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
August 10, 2006
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 New York on July 17-18, 2006 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 1637. The IAMB
(i) reviewed the latest audit reports; (ii) approved the reappointment of the auditor of the DFI; and (iii) reviewed progress on the special audits of the single sourced contracts using DFI resources.

"In regard of the ongoing financial audits, the IAMB reviewed draft audit reports by Ernst & Young covering the audits of Iraq's oil export sales and the DFI operations for the period from July 1, 2005 to December 31, 2005. A summary of the results of the most recent audit is available on the IAMB website (www.iamb.info). The final audit reports, which supplement earlier reports covering the periods from May 23, 2003 to June 30, 2005, will be made available on the IAMB website when received.

"The audit reports continue to be critical of the financial and accounting control systems in place in the spending ministries, the US agencies in respect of the outstanding commitments using DFI resources, and the Iraqi administration of DFI resources. The audit reports note in particular that the DFI overall control systems are ineffective, inter alia, due to (i) the lack of written policies and procedures and adequate governance arrangements, (ii) the focus on basic daily transaction controls rather than the overall control environment, (iii) staff who are not properly trained to deal with the nature and complexity of DFI transactions, and (iv) an ineffective internal audit function for the DFI.

"The audit reports recommend that (i) the DFI’s internal control system and governance arrangements be developed, for instance, by the appointment of a fund manager to direct the overall DFI activities, the establishment of an executive committee to oversee the DFI operations, and training of DFI staff in basic internal controls. The Board urges the Government of Iraq to take concrete steps to address the audit findings and recommendations to ensure that oil resources are better protected.

"The IAMB was also briefed by audit firms on (i) the review of the settlement between Kellogg, Brown and Root (KBR) and the US Government, and (ii) the further review of other sole-sourced contracts using DFI resources. Progress continues to be slow in executing these special audits. The follow-up audit of sole-sourced contracts by KPMG is scheduled to be provided to the IAMB by the end of September. The US Government is finalizing the contract of the audit firm selected to complete the review of the KBR settlement and fieldwork has not yet commenced. The IAMB continues to urge the expeditious completion of these special audits and expects to be provided with draft reports in advance of the next IAMB meeting.

"On the issue of transition, the IAMB was informed by the Iraqi representative that steps are being taken to establish an Iraqi oversight body to succeed the IAMB with a formal handover of responsibilities in December 2006.

"The next meeting of the IAMB is tentatively scheduled for October 30-31, 2006."