Additionally, the International Organization of Supreme Audit Institutions defines performance auditing as "an independent examination of the efficiency and effectiveness of government undertakings, programs or organizations, with due regard to economy, and the aim of leading to improvements.
This complements other efforts in that country such as the FCM InfraGuide for best practice exchange of all routine municipal infrastructure management problems.
The effective date for financial audits and attestation engagements is for periods ending on or after December 15, 2012.
For more than 50 years it has provided an institutionalised framework for supreme audit institutions to promote development and transfer of knowledge, improve government auditing worldwide and enhance professional capacities, standing and influence of member SAIs in their respective countries.
It is a non-governmental organisation with special consultative status with the Economic and Social Council (ECOSOC) of the United Nations.