IMF Working Papers

Audit Committees in Central Banks

By Kenneth Sullivan, Marie-Therese Camilleri, Tonny Lybek

April 1, 2007

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Kenneth Sullivan, Marie-Therese Camilleri, and Tonny Lybek. Audit Committees in Central Banks, (USA: International Monetary Fund, 2007) accessed October 11, 2024
Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Auditing, Banking, External audit, Financial statements, Internal audit, Internal controls, Public financial management (PFM), Revenue administration

Keywords: Audit committee, Audit committee membership, Audit committees, Auditing, Board secretary, Central bank governance, External audit, Financial statements, Implementation board, Internal audit, Internal controls, Limited audit, Limited audit committee function, Lines of accountability, Oversight board, Policy board, Supervisory board, Two-tier Board structure, Unicameral Board structure, WP

Publication Details

  • Pages:

    48

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 2007/073

  • Stock No:

    WPIEA2007073

  • ISBN:

    9781451866377

  • ISSN:

    1018-5941