External Audit Arrangements At Central Banks
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External Audit Arrangements At Central Banks
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Author : Mr.Atilla Arda
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-11
External Audit Arrangements At Central Banks written by Mr.Atilla Arda and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-11 with Business & Economics categories.
This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a summary of actual practices observed based on a review of audited financial statements and central bank legislation. While the audit frameworks for central banks differ depending on their legal and institutional circumstances, central banks’ external audits increasingly follow international standards. Most of them are audited by auditors with international affiliations and embrace modern governance structures that provide for audit oversight. However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.
Audit Committees In Central Banks
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Author : Marie-Thérèse Camilleri Gilson
language : en
Publisher: International Monetary Fund
Release Date : 2007-04
Audit Committees In Central Banks written by Marie-Thérèse Camilleri Gilson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-04 with Business & Economics categories.
This paper reviews the tasks and design of audit committees, increasingly recommended as a way to strengthen financial accountability and good central bank governance. It outlines the motivations for the establishment of audit committees in commercial corporations and public sector entities, and explains how audit committees interact with other governance bodies within a central bank. The paper focuses on the functions of an audit committee, since the terminology of the governance structure is often country-specific. It summarizes operational issues to consider in designing an effective audit committee and discusses the implications for central bank legislation.
Effectiveness Of Internal Audit And Oversight At Central Banks Safeguards Findings Trends And Observations
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Author : Elie Chamoun
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-31
Effectiveness Of Internal Audit And Oversight At Central Banks Safeguards Findings Trends And Observations written by Elie Chamoun and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-31 with Business & Economics categories.
Experience under the safeguards policy has shown that central banks continued to strengthen their safeguards frameworks, but that vulnerabilities prevailed in the areas of internal audit and oversight by the audit committee (AC). This paper takes steps to help unravel why this was the case, based on analysis of safeguards findings in these areas during the period April 2010 to December 2017 (covering 111 assessments at 64 central banks). Based on this analysis, it presents the key attributes that determine the effectiveness of internal audit and the AC. It also argues that, an effective internal audit function, coupled with strong oversight by a high-performing AC are key enablers of good governance.
A Central Bank S Guide To International Financial Reporting Standards
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Author : Mr. Rudy Wytenburg
language : en
Publisher: International Monetary Fund
Release Date : 2021-04-05
A Central Bank S Guide To International Financial Reporting Standards written by Mr. Rudy Wytenburg and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-05 with Business & Economics categories.
About one-quarter of the world’s central banks apply IFRS with approximately a quarter more looking to IFRS for further guidance where their local standards do not provide enough guidance. Given the varied mandates and types of policy operations undertaken by central banks, there also exists significant variation in practice, style, and the extent of the financial disclosures in both the primary statements and in the note disclosures. By their nature, central banks are unique in their jurisdiction and so do not always have local practices and examples they can follow. Although the major accounting firms have created model disclosures intended for commercial banks, these are often not totally appropriate for a central bank. The application of IFRS across central banks differs based on the mandate of the central bank and the capacity of the accounting profession in the specific jurisdiction. An analysis of international practices, such as those undertaken in preparing these model statements, may help address questions about the structure of the statements themselves as well as the organization of the note disclosures. As a consequence, each central bank following IFRS has largely developed its own disclosures with only limited reference to others. Input from the external auditors has been significant, but some of this has been determined by the approach used by the specific auditor’s style for commercial banks rather than central banks. Auditors do not always fully appreciate the differences between a commercial bank and a central bank, which has a different role and undertakes transactions to meet its policy objectives. This has often led to an over emphasis of items not material in the context of a central bank and insufficient disclosures on operations or accountabilities specific to the functions of the central bank.
External Audit Arrangements At Central Banks
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Author : Mr.Atilla Arda
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-11
External Audit Arrangements At Central Banks written by Mr.Atilla Arda and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-11 with Business & Economics categories.
This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a summary of actual practices observed based on a review of audited financial statements and central bank legislation. While the audit frameworks for central banks differ depending on their legal and institutional circumstances, central banks’ external audits increasingly follow international standards. Most of them are audited by auditors with international affiliations and embrace modern governance structures that provide for audit oversight. However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.
Safeguards Assessments Review Of Experience
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-08
Safeguards Assessments Review Of Experience written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-08 with Business & Economics categories.
This paper presents the Fund’s net income outcome for FY 2010. The actual outcomes in this paper follow the closing of the Fund’s accounts for the financial year and completion of the FY 2010 external audit conducted by Deloitte & Touche, the Fund’s external auditor. The paper also provides an update on the restructuring costs incurred during FY 2010.
Transparency And Ambiguity In Central Bank Safety Net Operations
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Author : Mr.Charles Enoch
language : en
Publisher: International Monetary Fund
Release Date : 1997-10-01
Transparency And Ambiguity In Central Bank Safety Net Operations written by Mr.Charles Enoch and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-10-01 with Business & Economics categories.
To mitigate the risks of contagion from problems arising in the banking sector, many countries operate some form of banking sector safety net. Such safety nets generally involve a judicious mixture of transparency and ambiguity. This ambiguity may be important to counter moral hazard effects but may lead to excessive forbearance in the face of banking problems. While the scope for ambiguity has been declining, some ambiguity in the handling of individual institutions remains. In any case, ex post transparency is essential for reviewing the propriety of any assistance and preserving the authorities’ future reputation and policy credibility.
Safeguards Assessments 2009 Update
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-12-15
Safeguards Assessments 2009 Update written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-15 with Business & Economics categories.
This paper provides Executive Directors with an update of safeguards assessment activities from July 1, 2008 through June 30, 2009. In common with previous updates, it covers the various types of safeguards activities undertaken during the year, highlighting the increased activity associated with the “twin crises” of food and fuel price shocks and the global financial crisis during 2008/09. It also briefly discusses developments in the latter part of that year, including the separate safeguards procedures introduced for members accessing the Flexible Credit Line (FCL).
The Safeguards Policy Independent Panel S Advisory Report
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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-08
The Safeguards Policy Independent Panel S Advisory Report written by International Monetary Fund. Legal Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-08 with Business & Economics categories.
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund Activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the Kuwait Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA instrument.
Safeguards Assessments 2007 Update
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2007-11-10
Safeguards Assessments 2007 Update written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-10 with Business & Economics categories.
This paper provides Executive Directors with an update of safeguards assessment activities from July 1, 2006 through June 30, 2007. This is the second annual update report of safeguards activities since the last review of the safeguards policy in April 2005. The next review of the policy by the Executive Board is scheduled for 2008.