space
Home
Purpose
Members
space
Meetings New!
Schedule
Minutes
space
Press Releases
space
Press Briefings
Transcripts and Webcasts
space
Audit Reports
Special Audit Reports
DFI Audit Reports
Financial Information
space
IAMB Reports
First interim IAMB report issued on Dec. 14, 2004
Second interim IAMB report issued on Dec. 18, 2006
Third interim IAMB report issued on Feb. 29, 2008
space
Documentation New!
Response from PricewaterhouseCoopers regarding net proceeds of oil export sales
Letters from United Nations and COFE to PricewaterhouseCoopers regarding net proceeds of oil export sales
UNSC Resolution 1956
Terms of Reference after January 7, 2011
Report from the Committee of Financial Experts (COFE) on follow up of audit recommendations presented to the IAMB Meeting January 6-7, 2011
Bi-monthly Report from the Committee of Financial Experts (COFE) to the IAMB on their Activities for the Months of September and October 2010
Bi-monthly Report from the Committee of Financial Experts (COFE) to the IAMB on their Activities for the Months of November and December 2010
Third Report of the UN Secretary General to the UN Security Council under UNSCR 1905, November 2010
Third Report of the Government of Iraq to the UN Security Council under UNSCR 1905, November 2010
Report from the Committee of Financial Experts (COFE) on follow up of audit recommendations presented to the IAMB Meeting October 14-15, 2010
Bi-monthly Report from the Committee of Financial Experts (COFE) to the IAMB on their Activities for the Months of May and June 2010
Bi-monthly Report from the Committee of Financial Experts (COFE) to the IAMB on their Activities for the Months of July and August 2010
Second Report of the UN Secretary General to the UN Security Council under UNSCR 1905, July 2010
Second Report of the Government of Iraq to the UN Security Council under UNSCR 1905, July 2010
Committee of Financial Experts (COFE) Report on its action plan for the remainder of 2010 presented to the IAMB Meeting on April 28-29, 2010
Report from the Committee of Financial Experts (COFE) on follow up of audit recommendations presented to the IAMB Meeting April 28-29, 2010
Oil Metering Updated Ministry of Oil Plan presented to the IAMB Meeting on April 28-29, 2010
Status Report from Ministry of Oil on oil meters at end February 2010 Presented to the IAMB Meeting on April 28-29, 2010
Bi-monthly Report from the Committee of Financial Experts (COFE) to the IAMB on their Activities for the Months of January and February 2010
Bi-monthly Report from the Committee of Financial Experts (COFE) to the IAMB on their Activities for the Months of March and April 2010
First Report of the UN Secretary General to the UN Security Council under UNSCR 1905, April 2010
First Report of the Government of Iraq to the UN Security Council under UNSCR 1905, April 2010
Committee of Financial Experts (COFE) High Level Summary Action Plan for 2010, presented to the IAMB Meeting on January 31, 2010
Bi-monthly Report from the Committee of Financial Experts (COFE) to the IAMB on their activities for the months of November and December 2009
Minutes of the Committee of Financial Experts (COFE) Meeting Held on December 31, 2009
UNSC Resolution 1905
Terms of Reference after January 31, 2010
Report from the Committee of Financial Experts (COFE) on follow up of audit recommendations presented to the IAMB Meeting December 16, 2009
Letter from the Committee of Financial Experts (COFE) to the Ministry of Oil on the oil metering system presented to the IAMB Meeting December 16, 2009
Report from the Government of Iraq on the status and plan of installation of oil meters presented to the IAMB Meeting December 16, 2009
Report from the Committee of Financial Experts (COFE) to the IAMB Meeting July 22-23, 2009
Report from the Board of Supreme Audit (BSA) on their review of the 2008 KPMG audit observations presented to the IAMB Meeting July 22-23, 2009
BSA work plan for 2009
COFE meeting minutes July 2009
COFE meeting minutes April 1, 2009
COFE meeting minutes February 5, 2009
COFE meeting minutes January 13, 2009
Report of the Committee of Financial Experts on its 2008 activities and 2009 Work Program, presented to the IAMB Meeting on April 2-3, 2009
Presentation by the Iraqi Ministry of Oil to the IAMB Meeting on April 2-3, 2009
Iraqi Code of Measurement of Hydrocarbon Fuels
Report of the Committee of Financial Experts on the implementation of DFI audit recommendations (2003 to 2007), presented to the IAMB meeting on October 20-21, 2008
United Nations Security Council Resolution 1790
United Nations Security Council Resolution 1723
Confirmation by the Government of Iraq of the Creation of an Iraqi Oversight Body to Take Over When IAMB Ceases in December 2006
Update from the Iraqi Representative on the Establishment of an Iraqi Oversight Body to Succeed the IAMB
Update from the Iraqi Representative on the Metering of Iraqi Crude Oil
Update from the President of the Board of Supreme Audit of Iraq on Earlier Recommendations
Letter from the Minister of Finance to the Office of the Prime Minister of Iraq dated July 11, 2006, together with a covering note from the IAMB Representative, regarding the Successor Iraqi Oversight Body for the DFI
Letter from the Permanent Mission of the Republic of Iraq to the UN, dated March 22, 2006, regarding oil metering
Letter from the US Department of Defense, dated January 26, 2006, regarding the settlement of the DFI funded task orders under the KBR contract
Report by the Government of Iraq on the Implementation of Recommendations from the Previous Audit, Presented to the IAMB Meeting on January 23, 2006
Report by the Government of Iraq on the Implementation of Recommendations from the Previous Audits, Presented to the IAMB Meeting on October 4–5, 2005
Statement of Work—Special Audit of Sole Sourced Contracts
Audit of DFI—Request for Proposal—for the period ended December 2004
Terms of Reference after April 2, 2009
Terms of Reference after January 8, 2008
Terms of Reference after December 11, 2006
Terms of Reference—After November 8, 2005
Terms of Reference—After June 28, 2004
Terms of Reference—Before June 28, 2004
Rules of Procedure—After June 28, 2004
Rules of Procedure—Before June 28, 2004
UNSC Resolution 1483
UNSC Resolution 1546
United Nations Security Council Resolution 1637
space
Arabic
Documentation

