Auditing in the Public Sector

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1 Ian Ball CEO International Federation of Accountants European Study Day 10 February, 2012 Brussels, Belgium IFAC Comments on European Commission Proposed Legislation The International Federation of Accountants (IFAC), the global organization for the accountancy profession IFAC supports with members initiatives and to associates continually 127 improve countries, audit today quality, commented enhance on the the role European of audit, and Commission safeguard (EC) s auditor proposed independence. legislation, As issued such, this IFAC week. supports the following measures proposed by IFAC the supports EC: initiatives to continually improve audit quality, enhance the role of audit, and safeguard auditor independence, and believes that innovation and evolution are essential for this vital service to Compliance with International Standards on Audit (ISAs) maintain its relevance and meet the needs of investors and other stakeholders. As such, IFAC supports the following Strengthening measures proposed of audit by committees the EC, which we believe are consistent with views widely expressed in response to the Green Paper: Enhanced dialogue between auditors and regulators Greater transparency in auditor selection Greater cross-border mobility for auditors Enhanced auditor reporting 1

2 IFAC Comments on European Commission Proposed Legislation The International Federation of Accountants (IFAC), the global organization for the accountancy profession IFAC does with not members support and several associates proposals, in 127 because countries, there today is commented not sufficient on evidence the European that they will have a Commission positive impact (EC) s on proposed auditor legislation, independence issued and this audit week. quality, and that benefits will outweigh risks and IFAC costs. supports Further initiatives research to continually should be improve conducted audit to quality, support enhance their feasibility the role of and audit, impact. and safeguard auditor independence, and believes that innovation and evolution are essential for this vital service to maintain Mandatory its relevance firm and rotation meet the needs of investors and other stakeholders. As such, IFAC supports the following measures proposed by the EC, which we believe are consistent with views widely Prohibition of non-audit services expressed in response to the Green Paper: Also, IFAC is of the view that the proposed legislation, if passed, could have a negative impact on the audit profession and professional accountancy organizations (PAOs). In particular:. PAOs role in audit oversight arrangements Extraterritorial impacts 1.1 Introduction 2.1. It is important to stress that auditors have an important role to play and are entrusted by law to conduct statutory audits. The independence of auditors should thus be the bedrock of the audit environment. It is time to probe into the true fulfillment of this societal mandate. 2

3 2.1. IFAC believes that there is a need to more effectively set out the societal role of the audit. Ultimately, the value of the audit is dependent upon the quality and usefulness of the audited financial statements. 1.1 In relation to the need for high-quality and timely accrual-based financial reporting, IFAC recommends that the G-20 actively encourages and facilitates the adoption of accrual-based accounting by governments and public sector institutions. 3

4 IFAC is concerned that the standards and regulations governing sovereign issuers are not of sufficient quality to protect investors and ensure the stability of capital markets looking at potential measures that could improve the quality and reliability of information disclosed by sovereign issuers and therefore increase the protection of investors and improve the stability of capital markets. Government issued financial instruments are a very important part of the financial market 2010 NYSE All equity trades Mortgage backed securities Mutual funds US Government securities $218 trillion $104 trillion $3 trillion $1,100 trillion 4

5 Latin American sovereign debt Number of years in default, Latest period of default Ecuador Mexico Peru Venezuela Argentina Chile Brazil Bolivia Uruguay Countries with Sovereign Restructuring between (Agreement Date) 1 Algeria (07/1996) Pakistan (12/1999) Argentina (04/1993, 04/2005) Panama (05/1996) Brazil (04/1994) Peru (03/1997) Bulgaria (06/1994) Philippines (12/1992) Chile (12/1990) Poland (10/1994) Cote d'ivoire (03/1998) Russia (08/2000) Croatia (07/1996) South Africa (09/1993) Dominican Rep.(08/1994, 05/2005) Ukraine (04/2000) Ecuador (02/1995, 08/2000) Uruguay (05/2003) Mexico (05/1990) Venezuela (12/1990) Morocco (09/1990) Vietnam (12/1997) Nigeria (12/1991) Serbia & Montenegro (07/2004) Source: Cruces J and Trebesch C, Sovereign Defaults: The Price of Haircuts (Preliminary Paper) December

