INTOSAI WORKING GROUP ON PUBLIC DEBT 9-10 June 2011 EVALUATION OF THE NEED AND OPORTUNITY OF REVISING WGPD’S PRODUCTS Tribunal de Contas

INTOSAI Standards Framework International Standards of Supreme Audit Institutions (ISSAI) stating the basic prerequisites for the proper functioning and professional conduct of Supreme Audit Institutions and the fundamental principles in auditing of public entities. INTOSAI Guidance for Good Governance (INTOSAI GOV) providing guidance to public authorities on the proper administration of public funds. 2Tribunal de Contas

LEVEL 1: Founding Principles ISSAI 1 LIMA DECLARATION LEVEL 2: Prerequisites for Functioning of SAIs ISSAIs LEVEL 3: Fundamental Auditing Principles ISSAIs LEVEL 4: Auditing Guidelines ISSAIs ISSAIs 3Tribunal de Contas

LEVEL 4: Auditing Guidelines ISSAIs IGFA ( ) IGPA ( ) IGCA ( ) SG ( ) ISSAIs Specific guidelines on audit of public debt 4Tribunal de Contas

INTOSAI GOVs Internal Control ( ) Accounting Standards ( ) 9230 Guidance on definition and disclosure of public debt 5Tribunal de Contas

PSC harmonization project Timing: Object: revision of ISSAIs which may lead to changes in the ISSAIs Terminology to be used in ISSAIs : a general glossary for the ISSAI Framework is to be put together. 6Tribunal de Contas

WGPD documents under evaluation ISSAI 5410 – Guidance for planning and conducting an audit of internal controls of public debt ISSAI 5411 – Debt indicators ISSAI 5420 – Public debt: management and fiscal vulnerabilityISSAI 5421 – Guidance on definition and disclosure of public debtISSAI 5422 – An exercise of reference terms to carry out performance audit of public debtISSAI 5430 – Fiscal exposures: implications for debt management and the role for SAIsISSAI 5440 – Guidance for conducting a public debt audit – the use of substantive tests in financial auditsINTOSAI GOV 9230 – Guidance on definition and disclosure of public debtGuidance on reporting public debt 7Tribunal de Contas

Evaluation criteria Are the ISSAIs and INTOSAI GOV still useful?Do they need to be updated and in what respects? Do they need to be harmonized with other WGPD products? Do they need to be aligned with the ISSAIs ? Do they need to be aligned with the general ISSAI terminology? 8Tribunal de Contas

Evaluation results (Summary) ISSAI 5421 and INTOSAI GOV 9230 are identical; the document “Guidance on reporting public debt” is an updated version of the previous two but not an ISSAI or an INTOSAI GOV. ISSAI 5411, adopted in 2011, is not to be revised in the near future. Other ISSAIs need different degrees of updating and harmonization. 9Tribunal de Contas

What All documents simultaneously Define priorities Who Several groups A single group When Two steps (before and after PSC harmonization) Single step Next steps to be discussed 10Tribunal de Contas