1. The Privatisation Working Group was established by INTOSAI in 1993 to help Supreme Audit Institutions (SAIs) audit privatizations and other forms of private sector involvement in public services.
2. Over 10 years, the Working Group has produced guidelines on privatization, economic regulation, and public-private partnerships. It has also facilitated the sharing of audit experiences and the development of training courses.
3. Member SAIs report that the guidelines are useful, though contextual factors sometimes limit their application. Evaluating privatization deals involves examining business preparation, sale processes, and timing against stated objectives.
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Auditing study material for b.com final year students
Privatisation 10 years on
1. Privatisation: 10 years on
Achievements and lessons from the first 10 years of the
INTOSAI Privatisation Audit Working Group
Sir John Bourn
Chair,
INTOSAI Privatisation
Audit Working Group
2.
3. SUMMARY
The Privatisation Working Group is 10 years old this year. Much has
changed since then, and now seems a good time to consider what the
Working Group has achieved, and to reflect on the lessons member SAIs
have learned that will help improve privatisation audit in the future.
The Working Group’s achievements
Achievements in the first 10 years of the Group include:
I
4 sets of guidelines
• Guidelines for Best Practice in the Audit of Privatisations (November 1998)
• Guidelines on Best Practice for the Audit of Public/Private Finance and
Concessions (July 2001)
• Guidelines on Best Practice for the Audit of Economic Regulation
(July 2001)
• Guidelines on Best Practice for the Audit of Public/Private Partnerships
(August 2004)
All the guidelines are available at
http://www.nao.org.uk/intosai/wgap/menugu.htm
I
Dissemination of around 100 papers on member SAIs’ experiences in
auditing privatisation and the post-privatisation environment (economic
regulation and Public Private Partnerships). Copies of papers delivered since
1999 are available at http://www.nao.org.uk/intosai/wgap/digest.htm
I
Surveys of “The Role of the State as Minority Shareholder in Private
Businesses” and “Economic Regulation” – see
http://www.nao.org.uk/intosai/wgap/surveys.htm
I
The development, in partnership with the INTOSAI Development Initiative
and ASOSAI, of a training course in the audit of privatisation.
I
By 2004, membership of the group had grown to 39 SAIs.
Learning lessons - Increased understanding, new insights
This paper examines what member SAIs have learned from sharing experiences in
the audit of privatisation, and reaches the following conclusions:
General application of the guidelines: Context is crucial.
2
Evaluating a privatisation deal: SAIs can determine whether a privatisation
was a good deal by examining i) the preparation of the business, ii) the sale
process, and iii) the timing of the sale, in the context of the privatisation
objectives.
3
Auditing the post privatisation environment: The SAI still has a role to play
after privatisation.
4
Improving audit skills: SAIs recognise they need to continuously improve
their audit competence.
The examples quoted in the paper are drawn primarily from papers that member
SAIs have delivered to the Working Group since the Group’s inception in 1993.
Privatisation: 10 years on
1
1
4. 1
GENERAL APPLICATION OF THE GUIDELINES
Context is crucial
1.1 Member SAIs report that the guidelines on privatisation and post-privatisation
audit are very useful
At annual meetings of the group, various members have explained how the
privatisation guidelines have helped them undertake privatisation audits, e.g.
presentations by the SAIs of Bangladesh (Prague, 2003), Norway (Oslo, 2002),
and Zambia (Oslo, 2002), while SAIs have also concluded that the Group’s
guidelines on the audit of economic regulation and public/private concessions
aid them considerably in auditing state activities in these areas, e.g.
presentations by the SAI of Argentina (Buenos Aires, 2000), Brazil (Prague,
2003), Hungary (Budapest, 2001), and Poland (Budapest, 2001).
1.2 But there are some limitations to the application of the guidelines
While recognising the utility of the guidelines, SAIs have encountered certain
contextual obstacles in applying them in full.
2
The constitutional powers of SAIs to conduct privatisation audits differ –
In some countries, SAIs do not have a remit to audit all aspects of a
privatisation, e.g. the laws in the Czech Republic are such that the SAI
has restricted powers in auditing the state’s asset stakes in joint-stock
companies, even when the state holds 100 per cent of the shares. The
SAI cannot, for example, examine the necessary financial ledgers in
order that the SAI can assess the accuracy, cost-effectiveness and
efficiency of the privatisation process. In a similar way, the SAI of
Bulgaria is limited by statute to basing its privatisation audits around an
examination of the proceeds of privatisation, and the way in which the
state spends this revenue.
I
Privatisation: 10 years on
I
Member SAIs use diverse audit methodologies – In a report to the Group in
Budapest in 2001 about their privatisation audit work, the SAI of Poland
concluded that there are “differences in tradition, scope and methodology
of the auditing process, and even in basic terminology that may hinder a
direct and effective use of the guidelines“. For example, the Polish Supreme
Chamber of Control structures its audits based on the Act on the Supreme
Chamber of Control, executory provisions to this Act, and audit practice.
There are a range of approaches for developing audit questions and
answers, including a framework developed in recent years by the UK NAO
– the Issue Analysis/Dinner Party approach (IADP™).
