The External Audit Committee (EAC)

Last Updated: November 02, 2020

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.

Terms of Reference of the External Audit Committee

Members of the IMF's External Audit Committee:
Ms. Judith Lopez, Chair (Philippines)
Mr. Bassam Hage (Lebanon)
Mr. Jacques Ethevenin (France)

Ms. Judith Lopez, Chair (Philippines)

Ms. Lopez has served as a member of the Fundís External Audit Committee since November 2018.

Ms. Lopez, is a retired senior partner from PwC Philippines and has more than 35 years of experience in the fields of auditing, financial reporting, and internal controls. She also has experience in risk management and corporate governance, and is currently an independent director and chair of the audit committee at the Philippine Veterans Bank.

Ms. Lopez is a certified public accountant with over 25 years of experience in International Financial Reporting Standards. She is also a former Chairperson of the Philippine Auditing and Assurance Standards Council, the Association of Certified Public Accountants in Public Practice in the Philippines and the Financial Executives Institute of the Philippines. Ms. Lopez has also served as a member of the Board of Directors of the Philippine Institute of Certified Public Accountants and a member of the Financial Reporting Standards Council.

Mr. Bassam Hage (Lebanon)

Mr. Hage has served as a member of the Fundís External Audit Committee since November 2019.

Mr. Hage has over 40 years of experience across the accounting, finance, corporate governance and business transformation fields. Mr. Hage retired from Ernst and Young (EY) in July 2019, where he served for the last eight years as Managing Partner for the Middle East North Africa (MENA) Markets.

During his tenure at EY, Mr. Hageís roles spanned various capacities and sectors, including financial services, energy, utilities, real estate, government and public sector. Mr. Hage led the transformation of the operating, delivery and teaming model at EY to bring a sector focus approach along with driving digital, innovation and technology solutions to proactively respond to the Governmentsí transformation and modernization agendas and the transformation agenda of the major industries in the MENA region.

Mr. Hage has served as a member of the Middle East International Financial Reporting Standards (IFRS) desk at EY and was responsible for advising clients on technical IFRS related matters. He was the engagement partner for the audit of several major banks and financial institutions in the United Arab Emirates.

Mr. Hage acts as a non-executive board member and member of the audit committee for several companies and is an advisor to the Audit Committee and Board of Directors of a listed Bank in the United Arab Emirates.

Jacques Ethevenin (France).

Mr. Ethevenin has served as a member of the Fund’s External Audit Committee since November 2020.

Mr. Ethevenin is a certified public accountant with more than 40 years of experience in the field of financial reporting, governance and risk management, acquired essentially with the Air Liquide Group, a publicly traded company on the Paris Stock Exchange. He is currently an independent consultant providing advice on corporate reporting, auditing, financial matters, and coaches financial managers in various countries.

Prior to that, Mr. Ethevenin served as finance manager for Air Liquide for 20 years and acquired significant international financial reporting expertise through the supervision of numerous subsidiaries located around the world. He was an audit committee member of major subsidiaries of Air Liquide and a participant in the Group audit committee.

Mr. Ethevenin has been a Board member of the French regulator of the auditing profession since 2013, and currently chairs the Commission in charge of establishing auditing standards applicable in France. He was a member of the Global Preparers Forum of the International Accounting Standards Board for 10 years where he provided the Board with input on the practical implications of proposed accounting standards.