1. INTOSAI STANDARDS August 2012
“Experientia Mutua Omnibus Proudest”
"Mutual experience benefits all"

2. INTOSAI
The International Organisation of Supreme Audit Institutions (INTOSAI) operates as an umbrella organisation for the external government audit community. At present INTOSAI has 190 Full Members and 4 Associated Members.
On 22 Dec 2011 the 66th United Nations General Assembly adopted the resolution“ promoting the efficiency, accountability, effectiveness and transparency of public administration by strengthening supreme audit institutions”.

3. INTOSAI Congress Governing Board, 18 members
General Secretariat in Vienna, Austria
Regional Groups
Committees
Working Groups

4. REGIONAL GROUPS Regional Professional and technical cooperation
AFROSAI
ARABOSAI – 22 Arabic speaking
ASOSAI
CAROSAI – Caribbean
EUROSAI
OLACEFS –Organization of Latin American Caribbean
PASAI – Pacific Association

6. INTOSAI COMMITTEES Professional Standards Committee
Standards on Financial Audit, Compliance Audit, Performance Audit, Internal Controls, Quality control
Capacity Building Committee
Knowledge Sharing Committee
Standards on IT Audit, Environmental Auditing, PPP, Privatisation, Economic regulation, Public debt etc
Finance & Administration Committee

7. International Standards of Supreme Audit Institutions
ISSAIs इसाईस
INTOSAI

8. ICAI Auditing Standards
Standards on Quality Control (SQCs)
SQC 1, “Quality Control for Firms that Perform Audit and Reviews of Historical Financial Information, and other Assurance and Related Services Engagements”
Audits and Reviews of Historical Financial Information
Introductory Matters
General Principles and Responsibilities
SA 200 “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing”
SA 210 “Agreeing the Terms of Audit Engagements”

9. ICAI Auditing Standards
General Principles and Responsibilities – continued
SA 220 “Quality Control for an Audit of Financial Statements”
SA 230 “Audit Documentation”
SA 240 “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements”
SA 250 “Consideration of Laws and Regulations in an Audit of Financial Statements”
SA 260 “Communication with Those Charged with Governance”
SA 265 “Communicating Deficiencies in Internal Control to Those Charged With Governance and Management”
SA 299 “Responsibility of Joint Auditors”

10. ICAI Standards Risk Assessment and Response to Assessed Risks SA 300 “Planning an Audit of Financial Statements” SA 315 “Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment” SA 320 “Materiality in Planning and Performing an Audit” SA 330 “The Auditor’s Responses to Assessed Risks” SA 402 “Audit Considerations Relating to an Entity Using a Service Organisation” SA 450 “Evaluation of Misstatements Identified During the Audit”

11. 500-599 Audit Evidence SA 500 “Audit Evidence”
SA 501 “Audit Evidence—Specific Considerations for Selected Items”
SA 505 “External Confirmations”
SA 510 “Initial Audit Engagements – Opening Balances”
SA 520 “Analytical Procedures”
SA 530 “Audit Sampling”
SA 540 “Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures”
SA 550 “Related Parties”
SA 560 “Subsequent Events”
SA 570 “Going Concern”
SA 580 ”Written Representations”

12. 700-799 Audit Conclusions and Reporting
Using Work of Others
SA 600 (AAS 10), “Using the Work of Another Auditor”
SA 610 “Using The Work of Internal Auditors”
SA 620 “Using the Work of an Auditor’s Expert”
Audit Conclusions and Reporting
SA 700 “Forming an Opinion and Reporting on Financial Statements
SA 705 “Modifications to the Opinion in the Independent Auditor’s Report"
SA 706 “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report"
SA 710 “Comparative Information—Corresponding Figures and Comparative Financial Statements”
SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements”

13. 2000-2699 Standards on Review Engagements (SREs)
Specialized Areas
SA 800 “Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks”
SA 805 “Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement”
SA 810 “Engagements to Report on Summary Financial Statements”
Standards on Review Engagements (SREs)
SRE 2400 “Engagements to Review Financial Statements
SRE 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”
Assurance Engagements Other Than Audits or Reviews of Historical Financial Information
Standards on Related Services (SRSs)

14. Auditing Standards INDIAN AUDIT AND ACCOUNTS DEPARTMENT
1st Edition 1994
2nd Edition 2002
Comptroller and Auditor General of India

15. Why auditing standards?
Assurance about the quality of audit done to the users of the audit reports
Use them as bench mark or measure while doing audit, common frame of reference
Standardisation of process and products, uniformity between all the auditors- audits, so that comparison is fair
Increases credibility, increase of level of perception – for users

