ESTABLISHMENT OF THE INTOSAI PROFESSIONAL STANDARDS COMMITTEE, THE

I am true honored and delighted to write this editorial. It is an of the best opportunity to highlight some of the tasks planned by dint of the Professional Standards Committee (PSC) and to outline by what mode the committee will function in the coming years.

The INTOSAI Strategic Plan adopted by the agency of INCOSAIXVIII called for the creation of a Professional Standards Committee to encompass and build upon the work of the common Committee on Accounting and Reporting, Committee upon Auditing Standards, and Internal direction Standards Committee, which now become subcommittees of the PSC

At the extraordinary INTOSAI Governing Board meeting in Budapest upon March 18, 2005, board members single outed me PSC Chairman. The Governing Board decided that the PSC should draw up metes of reference to be neared for approval at the 54th Governing Board meeting in Vienna upon November 11, 2005.

In cooperation with the PSC subcommittee chairs, the PSC members, the Goal 1 Liaison, the Chairman of the INTOSAI Governing Board, and the secretary General of INTOSAI, the National Audit Office of Denmark drafted confines of reference for the PSC The draft terminuss of reference were discussed at the first meeting of the PSC Steering Committee, which was held in Oslo September 7-8 2005 At this meeting, the Steering Committee also discussed timetables, milestones, and products/output for the PSC and its subcommittees until the 2007 INTOSAI Congres in Mexico. According to the propos bourns of reference, the PSC s Chair, Steering Committee, and subcommittees will work in shut up cooperation.

The PSC Steering Committee consists of the PSC chair, the subcommittee chairs, a representative nominated by means of each INTOSAI region (AFROSAI, ARABOSAI, ASOSAI, CAROSAI, EUROSAI, OLACEFS, and SPASAI), the Goal 1 Liaison, the Chairman of the Capacity Building Committee, and sum of two units observers from the International Federation of Accountants. The Steering Committee is wait fored to meet annually or semiannually. Its nearest meeting will take place in Washington, DC May 4-5 2006

The PSC popularly comprises the following subcommittees (the chair is indicated in parentheses):

* Financial Audit Guidelines (Sweden)

* Compliance Audit (Norway)

* SAI Independence (Canada)

* Internal rule Standards (Belgium)

* Accounting and Reporting (USA)

The creation of a Performance Audit subcommittee is beneath consideration.

The PSC Chair will seek counsel as appropriate, with the Chairman of the INTOSAI Governing Board, the secretary General of INTOSAI, the Director of Strategic Planning (who is to be appointed in November 2005) and the Goal 1 Liaison to help make sure that PSC plans and activities are generally aligned with the overall strategic plan.

PSC Tasks in the Coming Years

As it begins its work, the PSC recognizes the first-rate and pioneering work of INTOSAI regional working clusters committees, working groups, and task forces, which has contributed to the disentanglement and implementation of professional standards and guidelines. The PSC will work in shut cooperation with INTOSAI bodies and build upon their successes. It is also important to stres the established informal links within the INTOSAI community. The continued disentanglement and implementation of professional standards can and will be carried on the outside only with the ongoing and extensive involvement of member SAIs in the work.

in light of the mandate oudined in the INTOSAI strategic plan, individual of the PSCs main tasks will be coordinating and developing professional standards with to be paid consideration to the needs and strategic issues racing SAIs in the 21st century

SAIs must be able to adapt and answer to the changing demands of public audit and governance that spring from changes and developments in the public sector. Given this dynamic and increasingly manifold environment, it is crucial that SAIs work continuously to improve and unravel professional standards, audit products, and audit processes

In the planning and coordinating phase, the PSC Chair will focus upon keeping the PSC aligned with the INTOSAI strategic plan, goal 1 and the requirements and emergencys of INTOSAI members. During this phase, it is important to (1) prioritize standards and guidelines for financial audit, compliance audit, performance audit, and accounting and (2) retain these standards and guidelines up to date with exhibitions in the public sector. It is also important to be aware of in what manner needs and requirements may vary in different regions and auditing combination of parts to form a wholes Professional standards should address core work practices related to public audit and governance. The PSC Chair will be careful to address these considerations through coordinating with other INTOSAI bodies and external organizations.

The PSC will work to incorporate existing and of recent origin INTOSAI standards and guidelines into a for the use of all professional standards framework that will be more operational and coordinated. This will help disseminate knowledge about standards and guidelines and facilitate their practical use within the INTOSAI community and conducts in general.