revision of issai 30 – code of ethics
DESCRIPTION
Revision of ISSAI 30 – Code of Ethics Project proposal to the Steering Committee of the INTOSAI Professional Standards Committee Bahrain, 20-22 May 2014 PSC INTOSAI Professional Standards Committee. - PowerPoint PPT PresentationTRANSCRIPT
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Revision of ISSAI 30 – Code of Ethics
Project proposal to the Steering Committee of the INTOSAI Professional Standards Committee
Bahrain, 20-22 May 2014
PSC
INTOSAI Professional Standards Committee
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BACKGROUND
June 2013 – PSC SC meeting in Stockholm: decision on the review of ISSAI 30 – Code of Ethics (endorsed in 1998), in accordance with the maintenance frequency.
Late 2013 – Review Project Team established to make an initial assessment: the SAIs of Indonesia, Poland (project leader), Portugal, the United Kingdom and the United States.
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INITIAL ASSESSMENT
Is ISSAI 30 fit for purpose in the current public sector auditing world?Or is an update necessary?
What is INTOSAI Community’s opinion?
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SURVEY on ISSAI 30 REVISION
Developed in February 2014
Distributed on 26 February 2014
Closed on 4 April 2014
69 complete answers received
April 2014 – Team analysed survey results (Annex 1 to the project proposal)
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CONCLUSIONS
Team meeting in Warsaw, 8-9 May 2014: conclusion revision needed
Revision needed also in the opinion of the participants of the EUROSAI Seminar on Enhancing Ethics within Supreme Audit Institutions, organised by the EUROSAI Task Force on Audit & Ethics in Lisbon, in January 2014 (Annex 2 to the project proposal).
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PROJECT PROPOSAL
Team’s recommendation: revision needed
project proposal for approval by the PSC Steering Committee
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SCOPE AND PURPOSE
Scope: revise ISSAI 30 – Code of Ethics, and related Notes, as applicable, in accordance with the results of the initial assessment. Objective: to make the standard more useful to SAIs and to make it meet the challenges of the current public audit environment.
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AREAS OF REVISION (1)
shifting from the perspective of an individual auditor to the SAI perspective, with due consideration to stakeholders,emphasising the importance of ethical culture and principles as a means of preventing unethical behaviour,consistency with other ISSAIs, reviewing fundamental principles and core values; considering consistency with IFAC principles and additional public sector principles,
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AREAS OF REVISION (2)
considering monitoring compliance with ethical requirements, and inclusion of ethics management and control,updating terminology,improving clarity of the document through consistent headings/numbering/paragraphs etc.
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DECISION TO MAKE
Need for more detailed guidance and good practice examples
Additional guidance on implementation of ISSAI 30?
Recommendation to the PSC SC will be made in the process of updating ISSAI 30
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DRAFT WORK PLAN
Phase 1 – Concept and design, including fundamental principles
September 2014 (review team meeting)
Phase 2 – Drafting the document
By end April 2015
Phase 3 – Discussion on the draft and consensus on exposure draft
May 2015 (review team meeting)
Phase 4 – Developing the final draft
By July 2015
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TAME FRAME FOR THE DUE PROCESS
Exposure draft ready – approval by the ISSAI 30 Revision Team
July 2015
Approval by the PSC Steering Committee
September 2015
Exposure draft posted on www.issai.org
Mid-October 2015 – mid-January 2016
Publication of comments on www.issai.org
End January 2016
Comments introduced to the exposure draft
February – May 2016
Approval by the PSC Steering Committee
May/June 2016
Translation of the draft into INTOSAI official languages
June – August 2016
Approval of the endorsement version by the INTOSAI Governing Board in Abu Dhabi
October 2016
Approval by INCOSAI in Abu Dhabi October 2016
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ORGANISATION
Resources and Budget
Project Management and Governance
Due Process Considerations ISSAI 30 revision – must follow the Due Process for developing new standards