The External Audit Committee (EAC)Last Updated: November 06, 2014
The External Audit Committee (EAC) has three members, all of whom are independent of the IMF and its Executive Board. The EAC reports to the Board of Governors and is responsible for the oversight of the IMF's external audit, internal audit, financial accounting and reporting, risk management and internal control functions. EAC members each have the accounting and financial expertise required to fulfill the EAC's oversight responsibilities.
Members of the IMF's External Audit Committee
Mr. Ramos has served as a member of the Fund’s External Audit Committee since November 2012.
Mr. Ramos is currently the Secretary General of the Public Interest Oversight Board (PIOB), the international organization that provides oversight on the development of international auditing standards formulated by the standard setting boards of the International Federation of Accountants. Mr. Ramos is an economist with over 20 years of extensive and diverse work experience in financial policy, risk management and audit oversight.
Prior to joining the PIOB in June 2009, Mr. Ramos was an Executive Director for Spain and Mexico at the European Bank for Reconstruction and Development (EBRD). He served on the EBRD’s Audit Committee as Vice Chairman and Member and was also Chairman of the Financial and Operations Committee and Chairman of the Early Transition Countries Fund. Previously, he held the position of Director General for International Finance at the Spanish Ministry of Economy and Finance, where he developed financial policies involving external debt management with the IMF, the World Bank and other international financial institutions.
Mr. Loeto has served as a member of the Fund's External Audit Committee since November 2013.
Mr. Loeto, a chartered accountant, is currently the Chief Accountant of the Bank of Botswana, the central bank of Botswana. Mr. Loeto has over 20 years of experience in financial reporting and budgeting, including overseeing the production of financial statements in accordance with International Financial Reporting Standards. He has held various positions with increasing responsibilities at the Bank of Botswana. He is a member of the Bank’s Executive Committee that monitors and reviews the implementation of the Bank’s operations and policies and the work program approved by the Board.
Mr. Loeto is a Board member of the Botswana Accountancy Oversight Authority, the independent regulatory body that oversees accounting bodies and sets standards for financial reporting and auditing in Botswana. Prior to that, Mr. Loeto served as Board member of Botswana’s Unified Revenue Service, and a council member of the Botswana Institute of Bankers.
Professor Barth has served as a member of the External Audit Committee since November 2014.
Professor Barth is the Joan E. Horngren Professor of Accounting and BP Faculty Fellow in Global Management at the Stanford University, Graduate School of Business (GSB). Prior to joining the faculty at Stanford in 1995, she was an Associate Professor at Harvard Business School and an audit partner in Arthur Andersen & Co. Professor Barth’s research is published in a variety of journals and has won several awards. She is the Accounting Department Editor of Management Science and an Editor of The Accounting Review, and is on the Editorial Boards of several other academic journals. She has also served as a Senior Associate Dean for Academic Affairs at the GSB from 2002 until 2009.
Professor Barth was a member of the International Accounting Standards Board (IASB) from its inception in 2001 until 2009. She served as the Academic Advisor to the IASB from 2009 until 2011. Prior to joining the IASB, Professor Barth’s accounting standard setting activities included serving as a member of the Accounting Standards Executive Committee of the American Institute of CPAs and the Financial Accounting Standards Advisory Council of the Financial Accounting Standards Board. Professor Barth is also former President of the American Accounting Association (AAA) and has served as its President-Elect and Vice President, and as Chair of several AAA committees. She has also served as Vice President of the International Association for Accounting Education and Research. Professor Barth has made numerous academic and professional presentations in many countries as an internationally known accounting scholar and educator, and as an experienced international financial reporting standard setter.