The External Audit Committee (EAC)
Last Updated: March 11, 2012|
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
Ms. Amelia Cabal (Philippines)
Mr. Arfan Ayass (Lebanon)
Mr. Jian-xi Wang (China)
Ms. Amelia Cabal, Chair (Philippines)
Ms. Cabal has served as a member of the Fund’s External Audit Committee since December 2009.
Ms. Cabal, a Certified Public Accountant (Philippines), is a member of the Board and the audit committee of the Metropolitan Bank and Trust Company.
Ms. Cabal was previously a Senior Partner of SyCip Gorres Velayo & Co. (SGV & Co.), a member practice of Ernst & Young Global. During her 40 years of working experience in the financial services market, Ms. Cabal undertook a wide range of assignments including external audits; internal control, internal audit and corporate governance advisory services; and assisting firms with conversion to the Philippines’ version of International Financial Reporting Standards. Ms Cabal retired in October 2006 (upon reaching mandatory retirement age) as SGV & Co.'s Vice Chairman and Head of Financial Markets. Ms. Cabal continued as SGV & Co.'s Senior Advisor on Regulatory Matters and Financial Markets until September 2009.
Mr. Ayass has served as a member of the Fund's External Audit Committee since December 2010.
Mr. Ayass, a Certified Public Accountant (USA), currently teaches accounting courses in two universities in Lebanon and is the Chairman of the audit committee of the First National Bank S.A.L (Lebanon) and a member of the Board of Directors and the audit committee of Al Ahli International Bank S.A.L. (Lebanon).
Mr. Ayass has over 30 years of work experience with large international accounting firms. He retired in 2004, as the managing partner of the Ernst & Young office in Riyadh, Saudi Arabia. His years of practice covered a variety of industries with a particular emphasis on audits of commercial banks. He has also been the accounting and auditing advisor for the Saudi Arabian Monetary Agency for some eight years.
Mr. Ayass is a member of the American Institute of Certified Public Accountants, the Lebanese Society of Certified Public Accountants, and the Arab Society of Accountants.
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.