The External Audit Committee (EAC)Last Updated: November 19, 2013
The External Audit Committee (EAC) has three members, all of whom are independent of the IMF and its Executive Board. The EAC reports to the Board of Governors and is responsible for the oversight of the IMF's external audit, internal audit, financial accounting and reporting, risk management and internal control functions. EAC members each have the accounting and financial expertise required to fulfill the EAC's oversight responsibilities.
Members of the IMF's External Audit Committee
Mr. Wang has served as a member of the Fund's External Audit Committee since November 2011.
Mr. Wang, a Certified Public Accountant (China), is currently Executive Vice President and Chief Risk Officer of the China Investment Corporation (CIC), a sovereign wealth fund, where he has been employed since 2007. Mr. Wang has in-depth knowledge of risk management, and acquired extensive expertise in corporate governance, audit, and accounting during his work experience of more than 25 years. Prior to joining CIC, he concurrently held Vice Chairman and Non-Executive Chairman positions at three investment companies. He was also the Assistant Chairman of the China Securities Regulatory Commission.
Mr. Wang is active in a number of professional accounting and finance organizations. Senior positions held included Executive Director of the Chinese Institute of Certified Public Accountant, Vice President of the China Finance Accounting Association, and Senior Advisor of the China CFO Association. He also held academic advisor positions in the United States, United Kingdom, and China.
Mr. Ramos has served as a member of the Fund’s External Audit Committee since November 2012.
Mr. Ramos is currently the Secretary General of the Public Interest Oversight Board (PIOB), the international organization that provides oversight on the development of international auditing standards formulated by the standard setting boards of the International Federation of Accountants. Mr. Ramos is an economist with over 20 years of extensive and diverse work experience in financial policy, risk management and audit oversight.
Prior to joining the PIOB in June 2009, Mr. Ramos was an Executive Director for Spain and Mexico at the European Bank for Reconstruction and Development (EBRD). He served on the EBRD’s Audit Committee as Vice Chairman and Member and was also Chairman of the Financial and Operations Committee and Chairman of the Early Transition Countries Fund. Previously, he held the position of Director General for International Finance at the Spanish Ministry of Economy and Finance, where he developed financial policies involving external debt management with the IMF, the World Bank and other international financial institutions.
Mr. Loeto has served as a member of the Fund's External Audit Committee since November 2013.
Mr. Loeto, a chartered accountant, is currently the Chief Accountant of the Bank of Botswana, the central bank of Botswana. Mr. Loeto has over 20 years of experience in financial reporting and budgeting, including overseeing the production of financial statements in accordance with International Financial Reporting Standards. He has held various positions with increasing responsibilities at the Bank of Botswana. He is a member of the Bank’s Executive Committee that monitors and reviews the implementation of the Bank’s operations and policies and the work program approved by the Board.
Mr. Loeto is a Board member of the Botswana Accountancy Oversight Authority, the independent regulatory body that oversees accounting bodies and sets standards for financial reporting and auditing in Botswana. Prior to that, Mr. Loeto served as Board member of Botswana’s Unified Revenue Service, and a council member of the Botswana Institute of Bankers.