First Meeting of the Steering Committee Knowledge Sharing Committee INTOSAI Strategic Goal 3 New Delhi, India March 5-6, 2009 Information on the INTOSAI Public Debt Working Group

Background Information Strong interest in public debt matters shown by members of INTOSAI during the XIII INCOSAI (Berlin, Germany, 1989). Strong interest in public debt matters shown by members of INTOSAI during the XIII INCOSAI (Berlin, Germany, 1989). INTOSAI Governing Board -at its 35th meeting (October 1991)- authorized the PDWG’s creation with the following purpose: INTOSAI Governing Board -at its 35th meeting (October 1991)- authorized the PDWG’s creation with the following purpose: "To publish guidelines and other informational materials to be used by Supreme Audit Institutions to encourage the proper reporting and sound public debt management"

Objectives The Public Debt Working Group’s objectives are: To prepare and publish guidelines and other materials to be used by SAIs in order to encourage the proper reporting and sound management of public debt; To prepare and publish guidelines and other materials to be used by SAIs in order to encourage the proper reporting and sound management of public debt; To identify key issues for the development of responsibilities and procedures for auditing and evaluating public debt commitments; To identify key issues for the development of responsibilities and procedures for auditing and evaluating public debt commitments; To prepare papers examining matters on public debt definition, reporting and assessment; To prepare papers examining matters on public debt definition, reporting and assessment; To exchange knowledge with other institutions dealing with public debt issues; To exchange knowledge with other institutions dealing with public debt issues; To promote the preparation of studies and papers related to the Working Group’s mandate. To promote the preparation of studies and papers related to the Working Group’s mandate.

Strategic Plan In accordance with the INTOSAI Strategic Plan In accordance with the INTOSAI Strategic Plan Aimed at supporting the increasing demands and expectations faced by the SAI community when auditing public debt issues and influencing debt management practices. Aimed at supporting the increasing demands and expectations faced by the SAI community when auditing public debt issues and influencing debt management practices. Guidance for the PDWG activities in the years ahead. Guidance for the PDWG activities in the years ahead. Lists a series of activities that should be undertaken in order to become the “champion” of public debt auditing issues and promote sound debt management practices for the supreme audit institutions (SAIs) community during the 2007–12 period. Lists a series of activities that should be undertaken in order to become the “champion” of public debt auditing issues and promote sound debt management practices for the supreme audit institutions (SAIs) community during the 2007–12 period. Contains the PDWG’s Mission Statement, Vision Statement, and two strategic goals supporting the mission and vision statements: Contains the PDWG’s Mission Statement, Vision Statement, and two strategic goals supporting the mission and vision statements: Capacity building and enhancing SAI expertise, and Capacity building and enhancing SAI expertise, and Strengthening the Working Group’s capabilities and measuring its impact. Strengthening the Working Group’s capabilities and measuring its impact.

Membership 17 SAI members 17 SAI members Mexico (Chair), Argentina, Austria, Brazil, Bulgaria, Canada, Fiji, Gabon, Korea, Lithuania, Portugal, Russian Federation, Sweden, Ukraine, United Kingdom, United States of America, and Zambia. Mexico (Chair), Argentina, Austria, Brazil, Bulgaria, Canada, Fiji, Gabon, Korea, Lithuania, Portugal, Russian Federation, Sweden, Ukraine, United Kingdom, United States of America, and Zambia. 5 observer SAIs: 5 observer SAIs: Chile, Egypt, Finland, Jordan, and Yemen. Chile, Egypt, Finland, Jordan, and Yemen. INTOSAI Development Initiative. INTOSAI Development Initiative. Chair Information: Chair Information: Mr. Arturo González de Aragón, C.P.A. Auditor Superior de la Federación Auditor General of Mexico

Products Guidance on the Reporting of Public Debt Guidance on the Reporting of Public Debt Guidance for Planning and Conducting an Audit of Internal Controls of Public Debt (ISSAI 5410) Guidance for Planning and Conducting an Audit of Internal Controls of Public Debt (ISSAI 5410) Public Debt Management and Fiscal Vulnerability: Potential Roles for SAIs (ISSAI 5420) Public Debt Management and Fiscal Vulnerability: Potential Roles for SAIs (ISSAI 5420) Guidance on Definition and Disclosure of Public Debt (ISSAI 5421) Guidance on Definition and Disclosure of Public Debt (ISSAI 5421) An Exercise of Reference Terms to Carry Out Performance Audit of Public Debt (ISSAI 5422) An Exercise of Reference Terms to Carry Out Performance Audit of Public Debt (ISSAI 5422) Fiscal Exposures: Implications for Debt Management and the Role for SAIs (ISSAI 5430) Fiscal Exposures: Implications for Debt Management and the Role for SAIs (ISSAI 5430) Guidance for Conducting a Public Debt Audit - The Use of Substantive Tests in Financial Audits (ISSAI 5440) Guidance for Conducting a Public Debt Audit - The Use of Substantive Tests in Financial Audits (ISSAI 5440) Other publications, such as guidelines, case studies, paradigmatic audits, speeches, reports and surveys are posted on the PDWG Website Other publications, such as guidelines, case studies, paradigmatic audits, speeches, reports and surveys are posted on the PDWG Website

Current Activities Annual working meetings Annual working meetings Last meeting: Nadi, FijiJuly 24-25, 2008 Last meeting: Nadi, FijiJuly 24-25, 2008 Upcoming:Ukraine2009 Upcoming:Ukraine2009 Yemen2010 Lithuania 2011 Member’s analysis and feedback to enhance the PDWG’s Strategic Plan so as to include the recommendations on Public Debt of the XIX INCOSAI Member’s analysis and feedback to enhance the PDWG’s Strategic Plan so as to include the recommendations on Public Debt of the XIX INCOSAI Development of a database with experts on Public Debt Auditing for the IDI to design and carry out activities on capacity building within the INTOSAI. Development of a database with experts on Public Debt Auditing for the IDI to design and carry out activities on capacity building within the INTOSAI. Participation with IDI and UNCTAD for the implementation of the Trans-regional Capacity Building Program for Audit of Public Debt Management. Participation with IDI and UNCTAD for the implementation of the Trans-regional Capacity Building Program for Audit of Public Debt Management. PDWG’s initiative to offer this program to ARABOSAI community PDWG’s initiative to offer this program to ARABOSAI community

Current Activities Investigation Themes under development Investigation Themes under development Public Debt Indicators Public Debt Indicators Public Debt Management Office Public Debt Management Office Contingent Debt Contingent Debt Impact of financial crises on public debt Impact of financial crises on public debt Public bidding and adjudication for the recruitment of agents, bond and stock brokers Public bidding and adjudication for the recruitment of agents, bond and stock brokers Assessment of human resources employed in debt contracting Assessment of human resources employed in debt contracting Risk assessment and reduction of probable effects on debt structure Risk assessment and reduction of probable effects on debt structure Evaluation of information systems related to public debt management Evaluation of information systems related to public debt management Extraordinary income analysis and its use to ameliorate external public debt Extraordinary income analysis and its use to ameliorate external public debt Adequacy of regulatory framework: of the financial services sector: impact on contingent liabilities and public debt Adequacy of regulatory framework: of the financial services sector: impact on contingent liabilities and public debt

Further Information Website: Website: For further information, please contact the PDWG Secretariat: For further information, please contact the PDWG Secretariat: