSAI 200—Fundamental Principles of Financial Auditing, which is significantly different than the superseded ISSAI 300 Page 3

ISSAI 5430: Fiscal Exposures: Implications for Debt Management and the Role of SAIs Secretariat offered to assist with updating Next step – work with Secretariat to provide any assistance needed to complete the update Page 4