Guidelines on Best Practice for the Audit of Privatisations

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6160

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INTOSAI General Secretariat - RECHNUNGSHOF

1998

rok

CONTENTS

Foreword by Sir John Bourn

Introduction

Guidelines

Section 1: SAI Skills

1 SAI requirements

2 How to acquire the skills

Section 2: General

3 Involvement of the SAI in the privatisation

4 Access by bidders to the SAI’s audit papers

5 Planning privatisation audit

6 Pre-sale restructuring of the business

7 Sale objectives

8 Timing of the sale

9 Pre-sale valuation of the business

10 Sale methods

11 Vendor integrity in conducting the sale

12 Residual management issues

Section 3: Trade Sales

13 External advice required by the vendor

14 Management of the business

15 Marketing the business

16 Information for potential bidders

17 Bid evaluation

18 Shortlisting bidders

19 Preferred bidder

20 Final negotiations

Section 4: Management Buy-Outs

21 Securing fair competition

22 Incentives

23 Securing the best possible price

Section 5: Mass Privatisations

24 Education of public investors

25 Intermediaries

26 Sale process

Section 6: Auctions

27 Competitions

28 Sale process

Section 7: Flotations

29 The role of the vendor

30 The vendor’s management of the flotation

31 Underwriting

32 Management and employee incentives

33 Attracting potential investors

34 The retail market

35 Pricing the shares

36 Allocating the shares

37 Market stabilisation

Section 8: Sale Costs

38 Appointing external contractors

39 Setting and monitoring budgets for external contractors

40 Methodologies for quantifying overall costs