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The following members of the IAMB were present:
International Monetary Fund: Mr. Bert E. Keuppens, Director of Internal Audit,
Government of Iraq (IGI): Adviser, Ministry of Finance,
United Nations: Mr. Jean-Pierre Halbwachs, Representative of the Secretary-General,
World Bank: Mr. Fayezul Choudhury, Vice-President and Controller. (via Video Conference)
Also in attendance were the following:
International Monetary Fund:
Ms. Mary Hoare, Officer, IMF Finance Department
United Nations:
Mr. Jayantilal Karia, Director Accounts Division
Mr. Moses Bamuwamye, Finance Officer
World Bank:
Ms. Caroline Harper, Lead Operations Officer
Government of Iraq:
Alternate Member, Chartered Accountant/Auditor
President, Board of Supreme Audit (BSA)
Invitees from the BSA
- The meeting was opened by the Chair
- The agenda for the meeting was unanimously adopted.
IAMB Work Program for 2007
- The IAMB discussed the implications of the extension of its mandate until 31 December 2007 by the United Nations Security Council.
- The IAMB was briefed on the work of the Committee of Financial Experts (COFE) established by the Government of Iraq to continue the work of the IAMB upon its dissolution. The COFE will be chaired by the President of the Board of Supreme Audit and include two independent experts to be chosen by and reporting to the Council of Ministers with required public disclosure of their reports. The IAMB has made recommendations on the modalities of the oversight body to the Government of Iraq. Building on the financial management law, the successor oversight body will be independent, competent and professional, to ensure the continued oversight of external audits and to succeed the IAMB at the conclusion of its work.
- The IAMB discussed the modalities of cooperation with the COFE during the coming year. The IAMB is already taking steps to ensure a smooth hand-over of responsibilities. It is expected that COFE members will attend the remaining IAMB meetings and work alongside the IAMB in the oversight of Iraq’s oil export revenues.
- In 2007 the IAMB will continue to monitor controls over Iraqi oil export revenues, the use of those revenues in the spending ministries, and the installation of oil metering. The IAMB will determine how the Board and its member organizations can advise the Government of Iraq on further strengthening the capacity over financial management in Iraq.
DFI Audits
- The IAMB also discussed the DFI audits. Ernst & Young has already been appointed to complete the 2006 audit of the DFI and will report its final findings to the IAMB. The interim report is expected to be issued shortly. The IAMB also discussed arrangements for the 2007 DFI audit.
Follow-up on the Implementation of the Recommendations from the Previous Audits
- The IAMB was briefed on the progress the Government of Iraq had made in implementing the previous recommendations of both the auditors and the IAMB.
IAMB Report
- The IAMB discussed its second interim report covering the operations of the IAMB for the period July 2004 to December 2006 and its conclusions to date. The Board decided to publish the second interim report on the IAMB website (www.iamb.info) as a press release.
Other Business
- The IAMB discussed revised terms of reference to reflect the extension of its mandate to 31 December 2007. The IAMB discussed the Chair for 2007.
- The Board further decided that three meetings would be held during 2007, with the first one to coincide with the review of the DFI audit reports for the period ended 31 December 2006. The IAMB agreed to schedule the next meeting for May 2007.
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