{
  "title": "Somalia: Technical Assistance Report-Internal Audit and Accounting Training for the Central Bank of Somalia",
  "publication": "IMF Staff Country Reports, October 31, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/10/31/somalia-technical-assistance-report-internal-audit-and-accounting-training-for-the-central-46295",
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  "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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Purpose: Discusses the IMF mission recommendation to assist the authorities in Somalia in developing proper frameworks for internal auditing and accounting to bring them toward international accepted norms.\n- Core finding: The Internal Audit Department (IAD) needs an infrastructure to make internal audit practices sustainable, repeatable, and professional.\n- Key deliverable needs:\n  - A proper internal audit charter.\n  - An audit committee charter.\n  - An internal auditing manual.\n- Governance recommendation: Drafts of the above documents need to be approved by the management and Board of the Central Bank of Somalia (CBS).\n- Organizational recommendation: Management of the CBS should appoint a head for the IAD to lead establishment of the internal audit function and consider a flatter organizational structure to allow the IAD to mobilize resources more efficiently."
    },
    {
      "heading": "Major recommendations and operational actions",
      "content": "- Institutional documents to prepare and approve:\n  - Internal audit charter.\n  - Audit committee charter.\n  - Internal auditing manual.\n- Leadership and structure:\n  - Appoint a head of the Internal Audit Department (IAD).\n  - Consider a flatter organizational chart for CBS to improve IAD resource mobilization and operational efficiency.\n- Objective of actions:\n  - Make internal audit practices sustainable, repeatable, and professional.\n  - Move accounting and internal audit frameworks toward internationally accepted norms."
    },
    {
      "heading": "Subjects and keywords (as listed in the source)",
      "content": "- Subjects:\n  - Auditing\n  - Financial regulation and supervision\n  - Financial statements\n  - Fiscal accounting and reporting\n  - Internal audit\n  - International Financial Reporting Standards\n  - Public financial management (PFM)\n- Keywords:\n  - accounting team\n  - accrual method\n  - audit committee charter\n  - audit universe\n  - Auditing\n  - CBS business process\n  - CBS management\n  - CBS staff\n  - CR\n  - Financial statements\n  - Fiscal accounting and reporting\n  - IAD staff\n  - Internal audit\n  - internal audit charter\n  - internal audit topic\n  - International Financial Reporting Standards\n  - ISCR\n  - IT audit\n  - organizational chart\n  - trial balance\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
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    "Published: October 31, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484381090.002",
    "Purpose: Discusses the IMF mission recommendation to assist the authorities in Somalia in developing proper frameworks for internal auditing and accounting to bring them toward international accepted norms.",
    "Core finding: The Internal Audit Department (IAD) needs an infrastructure to make internal audit practices sustainable, repeatable, and professional.",
    "Key deliverable needs:",
    "Governance recommendation: Drafts of the above documents need to be approved by the management and Board of the Central Bank of Somalia (CBS).",
    "Organizational recommendation: Management of the CBS should appoint a head for the IAD to lead establishment of the internal audit function and consider a flatter organizational structure to allow the IAD to mobilize resources more efficiently.",
    "Institutional documents to prepare and approve:",
    "Leadership and structure:",
    "Objective of actions:",
    "Subjects:",
    "Keywords:",
    "**Country Report**"
  ],
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