The meetings for the preparation of the Strategic Development Plan (SDP) for the International Organization of Supreme Audit Institutions’ (INTOSAI) framework of Professional Pronouncements and the Forum for INTOSAI Professional Pronouncements (FIPP) kicked off.
The National Audit Office (NAO) is hosting the 5-day event with 33 participants from 15 countries: Bahrain, the United States of America, Australia, Austria, Denmark, Norway, Sweden, Luxembourg, Bulgaria, Tunisia, Brazil, India, South Africa, Guatemala and Nepal, some of whom are representatives of the African Organisation of English-Speaking Supreme Audit Organisations (AFROSAI-E), the INTOSAI Development Initiative (IDI) and the European Court of Auditors.
Shaikh Ahmed bin Mohammed Al Khalifa, Auditor General of the NAO, said that hosting this important event adds to Bahrain’s accomplishments and strengthens its global position.
He stressed that these meetings offered an opportunity to enhance joint audit work, exchange experiences, share knowledge, and build bridges with international regulatory organizations and agencies.
Shaikh Ahmed pointed out that standards needed to be clear and accessible, open for review and amendments to enhance professional performance and facilitate audit work.
The meetings include joint meetings between FIPP members and representatives from the Chairs of the INTOSAI Goal Committees to discuss the new strategic plan for the development of INTOSAI professional standards.
The FIPP meetings will focus their discussions on developing new standards, updating existing ones, developing procedures for preparing and updating standards, and improving work procedures and governance in general.
The auditor general praised INTOSAI’s important role for auditors and accountants especially regarding the setting of professional standards that help enhance professional performance and completion of tasks.
He expressed his appreciation for those who set these standards and those who refine them to make them work for all.
He explained that the NAO’s work is based on the professional standards issued by INTOSAI, and added that since April 2022, the NAO had formed an internal committee for professional standards to emphasize the importance of complying with standards to improve its audit work.
“The NAO also involves stakeholders and familiarizes them with professional standards to avoid audit shortcomings. It studies different and new audit methodologies to continuously enhance and improve the quality, efficiency, and effectiveness of audits,” he added.
Shaikh Ahmed highlighted that the NAO was keen to develop and modernize its work in line with developments at regional and global levels, such as artificial intelligence and technology programs in audits, forensic auditing, cybersecurity auditing and others.
The NAO has been a member of the Forum for INTOSAI Professional Pronouncements (FIPP) since January 2020. Its role is to strengthen INTOSAI as and international standard setter and drive the continued development and quality of appropriate standards for public-sector auditing.
Since 2005, the NAO has been a member of the Supervisory Committee of the Professional Standards Committee (PSC) as a representative of the Arab Organization of Supreme Audit Institutions (ARABOSAI).
Source: Bahrain News Agency