IMF Working Papers

External Audit Arrangements at Central Banks

Author/Editor:

Atilla Arda ; Martin Gororo ; Joanna Grochalska ; Mowele Mohlala

Publication Date:

September 11, 2018

Electronic Access:

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Summary:

This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a summary of actual practices observed based on a review of audited financial statements and central bank legislation. While the audit frameworks for central banks differ depending on their legal and institutional circumstances, central banks’ external audits increasingly follow international standards. Most of them are audited by auditors with international affiliations and embrace modern governance structures that provide for audit oversight. However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.

Series:

Working Paper No. 2018/199

Subject:

Audit standards and procedures Auditing External audit Financial audit Financial statements Public financial management (PFM)