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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
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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
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Terms of Reference (Revised)

1. Purpose:

The purpose of the International Advisory and Monitoring Board (IAMB) shall be to promote the objectives set forth in United Nations Security Council resolution 1546 (2004) (resolution 1546), read with resolution 1483 (2003) (resolution 1483), of ensuring that the Development Fund for Iraq (DFI) is used in a transparent and equitable manner and through the Iraqi budget including to satisfy outstanding obligations against the DFI and that all proceeds of export sales of petroleum, petroleum products and natural gas from Iraq are deposited into the DFI in accordance with the provisions of resolution 1546.

2. Members:

A. The IAMB shall consist of duly qualified representatives of each of the Secretary-General of the United Nations, the Managing Director of the International Monetary Fund, the Director-General of the Arab Fund for Economic and Social Development and the President of the International Bank for Reconstruction and Development and a duly qualified individual designated by the Government of Iraq. 

B.   The IAMB, after consulting with the Government of Iraq, may appoint up to 5 observers to the IAMB from a list of independent, qualified candidates, which should include Iraqi nationals nominated by the Government of Iraq.

C. At any meeting of the IAMB, each member may be accompanied by an alternate, designated in a way identical to the designation of each member, and up to two advisors.

3. Powers and Responsibilities:

A. Selection of Independent Public Accountants (External Auditor(s)): The independent public accountants referenced in paragraphs 12 and 20 of resolution 1483 (the "External Auditor(s)") shall be nominated and appointed by the Government of Iraq, subject to approval by the IAMB.  The selection process for the External Auditor(s) and the terms of reference for the objectives, scope and approach of the External Auditor(s) work shall be approved by the IAMB.

B. Scope of external audits.  The scope of the external audits shall be such as to enable the IAMB to achieve its purpose as set out in 1 above.  The scope of the external audits shall encompass: (i) the export sales of oil, petroleum products and natural gas from Iraq (the "Export Sales"), supporting the objective of ensuring that the Export Sales are made consistent with prevailing international market best practices: (ii) the "Oil Proceeds Receipts Account" held by the Central Bank of Iraq at the Federal Reserve Bank of New York; (iii) the DFI (including, but not limited to, all inflows, investments and other assets, disbursements, liabilities and contingencies of the DFI), supporting the objective of ensuring that the DFI is used in a transparent manner in accordance with applicable control procedures; and (iv) disbursements of resources from the DFI, supporting the objective of ensuring that DFI funds are used for the purposes for which they were disbursed.  For purposes of (iv), the External Auditor(s) will make (a) a determination as to whether the disbursements from the DFI are duly authorized and received by the designated recipient; and (b) an assessment as to whether the controls (including the requirement to ensure proper records) of the designated recipient are adequate to ensure that disbursements from the DFI are utilized as intended.  This assessment shall be carried out as specified in the contract with the external auditor(s).

C. Audit Evaluation.  The IAMB shall review audit reports prepared by the External Auditor(s) and determine whether the audits were conducted in a satisfactory and comprehensive manner, and in accordance with appropriate standards.

D. Internal Controls/Financial Reporting: The IAMB shall monitor the financial reporting and internal controls systems established by the Government of Iraq for the areas subject to external audit in 3.B above and advise, as appropriate, the Government of Iraq on the adequacy of such systems.

E. Special Audits:  The IAMB may decide, when warranted under international best auditing practices, that the External Auditor(s) or other independent public accountants ("special auditor(s)") conduct special audits in all areas of the IAMB's mandate and consistent with the objectives of resolution 1483.  After consulting with the Government of Iraq, the IAMB shall establish the terms of reference for the objectives, scope and approach of any such audits, which shall be conducted in accordance with International Standards on Auditing.

F. Access to Information.  The IAMB shall have the right to review all financial and other records and access to all personnel relevant to its mandate, including those subject to external audits in 3.B above and including those of the External Auditor(s), any special auditors, and any internal auditors retained by the Government of Iraq, as necessary, to fulfill the purposes and functions set forth in these terms of reference.

G. The IAMB, consistent with its terms of reference, shall perform functions similar to those of outside audit committees and may provide information and comments to the Government of Iraq as appropriate to serve the purpose of resolution 1546.

4. Public Disclosure

A. The IAMB shall ensure that all audit reports envisaged in these terms of reference and the IAMB's comments on such reports are made public.

B. All minutes of meetings and all reports of the IAMB shall be made publicly available within 30 days of being finalized by the IAMB.  IAMB members may express dissenting views to be published in the minutes or reports.

