ISSAI - 300 - Performance Audit Principles

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Summary

ISSAI 300 defines and expresses INTOSAI’s recognition of the principles for the auditing of economy, efficiency and effectiveness. It constitutes the basis for performance audit standards in accordance to the ISSAIs.

The principles in ISSAI 300 can be used in three ways:
– as a basis for the development of standards;
– as a basis for the adoption of consistent national standards;
– as a basis for adoption of the Performance Audit Guidelines as authorative standards

The ISSAI 300 consists of three sections:

a) Framework for performance auditing
– definition of performance auditing
– economy, efficiency and effectiveness
– objectives of performance auditing
– applicability of ISSAI 300

b) Elements of Performance Auditing;
– the three parties
– subject matter and criteria
– confidence and assurance

c) Principles for Performance Auditing;
c.1) General principles (audit objective, audit approach, criteria, audit risk, communication, skills, professional judgement and scepticism, quality control, materiality and documentation);
c.2) Principles related to the audit process (Planning, Conducting, Reporting, Follow-up).

IFPP Category

INTOSAI Standards

Evolution

  • Endorsed as Field standards in government auditing and standards
    with ethical significance in 2001
  • Content reformulated and endorsed as Fundamental Principles of
    Financial Performance Auditing in 2013
  • With the establishment of the INTOSAI Framework of Professional
    Pronouncements (IFPP), renamed as Performance Audit Principles with
    editorial changes in 2019