16. International Standards of Supreme Audit Institutions
ISSAIs इसाईस
INTOSAI

17. Level-1: Founding Principles
The standards developed by INTOSAI for guiding the Government Audit profession are termed as International Standards of Supreme Audit Institutions (ISSAI). These standards are hierarchically divided into four groups or levels.
Level-1: Founding Principles
Level-2: Prerequisites for functioning of Supreme Audit Institutions
Level-3: Fundamental Auditing Principles
Level-4: Auditing Guidelines-Implementation guidelines, specific guidelines

18. Level 1: Founding principles
ISSAI 1 : LIMA Declaration (1977)
Level 2: Prerequisites for the Functioning of
Supreme Audit Institutions  
ISSAI 10 : Mexico Declaration on SAI Independence (1987)
ISSAI 11 : INTOSAI Guidelines & Good Practices Related to SAI Independence  
ISSAI 20 : Principles of Transparency & Accountability
ISSAI 21 : Principles of Transparency - Good Practices 
ISSAI 30 : Code of Ethics 
ISSAI 40 :  Quality Control for SAIs

19. Level 3: Fundamental Auditing Principles
ISSAI 100: INTOSAI Auditing Standards -
Basic Principles     
ISSAI 200 : INTOSAI Auditing Standards -
General Standards   
ISSAI 300: INTOSAI Auditing Standards -
Field Standards    
ISSAI 400 :INTOSAI Auditing Standards -
Reporting Standards

20. Implementation Guidelines
Under 4th level there are three sets of guidelines
Implementation Guidelines
Specific Guidelines
Guidance on Good Governance

21. ISSAI 1000 to 2999 : Financial Auditing Guidelines
Level 4: Implementation Guidelines
ISSAI to 2999 : Financial Auditing Guidelines
about 50 standards in this series for example
standard 1500 audit evidence; 1530 audit sampling
ISSAI to 3999: Performance Auditing Guidelines
2 standards in this series-3000,3100
ISSAI to 4999 :Compliance Auditing Guidelines
3 standards in this series-3000,3100

22. Level 4: Auditing Guidelines - Specific Guidelines on ISSAI 5000 to 5099: Audit of International Institutions ISSAI 5100 to 5199: Environmental Audit ISSAI 5200 to 5299: Audit of Privatisation ISSAI 5300 to 5399: IT-Audit ISSAI 5400 to 5499 :Audit of Public Debt ISSAI 5500 to 5599 : Audit of Disaster related Aid ISSAI 5600 to 5699 :Peer Review Guidelines

26. Level 3: Fundamental Auditing Principles
ISSAI 100: INTOSAI Auditing Standards -
Basic Principles     
ISSAI 200 : INTOSAI Auditing Standards -
General Standards   
ISSAI 300: INTOSAI Auditing Standards -
Field Standards    
ISSAI 400 :INTOSAI Auditing Standards -
Reporting Standards
In rest of the places the word ‘guidelines’ is used
(ISSSAI to 9299)

27. Fundamental Auditing Principles - revised
ISSAI 100: Fundamental Principles of
Public Sector Auditing
ISSAI 200: Fundamental Principles of
Financial Auditing
ISSAI 300: Fundamental Principles of
Performance Auditing
Compliance Auditing

28. standards for any audit
Auditors-Skills, ethics, independence, objectivity, professional behaviour
Exercising professional care, professional scepticism, quality standards during audit
Audit involves three parties – auditor, auditee and user- terms of engagement
Subject matter to be audited, understanding the entity, audit risk, planning the audit

29. standards for any audit ..continued
Audit objectives
Audit criteria
Audit procedures (standard does not elaborate the procedures) – review of internal controls- substantive testing (analytical review)

30. standards for any audit ..continued
Materiality, significant deviations
Sufficient appropriate audit evidence
Audit findings, conclusions
Documentation of entire audit process & evidence
Reporting -reasonable assurance/ short form
Reporting -exception reporting/ long form
Discussion in Legislative committees
Follow-up

31. Auditors-Skills, ethics, independence, objectivity, professional behaviour
Exercising professional care, professional scepticism, quality standards during audit
Audit involves three parties – auditor, auditee and user- terms of engagement
Subject matter for audit, understanding the entity, audit risk, planning the audit
Audit objectives-
Audit criteria
Audit procedures (review of controls, substantive testing)
Materiality, significant deviations
Sufficient appropriate audit evidence
Audit findings, conclusions
Documentation of entire audit process and evidence
Reporting (reasonable assurance-short form report)(exception reporting-long form report)- Discussions in Legislative Committee- Follow up