IMF Staff Country Reports

Somalia: Technical Assistance Report-Internal Audit and Accounting Training for the Central Bank of Somalia

October 31, 2018

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Somalia: Technical Assistance Report-Internal Audit and Accounting Training for the Central Bank of Somalia, (USA: International Monetary Fund, 2018) accessed November 8, 2024

Summary

This Technical Assistance Report discusses the recommendation made by the IMF mission to assist the authorities in Somalia in developing proper frameworks for internal auditing and accounting to bring them toward international accepted norms. The Internal Audit Department (IAD) needs an infrastructure to make the internal audit practices sustainable, repeatable, and professional. To this end, a proper internal audit charter, audit committee charter, and internal auditing manual needs to be drafted and approved by the management and Board of the Central Bank of Somalia (CBS). In addition, the management of the CBS should appoint a head for the IAD to lead the establishment of internal audit function and consider a flatter organizational structure so that the IAD can mobilize its resources more efficiently.

Subject: Auditing, Financial regulation and supervision, Financial statements, Fiscal accounting and reporting, Internal audit, International Financial Reporting Standards, Public financial management (PFM)

Keywords: Accounting team, Accrual method, Audit committee charter, Audit universe, Auditing, CBS business process, CBS management, CBS staff, CR, Financial statements, Fiscal accounting and reporting, IAD staff, Internal audit, Internal audit charter, Internal audit topic, International Financial Reporting Standards, ISCR, IT audit, Organizational chart, Trial balance

Publication Details

  • Pages:

    71

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2018/293

  • Stock No:

    1SOMEA2018003

  • ISBN:

    9781484381090

  • ISSN:

    1934-7685

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