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Auditdirective

The Audit Directive 2008 document outlines the objectives and requirements for audits conducted by the Auditor-General of South Africa (AGSA) for the 2007/2008 financial years. It details the types of audits performed by the AGSA, including regularity, performance, special, and investigations. The document also discusses the auditing standards used, including International Standards of Supreme Audit Institutions (ISSAIs) and International Federation of Accountants (IFAC) standards. Finally, it provides guidance on specific audit areas like auditing of performance information, investigations, and the transition to new reporting frameworks.

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Chinh Lê Đình
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18 views19 pages

Auditdirective

The Audit Directive 2008 document outlines the objectives and requirements for audits conducted by the Auditor-General of South Africa (AGSA) for the 2007/2008 financial years. It details the types of audits performed by the AGSA, including regularity, performance, special, and investigations. The document also discusses the auditing standards used, including International Standards of Supreme Audit Institutions (ISSAIs) and International Federation of Accountants (IFAC) standards. Finally, it provides guidance on specific audit areas like auditing of performance information, investigations, and the transition to new reporting frameworks.

Uploaded by

Chinh Lê Đình
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd
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Audit Directive

2008

Consultation with SCoAG
Audit Directive - 2008
Objectives
To complete the 2007 process of training
on auditing standards
To formally consult on the auditing
standards for the 2007/8 financial years
(PFMA and MFMA)
To finalise the 2008 Audit Directive

Audit Directive - 2008
Types of audits
Performance
Audit
Special audits Investigations
Regularity
Audit
(financial,
compliance
and AOPI)
Audit Directive - 2008
Types of audits
Regularity
Audit
(financial,
compliance
and AOPI)
Performance
Audit
Special audits Investigations
Full suite of IFAC audit
pronouncements
Other
Basic auditing
principles of INTOSAI
standards
AND
INTOSAI guidelines on
performance auditing
Basic auditing
principles of IFAC
standards
AND
own development based
on best practices
Audit Directive - 2008
IFAC Auditing pronouncements
Code of ethics
International Standard on Quality Control
International Framework for assurance engagements
Audits and reviews of
historical financial
information
Assurance engagements
other than audits or
reviews
International Standards of
Auditing
International Audit Practice
Statements
International Standards on
Review Engagements
International Review
Engagement Practice
Statements
Audit Directive - 2008
Communication with those
charged with governance
Audit finding Audit evidence
Audit response
/ report
Supervision, review and
quality assurance
Audit findings model
Audit documentation
P
U
B
L
I
C

D
O
C
U
M
E
N
T

International Standards of
Supreme Audit Institutions
Working group
Financial Audit Guidelines
Subcommittee
INTOSAI
Level 1:
Founding Principles
Level 4:
Auditing guidelines
Level 3:
Fundamental auditing
principles
Level 2:
Prerequisites for the
functioning of SAIs
Lima Declaration ISSAI1
ISSAI 1000-2999
100-400
ISSAI 10-30
INTOSAI Financial Audit
Guidelines
INTOSAI Auditing Standards
INTOSAI Code of Ethics
Audit Directive - 2008
ISA versus ISSAI
Framework launched in 2007 (Mexico)
Final ISSAIs = ISA + Practice note
Over time, one set of sector-neutral auditing
standards
Completion in 2010
Interim status as guidelines
SA interim position, ISA adoption with ISSAI context
SA involvement
Panel of experts (confirmed)
Member of sub-committee (proposed)

Audit Directive - 2008
ISSAIs
Founding principles
Lima Declaration
Prerequisites
Independence
Transparency and accountability
Code of ethics
Audit Directive - 2008
ISSAIs
Auditing principles
Basic principles
General (planning) standards
Fieldwork standards
Reporting standards

(Note 2010 possible change-over)
Audit Directive - 2008
ISSAIs
Financial audit guidelines
Implementation guidance
Regularity Audit
Performance Audit
Compliance Audit
International / environmental /
privatisation / IT audit / public debt /
disaster aid
Audit Directive - 2008
ISSAIs
Governance
Reporting on internal control
Other
Audit Directive - 2008
Current developments in
profession
Enhancement of decisions / application
of materiality and sampling
Enhancement of ISA 240 fraud
considerations (part of regularity but
could trigger investigations)
Better alignment of IS audit
requirements in regularity process
Pilot projects on transversal audits
Audit Directive - 2008
AOPI - Strategy
Year Approach Report
2005-06 Understanding of performance
information (PI) environment
Existence, consistency and
format
Compare to source
Deficiencies in management report
Emphasis of matter in audit report
2006-07 Understanding of internal
controls regarding PI
Document system descriptions
Existence, consistency, format,
compare to source
Deficiencies in management report
Audit report agreed upon
procedures under the heading of
other reporting responsibilities
2007-09 Same as above with more
substantive procedures, lifting the
bar in line with readiness and
progress at audited entities
Same as above
2009-10 Audit procedures relevant to
providing reasonable assurance
Deficiencies in management report
Separate audit opinion on PI
Audit Directive - 2008
Performance auditing
AGSA to adopt ISSAIs
Refer ISSAI 3000 3999 for existing
and future performance audit guidelines
Focus is on auditing of economy,
efficiency and effectiveness at output
level
AG performance audit guideline
completed and ready for final approval


Audit Directive - 2008
Investigations
AGSA has adopted interim standards for investigations:
Based on previous AG forensic guidance and standards
With reference to relevant ISAs
With reference to code of professional conduct and ethics issued by the SA
chapter of Association of Certified Fraud Examiners.
Interim standards to be finalised after consultation with SAICA, SAIGA,
IRBA and academic institutions
Input in process based on ISA 240 considerations, complaints process,
other references
Typical response to investigation identified:
Own investigation
Reference to other investigation body, better geared to handle investigation
Output from investigations
Report to the Executive/Accounting Authority
Report to relevant legislature
Report to any other legislature with a possible interest in the outcome of the
investigation
Exclusions
Non-financial matters

Audit Directive - 2008
GRAP statements
Currently under development
While under development / being implemented,
handled as a comprehensive framework rather
than a fully recognised accounting framework
2007 - IRBA session to guide recognition
Implementation challenges
Full recognition
Guidance to entities affected
Readiness assessment at entities affected
Letter to Minister of Finance
Audit Directive - 2008
Audit Directive - 2008
PAA requirements
Public entities
Opt not to perform
Flow of information
Applicability of requirements
Complaints process
Auditing standards
Regularity audit
Special audit
Performance audit
Investigations
Response to base of accounting
Repeal of previous requirements
Audit Directive - 2008
Reputation promise
The Auditor-General has a constitutional
mandate and, as the Supreme Audit
Institution of South Africa, it exists to
strengthen our countrys democracy by
enabling oversight, accountability and
governance in the public sector, thereby
building public confidence

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