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International Monetary Fund. Monetary and Capital Markets Department

applying IAS 16 thoroughly by charging depreciation to buildings and developing and maintaining a proper fixed asset registry. The 2013/2014 audited financial statements issued in October 2016 carry a qualified opinion . Disagreement between the CBS management and the external auditor regarding the revaluation of the property plant and equipment balance will need to be resolved soon so that the CBS is able to move forward with the 2015/2016 financial statements and, more importantly, be able to produce and issue the 2017 financial statements in a timely manner. The

International Monetary Fund

, the IMF, etc. Other quality management The CBS management is highly sensitive to all dimensions of quality and is actively implementing a quality management system based on the framework of the European Foundation for Quality Management. Every department comprises at least one person responsible for quality management issues. Various processes are in place to monitor the quality of the statistical program. Professionalism Several provisions in the Statistics Ordinance support the CBS’s professional independence. The Government Statistician manages the activities

International Monetary Fund. Monetary and Capital Markets Department
The purpose of the missions of Phase I was to develop a functional central bank, including establishing a modern banking supervisory regime. Especially, MCM provided TA missions under the Phase I that have focused on operationalizing banking license capacity, development of on and offsite supervisory capability, and other relevant areas.
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance Report discusses the recommendation made by the IMF mission to assist the authorities in Somalia in developing proper frameworks for internal auditing and accounting to bring them toward international accepted norms. The Internal Audit Department (IAD) needs an infrastructure to make the internal audit practices sustainable, repeatable, and professional. To this end, a proper internal audit charter, audit committee charter, and internal auditing manual needs to be drafted and approved by the management and Board of the Central Bank of Somalia (CBS). In addition, the management of the CBS should appoint a head for the IAD to lead the establishment of internal audit function and consider a flatter organizational structure so that the IAD can mobilize its resources more efficiently.
International Monetary Fund. Statistics Dept.
This report discusses the report of technical assistance mission to support the Central Bank of Samoa (CBS) in further strengthening external sector statistics compilation and dissemination. The mission recommended that ESS compilers convert to using the International Merchandise Trade Statistics (IMTS) data as the source of exports data starting 2019; and adjust historical data at least as far back as 2014. Also, it would be beneficial to switch the source of trade in goods exports from exchange control records to Customs data to ensure better coverage and improve consistency with the IMTS published by the Samoa Bureau of Statistics. The CBS should adopt a step-by-step approach for the collection of offshore units’ data, initially focusing on offshore banks. As international requirements for the reporting of offshore units evolves, it is likely that the Samoa International Finance Authority (SIFA) and the offshore company trustees will need to expand data collection from the offshore units under their jurisdiction. The CBS should, therefore, keep abreast of developments with respect to offshore reporting and continue to liaise with the SIFA.
International Monetary Fund. Monetary and Capital Markets Department
The CBS has taken steps to establish important pillars of a proper policy framework for financial reporting, auditing, and internal controls by approving the Internal Audit and Audit Committee Charters and is committed to address the remaining shortcomings in these areas. The Internal Audit Department (IAD) has made progress by initiating risk assessments of the various CBS business units and recruiting an Information Technology (IT) professional to join the team. The Accounting and Finance Department (AFD) is making progress in implementing accrual accounting, and accounting for foreign exchange operations (International Accounting Standard (IAS) 21), and has created a new role of Reconciliation Officer to ensure all cash transactions are recorded properly. However, the IAD functions without a director, which places the internal audit staff at a severe disadvantage to other departments and limits their authority to effectively implement their program. Also, while the mission team has stressed the importance of adopting International Financial Reporting Standards (IFRS) during this mission and the previous mission, the CBS has not formally indicated that it will adopt this framework.2 High priority recommendations were made to address these shortcomings. See Table 1 for homework assignments and high priority tasks.3
International Monetary Fund. African Dept.
This paper discusses Seychelles’ Third Review Under the Extended Arrangement and Request for Modification of Performance Criteria (PC). All PCs for end-June 2015, the program’s third test date, were met. Based on preliminary data, all the third-quarter indicative targets were also met. The structural agenda is proceeding, albeit with some delays. Growth for 2015 has been revised upward to slightly more than 4 percent. Presidential elections are taking place during December 3–5. The IMF staff recommends completion of the third review under the Extended Arrangement and modification of the PCs for end-December 2015.
International Monetary Fund. Statistics Dept.

shifted to 2020 to allow use of 2018 HIES results . Outcome : Staff capacity increased through training, especially on developing source data, compilation methods, and dissemination H CBS to expand its capacity ** - Recruit additional ESS compilers - Provide training to staff December 2019 ** Remark : The CBS management approved recruiting one additional economist. New and current ESS compilers are encouraged to attend future IMF ESS training courses and workshops . B. Trade in Goods 9. The CBS and the SBS compile exports of

International Monetary Fund. Monetary and Capital Markets Department

, commitment, and capacity of applicants that are unwilling or unable to provide the required documentation while seeking a license should be questioned. Hence, the CBS should cease such a practice of granting of licenses with such conditions. 17. Somali banks are suspected to have parallel banks in neighboring countries including Djibouti . The LSD drafted a letter to establish a dialogue with foreign bank supervisors, but the reaching out to foreign supervisors was a ‘bridge too far’ for the CBS management. However, it is essential that the CBS establish some dialogue