Handled collectively. Does the Committee consider how best to Committee a. keep the Committee abreast of public sector members have accounting requirements? complementary skills and Y experience Does the Committee provide support to the finance function in explaining the effects of b. financial and reporting requirements to the Executive Council? Y As appropriate c. Does the Audit Committee satisfy itself that: Based on the The Organization keeps proper accounting i. scrutiny of the records? Y External Auditors In the context of annual review of The annual financial statements present the financial ii. fairly the financial position of the statements and Organization? the results of the External Auditors’ Y examination Does the Committee gain an understanding of management’s procedures for developing d. the Organization’s financial statements and the historical reliability of the Organization’s financial reporting? Y As appropriate Does the Committee review the financial Where allowed by e. statements before signature by the the governing Secretary-General? Y body timetable Does the Audit Committee consider f. specifically: In the context of reviewing the The suitability of accounting policies and i. annual accounts treatments? and Ext Audit Y results/reports ii. Major judgements made? Y -ditto- iii. Large write-offs? Y -ditto- iv. Unusual credits? Y -ditto- v. Last minute transactions? Y -ditto- vi. Changes in accounting treatment? Y vii. Unusual financial trends? Y -ditto- viii. Unusual financial statement relationships? Y -ditto- Accounting treatments varying from the ix. sector norm? Y -ditto-
a. Does the Committee consider how best to keep the Committee abreast of public sector accounting requirements? Y Handled collectively. Committee members have complementary skills and experience b. Does the Committee provide support to the finance function in explaining the effects of financial and reporting requirements to the Executive Council? Y As appropriate c. Does the Audit Committee satisfy itself that: i. The Organization keeps proper accounting records? Y Based on the scrutiny of the External Auditors ii. The annual financial statements present fairly the financial position of the Organization? Y In the context of annual review of the financial statements and the results of the External Auditors’ examination d. Does the Committee gain an understanding of management’s procedures for developing the Organization’s financial statements and the historical reliability of the Organization’s financial reporting? Y As appropriate e. Does the Committee review the financial statements before signature by the Secretary-General? Y Where allowed by the governing body timetable f. Does the Audit Committee consider specifically: i. The suitability of accounting policies and treatments? Y In the context of reviewing the annual accounts and Ext Audit results/reports ii. Major judgements made? Y -ditto- iii. Large write-offs? Y -ditto- iv. Unusual credits? Y -ditto- v. Last minute transactions? Y -ditto- vi. Changes in accounting treatment? Y vii. Unusual financial trends? Y -ditto- viii. Unusual financial statement relationships? Y -ditto- ix. Accounting treatments varying from the sector norm? Y -ditto-
EC-69-INF16-1(2)-REPORT-AUDIT-COMMITTEE_en.docx