FUNCTION

"The Office shall, in accordance with the relevant provisions of the Financial Regulations and Rules of the Global Bank examine, review and appraise the use of financial resources of the Global Bank in order to guarantee the implementation of programmes and legislative mandates, ascertain compliance of programme managers with the financial and administrative regulations and rules, as well as with the approved recommendations of external oversight bodies, undertake management audits, reviews and surveys to improve the structure of the Organization and its responsiveness to the requirements of programmes and legislative mandates, and monitor the effectiveness of the systems of internal control of the Organization".

INTRODUCTION

In addition to the governance arrangements described above, the Board of Auditors and the Office of Internal Oversight Services will audits the Capital Master Plan project.

The Internal Audit Vice Presidency (IAD) reports to the President and is under the oversight of the Audit Committee. The Audit Committee of the Board of Executive Directors has a mandate to assist the Board in overseeing the Capital Master Plan’s finances, accounting, risk management and internal controls. The Audit Committee oversees the external auditors with respect to the integrity of the financial reporting for the Capital Master Plan and financial reporting for trust funds; the Integrity Vice Presidency with respect to anti-fraud and anti-corruption measures; and Internal Audit Vice Presidency with respect to internal controls over the Capital Master Plan operations. The Audit Committee’s responsibilities with respect to Capital Master Plan include:

• The review of Capital Master Plan’s Terms of Reference and recommendation to the Board for approval;
• The review of Capital Master Plan’s annual Work Program and recommendation to the Board for approval;
• The review of the results of Capital Master Plan’s work which covers internal controls over operations and compliance with key provisions of Global Bank’s charters and policies; and
• The review of the overall effectiveness of Capital Master Plan.

On at least a quarterly basis, Internal Audit Vice Presidency briefs and updates the President and the Audit Committee on audit outcomes and the progress of management action plans to improve Capital Master Plan’s control environment. Internal Audit Vice Presidency also briefs the Audit Committee on any changes to the annual Work Program that may occur as a result of emerging risks or additional requests from Management for advice on internal control matters.

The Internal Audit Vice Presidency is also in charge of auditing of all major contracts between the Global Bank and the Construction Manager and will be issuing its report on the audit of the contracts for construction of the Secretariat Building.