IMF Working Papers

External Audit Arrangements at Central Banks

By Atilla Arda, Martin Gororo, Joanna Grochalska, Mowele Mohlala

September 11, 2018

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Atilla Arda, Martin Gororo, Joanna Grochalska, and Mowele Mohlala. External Audit Arrangements at Central Banks, (USA: International Monetary Fund, 2018) accessed November 23, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a summary of actual practices observed based on a review of audited financial statements and central bank legislation. While the audit frameworks for central banks differ depending on their legal and institutional circumstances, central banks’ external audits increasingly follow international standards. Most of them are audited by auditors with international affiliations and embrace modern governance structures that provide for audit oversight. However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.

Subject: Audit standards and procedures, Auditing, External audit, Financial audit, Financial statements, Public financial management (PFM)

Keywords: Accountability, Africa, Asia and Pacific, Audit committee, Audit completion, Audit framework, Audit independence, Audit mechanism, Audit oversight, Audit quality, Audit report, Audit requirement, Audit rotation, Audit rotation modality, Audit standards and procedures, Auditing, CB audit, Central banks, Europe, External audit, Financial audit, Financial statements, Global, Oversight body, Transparency, WP

Publication Details

  • Pages:

    42

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 2018/199

  • Stock No:

    WPIEA2018199

  • ISBN:

    9781484375501

  • ISSN:

    1018-5941

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