Iceland 2013 ENG

The Icelandic National Audit Office (INAO) requested the Netherlands Court of Audit (NCA) to assess whether the INAO’s financial audit practice (including compliance audit aspects which are relevant to and part of financial audit) was in accordance with generally accepted practices in government auditing (especially International Standards for Supreme Audit Institutions).

The main objective of the peer review was to identify the extent to which the financial audit practice of the INAO is into line with the International Standards for Supreme Audit Institutions (ISSAIs) of INTOSAI1 and what recommendations could be made to further improve the financial audit practice of the INAO.

It was agreed in the Memorandum of Understanding that the peer review would focus on three main questions:

What is the quality of the INAO’s financial audits and to what extent are they in accordance with INTOSAI standards?
What recommendations can be given to the INAO to improve the quality of its financial audits?
How can the INAO’s risk assessment concerning the financial audits be improved, to reduce the audit gap?

The peer review team consisted of

Riksrevisjonen (Office of the Auditor General of Norway):

Eva Maria Simma, senior audit advisor

Riksrevisionen (Swedish National Audit Office):

Eirikur Einarsson, audit director

Algemene Rekenkamer (Netherlands Court of Audit): (lead)

Thomas Meijer, audit director
Paul Neelissen, senior auditor (CPA)
Carl Roest, audit manager (CPA)