ISSAI - 300 - Performance Audit Principles

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).