5. EVALUATING A PRIVATISATION DEAL
2
SAIs can determine whether a privatisation was a
good deal by examining…
i
the preparation of the business
2.1 In examining the business, the SAI should seek to answer three key questions
The SAI should seek to examine a range of questions about the business, but
the most significant questions are:
I
I
Has the business been restructured? - The impacts of any business
restructuring should be considered, taking account of the timetable for the
privatisation, e.g. with the sale of the Stationary Office in the UK, a
business restructuring led to a reduction in the quality of management and
non-executive posts that were not filled.
I
ii
Does the business have the necessary expertise? - The business must have
the necessary expertise both internally - all necessary non-executives and
finance posts are filled - and externally through bringing in appropriate
specialist advice to deal with issues such as the valuation of pension funds,
e.g. sale of the Stationary Office in the UK (insufficient non-executives);
sale of the Royal Dockyards in the UK (lack of specialist advice to deal with
pension funds issues).
Are the objectives for the privatisation clear? – Sale objectives include
efficiency gains and encouraging wider share ownership. Without clear
objectives, it is likely that the state will maximise the benefits and minimise
the risks of the privatisation, e.g. while deciding on the initial public
offering of the shares in AS Eesti Telekom, the Estonian government did not
formulate clear and sufficiently specific objectives that it intended to
achieve with the sale. Moreover, the state did not develop an action plan
through which to meet its objectives. In this case, the state’s key objective
was to maximise share ownership, but the state’s publicity campaign about
the sale was targeted mainly to corporate investors and foreign investors,
with little attention to potential small investors. Also, the state did not pay
much attention to the general public’s lack of trust in, and desire to invest
in, the stock market.
the sale process
The SAI should seek to examine a range of questions about the sale process,
but the most significant questions are:
I
Were bidders given sufficient information? - Bidder information should be
sufficient for effective decision making; insufficient information will
reduce competition, e.g. In selling 66 per cent shares in AS Eesti Raudtee
(railways), the Estonian government did not fully resolve a number of key
contractual terms (including which financial obligations the state would
assume) until very late in the sale process, thereby creating uncertainty and
a reduced number of potential buyers.
Privatisation: 10 years on
2.2 In examining the sale process, the SAI should seek to answer four key questions
3
6. 2
EVALUATING A PRIVATISATION DEAL
I
Was the sale process competitive? - Competitive tendering should be used,
where appropriate, to help ensure a good price and demonstrate propriety,
e.g. in the sale of the UK rail operating companies there were only four
bidders for three companies. Sale proceeds suffered as a result.
I
Was the sale marketed effectively? - Privatisation by auction requires
effective marketing in order to generate interest and stimulate
competition among potential buyers, e.g. In the mass Albanian
privatisation of 1995, the sale was not marketed effectively. The Albanian
government issued share vouchers to the general public, but the voucher
market collapsed, primarily because people had limited savings to fall
back on. In other words, the government did not fully assess market
demand before proceeding with the sale. The state also sought to
complete the privatisation process quickly and in private, thereby
limiting the opportunity to scrutinise buyers and increasing the possibility
of corruption.
I
Were bids evaluated objectively? – As the SAI of Australia identified at our
annual meeting in 1999, states should establish tender evaluation
committees to evaluate bids against specific criteria in order to demonstrate
propriety - transparency, accountability and legality - and ensure that the
privatisation fulfils its objectives.
iii the timing of the sale
2.3 In examining the timing of the sale, the SAI should seek to answer three key
questions
The SAI should seek to examine a range of questions about the timing of the
sale, but the most significant questions are:
4
Was the timetable realistic? – e.g. Speedy privatisations in Hungary and
Albania aimed to raise revenue for the state, but sales proceeds were less
than might have arisen through more rigorous planning and the
development of domestic capital markets.
I
Privatisation: 10 years on
I
Were external factors that could affect the market monitored? - If a low
price is expected to result due to external factors, then suspension of the
sale should be considered, e.g. the price obtained in the disposal of state
owned harbours was determined by variations in European Union fishing
quotas. A second valuation may be required, as in the case of the partprivatisation of the UK National Air Traffic Services in 2001 to take account
of revised air traffic and cost forecasts.
I
Was the business valued before bids were received? - Thorough and up to
date valuations should be carried out well ahead of bidding to assist
bidders with their tenders, e.g. Privatisation of the Rolling Stock Leasing
Companies in the UK.
7. AUDITING THE POST PRIVATISATION ENVIRONMENT
3
The SAI still has a role to play after privatisation
3.1 The SAI should monitor the state’s role if a privatised business provides
essential services
If the privatised business becomes insolvent, the government may have to help
provide essential services, thereby incurring liabilities. At the minimum, the SAI
should monitor the impact of privatisation on essential services. For example:
I
The new management may not invest in the privatised business and
therefore fail to raise productivity, e.g. insider ownership and poor
corporate governance in Russia, which meant that a number of privatised
businesses failed.
I
Inexperienced and/or poor management may lead to a decline in service
to consumers and a reduction in turnover, e.g. leakage and sewer floods
following the privatisation of water utilities in the UK.
