Journal Of Goverment Audit and Accounts

From the Editor's Desk

Standards are guidance statements put in place by an organization to manage risk. Standards provide a basis for mutual understanding and consistent criteria for measurement of quality of outcome. In auditing, Standards determine the audit procedures that shall be applied in audit and constitute the criteria or benchmark against which the quality of audit result is evaluated. SAI India is a key player and a major contributor to development of Auditing Standards and practices in the International Community. The Comptroller and Auditor General of India is the chair of INTOSAI Committee on Knowledge Sharing and Knowledge Services (KSC). The Forum for INTOSAI’s Professional Pronouncements (FIPP), which is responsible for content and quality of professional pronouncements of INTOSAI, is chaired by DAI (CRA) of SAI India. CAG is also the chair of the INTOSAI Working Group on IT Audit (WGITA) and INTOSAI Compliance Sub-Committee. Given the importance of Auditing Standards in ensuring audit quality and the significant role played by SAI India in Standard Setting in the International Community, we decided to focus on the theme ‘Standard Setting’ in this ninth issue of the Journal of Government Audit and Accounts. The issue contains articles on role of International Organization of Supreme Audit Institutions (INTOSAI) in the Standard Setting and related activities of various sub-committees and working groups of INTOSAI. This issue also features Professional Practices Group (PPG) which is the standards and audit guidance setting body in the Institution of Comptroller and Auditor General of India. The aim is to make public sector auditors aware of the standard setting activities in latest practices of audit at national and international levels.

The lead article on the ‘Role of INTOSAI in Standard Setting for Public Sector Auditing ‘and the second article on ‘Introduction to the INTOSAI Framework for Professional Pronouncement-IFPP’ discuss brief history of INTOSAI Standard Setting,-ISSAI Framework and focus on transformations taking place in the standard setting procedures in recent years including creation of INTOSAI Framework of Professional Pronouncement (IFPP).

The third, fourth & fifth article are on standard setting by Compliance Audit Sub-Committee, Financial Audit and Accounting Sub-Committee and Performance Audit Sub-Committee of INTOSAI respectively. These articles explain the standard setting activities of these sub-committees including the due process followed for developing the guidelines for Compliance Audit, Financial Audit and Performance Audit. Since 2013, India has lead the Working Group of Information Technology Audit (WGITA) in INTOSAI. The article on ‘Standard Setting INTOSAI WGITA’ discussions various important standard setting projects taken up by WGITA since 2013.

The article on ‘Formulation of Accounting Standards’ is about the role of Government Accounting Standard Advisory Board (GASAB), its working procedures and status of pronouncement.

The article on ‘Auditing Guidance Framework in SAI India’ discusses standard and audit guidance setting in SAI India and covers development of guidance, its approval process, role of Technical Board for Professional Practices and the existing guidance framework in SAI India.

As the next 29th Accountants General Conference-2018 is scheduled to be held on 10th & 11th October, 2018, the next issue will be dedicated to the theme of the Accountants General Conference. We look forward to your feedback and support in making the journal a vibrant and valuable tool for knowledge dissemination in the Department.

img
(P.K. Kataria)
Director General
Professional Practices Group

Continue Reading

Role of the INTOSAI in Standard Setting for Public Sector Auditing

Supreme Audit Institutions (SAI) are national authorities responsible for auditing government revenues and spending...

..more

Introduction to the INTOSAI Frame Work for Professional Pronouncements-IFPP

In 2015, an important development took place in INTOSAI standards setting. A Common Forum was created by the three ..

..more

Standard Setting by Compliance Audit Subcommittee of International Organisation of Supreme Audit Institutions

Compliance Audit Subcommittee (CAS) is one of the subcommittees under the Professional Standards Committee (PSC) of the ...

..more

Financial Audit and Accounting Sub-Committee

Financial Auditing focuses on determining whether financial information is presented in accordance with the applicable financial...

..more

Role of INTOSAI Performance Audit Sub-Committee In developing standards and guidelines

The Performance Audit Subcommittee was created by the Professional Standards Committee of INTOSAI in September...

..more

Standard Setting in INTOSAI WGITA-The Indian Experience

Working Group of Information Technology Audit (WGITA), an INTOSAI working group of SAIs, set up in the XIII INCOSAI...

..more

Preparation of an Accouting Standard - The GASAB Narrative

In a milieu where government accounting systems depicted individual entity’s objectives and peculiarities in measuring...

..more

Featuring an Office - Auditing Guidance Framework in SAI India

Auditing is a core constitutional responsibility cast upon the Supreme Audit Institutions across the globe and it is sine...

..more

News From International Desk

The Comptroller and Auditor General (CAG) of India occupies several important positions in INTOSAI and ASOSAI...

..more

Archives

..more