GUID - 5090 - Audit of International Institutions

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Summary

The standard sets up and explains seven principles for best audit arrangements for international institutions.

To be effective, the audit arrangements for international institutions should ensure that:

(1) All international institutions financed with or supported by public money should be subject to audit by supreme audit institutions, to promote better governance, transparency and accountability,

and that the external auditor:

(2) Is fully independent in the conduct of the audit,

(3) Has sufficient authority to carry out the audit in a manner that meets best practice in the audit of public money,

(4) Has adequate resources to carry out the audit,

(5) Has the right and obligation to report on the results of the audit to the member states concerned through the governing body,

(6) Meets relevant professional and ethical standards, and

(7) Is appointed in an open, fair and transparent manner.

IFPP Category

INTOSAI Guidance

Evolution

  • Adopted as an INTOSAI Document entitled Principles for best audit arrangements for international institutions in 2004
  • Incorporated in the ISSAI Framework as ISSAI 5000 in 2010
  • Content revised in 2016
  • With the establishment of the INTOSAI Framework of Professional Pronouncements (IFPP), relabeled as GUID 5090 – Audit of International Institutions with editorial changes in 2019