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The SAI hosted INTOSA Financial Audit and Accounting Subcommittee (FAAS) annual meeting in Abu Dhabi, held from 26 to 28 of March and attended by a number of SAI’s members. 

The meeting aimed to discuss some ongoing projects of the committee in regard to the development of INTOSAI Financial Audit standards and the recent significant developments in the IPSAS. 

During the meeting, the most important updates and developments in regard to the committee’s work at INTOSAI level has been demonstrated. In addition, the strategy and the work plan of The International Public Sector Accounting Standards Board (IPSASB) has been discussed. Moreover, the IAASB strategy for 2020-2030 strategy has been presented and discussed along with the work plan for 2020 – 2021. 

The meeting concluded with a series of recommendations and suggestions including developing guidance on establishing a financial audit data analystic strategy in SAIs, also the role of financial auditors in SAI has been identified in helping a nation achieve the SDGs.

Furthermore, It was also stated that the financial audit and accounting subcommittee headed by UAE is developing a principle guidelines for the financial audit in the public sector through evaluating and taking the advantages of the experience and resources of the International Auditing and Assurance Standards Board in which it is consider as an organization that enjoys an international recognition in the field of developing auditing and assurance standards. In addition this Board participates in the annual meeting of the financial audit and accounting subcommittee of INTOSAI.