{
  "title": "External Audit Arrangements at Central Banks",
  "publication": "IMF Working Papers, September 11, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2018/09/11/external-audit-arrangements-at-central-banks-46210",
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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.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Atilla Arda, Martin Gororo, Joanna Grochalska, Mowele Mohlala\n- Publication date: September 11, 2018\n- Focus: annual audit of central bank financial statements and legal and institutional measures that support audit quality and independence.\n- Scope: review of audited financial statements and central bank legislation to summarize observed practices and outline good practices."
    },
    {
      "heading": "Key Findings",
      "content": "- Central bank external audits increasingly follow international standards.\n- Most central banks are audited by auditors with international affiliations.\n- Many central banks have adopted modern governance structures that provide for audit oversight.\n- A sizeable number of central banks do not publish audit results in a timely manner, indicating room for improvement in transparency practices."
    },
    {
      "heading": "Good practices and implications for policy and oversight",
      "content": "- Emphasize adherence to international audit standards for central bank audits.\n- Strengthen legal and institutional measures that support audit quality and auditor independence.\n- Promote modern governance structures that provide effective audit oversight, including mechanisms for audit committees and oversight bodies.\n- Improve transparency by ensuring timely publication of audit results."
    },
    {
      "heading": "Subject areas and keywords (as provided)",
      "content": "- Subject: Audit standards and procedures, Auditing, External audit, Financial audit, Financial statements, Public financial management (PFM)\n- Keywords: accountability, Africa, Asia and Pacific, audit committee, audit completion, audit framework, audit independence, audit mechanism, audit oversight, audit quality, audit report, audit requirement, audit rotation, audit rotation modality, Audit standards and procedures, Auditing, CB audit, central banks, Europe, external audit, Financial audit, Financial statements, Global, oversight body, transparency, WP\n\n---\n\n Content in this bundle\n\n- External Audit Arrangements at Central Banks, WP/18/199, September 2018\n  - External Audit Arrangements at Central Banks, WP/18/199, September 2018 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - External Audit Arrangements at Central Banks, WP/18/199, September 2018 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2018/09/11/external-audit-arrangements-at-central-banks-46210"
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    "Authors: Atilla Arda, Martin Gororo, Joanna Grochalska, Mowele Mohlala",
    "Published: September 11, 2018",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484375501.001",
    "Authors: Atilla Arda, Martin Gororo, Joanna Grochalska, Mowele Mohlala",
    "Publication date: September 11, 2018",
    "Focus: annual audit of central bank financial statements and legal and institutional measures that support audit quality and independence.",
    "Scope: review of audited financial statements and central bank legislation to summarize observed practices and outline good practices.",
    "Central bank external audits increasingly follow international standards.",
    "Most central banks are audited by auditors with international affiliations.",
    "Many central banks have adopted modern governance structures that provide for audit oversight.",
    "A sizeable number of central banks do not publish audit results in a timely manner, indicating room for improvement in transparency practices.",
    "Emphasize adherence to international audit standards for central bank audits.",
    "Strengthen legal and institutional measures that support audit quality and auditor independence.",
    "Promote modern governance structures that provide effective audit oversight, including mechanisms for audit committees and oversight bodies.",
    "Improve transparency by ensuring timely publication of audit results.",
    "Subject: Audit standards and procedures, Auditing, External audit, Financial audit, Financial statements, Public financial management (PFM)",
    "Keywords: accountability, Africa, Asia and Pacific, audit committee, audit completion, audit framework, audit independence, audit mechanism, audit oversight, audit quality, audit report, audit requirement, audit rotation, audit rotation modality, Audit standards and procedures, Auditing, CB audit, central banks, Europe, external audit, Financial audit, Financial statements, Global, oversight body, transparency, WP",
    "**External Audit Arrangements at Central Banks, WP/18/199, September 2018**"
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