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OCLC Number: 53234306 Excerpt: ... The Bank Group has established an audit committee that provides oversight of financial statement audits and internal control. A major function of this committee, a subgroup appointed by the board of executive directors at the Bank Group entities, is to nominate an external auditor for external audits and determine the scope of the auditor's work and the reports to be submitted by the auditor. The Bank Group's audit committee also has the external auditor provide an opinion, in conjunction with the financial statement audit, on management's assertion on the Bank Group's internal control over external financial reporting. The audit committee has the authority, as part of determining the scope of the auditor's work, to expand the external audits to include the auditor giving opinions on internal control over operations and compliance with bank charters and provisions. Alternatively, the audit committee is also well-positioned to assign an internal party or provide an external entity the task of providing a thorough assessment of such controls. However, during our review, we were told that the Bank Group does not yet have plans to provide a comprehensive assessment of its controls. We recommend that the Secretary of the Treasury - who is responsible for the federal government's interactions with the Bank Group entities - instruct the U.S. Executive Director for the Bank Group to take the lead in working with other executive directors in developing a policy requiring these Bank Group entities to enhance the audit function and reporting of their financial operations. This would entail conducting a comprehensive evaluation of internal controls over operations and compliance to determine whether such controls are in place and are functioning properly to prevent misuse of funds and to ensure compliance with key provisions of bank charters and policies. This group of executive directors would report annually to the Board of Executive
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World Bank Group: important steps taken on internal control but additional assessments should be made: report to Congressional committees
Book reviews » World Bank Group: important steps taken on internal control but additional assessments should be made: report to Congressional committees
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