INTOSAI Professional Standards Committee's Financial Audit and Accounting Subcommittee

Since 2021, the State Audit Office has had observer status in the Financial Auditing and Accounting Subcommittee (FAAS) of the INTOSAI Professional Standards Commitee.

The mandate of supreme audit institutions in countries differs, while their activity generally is the same - to audit public sector institutions, local and regional governments, state-owned, partly state-owned and municipal enterprises in their countries. SAI audit not only the accuracy of financial statements, but compliance, economy, efficiency and effectiveness of systems, programmes and performance of auditees. Public sector auditors in all countries must preferably work in the same way, both to be able to compare our audit findings and to be able to compare our audited entities and even - countries. The International Standards of Supreme Audit Institutions (ISSAI) developed by INTOSAI describe auditing methods to be applied by public sector auditors in order to achieve the above goal. The State Audit Office Law and the Law on Audit Services recognise ISSAI as international auditing standards applicable in the Republic of Latvia.

The FAAS is responsible for developing and improving international public sector financial auditing standards and guidelines and for improving the quality of public sector accounting. The FAAS members represent supreme audit institutions or audit organizations from most of the regions of the world. The subcommittee currently has 15 official members and eight observers.

The membership of the State Audit Office in the FAAS ensures the presence of the State Audit Office in making important decisions for supreme audit institutions in in the field of international auditing standards. The State Audit Office has accumulated extensive experience in the application of both ISA and ISSAI international auditing standards over the past 15 years. Moreover, over those 15 years, the institution has played an active role in leading change, not only in developing the work of supreme audit institutions, but also in providing significant impetus for improving public sector financial management by facilitating compliance with International Public Sector Accounting Standards (IPSAS). Using the opportunity of the FAAS membership, the State Audit Office can offer its implementations and approved “best practices” for inclusion in international financial and accounting auditing standards.

Membership in the FIPP is also an opportunity to be at the epicentre of the exchange of professional knowledge and experience. This promotes not only the recognition of the State Audit Office, but also the international recognition of the Republic of Latvia.