The External Audit Committee (EAC)

Last Updated: November 01, 2018

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. Kathy David, Chair (Antigua and Barbuda)
Ms. Kathryn Cearns (United Kingdom)
Ms. Judith Lopez (Philippines)


Ms. Kathy David, Chair (Antigua and Barbuda)

Ms. David has served as a member of the External Audit Committee since November 2016.

Ms. David is a chartered accountant with over 20 years' experience in external audit, International Financial Reporting Standards (IFRS), internal controls, risk management, and governance. She is currently an audit partner of Grant Thornton, where she specializes in international financial institutions, manages the firm's quality control practice and related compliance function, and is a thought-leader on technical IFRS matters. Prior to Grant Thornton, Ms. David was a partner of PricewaterhouseCoopers Antigua.

Ms. David is a Fellow of the Association of Chartered Certified Accountants (ACCA) of the United Kingdom, and a practicing member of both the ACCA and the Institute of Chartered Accountants of the Eastern Caribbean.


Ms. Kathryn Cearns (United Kingdom)

Ms. Cearns has served as a member of the Fund’s External Audit Committee since November 2017.

Ms. Cearns has more than 30 years of experience in the field of reporting and corporate governance. She is currently an independent consultant providing advice on corporate reporting, auditing and corporate governance, and is a non-executive board member and audit committee member for several institutions, mainly in the public sector or with a public interest remit. Ms. Cearns writes extensively on audit, company law, financial reporting and corporate governance, including various articles for accounting and legal journals.

Ms. Cearns is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) and sits on its Council. She has long experience in the development of IFRS and their application in both the private and public sectors. She is the outgoing chairman of the Financial Reporting Committee of the ICAEW, a member of the Consultative Advisory Group of the International Public Sector Accounting Standards Board, and the immediate past chairman of the Financial Reporting Advisory Board to HM Treasury (the UK economic and finance ministry).


Ms. Judith Lopez (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.