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

International Monetary Fund

No 2018/293, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Assistance Report discusses the recommendation made by the IMF mission to assist the authorities in Somalia in developing proper frameworks for internal auditing and accounting to bring them toward international accepted norms. The Internal Audit Department (IAD) needs an infrastructure to make the internal audit practices sustainable, repeatable, and professional. To this end, a proper internal audit charter, audit committee charter, and internal auditing manual needs to be drafted and approved by the management and Board of the Central Bank of Somalia (CBS). In addition, the management of the CBS should appoint a head for the IAD to lead the establishment of internal audit function and consider a flatter organizational structure so that the IAD can mobilize its resources more efficiently.

Keywords: ISCR; CR; CBS staff; internal audit topic; accounting team; audit committee charter; accrual method; audit universe; CBS management; internal audit charter; CBS business process; IAD staff; organizational chart; trial balance; IT audit; Internal audit; Auditing; Fiscal accounting and reporting; Financial statements; International Financial Reporting Standards (search for similar items in EconPapers)
Pages: 71
Date: 2018-10-31
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