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7 1b. Member States shall move to adopt International Public Sector Accounting Standards within three years of this Directive coming into force. Accounting Country Private Sector Public Sector Standard Set Standard Set UK IFRS IASB UK adopted IFRSs IASB / IPSAS is second tier France IFRS IASB Accrual standards for the public sector based on French private sector accounting standards. IPSASs are references Public Sector Accounting Standards Council Germany IFRS IASB Cash accounting Government Italy IFRS IASB Cash accounting Government Spain IFRS IASB The Spanish Ministry of Economy and Finance is implementing accrual basis IPSASs IPSASB Ireland IFRS IASB Cash accounting Government Estonia IFRS IASB Adopts full accrual accounting in accordance with IPSASs IPSASB 7

8 CHAPTER II ACCOUNTING AND STATISTICS Article As concerns national systems of public accounting, Member States shall have in place public accounting systems. comprehensively and consistently covering all sub-sectors of general government and containing the information needed to generate accrual data with a view to preparing data based on the ESA 95 standard. Those public accounting systems shall be subject to internal control and independent audits. Audit Country Private Sector (Per EU proposed audit reforms, and as endorsed by the EC) Public Sector Standard Set Standard Set UK ISAs IAASB ISAs (UK & Ireland) UK APB France ISAs IAASB ISAs IAASB Germany ISAs IAASB German Federal Court of Auditors auditing standards Government Spain ISAs IAASB National Regulation based on INTOSAI Standards Government Ireland ISAs IAASB ISAs (UK & Ireland) UK APB Estonia ISAs IAASB National standards based on INTOSAI Auditing Standards, and European Implementing Guidelines Government 8

9 Disclaimers of Opinion on the Accrual-Based Consolidated Financial Statements Because of the federal government s inability to demonstrate the reliability of significant portions of the U.S. government s accompanying accrual-based consolidated financial statements for fiscal years 2011 and 2010, principally resulting from limitations related to certain material weaknesses in internal control over financial reporting and other limitations on the scope of our work, we are unable to, and we do not, express an opinion on such accrualbased consolidated financial statements. As a result of these limitations, readers are cautioned that amounts reported in the accrual-based consolidated financial statements and related notes may not be reliable. The material weaknesses that contributed to our disclaimer of opinion on the accrual-based consolidated financial statements were the federal government s inability to satisfactorily determine that property, plant, and equipment and inventories and related property, primarily held by DOD, were properly reported in the accrual-based consolidated financial statements; reasonably estimate or adequately support amounts reported for certain liabilities, such as environmental and disposal liabilities, or determine whether commitments and contingencies were complete and properly reported; support significant portions of the reported total net cost of operations, most notably related to DOD, and adequately reconcile disbursement activity at certain federal entities; adequately account for and reconcile intragovernmental activity and balances between federal entities; and ensure that the federal government s accrual-based consolidated financial statements were (1) consistent with the underlying audited entities financial statements, (2) properly balanced, and (3) in conformity with GAAP. 9

10 My responsibility is to examine the accounts with a view to satisfying myself that they present a true and fair view. I have audited the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Basis for qualification on accounts Qualification arising from disagreement relating to inconsistent application of accounting policies Qualification arising from limitation in audit scope due to lack of evidence supporting the completeness of the elimination of intra-government transactions and balances Qualification arising from disagreement in the accounting for 3G licences Qualification arising from disagreement and limitation in audit scope from underlying statutory audits of bodies falling within the Accounts 10

11 Whole of government accounts Public Accounts Committee Contents Summary a major step forward in improving transparency and accountability. Whole of government accounts Public Accounts Committee Contents Conclusions and recommendations 3. The WGA needs to be unqualified if it is to be an authoritative resource for accountability and decision-making. 7. The information contained in the WGA is out of date because Treasury took 20 months to prepare it, which is around three times as long as it takes other countries to prepare consolidated government accounts. 11

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14 New Zealand Government net worth (both absolute and as a % GDP) over the past ten years ,971 96, ,514 99, , , ,000 80, , , , , ,240 60,000 40,000 20, Net Worth ($ millions) Net Worth (as % of GDP) 14

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