IMF Working Papers Volume 2007 Issue 073: Audit Committees in Central Banks (2007)

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Audit Committees in Central Banks

Author:

Mr. Kenneth Sullivan

Mr. Kenneth Sullivan
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Mrs. Marie T Dal Corso

Mrs. Marie T Dal Corso
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Mr. Tonny Lybek

Mr. Tonny Lybek
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Series:: IMF Working Papers

Volume/Issue:: Volume 2007: Issue 073

Publication Date:: 01 Apr 2007

DOI:: https://doi.org/10.5089/9781451866377.001

ISBN:: 9781451866377

ISSN:: 1018-5941

Pages:: 48

Keywords:: WP; audit committee; policy board; two-tier Board structure; board secretary; supervisory board; Central bank governance; audit committees; lines of accountability; implementation board; limited audit committee function; oversight board; unicameral Board structure; audit committee membership; limited audit; Auditing; External audit; Internal audit; Internal controls; Financial statements

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2007: Issue 073

Language:: English

Publication Date:: 01 Apr 2007

DOI:: https://doi.org/10.5089/9781451866377.001

ISBN:: 9781451866377

ISSN:: 1018-5941

Pages:: 48

Keywords:: WP; audit committee; policy board; two-tier Board structure; board secretary; supervisory board; Central bank governance; audit committees; lines of accountability; implementation board; limited audit committee function; oversight board; unicameral Board structure; audit committee membership; limited audit; Auditing; External audit; Internal audit; Internal controls; Financial statements

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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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.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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