In Australia, some years ago the Auditing & Accounting Standards Board issued formal auditing standards for performance auditing. There were two of them. AUS 806 and 808. Performance auditiors were not happy that they properly reflected the practice of performance audit, as they had been created with a financial audit flavour about them. I am happy to report that this is now being fixed. The Board has asked the NSW Auditor-General, Bob Sendt, to chair a working group to revise them. We are aiming to combine the 2 standards to one, and to make it tailored to performance audit practice. Does anyone else work under formal standards for performance audit that they would like to share?

FYI .. in Canada, the federal Office of the Auditor General has posted their Perfomance Audit Manual. Go to

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. The manual is listed under Audit Methodology. Good luck in finding it and in your work in Australia.

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Ms. Colleen Glass
Public Works and Government Services Canada
Ottawa

Lucky you! In the EU (especially I am writing from Hungary) there is no any kind of standards related to neither internal audit performance nor internal audit activity.

But of course we are working due to international best practices based on SOX and IIA standards. All of the 24 EU nations have got national commendations related to internal auditing. These are, most of the cases, published by the local stock exchange or Ministry of Finance. Multinational Companies like MOL Group (www.mol.hu) uses their own audit chapter and audit handbook in order to standardize the audit processes.

Fortunately, things will change, when the EU Directive 8 comes into force in second half of this year. The new compulsory directive will cover internal audit activity, performance and standards like SOX in North Amercica.