Bi-monthly Report from the Committee of Financial Experts (COFE) to the IAMB on their Activities for the Months of September and October 2010
Bi-monthly Report from the Committee of Financial Experts (COFE) to the IAMB on their Activities for the Months of November and December 2010
Update from the President of the Board of Supreme Audit of Iraq on earlier recommendations
Terms of Reference
UNSC Resolution 1483
UNSC Resolution 1546
Special Audit Reports
Audit Reports
space
Links
space
Contact
space
Use the free Download the free Adobe Acrobat Reader
to view the PDF files

International Advisory and Monitoring Board of the Development Fund for Iraq
Press Release
April 13, 2009
Statement by the International Advisory and Monitoring Board of the Development Fund for Iraq

The International Advisory and Monitoring Board (IAMB) of the Development Fund for Iraq (DFI) met in Amman, Jordan on April 2-3, 2009 and issued the following statement:

“The IAMB met to continue its oversight role over the use of resources of the DFI, which is the principal repository for Iraq's oil-export receipts, and oversee audits of the DFI in line with its mandate under UN Security Council Resolution 1859.

“The IAMB’s mandate under UN Security Council Resolution 1790 was due to expire on December 31, 2008.  The UN Security Council Resolution 1859 dated December 22, 2008, extended the IAMB mandate through December 2009, subject to review by the Government of Iraq by June 15, 2009. The UN Security Council recognized the significant role of the IAMB in helping the Government of Iraq to ensure that Iraq’s resources are being used transparently and accountably for the benefit of the people of Iraq. The IAMB discussed the draft report of the Representative of the UN Secretary General to the UN Security Council in line with paragraph 3 of UNSCR 1859.

“The IAMB noted that UNSCR 1859 recognized the need during 2009 to transition to successor arrangements, involving the Committee of Financial Experts (COFE) (www.cofe-iq.net). The IAMB believes that the COFE is ready and capable to succeed the IAMB and conduct competent and independent oversight of the DFI. Since its inception in 2006 COFE has been working closely with the IAMB and attending all its meetings. COFE itself meets regularly and has acquired increasing roles in the follow-up and implementation of recommendations contained in the IAMB commissioned independent audit reports . Recognizing the competence and capabilities of the COFE, aided by the Board of Supreme Audit (BSA), the IAMB has now entrusted much of the detailed follow up and investigations of audit findings to COFE. The IAMB will write again to the Government of Iraq noting that the IAMB believes that COFE is ready to assume the oversight responsibilities for the DFI.

“In 2009 the IAMB will place increasing reliance upon the work of COFE and take active steps to transition full responsibility for DFI oversight by the end of 2009. In particular, the IAMB endorsed COFE’s action plan for 2009 to (i) initiate the appointment process for the 2009 auditor, (ii) review and address KPMG’s audit findings, (iii) continue to press for the early passing through parliament of laws and regulations concerning organization structures, job descriptions and internal control systems, (iv) consult and advise the Government of Iraq on strengthening controls over public funds and implementation of the state budget, and (v) active monitoring of progress with implementation of the comprehensive oil measuring system.

“The IAMB considered the preliminary results of the 2008 audit of the DFI. The audit continues to highlight key issues of concern regarding weaknesses in controls over oil extraction and use of the resources. Access to some ministries and regions has been delayed, and fieldwork is not yet complete. The summary of the preliminary results of the KPMG audits are available on the IAMB website (www.iamb.info). Detailed reports will be posted on the website once finalized.

“The representatives of the Government of Iraq, the COFE and the Iraqi Board of Supreme Audit (BSA) reported on actions taken to follow up on outstanding audit recommendations. The IAMB noted progress but reiterated its concern that more work still needs to be done to implement the earlier recommendations and in strengthening the system of internal controls. The IAMB also urged the Government of Iraq to intensify efforts to follow up on frozen Iraqi assets held abroad, including through considering the need for a separate entity to handle these efforts.

“Oil experts from the Iraqi Ministry of Oil briefed the Board on oil metering. Some progress has been made, including in commencing implementation of a code for fiscal and custody measurements for hydrocarbon fuels by the Ministry of Oil. However, much remains to be done before a fully operational control and measurement system over the oil production, distribution and export sales, can be comprehensively implemented. The IAMB remains concerned that one of its earliest recommendations from 2004 concerning oil metering remains incomplete. Indications from the Ministry of Oil point to implementation by 2011 at the earliest. The IAMB strongly encourages the Government of Iraq to develop a time-bound action plan, endorsed by the Council of Ministers, that ensures completion of this project.

“Representatives of the US Department of State briefed the IAMB on internal controls and capacity building in Iraq. All parties, including the Government of Iraq and the Iraqi Board of Supreme Audit, acknowledge that there are many challenges to overcome to address corruption. The IAMB commends the Government of Iraq for embarking on the changes underway and recognizes that much remains to be done before a sound financial management system is operating effectively in Iraq.

“The next meeting of the IAMB, together with COFE, is tentatively scheduled for June 2009. COFE will also be meeting separately in the interim.”