Download or read book Effectiveness of Internal Audit and Oversight at Central Banks Safeguards Findings Trends and Observations written by Elie Chamoun and published by International Monetary Fund. This book was released on 2018-05-31 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experience under the safeguards policy has shown that central banks continued to strengthen their safeguards frameworks, but that vulnerabilities prevailed in the areas of internal audit and oversight by the audit committee (AC). This paper takes steps to help unravel why this was the case, based on analysis of safeguards findings in these areas during the period April 2010 to December 2017 (covering 111 assessments at 64 central banks). Based on this analysis, it presents the key attributes that determine the effectiveness of internal audit and the AC. It also argues that, an effective internal audit function, coupled with strong oversight by a high-performing AC are key enablers of good governance.
Download or read book Internal Audit in a Central Bank written by Christopher Scott and published by . This book was released on 1996 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Audit Committees in Central Banks written by Marie-Thérèse Camilleri Gilson and published by International Monetary Fund. This book was released on 2007-04 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Central Bank Governance and the Role of Nonfinancial Risk Management written by Ashraf Khan and published by International Monetary Fund. This book was released on 2016-02-25 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that nonfinancial risk management is an essential element of good governance of central banks. It provides a funnelled analysis, on the basis of selected literature, by (i) presenting an outline of central bank governance in general; (ii) zooming in on internal governance and organization issues of central banks; (iii) highlighting the main issues with nonfinancial risk management; and (iv) ending with recommendations for future work. It shows how attention for nonfinancial risk management has been growing, and how this has amplified the call for better governance of central banks. It stresses that in the area of nonfinancial risk management there are no crucial differences between commercial and central banks: both have people, processes, procedures, and structures. It highlights policy areas to be explored.
Download or read book External Audit Arrangements at Central Banks written by Mr.Atilla Arda and published by International Monetary Fund. This book was released on 2018-09-11 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a summary of actual practices observed based on a review of audited financial statements and central bank legislation. While the audit frameworks for central banks differ depending on their legal and institutional circumstances, central banks’ external audits increasingly follow international standards. Most of them are audited by auditors with international affiliations and embrace modern governance structures that provide for audit oversight. However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.
Download or read book Somalia written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: The CBS has taken steps to establish important pillars of a proper policy framework for financial reporting, auditing, and internal controls by approving the Internal Audit and Audit Committee Charters and is committed to address the remaining shortcomings in these areas. The Internal Audit Department (IAD) has made progress by initiating risk assessments of the various CBS business units and recruiting an Information Technology (IT) professional to join the team. The Accounting and Finance Department (AFD) is making progress in implementing accrual accounting, and accounting for foreign exchange operations (International Accounting Standard (IAS) 21), and has created a new role of Reconciliation Officer to ensure all cash transactions are recorded properly. However, the IAD functions without a director, which places the internal audit staff at a severe disadvantage to other departments and limits their authority to effectively implement their program. Also, while the mission team has stressed the importance of adopting International Financial Reporting Standards (IFRS) during this mission and the previous mission, the CBS has not formally indicated that it will adopt this framework.2 High priority recommendations were made to address these shortcomings. See Table 1 for homework assignments and high priority tasks.3
Download or read book Effectiveness of Internal Audit and Oversight at Central Banks Safeguards Findings Trends and Observations written by Elie Chamoun and published by International Monetary Fund. This book was released on 2018-05-31 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experience under the safeguards policy has shown that central banks continued to strengthen their safeguards frameworks, but that vulnerabilities prevailed in the areas of internal audit and oversight by the audit committee (AC). This paper takes steps to help unravel why this was the case, based on analysis of safeguards findings in these areas during the period April 2010 to December 2017 (covering 111 assessments at 64 central banks). Based on this analysis, it presents the key attributes that determine the effectiveness of internal audit and the AC. It also argues that, an effective internal audit function, coupled with strong oversight by a high-performing AC are key enablers of good governance.
