Search Results

You are looking at 1 - 10 of 21 items for :

  • "internal audit group" x
Clear All
Mr. John Mendzela
This paper examines how major efficiency gains and improved effectiveness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organization, outlines how they were applied, and evaluates the benefits obtained. The paper concludes that substantial real efficiency gains were achieved, while effectiveness was maintained or enhanced. Looking more widely, the business management concepts used to achieve these benefits could be applied to other central banks.
Ruben Lamdany and Leonardo Martinez-Diaz

, and removal of the independent auditor. A similar approach is followed at the AsDB and AfDB. In the EIB, the Audit Committee designates the independent auditor after consultation with the management committee. The responsibilities of the audit committees are also quite similar with respect to internal audit. They include reviewing and evaluating the functions performed by the internal audit groups, including findings, recommendations, and management follow-up. There is, however, a significant difference in the roles played by audit committees in the appointment

Mr. John Mendzela

performance audit process had limitations. Some managers resisted audit challenges to their habitual operations. Performance audit reports proved of little use where ineffective managers were the main problem, but senior management delayed new appointments. Audit reviews sometimes moved into nontraditional areas such as organizational development, where audit expertise was strongly challenged. The RBNZ’s internal audit group is now a small unit comprising a few highly skilled staff. It performs traditional financial audits in key risk areas, but focuses mainly on

International Monetary Fund. Monetary and Capital Markets Department

internal control functions is sound and the role of internal audit functions within banks has been strengthened in the wake of enhancements to corporate governance practices. That said the authorities should consider giving internal audit groups more direct links to boards in line with emerging best practice. 27. Financial reporting and external audit Stronger relationships could be developed between bank supervisors and external auditors so that the JFSA can exercise more influence over the scope of external audits and be more promptly informed about any

International Monetary Fund

rates . In September 2002, we will approve a new functional structure, which includes units covering taxpayer registration (including tax office management), taxpayer services, audit, collection, legal affairs and procedures, tax policy, international tax relations, as well as units for support functions (budget, human resources, and information technology). In addition, an internal audit group will be established and will report directly to the General Director. In May, a high–level audit coordination committee was established in the Ministry of Finance, and a

International Monetary Fund. Monetary and Capital Markets Department

a significant amount of information about its business and the institutions it regulates, including financial data, speeches, media interviews, external consultations and reports. OSFI has an internal audit group and a formal Audit Committee (which is discussed in detail in EC4), its financial statements are audited by a private audit firm, and it is subject to periodic “value for money” audits by the Office of the Auditor General of Canada (OAG) who is responsible for auditing all government departments and agencies. To facilitate transparency and

International Monetary Fund. Monetary and Capital Markets Department
This paper assesses the stability of the financial system in Japan. Although the financial system has remained stable, the low profitability environment is creating new risks, and pressures are likely to persist. The search for yield among banks has led some to expand their overseas activities, and more generally to a growth in real estate lending and foreign securities investments. Efforts to increase risk-based lending to small-and medium-sized enterprises are welcome, but many banks still need to develop commensurate credit assessment capacities. Stress tests suggest that the banking sector remains broadly sound, although market risks are increasing, and there are some vulnerabilities among regional banks.
International Monetary Fund
This paper examines Turkey’s Third Review Under the Stand-By Arrangement (SBA). The Turkish authorities’ perseverance with their economic program started to yield major gains in the first part of 2002. Through April 2002, the program outperformed expectations. With strong policy implementation, economic and financial indicators outperformed financial market expectations and program projections. In light of continued strong program implementation, the positive economic results achieved so far, and the broad-based support in Turkey to stay the course with the program strategy, the IMF staff recommends the completion of the third review.
International Monetary Fund. Monetary and Capital Markets Department
This paper focuses on the IMF report on detailed assessment of observance of Basel Core Principles (BCP) for effective banking supervision in Canada. The Canadian banking supervisor (OSFI) adopts a close and cooperative approach that supports the close network of federal authorities in identifying and seeking to mitigate prudential risks to the federal system. As a world-leading regulator, OSFI could be expected to issue a comprehensive suite of risk management standards to be available to all banks, even if at a relatively high level or based largely on Basel Committee for Banking Supervision guidance.
International Monetary Fund

Statute: only the Internal Audit Group in the CBA enjoys a separate Statute. This circumstance also confirms that the core FIU’s functions relevant to R.26 and to the definition of FIU adopted by the Egmont Group are the sole responsibility of the FMC. The FMC has also a separate budget. 306. Regarding the independent performance of the FIU’s core functions by the FMC, it should be noted that these include the decision as to whether the information received pursuant to the law should be referred to the competent investigation authorities, where the FMC “has reasonable