C. The IAMB shall take all reasonable steps to ensure the protection of sensitive and confidential materials.

5. IAMB Chair:

A. The IAMB shall choose a Chair from among its members for a term not to exceed one year.

B.   The Chair shall serve as the principal representative of the IAMB in communications with the Government of Iraq, the Central Bank of Iraq and other third parties.

C. The Chair shall guide the Secretariat in the preparation and maintenance of all official IAMB records and minutes of IAMB meetings.

D. The IAMB will facilitate the reporting provided for in paragraph 24 of resolution 1483.

6. Meetings and Decisions:

A. The IAMB shall determine the frequency and location of its regular meetings, which shall occur, at least, quarterly.

B. Extraordinary meetings shall be convened by the Chair or at the request of any two members of the IAMB.

C. A quorum of any IAMB meeting shall be at least three of the five IAMB members.

D. The intention is for the IAMB to act and make decisions on a consensus basis.  To the extent not feasible and unless otherwise specified herein, the IAMB shall make decisions by majority vote of all IAMB members.

E. The IAMB, in its discretion, may invite the External Auditor(s), observers, or other relevant parties to attend IAMB meetings.

7. Administrative Coordinator/Secretariat

A. The Government of Iraq shall appoint an Administrative Coordinator to handle requests from the IAMB for logistical support to be provided, as appropriate, in connection with IAMB meetings and other general IAMB business.

B. The costs incurred by IAMB members, their alternates and advisors shall, in the case of members representing the executive heads of the four institutions named in paragraph 2.A of these Terms of Reference, be paid by their respective institutions, and in the case of the member designated by the Government of Iraq, be paid by the Government of Iraq.

C. Reasonable costs, as mutually agreed upon with the Government of Iraq, incurred by the External Auditor(s), any special auditor(s), and any technical experts and outside consultants engaged by the IAMB to carry out duties for or on behalf of the IAMB shall be reimbursed with DFI funds.

D. IAMB members and their alternates and advisors shall not be compensated for their services with respect to the IAMB.

E. The IAMB shall establish a Secretariat which will be located in Baghdad.  The Secretariat shall provide administrative support to the IAMB, including the safeguarding of IAMB minutes and records and internal deliberations and communications of IAMB members.  The costs associated with the Secretariat, IAMB meetings and other general IAMB business shall be borne by the four international institutions referenced in 2.A. above. The decision to establish the Secretariat, and any other decision affecting the costs associated with the Secretariat shall require the approval of all members representing the Executive Heads of the institutions bearing the costs of the Secretariat.

8. Amendments, Additional Procedures and Delegations

A. Any amendments to these terms of reference shall require unanimous approval of all IAMB members, after consulting with the Government of Iraq, and shall be published by the Government of Iraq.  The Government of Iraq's consent will be required for any amendment that may materially affect the rights or responsibilities of the Government of Iraq.

B. The IAMB may adopt other procedures necessary to implement these terms of reference which procedures shall be consistent with these terms of reference.  To the extent such procedures may materially affect the rights or responsibilities of the Government of Iraq, the IAMB shall consult with the Government of Iraq prior to the adoption of such procedures.

C. The IAMB may appoint or call upon technical experts or outside consultants, as necessary, to fulfill the purposes and functions set forth in these terms of reference.

D. In the event of any inconsistency between these terms of reference and the provisions of any law, decree or regulation including, without limitation, the regulations establishing the DFI and the Program Review Board, the provisions of these terms of reference shall prevail.

9. Establishment and Dissolution

A. Any amendments to these terms of reference shall require unanimous approval of all IAMB members, after consulting with the Government of Iraq, and shall be published by the Government of Iraq.  The Government of Iraq's consent will be required for any amendment that may materially affect the rights or responsibilities of the Government of Iraq.

B.   The IAMB may adopt other procedures necessary to implement these terms of reference which procedures shall be consistent with these terms of reference.  To the extent such procedures may materially affect the rights or responsibilities of the Government of Iraq, the IAMB shall consult with the Government of Iraq prior to the adoption of such procedures.

C   The IAMB may appoint or call upon technical experts or outside consultants, as necessary, to fulfill the purposes and functions set forth in these terms of reference.

D. In the event of any inconsistency between these terms of reference and the provisions of any law, decree or regulation including, without limitation, the regulations establishing the DFI and the Program Review Board, the provisions of these terms of reference shall prevail.


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