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 on the Development Fund for Iraq
Press Release
June 12, 2007
Statement by the International Advisory and Monitoring Board on the Development Fund for Iraq

The International Advisory and Monitoring Board (IAMB) on the Development Fund for Iraq (DFI) met in Amman, Jordan on June 2-3, 2007 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 continued to oversee audits of the DFI in line with its mandate under UN Security Council Resolution 1723. The IAMB (i); discussed the results of the 2006 DFI external audit and the audit arrangements for 2007; (ii) met with the Committee of Financial Experts (COFE) established to succeed the IAMB; and (iii) considered the progress in addressing the IAMB recommendations remitting from earlier audits.

"The IAMB welcomed the participation of COFE in the meeting, the successor body to take over oversight of Iraqi oil export revenues at the expiration of the IAMB mandate at the end of 2007. COFE, chaired by the President of the Board of Supreme Audit (BSA), was established in October 2006 by the Iraqi Council of Ministers to continue the work of the IAMB upon its dissolution. The members of COFE will work alongside the IAMB until the expiration of its mandate and will attend all future IAMB meetings.

"The IAMB was presented with the draft 2006 Ernst & Young audit reports. The audits cover (i) oil export sales to ensure that such sales are consistent with prevailing international market best practices; (ii) the accounting for the proceeds from oil export sales; (iii) the DFI financial statements; and (iv) the disbursements procedures for DFI resources to ensure that funds are used for the purposes intended. A summary of the results of the Ernst & Young audit is available on the IAMB website (www.iamb.info).

"The audits indicated that, while many efforts are being made sometimes at great personal sacrifice, the overall financial system of controls is deficient and financial management reforms need to be pursued further. The audits also noted large unreconciled differences regarding oil extraction, production and reported export sales because there is no overall comprehensive system of controls over oil revenues. A system of metering, as recommended earlier by the IAMB, would go a long way in improving overall control. The audits also note that basic administrative procedures in ministries are outdated and ineffective and the system of overall financial governance needs to be strengthened.

"The external auditor has raised ongoing concerns about the management of contracts of U.S. agencies. The IAMB has noted that these contracts have been handed over to the BSA and welcomes further progress on this issue.

"Regarding earlier recommendations, some progress has been made with the recent establishment of a committee, consisting of representatives of the Central Bank of Iraq, the Ministry of Finance, the Ministry of Oil and the State Oil Marketing Organization (SOMO), to address external audit management letters in cooperation with the BSA. The IAMB is encouraged by the initiative to follow-up on the many recommendations and by the initiative of the Council of Ministers to hold ministries accountable to strengthen internal controls. The IAMB urges the BSA to follow-up on all recommendations, monitor their implementation and report to the Council of Ministers on a six-monthly basis on progress being made. The IAMB looks forward to receiving the first report by end-2007.

"While the current situation in Iraq is challenging, it is worrisome that insufficient progress has been made in addressing the weaknesses revealed in earlier audit reports. The Iraqi representative and the President of the BSA provided an update on progress in implementing earlier recommendations. Insufficient progress has been made in addressing the IAMB's continuing concerns regarding oil metering. The IAMB urges the Government of Iraq to develop an action plan to expeditiously implement an effective oil metering system throughout the oil production, distribution and export processes. Other audit reports, including those produced by the BSA, the U.S. Government Accountability Office (GAO) and the U.S. Special Inspector General for Iraq Reconstruction (SIGIR) also point to these weaknesses and confirm the above concerns of the IAMB. It is imperative that progress be made to continue the path toward sound financial governance to mitigate the current vulnerabilities to mismanagement and diversion of funds.

"In accordance with the IAMB Terms of Reference, the nomination and appointment by the Government of Iraq of the DFI external auditor is subject to approval by the IAMB. Representatives of the Government of Iraq briefed the IAMB on the evaluation process to select an external audit firm to conduct an audit of the resources and disbursements of the DFI. The IAMB agreed that the 2007 audit of the DFI should cover the period January 1 to December 31, 2007 with an interim audit for the period from January 1, 2007 to June 30, 2007. The interim audit will take place under the oversight of the IAMB, while the final audit is expected to be undertaken under the oversight of the COFE. The IAMB approved the process and concurred with the recommendation of the Government of Iraq to proceed with the audits.

"The IAMB noted that the DFI immunity is due to expire at the end of 2007. Should the Government of Iraq request an extension of the DFI, the IAMB proposes that it could be under the general oversight of COFE.

"The IAMB welcomes the UN Secretary General's recent appointment of Mr. Warren Sach, Assistant Secretary-General and UN Controller, as his representative to the IAMB to succeed Mr. Jean-Pierre Halbwachs. The IAMB is grateful for Mr. Halbwachs's valuable contributions to the IAMB as the UN representative and particularly as the chair of the IAMB since its inception. This IAMB meeting was chaired by the Iraqi representative who also hosted the meeting.

"Looking forward, the IAMB will continue to oversee the deposit and use of the proceeds of Iraq's oil export sales. The IAMB will work alongside the COFE to oversee the interim audit, and to continue to press for the timely and comprehensive resolution of the control weaknesses already noted. The IAMB expects to consider the results of the interim 2007 audit at its next meeting. The mandate of the IAMB is expected to expire in December 2007, at which time the IAMB expects to hold its final meeting, brief the press and issue its final report on the operations of the IAMB since it was established in 2003.

"The next meeting of the IAMB is tentatively scheduled for November 1-2, 2007."