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Effectiveness of Internal Audit and Oversight at Central Banks: Safeguards Findings - Trends and Observations

Effectiveness of Internal Audit and Oversight at Central Banks: Safeguards Findings - Trends and Observations
Author: Elie Chamoun
Publisher: International Monetary Fund
Total Pages: 22
Release: 2018-05-31
Genre: Business & Economics
ISBN: 1484357965

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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.


Effectiveness of Internal Audit and Oversight at Central Banks: Safeguards Findings - Trends and Observations

Effectiveness of Internal Audit and Oversight at Central Banks: Safeguards Findings - Trends and Observations
Author: Elie Chamoun
Publisher: International Monetary Fund
Total Pages: 22
Release: 2018-05-31
Genre: Business & Economics
ISBN: 1484360788

Download Effectiveness of Internal Audit and Oversight at Central Banks: Safeguards Findings - Trends and Observations Book in PDF, ePub and Kindle

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.


External Audit Arrangements at Central Banks

External Audit Arrangements at Central Banks
Author: Mr.Atilla Arda
Publisher: International Monetary Fund
Total Pages: 42
Release: 2018-09-11
Genre: Business & Economics
ISBN: 1484375505

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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

Audit Committees in Central Banks
Author: Marie-Thrse Camilleri Gilson
Publisher: International Monetary Fund
Total Pages: 54
Release: 2007-04
Genre: Business & Economics
ISBN:

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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.


The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues

The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues
Author: Wouter Bossu
Publisher: International Monetary Fund
Total Pages: 71
Release: 2019-12-27
Genre: Business & Economics
ISBN: 1513524054

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This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper focuses on the Board oversight of central banks—a central feature of sound governance. This form of oversight is the decision-making responsibility through which an internal body of the central bank—the Oversight Board—ensures that the central bank is well-managed. First, the paper will contextualize the role of Board oversight into the broader legal structure for central bank governance by considering this form of oversight as one of the core decision-making responsibilities of central banks. Secondly, the paper will focus on a number of important legal design issues for Board Oversight, by contrasting the current practices of the IMF membership’s 174 central banks with staff’s advisory practice developed over the past 50 years.


Safeguards Assessment—2019 Update

Safeguards Assessment—2019 Update
Author: Mr.George M Kabwe
Publisher: International Monetary Fund
Total Pages: 23
Release: 2019-12-17
Genre: Business & Economics
ISBN: 1513523023

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Safeguards assessments are a key pillar of the risk management arrangements for IMF lending. Safeguards assessments aim to mitigate the risks of misuse of Fund resources and misreporting of program monetary data under Fund arrangements Safeguards assessment reports are confidential and therefore the IMF Executive Board is provided with a periodic report on safeguards activities on a biennial basis, in addition to high-level summaries in member country staff reports on key findings and recommendations. This update on safeguards activity covers the period May 2017 to end-April 2019 (the period).


Wiley CIAexcel Exam Review 2014

Wiley CIAexcel Exam Review 2014
Author: S. Rao Vallabhaneni
Publisher: John Wiley & Sons
Total Pages: 560
Release: 2014-05-08
Genre: Business & Economics
ISBN: 1118965426

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The definitive Certified Internal Auditor Exam preparation guide Designed to help you rigorously and thoroughly prepare for the Certified Internal Auditor (CIA) Exam, Wiley CIA Exam Review 2014 Part 2, Internal Audit Practice covers the key topics on Part II of the exam. These include conducting engagements; carrying out specific engagements; monitoring engagement outcomes; fraud knowledge elements; and engagement tools. Features a full exploration of theory and concepts Prepares students to properly understand the weight given to topics on the exam and react accordingly Includes indications of the level of difficulty for each topic in order to properly manage study time and focus areas Offers comprehensive coverage of exam material along with a glossary of applicable terminology Expert author S. Rao Vallabhaneni puts his twenty-five years of internal auditing and accounting management experience to work to bring you the definitive resource to help you prepare for the CIA Exam.


Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance
Author: El Bachir Boukherouaa
Publisher: International Monetary Fund
Total Pages: 35
Release: 2021-10-22
Genre: Business & Economics
ISBN: 1589063953

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This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.


Issues in the Governance of Central Banks

Issues in the Governance of Central Banks
Author:
Publisher:
Total Pages: 189
Release: 2009
Genre: Banks and banking, Central
ISBN: 9789291317912

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This report by the Central Bank Governance Group presents information intended to help decision-makers set up governance arrangements that are most suitable for their own circumstances. The report draws on a large body of information on the design and operation of central banks that the BIS has brought together since it initiated work on central bank governance in the early 1990s. The need to deal with chronic inflation in the 1970s and 1980s prompted the identification of price stability as a formal central bank objective and led to a significant reworking of governance arrangements. The current global financial crisis could have equally important implications for central banks, particularly with respect to their role in fostering financial stability. Although it is too early to know how central banking will change as a result, the report takes an important first step in identifying governance questions that the crisis poses.


Safeguards Assessments - 2022 Review of Experience

Safeguards Assessments - 2022 Review of Experience
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
Total Pages: 45
Release: 2022-12-16
Genre: Business & Economics
ISBN:

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This paper reviews experience with the safeguards assessment policy since the last review in 2015. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.