Manama – National Audit Office:
Mr. Ahmed Buti, Director of the Regulatory Audit Directorate, and Ms. Abrar Al Sayegh, Audit Manager at the Regulatory Audit Directorate at the NAO, participated in the Steering Committee meeting of the Professional Standards Committee (PSC) of the International Organization of Supreme Audit Institutions (INTOSAI), as representatives of the Arab Organization of Supreme Audit Institutions (ARABOSAI).
The meeting, which was held recently at the headquarters of the Supreme Audit Institution of the European Union in Luxembourg, discussed the progress of the committee’s work in achieving its strategic objectives and other related topics.
The meeting reviewed the future skills required by public sector auditors regarding financial auditing and the need to apply the standards issued by the International Standards Board on Auditing (IAASB), especially those related to small and micro size entities subject to audit.
In addition, participants examined the audit of artificial intelligence systems and the need to amend standards to suit the nature of the systems used by entities subject to the audit of supreme audit institutions (SAIs). Committee members unanimously stressed the importance of the working paper prepared by ARABOSAI on the need for a manual on the audit of artificial intelligence systems.
Furthermore, committee members highlighted the importance of sustainability reports, which address the sustainability of vital sectors in the public sector such as financial sustainability, the sustainability of the health sector, the education sector, and others.
The most important developments in the implementation of the initiatives of the Strategic Plan for the Development of Professional Standards (SDP) were reviewed. The leaders of the five initiatives from the plan gave an update on each initiative.
The implementation plan of the terminology initiative (T – Initiative) led by the National Audit Office in the Kingdom of Bahrain was completed and approved by the Career Publications and Directives Forum.
The implementation plan of the EU-led Standards Access Initiative (A-Initiative) was still in preparation.
The Standards Review Initiative (I – Initiative) led by the Kenyan Audit Bureau, has been finalised and endorsed by the Professional Publications and Guidance Forum.
The foundational standards (P-Initiative) led by the South African Audit Institution was still under review and its implementation plan was being developed,
The G-Initiative led by the Indian Audit Institution was also in the preparation phase.
In addition to committee members, the meeting was attended by representatives from the World Bank, the Institute of Internal Auditors (IIA), and the International Federation of Accountants (IFAC). The meeting followed a working paper on "Integrating Stakeholders into the INTOSAI Standards Process," which was presented by the ARABOSAI representative on the committee.
