Audit Committees in Central Banks

Kenneth Sullivan, Marie Dal Corso and Tonny Lybek

No 2007/073, IMF Working Papers from International Monetary Fund

Abstract: This paper reviews the tasks and design of audit committees, increasingly recommended as a way to strengthen financial accountability and good central bank governance. It outlines the motivations for the establishment of audit committees in commercial corporations and public sector entities, and explains how audit committees interact with other governance bodies within a central bank. The paper focuses on the functions of an audit committee, since the terminology of the governance structure is often country-specific. It summarizes operational issues to consider in designing an effective audit committee and discusses the implications for central bank legislation.

Keywords: WP; audit committee; policy board; two-tier Board structure; board secretary; supervisory board; Central bank governance; audit committees; lines of accountability; implementation board; limited audit committee function; oversight board; unicameral Board structure; audit committee membership; limited audit; Auditing; External audit; Internal audit; Internal controls; Financial statements (search for similar items in EconPapers)
Pages: 48
Date: 2007-04-01
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=20528 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:2007/073

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().