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International Monetary Fund

has issued a separate paper (EBS/02/28) that provides an independent assessment of the staff’s review of experience with safeguards assessments. The chair of the panel is expected to be present at the Executive Board discussion of this paper. II. The Safeguards Framework 7. Safeguards assessments consider the adequacy of five key areas of control and governance within a central bank. These five areas can be summarized under the acronym ELRIC , as follows: E xternal audit mechanism, L egal structure and independence, financial R eporting, I

International Monetary Fund

for Improvement in Central Bank Safeguards C. Evaluation of the Findings IV. Lessons Learned from the Safeguards Process A. Adequacy of the ELRIC Framework and the Documentation Set B. Usefulness of the Stage One/Stage Two Distinction C. Deadline for Completion of Safeguards Assessments D. Communication and Coordination E. Resources V. The Way Forward A. Monitoring Recommendations of Previous Safeguards Assessments B. Conducting Safeguards Assessments for New Arrangements C. Communicating the Results of Safeguards Assessments to the

Elie Chamoun and Riaan van Greuning

Front Matter Page Finance Department Contents ABSTRACT I. INTRODUCTION II. SAFEGUARDS EXPERIENCE AND TRENDS III. SAFEGUARDS ASSESSMENTS – CHARACTERISTICS A. Internal Audit B. Audit Committee Oversight IV. ANALYSIS V. RESULTS A. Internal Audit B. Audit Committee Oversight VI. CONCLUSION FIGURES 1. Safeguards Findings and Risk Ratings Across the ELRIC Framework 2. Key Attributes of Effective Internal Audit Functions and Audit Committees 3. Internal Audit Results by Region and Attribute 4. Audit Committee Results

International Monetary Fund

Data Quality Annex I. Completed Safeguards Assessments Acronyms AfDB African Development Bank ADB Asian Development Bank DQAF Data Quality Assessment Framework ECB European Central Bank ELRIC The framework used by the Fund to conduct safeguards assessments at member central banks. ELRIC stands for (i) the E xternal audit mechanism; (ii) the L egal structure and independence of the central bank; (iii) the financial R eporting framework; (iv) the I nternal audit mechanism; and (v) the

International Monetary Fund. External Relations Dept.

the strengthening of the safeguards in the use of IMF resources.” Of course, safeguards assessments would not prevent misuse of resources by a willful override of controls or manipulation of data. Safeguards assessments consider the adequacy of five key areas of control and governance within a central bank, summarized under the acronym ELRIC: E xternal audit mechanism, Legal structure and independence of the central bank, financial. Reporting practices, Internal audit mechanism, and the system of internal C ontrols. The ELRIC framework is derived from the IMF

Mr. Atilla Arda, Martin Gororo, Joanna Grochalska, and Mowele Mohlala

ECB European Central Bank ELRIC The framework used by the IMF to conduct safeguards assessments at member central banks. ELRIC stands for (i) the E xternal audit mechanism; (ii) the L egal structure and autonomy of the central bank; (iii) the financial R eporting framework; (iv) the I nternal audit mechanism; and (v) the internal C ontrols system. ESCB European System of Central Banks EU European Union IAASB International Auditing and Assurance Standards Board ICAEW Institute of Chartered