ISSAI 100 (Fundamental Auditing Principles) provides Supreme Audit Institution (SAI) an option of developing its own standards or adoption of consistent national standards or ‘adoption of the General Auditing Guidelines at Level 4 of ISSAI framework as standards’. The Royal Audit Authority (RAA) decided for later option of adopting ISSAIs and since then embarked on mainstreaming the principles in its audit practices.
The RAA became a member of International Organization of Supreme Audit Institutions (INTOSAI), the umbrella organization for the external government audit community in 1987. Currently, the INTOSAI has 192 Full Members (Member SAIs) and 5 Associated Members. It was founded in 1953 to provide an institutionalised framework for SAIs to promote development and transfer of knowledge, improve public sector auditing worldwide and enhance the professional capacities, standing and influence of its members in their respective countries. One of such endeavours of the INTOSAI was development of International Standards of Supreme Audit Institutions (ISSAIs) which aim to promote independent and effective auditing by SAIs.
The first complete set of ISSAIs was launched at the XXth INCOSAI (INTOSAI’s Congress) in Johannesburg, South Africa in 2010.
In the South Africa Declaration, the INTOSAI has called upon its members to:
• Use the ISSAI framework as a common frame of reference for public sector auditing;
• Measure their own performance and auditing guidance against the ISSAIs; and
• Implement the ISSAIs in accordance with their mandate and national legislation and regulations.
The RAA, the Supreme Audit Institution of the Kingdom of Bhutan was also party to the endorsement of ISSAIs framework in 2010 as a member SAI of the INTOSAI community. Therefore, the Authority in principle has adopted ISSAIs as its auditing standards. However, the Authority is yet to complete the due process of making the proposal known to the public and invite comments before formally adopting the standards.