The workshop examined the extent of, and scope for, convergence between financial accounting, budgeting and macroeconomic statistics, and its impact on the relationship between these disciplines and auditing.
Aim and background
Speakers came from universities, accounting and financial reporting standard-setters, audit firms, international and EU bodies, national ministries and audit institutions, as well as external users of government reporting.
The workshop was attended by ECA staff involved in financial audit and financial and economic governance issues, together with representatives of other EU bodies with experience in financial accounting, budgeting and/or government statistics, private audit firms and Supreme Audit Institutions from across the EU.
Speakers presented the current state of public institutions' information systems in the three public finance areas of budgets, financial information on an accrual basis, and aggregate statistics and accounts. This led to an examination of the scope for increased coordination, comparability and possible integration of these three areas.
The reforms in these areas may respond to challenges from auditors and also pose new challenges for the audit profession. The workshop therefore examined the role of audit institutions in advocating reforms and in adjusting to them.
Finally, it considered the response of audit institutions to the demands and needs arising from new technical realities and public management and policy objectives.