Auditing and Financial Management:

Key Note Address to 16th Pacific Association of Supreme Audit Institutions Congress

GAO-13-867CG: Published: Sep 9, 2013. Publicly Released: Sep 10, 2013.

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NOTE: THIS TEXT IS CONTENT FOR A VIDEO TAPED ADDRESS

This speech was taped by the Comptroller General for the 16th Pacific Association of Supreme Audit Institutions Congress in Guam on September 9, 2013. An autonomous, independent and non-political organization, International Organization of Supreme Audit Institutions (INTOSAI) provides a venue where national audit offices can work together and share experiences. These experiences might range from informed strategies based on lessons learned to best practices built from success stories. INTOSAI also provides a place where national audit offices can share their challenges. While each audit institution needs to address country-specific challenges, it is also true that many of the problems we currently face are global in nature, requiring international cooperation and international solutions. There are three topics that fall into this category. First, one area that requires our mutual attention is developing and implementing international auditing standards common to all countries. These standards need to be implemented worldwide. We are cooperating across INTOSAI to address a current challenge, one that is confronting almost all of us: the aftereffects of the global financial crisis. In 2012 the INTOSAI Governing Board approved the establishment of the Working Group on Financial Modernization and Regulatory Reform. In doing so, the Board recognized that the INTOSAI community must continue to build its expertise and capabilities in order to meet the challenges associated with overseeing today's global financial system. INTOSAI's strategic plan is based on its core values, which are the foundation for INTOSAI's mission and goals. These values are independence, integrity, professionalism, credibility, inclusiveness, cooperation and innovation. There are six strategic priorities in INTOSAI's 2011 - 2016 strategic plan. These are to (1) help ensure the independence of SAIs; (2) implement the ISSAI framework; (3) strengthen capacity building; (4) demonstrate the value and benefits of SAIs; (5) further the fight against corruption; and (6) enhance INTOSAI communications. The Strategic Plan gives direction and defines INTOSAI's future path. And it is flexible enough to ensure that we remain an organization that can effectively respond to new situations.

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