Download or read book External Audit Arrangements at Central Banks written by Mr.Atilla Arda and published by International Monetary Fund. This book was released on 2018-09-11 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a summary of actual practices observed based on a review of audited financial statements and central bank legislation. While the audit frameworks for central banks differ depending on their legal and institutional circumstances, central banks’ external audits increasingly follow international standards. Most of them are audited by auditors with international affiliations and embrace modern governance structures that provide for audit oversight. However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.
Download or read book Risk Management Maturity Assessment at Central Banks written by Elie Chamoun and published by International Monetary Fund. This book was released on 2019-12-27 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective risk management at central banks is best enabled by a sound framework embedded throughout the organization that supports the design and execution of risk management activities. To evaluate the risk management practices at a central bank, the Safeguards Assessments Division of the IMF’s Finance Department developed a tool that facilitates stocktaking of elements that are present and categorizes the function based on its maturity. Tailored recommendations are then provided to the central bank which provide a roadmap to advance the risk management function.
Download or read book Improving the Management of a Central Bank written by Mr.John Mendzela and published by International Monetary Fund. This book was released on 1994-04-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how major efficiency gains and improved effectiveness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organization, outlines how they were applied, and evaluates the benefits obtained. The paper concludes that substantial real efficiency gains were achieved, while effectiveness was maintained or enhanced. Looking more widely, the business management concepts used to achieve these benefits could be applied to other central banks.
Download or read book Banking Internal Auditing in Europe written by European Confederation of Institutes of Internal Auditing and published by Erich Schmidt Verlag GmbH & Co KG. This book was released on 2009 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Implementing and Auditing the Internal Control System written by D. Chorafas and published by Springer. This book was released on 2001-03-07 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: With globalisation, deregulation and the advent of derivatives, credit institutions and the treasury operations of manufacturing, merchandising and service companies are finding that their traditional tools for management control no longer suffice. They must develop more efficient processes able to measure and monitor their risks in real-time. Internal control is a dynamic system covering all types of risk, addressing fraud, assuring transparency and making possible reliable financial reporting within such organisations. In Implementing and Auditing the Internal Control System , Dimitris N. Chorafas defines both auditing and internal control, and explains the value of internal control, why it must be audited, and how it can be most effectively achieved. He addresses top management's accountability for internal control, and uses case studies to demonstrate the application of such systems, and the importance of sound and well-informed analysis of the information gathered. Internal control systems are examined within the context of the globalization of financial markets, under the impact of the growth of information technology, and from the viewpoint of new regulations by supervisory authorities in Group of Ten countries as well as by the Basle Committee on Banking Supervision. Based on an extensive research project in the UK, US, Germany, France, Austria, Switzerland and Sweden, this book is an invaluable source of practical advice for implementing internal control systems, and making existing systems more efficient. It provides managers and professionals with guidelines for the interpretation and use of the resulting internal control intelligence.
Download or read book Internal Controls in Banking written by Ray Kinsella and published by . This book was released on 1995-08-11 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The internal control function within banks is responsible both for the proper management of the banks' own finances, but also for compliance with national and international regulations. Recent notable banks collapses - particularly Barings - have focused attention on this issue.
Download or read book The Role of Internal Control and Audit Systems in Supporting Central Bank Governance and Transparancy written by P. L. C. Hilbers and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Role of Internal Control and Audit Systems in Supporting Central Bank Governance and Transparency written by Paul Louis Ceriel Hilbers and published by . This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Central Bank Governance and the Role of Nonfinancial Risk Management written by Ashraf Khan and published by International Monetary Fund. This book was released on 2016-02-23 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that nonfinancial risk management is an essential element of good governance of central banks. It provides a funnelled analysis, on the basis of selected literature, by (i) presenting an outline of central bank governance in general; (ii) zooming in on internal governance and organization issues of central banks; (iii) highlighting the main issues with nonfinancial risk management; and (iv) ending with recommendations for future work. It shows how attention for nonfinancial risk management has been growing, and how this has amplified the call for better governance of central banks. It stresses that in the area of nonfinancial risk management there are no crucial differences between commercial and central banks: both have people, processes, procedures, and structures. It highlights policy areas to be explored.
Download or read book International Professional Practices Framework IPPF written by and published by . This book was released on 2013 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