I
The privatised business may be unable to compete with overseas
companies that enter the domestic market.
3.2 The SAI should evaluate the regulation of privatised industries
Upon privatisation, there may be negative outcomes for customers and
taxpayers. The SAI should examine whether the government is addressing
market imperfections, which would include:
A privatised monopoly may have no incentive to offer good services to
consumers, e.g. rail privatisation in the UK provided few incentives to
invest in infrastructure that would improve train punctuality, which fell
markedly following privatisation.
I
A monopoly might abuse its market power by raising prices, e.g. In
Argentina in 2000, the regulator needed to step in to order lower prices
and facilitate competition in the interurban telecommunications market.
Argentina is currently facing an energy crisis for similar reasons of
monopolistic market abuse.
I
A privatised company might find it cost effective to provide uneven levels
of service, e.g. risk to consistent, universal service across the country by the
Royal Mail in the UK if it is faces competition; uneven services between
more and less affluent electricity consumers in Brazil.
Privatisation: 10 years on
I
5
8. 3
AUDITING THE POST PRIVATISATION ENVIRONMENT
The SAI still has a role to play after privatisation
3.3 SAIs are increasingly auditing other forms of partnering with the private sector
States are increasingly looking to the private sector to bear the capital cost of
investment in new infrastructure. Where demand for the service is uncertain, the
state may wish to share this risk with a private sector partner through a Public
/Private Partnership (PPP), e.g. by establishing a joint venture, retaining a minority
shareholding, entering into a franchise or concession arrangement. In all of these
PPP models, the state delegates an element of day to day control over service
delivery to a private sector entity. SAIs have an important role in examining
whether the risks involved in PPPs are managed effectively, what quality of
services the public receives through the PPP, and to disseminate good practice that
promotes a culture of well-managed risk taking. At the same time, the SAI will
need to ensure it has the specialist skills required to audit novel arrangements.
Privatisation: 10 years on
The Working Group has responded to these developments by generating
guidelines on the audit of economic regulation, the audit of public/private
concessions, and the audit of risk in PPPs.
See http://www.nao.org.uk/intosai/wgap/menugu.htm for copies of these
guidelines.
6
9. IMPROVING AUDIT SKILLS
4
SAIs recognise they need to continuously
improve their audit competence
4.1 SAIs are learning through liaison with, and networking with, other SAIs
SAI are learning from each other in various ways, such as:
I
Sharing experiences at 11 Working Group meetings – Member SAIs have
delivered around 100 papers in the first 11 meetings of the Working
Group about their experiences in auditing privatisation and the postprivatisation issues.
I
Some bilateral co-operation agreements, e.g. pre- EU accession twinning
between the SAIs of Bulgaria and the UK; assistance by the UK NAO to SAI
of Estonia in examining the privatisation on Estonia Telecom.
4.2 In partnership with the INTOSAI Development Initiative and ASOSAI, the
Working Group has helped develop a training course in the audit of privatisation
Since 2001, the Working Group has helped the IDI and ASOSAI develop a
course in the audit of privatisation that is designed to “train trainers” in the
audit of privatisation. The Working Group provided Subject Matter Experts from
the UK and the Czech Republic, and the privatisation audit guidelines around
which the course is based.
4.3 Individual SAIs have developed their own learning events in the audit of
privatisation, economic regulation and PPP
Examples of learning events organised by individual SAIs that cover these audit
areas include:
A two week course run by the SAI of Germany for Bundesrechnungshof
auditors who are examining Public Private Partnerships.
I
A Symposium on economic regulation in Brazil in November 2004.
Privatisation: 10 years on
I
7
10. ELECTRONIC RESOURCES
Working Group guidelines, SAI papers and survey results
I
Guidelines on the audit of privatisation, economic regulation,
public/private concessions and Public-Private Partnerships http://www.nao.org.uk/intosai/wgap/menugu.htm
I
SAI papers on their audit experiences –
http://www.nao.org.uk/intosai/wgap/digest.htm
I
Surveys of economic regulation and the state as minority shareholder http://www.nao.org.uk/intosai/wgap/surveys.htm
SAI websites (for audit reports, mandates, etc.)
I
Australia - http://www.anao.gov.au
I
UK NAO - www.nao.org.uk
I
A full list of SAI Websites - http://www.idi.no/english/links-sais.asp
Training
Privatisation: 10 years on
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The INTOSAI Development Initiative – www.idi.no
12. The Privatisation Working Group was set up
by the International Organisation of
Supreme Audit Institutions (INTOSAI) in
1993. This was in response to the increasing
role of the private sector in providing what
had previously been seen as "public
services". Their involvement takes many
forms, including privatisations, contracting
out and public-private partnerships.
The Chairman of the Working Group is Sir
John Bourn, Comptroller and Auditor
General of the United Kingdom.
For further information please contact:
Louise Yaxley
Room A383
National Audit Office
157-197 Buckingham Palace Road
Victoria
London
SW1W 9SP
Tel: 020 7798 7587
Email: Louise.Yaxley@nao.gsi.gov.uk
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