The External Audit Committee (EAC)

Last Updated: December 20, 2007

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. Satoshi Itoh, Chairman (Japan)
Mr. Steve Anderson (New Zealand)
Mr. Thomas O'Neill (Canada)

Mr. Satoshi Itoh, Chairman (Japan)

Mr. Itoh has served as a member of the Fund's External Audit Committee since January 2006.

Mr. Itoh is a Certified Public Accountant (Japan). During the last five years through March 2007 he was a Professor at Chuo University's Graduate School of Accounting. He lectured on subjects including corporate governance, risk management, internal control and fraud. Mr. Itoh currently serves as an outside corporate statutory auditor for private sector and not-for-profit organizations, and conducts seminars and training programs for enterprises on internal control, risk management, business combinations and asset impairment.

Mr. Itoh was previously a partner of Arthur Andersen & Co. During a 35-year career with Arthur Andersen, Mr. Itoh had experience in audit, advisory services and consulting including the investigation of fraud and illegal acts, merger and acquisition assistance, corporate finance, and overseas investment advice.

Mr. Steve Anderson (New Zealand)

Mr. Anderson has served as a member of the Fund's External Audit Committee since January 2007.

Mr. Anderson, a Chartered Accountant (New Zealand) is the Head of Risk Assessment and Assurance for the Reserve Bank of New Zealand, a position in which he has served since March of 1999. In this role, Mr. Anderson is responsible for providing advice on managing risk in all the Bank's activities, and is also responsible for the internal audit function. Prior to his current role, Mr. Anderson was the Chief Manager of the Reserve Bank of New Zealand's Accounting Services Department. He has worked for the Reserve Bank of New Zealand since 1989.

In his work with the Reserve Bank of New Zealand, Mr. Anderson has been a member or project manager of several national and international committees and working groups, addressing issues related to cross-currency settlement, bank failures, and payment systems.

Mr. Thomas O'Neill (Canada)

Mr. O'Neill has served as a member of the Fund's External Audit Committee since December 2007.

Mr. O'Neill, a Chartered Accountant (Canada) is a non-executive board member for several corporations and organizations, including Adecco S.A., BCE Inc., Loblaw Companies Limited, Nexen Inc., Queen's University and St. Michael's Hospital, typically serving on such boards as a member or chair of the audit committee.

Mr. O'Neill was previously the Chairman, and prior to that the Chief Executive Officer, of PricewaterhouseCoopers (PwC) Consulting (global). He retired from PwC in 2002. His prior roles with PwC included Chief Operating Officer for the global organization and Chief Executive Officer for the Canadian firm. Mr. O'Neill holds an FCA (Fellow of the Chartered Accountants) designation and an honorary LL.D. from Queen's University.