Last Updated: November 1, 2023
The External Audit Committee (EAC)
The External Audit Committee (EAC) has three members, all of whom are independent of the IMF and its Executive Board. The EAC reports to the Board of Governors and is responsible for the oversight of the IMF's external audit, internal audit, financial accounting and reporting, risk management and internal control functions. EAC members each have the accounting and financial expertise required to fulfill the EAC's oversight responsibilities. The members of the IMF's External Audit Committee:
Terms of Reference of the External Audit Committee
Leen Paape, Chair (Netherlands)
Mr. Paape is currently a Professor of Corporate Governance at Nyenrode Business University. He is the Academic Director of the Board & Governance programs and Chairman of the Nyenrode Corporate Governance Institute. Mr. Paape has been the Dean of the University and member of the Executive Board of Nyenrode for 10 years.
Next to that, he holds several non-executive positions, among them, Chairman of the Supervisory Boards of an insurance company and a pension fund. Mr. Paape holds several positions within the Royal Netherlands Institute of Chartered Accountants and chairs the Signaling Board, issuing public management letters and acting as a research council for the profession.
He has extensive experience as an audit committee member for several organizations, both public and private. He has been an Executive Director for Protiviti Independent Risk Consulting and served 10 years as a Partner at PricewaterhouseCoopers (PwC). Prior to that he held several positions within KLM Royal Dutch Airlines and KPMG. He started his career in the Royal Army and Royal Airforce of the Netherlands and served for 11 years.
Mr. Paape holds a PhD from the Erasmus University Rotterdam and was educated at the Royal Military Academy in Breda.
Hussein Isingoma (Uganda)
Mr. Isingoma has served as a member of the Fund’s External Audit Committee since November 2022.
Mr. Isingoma is currently the Commissioner Internal Audit Management Department in the Office of the Internal Auditor General (OIAG) Ministry of Finance, Planning and Economic Development Uganda. In this role, he is also responsible for coordinating the activities of all the 14 Audit Committees established under the Uganda Public Finance Management Act 2015 to provide oversight across all Government Ministries, Departments, Local Governments and Agencies. Prior to that, Mr. Isingoma worked as the Commissioner for the Forensics and Risk Advisory Department and was responsible for the development of the first Government of Uganda Risk Management Strategy (RMS) in 2018.
Having started his career in KPMG/Jasper Semu CPA, Mr. Isingoma has held various positions including being the Head of the IT Audit for the Government of Uganda Internal Audit function and has been Head of Internal Audit for various Government Agencies in Uganda.
In 2009, Mr. Isingoma was seconded to the World Bank Group in Washington DC and worked in the Bank’s Internal Audit Department (Now Vice -Presidency) as an Auditor in the Department’s IT Audit Team. Mr. Isingoma has been involved in various modernization programs for the Government of Uganda such as the Government wide Integrated Financial Management System (IFMS), Integrated Pension and Payroll System, the Audit Management Software, and the Human Capital Management (HCM) among others.
Mr. Isingoma has experience as an audit committee member for several organizations, both public and private. Mr. Isingoma is the current President of the Institute of Internal Auditors (IIA) Uganda and is the Past President of Information Systems Audit and Control Association (ISACA) Kampala Chapter.
Mr. Isingoma is a CISA, CISM, CRISC, FCCA, CIA and CPA. Mr. Isingoma holds a Bachelor’s Degree in Business Studies-Accounting and has a Master of Science Degree in Accounting from the University of South Wales- UK.
Teruhisa Tamai (Japan)
Mr. Tamai has served as a member of the Fund’s External Audit Committee since November 2023.
Mr. Tamai is a certified public accountant with 34 years of experience in audits of financial statements and internal control. He is currently an independent consultant providing advice to start-up audit firms and mentoring young auditors.
Prior to that, Mr. Tamai dedicated 33 years to Deloitte Touche Tohmatsu, where he served for 17 years as a partner. He led audits of multinational companies in Japan and the Japanese subsidiaries of companies incorporated in the United States, Europe, and Singapore. There, he acquired extensive experience in the accounting and auditing standards of both Japan and the United States, along with the International Financial Reporting Standards (IFRS), and the International Standards on Auditing. His responsibilities encompassed internal inspections of audit engagements, coaching audit partners, and various non-audit services including advisories on internal audit, internal control, and IFRS implementation.
Mr. Tamai gained a strong foothold in the international environment through a four year secondment to the United States, coupled with his leadership of global audit teams alongside partners from a diverse number of developed and emerging countries.