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

_IMF Staff Country Reports, October 31, 2018_

## Source details

**Canonical URL:** [Somalia: Technical Assistance Report-Internal Audit and Accounting Training for the Central Bank of Somalia](https://www.imf.org/en/publications/cr/issues/2018/10/31/somalia-technical-assistance-report-internal-audit-and-accounting-training-for-the-central-46295)

## Other formats

- [Markdown version](/en/publications/cr/issues/2018/10/31/somalia-technical-assistance-report-internal-audit-and-accounting-training-for-the-central-46295/index.md)
- [Structured JSON version](/en/publications/cr/issues/2018/10/31/somalia-technical-assistance-report-internal-audit-and-accounting-training-for-the-central-46295/index.json)
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## Bibliographic details
- Published: October 31, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484381090.002

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### Summary
- 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:
  - A proper internal audit charter.
  - An audit committee charter.
  - An internal auditing manual.
- 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.

### Major recommendations and operational actions
- Institutional documents to prepare and approve:
  - Internal audit charter.
  - Audit committee charter.
  - Internal auditing manual.
- Leadership and structure:
  - Appoint a head of the Internal Audit Department (IAD).
  - Consider a flatter organizational chart for CBS to improve IAD resource mobilization and operational efficiency.
- Objective of actions:
  - Make internal audit practices sustainable, repeatable, and professional.
  - Move accounting and internal audit frameworks toward internationally accepted norms.

### Subjects and keywords (as listed in the source)
- Subjects:
  - 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

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2018/cr18293.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2018/cr18293.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2018/10/31/somalia-technical-assistance-report-internal-audit-and-accounting-training-for-the-central-46295_